Why are algorithmic stablecoins so hard to do?
Obviously any USD collateral stablecoin is inherently centralized, possibly permissioned, and has a certain amount of risk. Dai is crypto collateralized which presents its own set of risks.
Why have there not been any truly decentralized, no collateral stablecoins that are able to maintain a stable peg through an algorithm? I know a few have tried and failed. A non-collateralized coin seems like the only way to achieve real scalability and decentralization for a stablecoin. What am I missing here?