I guess you are talking about creating a market right? It is quite easy in a decentralized market, but not possible in a normal centralized exchange. In a normal one like Binance you can only make orders in an existing pair.
But for decentralized ones, you can ask more supported pairs. Like ERC20 now, any token is compatible with USDT. So the answer to you is YET it is possible. You have to pay to list it on normal exchanges though.
Topic: Digital Fiat Pairs (Read 136 times)
How is anyone allowed to make their own USD (or any forms of fiat for that matter) of any currency?
Is there a method for doing this?
Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
Is there a method for doing this?
Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
You could, but why would anyone trust in the value of your token?
It would require some actual legal backing as well as audited reserves for anyone to believe in your stablecoin. It's quite industry standard when you look at coins such as Tether, even with all the audits and stuff still being questioned by the community about their legitimacy.
Anyone can create a ERC20 token, but not everyone can back their token with USD.
it all requires a sufficient team and experts in certain fields to build a good development because it generates its own USD, making tokens and everyone can use what you make is not easy and requires a long process, learn step by step so you can get there
How is anyone allowed to make their own USD (or any forms of fiat for that matter) of any currency?
Because this is a free market, so anyone can make their own coin/token here.
Is there a method for doing this?
You could do it yourself, or hire some experts to create it for you.
Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
How would you get it on exchanges or let people use it as a USD Pair?
It's more to that, you can create yes, but being a stable coin, you need to prove that you have enough 1:1 backing of it and not be running on fractional reserves.
How is anyone allowed to make their own USD (or any forms of fiat for that matter) of any currency?
Is there a method for doing this?
Is there a method for doing this?
You can also create one if you are willing to. That's the benefit and risk of decentralized economy at the same time! Here is a comprehensive guide for you to refer,
https://hackernoon.com/how-to-create-your-own-cryptocurrency-tips-to-get-started-947ba92f79f9
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Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
How would you get it on exchanges or let people use it as a USD Pair?
No you can't do that unless you promote that coin actively and you get a group of people who believes in your coin. Otherwise your coin will have no value and you will end up billions of dead coin.
There's no shortcut available to become a billionaire!
I think you guys missed his point although he didn't quiet poste his question the right way, here is what i got from his thread:
Who is counting (those stable coins), monitoring, auditing these coins to have such value as $1 (or whatever) if we don't have the right / trusted ths party.
YES, your question is 100% correct, that's why i don't really100% trust those stable coins, but as long as the community (crypto community) is accepting it as VALUABLE, so we'll be it.
Who is counting (those stable coins), monitoring, auditing these coins to have such value as $1 (or whatever) if we don't have the right / trusted ths party.
YES, your question is 100% correct, that's why i don't really100% trust those stable coins, but as long as the community (crypto community) is accepting it as VALUABLE, so we'll be it.
As explained, it can be done by anyone to have their own coin. Print as much as you want but the value is the one to determine what's the worth of your coin. You can make a stable coin and mint an unlimited supply but how would its economy will be determined if you are the only one that's using it?
We can compare this with Venezuelan bolivar, they have a lot of supply but their money is almost worthless because of their economic situation.
We can compare this with Venezuelan bolivar, they have a lot of supply but their money is almost worthless because of their economic situation.
How is anyone allowed to make their own USD (or any forms of fiat for that matter) of any currency?
Is there a method for doing this?
Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
Is there a method for doing this?
Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
Your tokens wouldn't be worth $1 billion, so you wouldn't be able to buy anything. The market value is decided by supply and demand for most cryptocurrencies.
For stablecoins, the effect of supply and demand on crypto volatility is reduced because the crypto asset can be redeemed for 1:1 against the USD at any time.
How is anyone allowed to make their own USD (or any forms of fiat for that matter) of any currency?
Is there a method for doing this?
Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
Is there a method for doing this?
Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
There is no special method to doing this, what matters is creating value.
The etherum blockchain is open to you if you want to create your erc -20 tokens, But who will buy from you ?
You need to drive a value, drive a purpose that such token will serve in the world.
Thats the only thing that can attract investors and quality exchange platforms.
Always dyor too
Other than that, its a childs play
For a fiat backed stablecoin to be considered legit you have to prove that it is really backed by fiat for that you either have to show them the associated bank account or third party audit reports and no creating a fiat backed stablecoin is not easy it is a tough thing and you really need to back it with fiat you cannot just fake it.
How is anyone allowed to make their own USD (or any forms of fiat for that matter) of any currency?
Anyone can launch their own coin or token with whatever properties they wish. If you want to launch a coin and state that it is pegged 1-to-1 with a fiat of your choosing, you are free to do so.Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
You can absolutely create a token out of thin air and give yourself 1 billion tokens. Many people have done that in the past. The harder part is convincing other people that your token is worth anything. You can't just "buy up" other coins unless someone is willing to sell them to you. If all you are offering them in return is some useless token you have just created with no infrastructure, development, product, or future, then you are going to struggle to find people willing to trade with you. It would be like if I wrote "IOU $100" on a slips of paper and tried to buy groceries or pay my bills with them.How would you get it on exchanges or let people use it as a USD Pair?
Start a company, hire a team, develop your coin, prove to independent auditors that you are holding enough assets that it is actually backed up 1-to-1 with fiat as you claim, set up a platform to allow users to cash it out for fiat, maybe start your own exchange or get it listed on some small exchanges, and work up from there. Good luck with that.
How is anyone allowed to make their own USD (or any forms of fiat for that matter) of any currency?
Is there a method for doing this?
Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
Is there a method for doing this?
Couldn't i just create a ERC-20 token and mint myself 1B tokens and use that to buy up the coins in circulation if i wanted to?
How would you get it on exchanges or let people use it as a USD Pair?
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