Are BRC-20 stablecoins the next big thing? - page 3.

Doan9269

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Quote from: Abiky on May 31, 2023, 11:35:10 AM

What are your thoughts? Are BRC-20 stablecoins the next big thing? If not, why? Do you think BTC will be able to survive a flood of BRC-20 stablecoin transactions in the long run? What do you think about Stably? Will it have a future? Your input will be greatly appreciated. Thank you.

In cryptocurrency, there's no guarantee of anything to receive as an outcome, we take time to invest base on the level of how convinced we are about anything, what if we all agreed that BRC 20 is a good and legitimate coin to go for and later you had a worst experience about it, how do you expect us to feel while relating with you, aren't you not going to tagged us as a promoter of shitcoins? which means we have our individual rights to research well before investing or trusting any currency for an investment, we are not the developers, what we say here may be really far away from the truth.

bussybuddy

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Recently people mentioned it more, although it can be seen that the fee is very expensive, it is still receiving great attention. I'm not sure how strong and durable it will be, but actually completely agree that this could be the next trend if more people care about it. Really my experience with it has not been very impressive, but for the purpose of making profits and new opportunities I will still accept to participate, however it may just be some exaggeration of the potential as many Another hype in the crypto space.

Apocollapse

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It's just a stablecoin, nothing else, why it can be the next big thing when the holders wouldn't make any profit.

The most important criteria for stablecoin is the volume is really high, have many trading pairs, and trusted enough. BRC-20 network is still on development phase and there's might a vulnerability which haven't discovered yet. I'd say it's impossible it will be the next thing.

However did it's possible? what I know there's a fixed supply, stablecoin must not have a fixed supply because the coin need to be added or burned to make the price stick with $1.

SquirrelJulietGarden

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Quote from: Abiky on May 31, 2023, 11:35:10 AM

Are BRC-20 stablecoins the next big thing?

Stable coins on Bitcoin blockchain are good in security because Bitcoin blockchain is a biggest and most secure blockchain. With other blockchains, more risks of network attacks, hacks but with Bitcoin blockchain, it's so challenging to attack the network.

For stability and peg of those stable coins, it depends on those stablecoin companies and their management for their company treasure to back those stablecoins. If their treasure is healthy, their stablecoins will be good but it does not relate to Bitcoin blockchain.

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If not, why? Do you think BTC will be able to survive a flood of BRC-20 stablecoin transactions in the long run?

It will face with bigger demand in 2024 and 2025 years with big bull run. It will face network congestion like a comeback of DeFi, NFT on Ethereum blockchain after months of cool down from CryptoKitties in 2017 ICO.

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What do you think about Stably?

They provide on-ramp, off-ramp transactions but they are not the first company has those products. I don't know about their management, treasure to back their BRC-20 stablecoin and I can not say about risk to use their service and stablecoin.

LUNA and UST lesson is here.

adaseb

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The first stablecoin USDT was actually on the Bitcoin blockchain. It used the Omni network. And the reason why everyone stopped using it was because it just took way too long to wait for a confirmation. And the network fees were slightly larger than a regular Bitcoin transaction.

So this is nothing new and this new coin won’t become popular at all due to this. It takes way too long to confirm on the Bitcoin network and hence why nobody will use stablecoins on Bitcoin network.

GreatArkansas

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Quote from: Abiky on May 31, 2023, 11:35:10 AM

(....)
What are your thoughts? Are BRC-20 stablecoins the next big thing? If not, why? Do you think BTC will be able to survive a flood of BRC-20 stablecoin transactions in the long run? What do you think about Stably? Will it have a future? Your input will be greatly appreciated. Thank you.

For me, initially, I don't really find that the Bitcoin network is capable of any BRC-20 tokens even stablecoins because that's not how Bitcoin is built, we already have Ethereum for it.

But if we will just assume about BRC-20 stablecoins, I can say it's the same with other stablecoins which are on another network, as long as they are transparent that it is pegged by real fiat currency 1:1, all good. Or existing stablecoins that already exists on other network could extend to BRC-20 which is much better.

jossiel

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I don't think they're a good thing. It's just there to clog the network while we've been enjoying small fees for our transactions.

It's different from what ERC20 made to Ethereum that has bumped its price while for Bitcoin, it doesn't really add anything on it. If it's these with blockchains and creations of NFTs and other tokens, then let it happen all to the other major blockchains and projects like ERC20, BSC and etc.

They're just hyping these BRC20 and even with stable coins, it's not that ideal for these transactions to have a $2 transfer fee for the quickest possible transfer.

danherbias07

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I agree. It will cause heavy traffic in the Bitcoin chain so I don't think it will be the next big thing. What can happen is almost like the ERC20 of Ethereum where every transaction is expensive and we don't like that. IMO, Bitcoin is made for cheap, fast, and secure transactions and not for this type of project.
Maybe for some, it will be the next big thing and they will try to hype it, but let us also look at the long run. Putting the project in another chain will be the best solution but swelling the transaction numbers in the Bitcoin chain would not do any better. It will just scare away investors and probably end up with less demand and usage which may cause the value to depreciate. I am against it.

Yogee

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Quote from: Abiky on May 31, 2023, 11:35:10 AM

[...]I'm not sure if it'll be backed by Bitcoin itself,

It's dollar-backed.

It's looking like this company called Stably is just trying to ride the hype of brc-20 tokens. They already issued an erc-20 stable coin called USDS but it's basically dead so I can see why they want to jump first.

I think they don't really care what happens to the Bitcoin network but it's quite funny that they make claims like this,

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The crypto startup says its token can make trading in ordinals cheaper and more efficient than paying in fiat, or even bitcoin itself.

https://www.coindesk.com/business/2023/05/25/bitcoins-hot-ordinals-economy-is-getting-a-dollar-backed-stablecoin/

shinratensei_

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Im honestly rather pessimistic when it comes to the means of extending function of bitcoin with all these "add ons" there has been quite many side chain for bitcoin where it got the capability of deploying smart contract and even ERC20 tokens and many of them flops.

even though this is kind of different but im curious to see where it gonna get, since im still rather doubtful with these attempt of taking advantage of a "loop hole" which many has stated as such.
but then again it seemed even the brc-20 is having quite the traffic right there, moreover the fact that lately some people have been turning their minimal money required for getting some of the coin into massive thousand dollars return.
lets just see how things goes with this brc-20, if it could be having so much traffic that it could compete even with some of the ethereum layer 2 may be it will be the next big thing.

poodle63

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It's pretty much the same like ERC token. The hype was real but this will not be happening for long term as the price will be going down again for sure. I saw that if there was no serious project being created through BRC20. All of those projects that used by BRC20 were mostly shit scam project with no vision. it's pretty much the same like meme token.

Psynthax

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possibly, there has been some massive profits from just minting and investing in some of the BRC-20 token released which means there are some that eager to invests in these coins.
I think it could be the next big thing but we also know that trend is always changing.

o48o

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Quote from: Abiky on May 31, 2023, 11:35:10 AM

There's a new stablecoin "in town" that goes by the name of Stably. It's a BRC-20 token issued on the main Bitcoin blockchain. I believe it's the first kind of stablecoin to be ever released on BTC. I'm not sure if it'll be backed by Bitcoin itself, but at least, Bitcoiners can now use stablecoins without having to move to another chain. The downside of this is that it will increase on-chain fees by a large margin. It's an Ordinals inscription after all. Would you imagine USDT, USDC, and other stablecoins launching their BRC-20 version on the BTC blockchain? It would be a complete disaster! The idea is cool, but it's best to move everything else to a separate chain or off-chain scaling solution to keep BTC fast and cheap for everyone to use.

What are your thoughts? Are BRC-20 stablecoins the next big thing? If not, why? Do you think BTC will be able to survive a flood of BRC-20 stablecoin transactions in the long run? What do you think about Stably? Will it have a future? Your input will be greatly appreciated. Thank you.

I can't see many good outcomes for this. I mean it's nice that bitcoin gets developed but this seems like a sure way to get the chain clogged. Also, how long does it take that bitcoin gets own version of shiba-inu or pepe, or any meme token really and then crap would really hit the fan. Maybe i don't understand the tech well enough but i don't believe that bitcoin was build to handle this. Someone can correct me because i want to believe that this is good for bitcoin.

timoshani

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I see that people are hyping very strongly about BRC-20. I don't know if this is the next short-term trend in the market, but it is having a big impact on bitcoin. Since the launch of BRC-20, the volume of transactions has increased, causing transactions to be congested and leading to an increase in fees. Although there are many people who are looking forward to the next innovation of these blockchain projects because the airdrop opportunity is huge, I do not like this one bit because if there is a follow-up hype related to this blockchain, there will be a bitcoin-related vulnerability again.

Many have really decided that the blog token will become a new trend in the crypt. I also adhere that BRC-20 will only be a short story. So far, there are no special coins on the ear. But for some reason, many are promoting this topic. Perhaps it is worth having a closer look. Although, BRC-20 does not cause much enthusiasm.

Quidat

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Quote from: Abiky on May 31, 2023, 11:35:10 AM

There's a new stablecoin "in town" that goes by the name of Stably. It's a BRC-20 token issued on the main Bitcoin blockchain. I believe it's the first kind of stablecoin to be ever released on BTC. I'm not sure if it'll be backed by Bitcoin itself, but at least, Bitcoiners can now use stablecoins without having to move to another chain. The downside of this is that it will increase on-chain fees by a large margin. It's an Ordinals inscription after all. Would you imagine USDT, USDC, and other stablecoins launching their BRC-20 version on the BTC blockchain? It would be a complete disaster! The idea is cool, but it's best to move everything else to a separate chain or off-chain scaling solution to keep BTC fast and cheap for everyone to use.

What are your thoughts? Are BRC-20 stablecoins the next big thing? If not, why? Do you think BTC will be able to survive a flood of BRC-20 stablecoin transactions in the long run? What do you think about Stably? Will it have a future? Your input will be greatly appreciated. Thank you.

BRC-20 might be the next narrative on upcoming future to come or something would really be in trend but im not really that so sure if it would really be that significant but we are already seeing
gradually that there are projects which are on BRC-20 and speaking about their prices and value which is really that increasing on the time that i had checked out which means that
investors are starting up to consider out this space and i wont really be that shocked nor really that having that reaction if this would be the big thing.
The issue on here is about on flooding out the network which is something that pushes up and resurface again about the scalability issue of Bitcoin
which it would indeed in fact affecting that fee price which its never been that ideal if its really on the roof.

Dave1

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Quote from: Abiky on May 31, 2023, 11:35:10 AM

There's a new stablecoin "in town" that goes by the name of Stably. It's a BRC-20 token issued on the main Bitcoin blockchain. I believe it's the first kind of stablecoin to be ever released on BTC. I'm not sure if it'll be backed by Bitcoin itself, but at least, Bitcoiners can now use stablecoins without having to move to another chain. The downside of this is that it will increase on-chain fees by a large margin. It's an Ordinals inscription after all. Would you imagine USDT, USDC, and other stablecoins launching their BRC-20 version on the BTC blockchain? It would be a complete disaster! The idea is cool, but it's best to move everything else to a separate chain or off-chain scaling solution to keep BTC fast and cheap for everyone to use.

What are your thoughts? Are BRC-20 stablecoins the next big thing? If not, why? Do you think BTC will be able to survive a flood of BRC-20 stablecoin transactions in the long run? What do you think about Stably? Will it have a future? Your input will be greatly appreciated. Thank you.

It's obvious that it's the new hype right now, just a couple of months ago when it was developed and now it's taking the crypto market. Although want bitcoin maximalist doesn't want is that it run on top of the bitcoin's blockchain causing the mempool to clogged and with that, the fee spike.

The thing is that when bitcoin's developers started to close that loophole, then maybe BRC-20 will be on the side then as everyone is being affected by it negatively so I wouldn't be surprised of a patch before the end of the year.

Bitstar_coin

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Bruh, it is very possible that stable oins on the brc20 chain will be more popular simply because they are in a trusted blockchain. But right now, brc20 is taking the crypto community by storm.
I think the early supporters of these brc20 projects will be rewarded immensely just as btc in its early stage. Although am just getting to know about the stable coins from this thread but am already familiar with some of the btc ordinal projects. I even got myself a .sats domain name just incase Grin

who knows how big the brc20 will blow. Cool

Abiky

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There's a new stablecoin "in town" that goes by the name of Stably. It's a BRC-20 token issued on the main Bitcoin blockchain. I believe it's the first kind of stablecoin to be ever released on BTC. I'm not sure if it'll be backed by Bitcoin itself, but at least, Bitcoiners can now use stablecoins without having to move to another chain. The downside of this is that it will increase on-chain fees by a large margin. It's an Ordinals inscription after all. Would you imagine USDT, USDC, and other stablecoins launching their BRC-20 version on the BTC blockchain? It would be a complete disaster! The idea is cool, but it's best to move everything else to a separate chain or off-chain scaling solution to keep BTC fast and cheap for everyone to use.

What are your thoughts? Are BRC-20 stablecoins the next big thing? If not, why? Do you think BTC will be able to survive a flood of BRC-20 stablecoin transactions in the long run? What do you think about Stably? Will it have a future? Your input will be greatly appreciated. Thank you.

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