Topic: Is the market saturated with too many stablecoins? - page 2. (Read 462 times)
To be honest I am really suspicious of these stablecoins especially USDT which I keep seeing they have minted a huge amount of dollars several this year and in previous years. I have a question on my mind do they really have that amount of dollars deposited somewhere on a bank? There is no proof to support that. It is an easy money I guess no doubt big companies like binance, coinbase, etc. are creating their own stablecoins.
It is.
I don't think there is a necessity for too much stable coins to be created.
Why not just 1 or a couple of it also for other field of industry if they really dislike altcoins and bitcoin.
Whales are the only ones which are really making a good use out of it.
Big profits from trading using stable coins as a safe haven.
I don't think there is a necessity for too much stable coins to be created.
Why not just 1 or a couple of it also for other field of industry if they really dislike altcoins and bitcoin.
Whales are the only ones which are really making a good use out of it.
Big profits from trading using stable coins as a safe haven.
Most people actually invest with stable coins for their long-term investments, they hope the value their assets will be maintained without price fluctuations like other Crypto prices. I think, with a lot of stable coins appearing on the market it will be fine for Crypto world.
Seriously stablecoins for long term? In my opinion, these stablecoins are used in order to save from inflation of major coins. I dont think many investors are investing with it, unless like other stablecoins offering a lending services that pays them with profitable interest aside from that, I dont see they can earn huge profits even they hold huge quantity of these stablecoins. 
because tether (usdt) is the first stable coin so it will be difficult to get others to use other stable coins that are safer or clearer ownership, from the beginning of the year until now maybe the tether is the largest daily volume of coins, and even beat BTC, and I'm also curious if indeed the tether mentioned can disappear or a scam suddenly occurs, what impact will be caused on the market.
There is no need for more stable coins. We've got plenty of them trying to get as much as volume that they want. The Gemini dollar, the USDC of Coinbase and soon we'll see more of the CBDC type of cryptocurrency which goes down to this category.
There are other stablecoins like fiat cryptocurrency used in other exchanges its not that it is not needed but it is prefer of course by other trader that convenient for them to use it. Other than the stable coins that have the value of most fiat currencies, what's that fiat cryptocurrency?
This is about how good the competition between all of the stable coins that are exist in the market. As long as these stable coins are fully audited and there was no problem with it and it can be considered as a new money for crypto too.
Audited? How about tether that failed to transparently show how they minted their tokens? As far as their reponse go, its not really that acceptable. Im sure their project is really good as tradera love trading pair with usdt but we can always choose safer and more reliable stablecoin like Dai, I dont mind market having too many stablecoins actually it helps as optiom for other investors. 
But the truth about these stablecoins is that not all of them are disclosing the real truth of their assets. Do they really have those assets at any given period of time? Maybe, stablecoins are good for short term purposes but long term? I don't think so. Once the management backing this stablecoin collapses, you have no way of recovering your assets.
Most people actually invest with stable coins for their long-term investments, they hope the value their assets will be maintained without price fluctuations like other Crypto prices. I think, with a lot of stable coins appearing on the market it will be fine for Crypto world.
Stablecoins are cryptocurrencies designed to maintain a stable value against an asset or fiat currency. Most stablecoins on the market use the US Dollar as their reference point, and are supposed to be valued as close as possible to $1 at all times. Although their price can theoretically be linked to anything, in practice they are most often pegged to major fiat currencies.
Doubts sometimes arise in relation to private and commercial stable coins. Soon there will be even more stable coins, since now about 80 percent of all states are developing their own national stable coins, that is, the digitized currencies of their central banks. They, in my opinion, will have less risk for users and will be in greater demand in comparison with private stable coins.
IMO, it's not fine anymore.
Too much competition is not good for the market anymore.
Transparency, privacy, centralization, or whatever reason it may be. It doesn't matter. It should have not come to this.
What I am seeing is just reasons for pure profit.
They saw other stable coins making money out of their project and so they follow.
Too much competition is not good for the market anymore.
Transparency, privacy, centralization, or whatever reason it may be. It doesn't matter. It should have not come to this.
What I am seeing is just reasons for pure profit.
They saw other stable coins making money out of their project and so they follow.
This is about how good the competition between all of the stable coins that are exist in the market. As long as these stable coins are fully audited and there was no problem with it and it can be considered as a new money for crypto too.
Audited? How about tether that failed to transparently show how they minted their tokens? As far as their reponse go, its not really that acceptable. Im sure their project is really good as tradera love trading pair with usdt but we can always choose safer and more reliable stablecoin like Dai, I dont mind market having too many stablecoins actually it helps as optiom for other investors. 
in my opinion stable coins are useful to be able to maintain a certain balance on the various markets apparently all the big exchanges have their own but in my opinion it's okay this way
This is about how good the competition between all of the stable coins that are exist in the market. As long as these stable coins are fully audited and there was no problem with it and it can be considered as a new money for crypto too. But the truth about these stablecoins is that not all of them are disclosing the real truth of their assets. Do they really have those assets at any given period of time? Maybe, stablecoins are good for short term purposes but long term? I don't think so. Once the management backing this stablecoin collapses, you have no way of recovering your assets.
in my opinion stable coins are useful to be able to maintain a certain balance on the various markets apparently all the big exchanges have their own but in my opinion it's okay this way
This is about how good the competition between all of the stable coins that are exist in the market. As long as these stable coins are fully audited and there was no problem with it and it can be considered as a new money for crypto too. 
The market is saturated with not only stable coins, also defi stable coins! This is similar to the market's saturation with ICO tokens on 2017, I reckon and this might lead to a mass extinction of altcoins.
I think we have to look at what's the real purpose of stable coins in the market? Will it bring that "stability" or will it make us confused more with their usage, specially noobs in the market. And we all know that the number 1 stable coin today has a lot of accusations of manipulations in the past. Obviously, Tether and Bitfinex has denied and said. that this is baseless. But if this stable coins allegedly is playing the market around then we might need some alternatives.
We have to get other options so we can differentiate and know what's better for us. Yes, there's a lot of manipulation on Tether whether they admit it or not but we know its happening. If there's so many stablecoins then at least we can have an assurance to make money while the market is full of risk.If there's more stablecoins to come, maybe many businesses will adopt it since we know the problem on a slow production is simply because of the high volatility, that prevents them to adopt.
Competition is always nice, it's better to have multiple coins than just Tether dominating this field without anyone to keep them on their toes. Just like with the rest of alts and tokens, the market will sort it all out in the long run. There will always be at least a few coins, because relying on just one stablecoin sounds risky - what if Tether will decide to go rogue and we'll have no plan B?
I had some experience with DAI and it was generally positive. Same goes for Tether. I think smaller stablecoins, especially those backed by smaller currencies, aren't very useful, because people generally prefer US dollar over a weaker fiat currency.
I had some experience with DAI and it was generally positive. Same goes for Tether. I think smaller stablecoins, especially those backed by smaller currencies, aren't very useful, because people generally prefer US dollar over a weaker fiat currency.
I think we have to look at what's the real purpose of stable coins in the market? Will it bring that "stability" or will it make us confused more with their usage, specially noobs in the market. And we all know that the number 1 stable coin today has a lot of accusations of manipulations in the past. Obviously, Tether and Bitfinex has denied and said. that this is baseless. But if this stable coins allegedly is playing the market around then we might need some alternatives.
I've noticed an increase of stablecoins on the market over the past few years. There are now many different types of stablecoins for USD, EUR, and other top Fiat currencies in the mainstream world. Some of them are legit, while others are just pure hype (scam). To my surprise, Tether (USDT) is the top stablecoin in market cap. For a company which often lacks transparency of its USD holdings, I think that Tether is just an over-hyped coin that will see its bubble burst real soon.
As far as other stablecoins go, I believe that people will only choose those that are on the top ranks in market cap. I wonder if so many stablecoins are actually needed or necessary for the blockchain industry to thrive? Do you think that the market is really saturated with too many stablecoins? Or is it still fine?
What are your thoughts?
I do not about others but for me usdt and usdc are enough, i was using usdt to trade from longtime but the difference now is i have started using usdc as well, it is good to have options but too many stablecoins will mean too many same projects that will not serve the purpose because the solution is already there in the market so why not do something unique. As far as other stablecoins go, I believe that people will only choose those that are on the top ranks in market cap. I wonder if so many stablecoins are actually needed or necessary for the blockchain industry to thrive? Do you think that the market is really saturated with too many stablecoins? Or is it still fine?
What are your thoughts?
Just as there are many altcoins even in cases where there are repeated ideas same is the case with stablecoins, each of these stablecoins believes they can offer something better and different while in reality, they are all the same. In the case of USDT, yes it is the top stablecoin with huge number of users despite having questions which begs for answers; however I do think that why most people likes Tether is owing to the fact it has huge volume and if course hype. Lastly, yes the market is saturated with many stablecoins and I don't think there is anything that can be done about it other than being careful of the ones we associate with.
Usdt remain the top rank and there has been so many backlashes about bitfinex minting the usdt. I created post similar to this a few weeks ago and the replies I got makes me realized it is not advisable to keep holding this stablecoin as users can lost their holding if this stablecoins go sour. We know people use them to mitigate the lost due to market volatility but they do not represent the real feature of cryptocurrencies.
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