wedrifid comments on Bitcoins are not digital greenbacks - Less Wrong
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Sure. And once USDcoins are available USDcoin call options are possible, as are all the various permutations of security constructs you can think of. It's just a matter of having someone to bet against.
I don't think the issuer spending to try to force the exchange rate to be stable works too well. It would be better if the issuer is paid an appropriate premium for the issuing the option and the purchaser paying them for what amounts for insurance against a large risk. (And instead of 'better' I could also have said "outright inevitable if crypocurrency use becomes widespread".)