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Crypto markets have since witnessed a number of painful bankruptcies. The crypto dominos are falling, sending shockwaves through the entire crypto universe, including stablecoins and decentralised finance (DeFi).[3]

Although stablecoins represent only a small part of the crypto-asset market,[15] crypto trading using Tether, the largest stablecoin, accounts for close to half of all trading on crypto-asset trading platforms (Chart 4).[16]

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Digital innovation cannot, for example, build stable values on the basis of codes and mechanisms of dependency. This was the key takeaway from the collapse of the algorithmic stablecoin TerraUSD,[18] which lost its peg to the US dollar in May and has since been trading for less than 10 US cents (Chart 5).[19]

Tether also temporarily lost its peg amid the ensuing market stress.[20] This showed that, even for collateralised stablecoins, risks cannot be eliminated easily.[21] Without public backing,[22] the risks of contagion and runs are widespread and the liquidation of part of the reserve assets can have procyclical effects and further reduce the value of the remaining reserve assets. These risks are magnified when the composition of the reserve assets is concealed.

Overall, this scramble for stability and the shortcomings of stablecoins underscore the importance of a settlement asset that maintains its value under stressed conditions. In the absence of a risk-free digital anchor, which only digital central bank money can provide, stablecoins represent an overambitious attempt to create a risk-free digital asset backed by risky assets.

Stablecoins invest their reserve assets in market instruments, which inevitably exposes them to several risks: liquidity, credit, counterparty and operational risks. Prudent investment policies can reduce but not eliminate such risks. The riskiness of stablecoins will over time lead to them being traded at variable prices, making them unsuitable as risk-free assets.

But other fundamental problems would then emerge. In fact, this would be tantamount to outsourcing the provision of central bank money. It could even threaten monetary sovereignty if a stablecoin were to largely displace sovereign money. And narrow stablecoins could divert sizeable deposits away from banks, with potential adverse consequences for the financing of the real economy.[42]

For example, producing and trading bitcoin alone wastes huge amounts of energy: the equivalent of the entire annual electricity consumption of a country that has millions of inhabitants, like Belgium. See Cambridge Bitcoin Electricity Consumption Index.

The social value of crypto-assets may be negative as their opaqueness and lack of scrutiny makes them prone to tax evasion, money laundering, terrorist financing and the circumvention of sanctions, while they consume considerable amounts of energy, especially when relying on proof-of-work. For example, Digiconomist estimates that one Bitcoin transaction (using proof-of-work) has a carbon footprint equivalent to that of 804,367 Visa transactions. Following the recent switch to the proof-of-stake method, Digiconomist estimates the carbon footprint of one Ethereum transaction to be equivalent to that of 22 Visa transactions.

Moreover, lenders might find it more attractive to put their money in stablecoin issuers instead of the overnight repo market, impairing market liquidity and amplifying run risks in times of stress.

Dominoes is a family of tile-based games played with gaming pieces. Each domino is a rectangular tile, usually with a line dividing its face into two square ends. Each end is marked with a number of spots (also called pips or dots) or is blank. The backs of the tiles in a set are indistinguishable, either blank or having some common design. The gaming pieces make up a domino set, sometimes called a deck or pack. The traditional European domino set consists of 28 tiles, also known as pieces, bones, rocks, stones, men, cards or just dominoes, featuring all combinations of spot counts between zero and six. A domino set is a generic gaming device, similar to playing cards or dice, in that a variety of games can be played with a set. Another form of entertainment using domino pieces is the practice of domino toppling.

European-style dominoes are traditionally made of bone, silver lip ocean pearl oyster shell (mother of pearl), ivory, or a dark hardwood such as ebony, with contrasting black or white pips (inlaid or painted). Some sets feature the top half thickness in MOP, ivory, or bone, with the lower half in ebony. Alternatively, domino sets have been made from many different natural materials: stone (e.g., marble, granite or soapstone); other woods (e.g., ash, oak, redwood, and cedar); metals (e.g., brass or pewter); ceramic clay, or even frosted glass or crystal. These sets have a more novel look, and the often heavier weight makes them feel more substantial; also, such materials and the resulting products are usually much more expensive than polymer materials.

Modern commercial domino sets are usually made of synthetic materials, such as ABS or polystyrene plastics, or Bakelite and other phenolic resins; many sets approximate the look and feel of ivory while others use colored or even translucent plastics to achieve a more contemporary look. Modern sets also commonly use a different color for the dots of each different end value (one-spots might have black pips while two-spots might be green, three red, etc.) to facilitate finding matching ends. Occasionally, one may find a domino set made of card stock like that for playing cards. Such sets are lightweight, compact, and inexpensive, and like cards are more susceptible to minor disturbances such as a sudden breeze. Sometimes, the tiles have a metal pin (called a spinner or pivot) in the middle.[6]

The traditional domino set contains one unique piece for each possible combination of two ends with zero to six spots, and is known as a double-six set because the highest-value piece has six pips on each end (the "double six"). The spots from one to six are generally arranged as they are on six-sided dice, but because blank ends having no spots are used, seven faces are possible, allowing 28 unique pieces in a double-six set.

However, this is a relatively small number especially when playing with more than four people, so many domino sets are "extended" by introducing ends with greater numbers of spots, which increases the number of unique combinations of ends and thus of pieces. Each progressively larger set increases the maximum number of pips on an end by three; so the common extended sets are double-nine (55 tiles), double-12 (91 tiles), double-15 (136 tiles), and double-18 (190 tiles), which is the maximum in practice. Larger sets such as double-21 (253 tiles) could theoretically exist, but they seem to be extremely rare if not nonexistent, as that would be far more than is normally necessary for most domino games, even with eight players. As the set becomes larger, identifying the number of pips on each domino becomes more difficult, so some large domino sets use more readable Arabic numerals instead of pips.

The traditional 32-piece Chinese domino set, made to represent each possible face of two thrown dice and thus have no blank faces, differs from the 28-piece domino set found in the West during the mid 18th century, [8] although Chinese dominoes with blank faces were known during the 17th century.[9]Each domino originally represented one of the 21 results of throwing two six-sided dice (2d6). One half of each domino is set with the pips from one die and the other half contains the pips from the second die. Chinese sets also introduce duplicates of some throws and divide the tiles into two suits: military and civil.[10] Chinese dominoes are also longer than typical European ones.

From France, the game was introduced to England by the late 1700s,[a] purportedly brought in by French prisoners-of-war.[15] The early forms of the game in England were the Block Game and Draw Game.[16] The rules for these games were reprinted, largely unchanged, for over half a century.[17] In 1863, a new game variously described as All Fives, Fives or Cribbage Dominoes appeared for the first time in both English and American sources; this was the first scoring game and it borrowed the counting and scoring features of cribbage, but 5 domino spots instead of 15 card points became the basic scoring unit, worth 1 game point. The game was played to 31 and employed a cribbage board to keep score.[18]In 1864, The American Hoyle describes three new variants: Muggins, Bergen and Rounce; alongside the Block Dominoes and Draw Dominoes.[19] In Muggins, the cribbage board was dropped, 5 spots scored 5 points, and game was now 200 for two players and 150 for three or four. Despite the name, there was no 'muggins rule' as in Cribbage to challenge a player who fails to declare his scoring combinations.[20] This omission was rectified in the 1868 edition of The Modern Pocket Hoyle,[21] but reprints of both rule sets continued to be produced in parallel for around twenty years before the version with the muggins rule prevailed. From around 1871, however, the names of All Fives and Muggins, became conflated and many publications issued rules for 'Muggins or All Fives' or 'Muggins or Fives' without making any distinction between the two. This confusion continues to the present day with some publications equating the names and others describing All Fives as a separate game.

All the early games are still played today alongside games that have sprung up in the last 60 years such as Five Up, Mexican Train and Chicken Foot, the last two taking advantage of the larger domino sets available.[24]

Dominoes (also known as bones, cards, men, pieces or tiles), are normally twice as long as they are wide, which makes it easier to re-stack pieces after use. A domino usually features a line in the middle to divide it visually into two squares, called ends. The value of either side is the number of spots or pips. In the most common variant (double-six), the values range from six pips down to none or blank.[30] The sum of the two values, i.e. the total number of pips, may be referred to as the rank or weight of a tile; a tile may be described as "heavier" than a "lighter" one that has fewer (or no) pips. 2351a5e196