The smallest measure in forex is called a pip. For USD it is $0.0001. Movement of price from $1 to say $0.98 is a movement of ~200 pips. This is considered huge volatility in forex. So it might look small excursions it is not a good result when compared to real world use.

and I am saying this as someone who invested in Bitshares and it's precursor Protoshares. I still hold ~100k of BTSX.

> They are a game-theoretically incentive compatible way to stabilize a currency WITHOUT a trusted monopoly producer.

This is the biggest fallacy in cryptocurrency scene. People think everything can be mathematically modeled. Absolutely not. Everyone will act rationally in a given situation. Absolutely not.

If that were the case we would solved all the problems in the world using some kind of game theory function.

Edit: Oops looks like I deleted the SNB example. Here's what happened:

https://www.reuters.com/article/us-swiss-snb/swiss-draw-line...

SNB drew and held a line at 1.20 for EUR/CHF pair. No cryptocurrency can repeat that feat.