[2019-05-17] Stablecoins beat bitcoin according to ECB presidential hopeful

Lucius

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Quote from: 1Referee on May 17, 2019, 06:16:29 AM

Of course they praise stablecoins, because they *supposedly* are backed by fiat sitting in bank accounts that governments can exercise control over.

I never liked the idea about stablecoins, this is just new name for fiat and an opportunity to do incredible manipulations. In case of USDT it is clear that there are major irregularities, and that 1 USDT is actually not backed with $1, and that it is even difficult for the responsible institutions to determine the real state of affairs in this matter.

The only thing that is somewhat positive when it comes to stablecoins is fact that is very easy to sell / buy crypto with them, and to move such coins from any wallet /exchange. But as you say, government / banks can always intervene and destory such coins, just by controling fiat which is backing them.

1Referee

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Quote from: bbc.reporter on May 18, 2019, 09:17:25 PM

Make a suggestion for Chipmixer to create a stablecoin mixer hehehe. It might be useful for some people who do not want to be exposed to bitcoin's volatility but want to keep their privacy also.

I reckon there might be some whales in the cryptospace that might consider stablecoins to be the store of value because of stability and bitcoin as the speculative investment.

I'm rather exposed to the volatility of Bitcoin than to hold stablecoins that could become worthless overnight.

If mixers end up allowing people to 'clean' their coins, it might be reason for regulators to go after the bank accounts of the exchanges, because that's the easiest way to combat them. Playing with stablecoins like that makes you a money transmitter. On top of that, it would require mixers to buy a shit ton of stablecoins for their reserves and pay in Bitcoin, which is an investment they probably don't want and shouldn't make at all.

Don't see any advantages here.

bbc.reporter

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@buwaytress. Make a suggestion for Chipmixer to create a stablecoin mixer hehehe. It might be useful for some people who do not want to be exposed to bitcoin's volatility but want to keep their privacy also.

I reckon there might be some whales in the cryptospace that might consider stablecoins to be the store of value because of stability and bitcoin as the speculative investment.

buwaytress

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I'll be really impressed if they could do mixing services for Tether. Would be really great to see also how these guys would use something like Tether for their own nefarious needs, and remind people just exactly why stablecoins really are not a shred of what cryptocurrencies are supposed to be. Glorified fiat, I've always seen stablecoins as. Sure, sure, a bridge between fiat and crypto, but do we really need that bridge if we're not white collar investors and speculators?

Snaic

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I do not see that stable coins can somehow negatively affect the cryptocurrency in general and bitcoin in particular. Stable coins work regardless of the market condition, they only facilitate the use of cryptocurrency and in fact are not a full-fledged cryptocurrency, but only a digitized copy of the usual national currencies.
Recently there has been a lot of noise around stable coins. However, no one forces them to use, this is a voluntary matter.

BitHodler

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I think that stablecoins in terms of being a convenient means of exchange aren't better than just Bitcoin in that field, but better than every single crypto currency in existence today.

The average person doesn't care at all about it being centralized, they just want something to offer more convenience over what they currently have, and that's what stablecoins offer right now.

As long as the stablecoins can move freely from one address to the other, it can and very likely will take off big time. I'll use it just like how I use fiat. I don't see crypto being a good option today.

hatshepsut93

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Stablecoins are a regression from true cryptocurrency, but they might a progression from traditional banking - under the circumstance that they are more decentralized and free then banks. I remember hearing some reports that some stablecoins have KYC and block large transaction to make some additional checks - this is just plain old banking under the guise of crypto. But if a stablecoin has at least a little bit of characteristics of crypto like immutability and privacy, then there will at least be a choice between using fiat with banks or with stablecoins.

1Referee

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Of course they praise stablecoins, because they *supposedly* are backed by fiat sitting in bank accounts that governments can exercise control over.

Another thing is that governments know that competing with Bitcoin as decentralized protocol isn't possible, but they can easily compete with stablecoins because they are already centralized by nature, and they can be stopped at any time of the day by seizing the fiat that's backing them. It's an easy ride for governments where Bitcoin only causes them to stress out. Cheesy

All these central banksters are so predictable, yawn.

bbc.reporter

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2019 or 2020 might be the year of the stablecoins. The regulators have already begun the attack on Tether to set the everything in place and put one of their own or one that they support.

However, what are the mixing services' plans about this? I reckon they should also proceed and start offering mixing services for stablecoins to give the regulators more headaches hehehehehe!

According to Bloomberg, Villeroy believes that cryptocurrencies pegged to fiat will be the ones to experience greater utility within the mainstream finance apparatus. Speaking in Paris on Tuesday (May 14, 2019), Villeroy, a frontrunner for the ECB Presidential seat opined:

The Bank of France is “observing with great interest initiatives in the private sector which aim at developing networks within which ‘stable coins’ would be used in transactions involving ‘tokenized’ securities or goods and services.” These are quite different from speculative assets like bitcoins, and more promising.

Read in full https://bitcoinist.com/bitcoin-stablecoins-ecb-presidential-hopeful/

Topic: [2019-05-17] Stablecoins beat bitcoin according to ECB presidential hopeful (Read 158 times)