Is there something I don't get about USD possible losing it's value? - page 2.

bittraffic

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Quote from: _act_ on October 05, 2022, 03:24:35 AM

Chinese yuan-backed stablecoin, CNH Tether (CNHT) was created in 2019 which I think was created by Tether. The marketcap is very low an not worth going for or the project is now failed, probably.

US dollar is strong this year, but fiat can be devalued at any time. If dollar is devalued, the fiat pegged coins are also having fiat value, which means they are also devalued.

Yuan is the official currency for China
Yen for Japan

I think you are talking about Yaun.

I found CNY on Binance P2P. If this is OP wants to do.
I was also planning to move some of my stablecoins to Yuan in case the currency will be widely used. If OP's purpose is to make money in trading USDT/CNY I think it's very much possible when the value of USD goes down. Unfortunately, it's not happening. It will take a black swan event for this to be foreseen.

owlcatz

legendary

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Quote from: MAAManda on October 05, 2022, 08:25:28 PM

USD will lose its value in the coming months? where did you see the news about this? it would be better if you attach a link that refers to the news you read for validation purposes. I don't think you need to worry about USD. USD is the strongest currency at the moment.

Possibly, nobody knows... Look here:

https://thehill.com/policy/3673894-un-warns-of-a-global-recession-as-countries-race-to-lower-inflation/

Again, go read:

https://principlestudies.org/reviews/creature-from-jekyll-island/

And you will understand what is going on now... but ofc, nobody knows the future. Wink

MAAManda

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Quote from: Z390 on October 05, 2022, 03:07:22 AM

Also what do you think about USD future? Is it possible that USD might lose value on coming months? Will stable coins start to lose it's value? I am holding BUSD for dips on BTC but I still have alot, waiting for 12,000$ per BTC before buying but the scary news about USD losing its cool scares me.

USD will lose its value in the coming months? where did you see the news about this? it would be better if you attach a link that refers to the news you read for validation purposes. I don't think you need to worry about USD. USD is the strongest currency at the moment.

owlcatz

legendary

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Ok...

So... Here you can see just how much $USD was printed from basically thin air when covid began.

Quote from Google: "M1 is the money supply that is composed of currency, demand deposits, other liquid deposits—which includes savings deposits"

https://fred.stlouisfed.org/series/M1SL

As you can quite clearly see, the printing started in 2/2020. It continued until ~2/2022 ... Now.. Go read this book, you can find it on the internet for free I imagine if you look hard enough.

THEN... You will start to understand what a SCAM the FED is and what/why this is all happening...

https://principlestudies.org/reviews/creature-from-jekyll-island/

Wink

jrrsparkles

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Quote from: Z390 on October 05, 2022, 03:07:22 AM

Hey guys, is there any stable coin that supports Chinese currency aka Yen? We have BUSD, USDT, USDC that are backing the United state dollar, what about China's very own currency?

Also what do you think about USD future? Is it possible that USD might lose value on coming months? Will stable coins start to lose it's value? I am holding BUSD for dips on BTC but I still have alot, waiting for 12,000$ per BTC before buying but the scary news about USD losing its cool scares me.

USDT, BUSD or any other stable coin is not officially from the government but its backed by the value of USD, as far as I know there is no project which is backed by the value of Yuan but I remember China launched their own CBDC which is named as Digital Yuan which is officially from the government and if you feel you need yuan then purchase it and feel safer. Roll Eyes

avikz

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Quote from: Z390 on October 05, 2022, 03:07:22 AM

Hey guys, is there any stable coin that supports Chinese currency aka Yen? We have BUSD, USDT, USDC that are backing the United state dollar, what about China's very own currency?

Also what do you think about USD future? Is it possible that USD might lose value on coming months? Will stable coins start to lose it's value? I am holding BUSD for dips on BTC but I still have alot, waiting for 12,000$ per BTC before buying but the scary news about USD losing its cool scares me.

Inflation is nothing new mate! Now the concern here is high inflation.USD and any other currency is bound to loose it's purchasing power. The same will happen for stable coins as well if they are backed by USD or any other currency. However, it works in a different way.

1 BUSD will remain as 1 USD but what you used to purchase with 1 USD, will now be sold at higher than 1 USD. That's how it works! Apparent value will remain same while the pur having power will decrease.

Also don't wait for bitcoin to come down to 12k as it may never happen. Start from today and buy in small quantities to average out the buying price.

Bananington

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Quote from: tvplus006 on October 05, 2022, 11:17:39 AM

In China, the digital yuan e-CNY is in circulation, but it is not available for purchase on cryptocurrency exchanges. Despite the fact that the purchasing power of the dollar is declining, keeping money in the yuan is absolutely not the right decision.

The digital yaun e-CNY is just like every other CBDC created to distract people from cryptocurreny. It still shares same disadvantages with other CBDC's and cannot really be encouraged.

Quote

- CBDCs have prominent geographic restrictions as they are accepted only in the country that issues them.
- Central banks could turn into direct competitors of payment service providers, thereby forcing banks to lose income.
-Central bank digital currency cons also point out the increased competition for commercial banks. The nature of CBDCs as a substitute for bank deposits can motivate banks to increase their deposit rates.

https://101blockchains.com/central-bank-digital-currency-pros-and-cons/

tvplus006

legendary

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To the Moon

Quote from: Z390 on October 05, 2022, 03:07:22 AM

...Also what do you think about USD future? Is it possible that USD might lose value on coming months? Will stable coins start to lose it's value? I am holding BUSD for dips on BTC but I still have alot, waiting for 12,000$ per BTC before buying but the scary news about USD losing its cool scares me.

In China, the digital yuan e-CNY is in circulation, but it is not available for purchase on cryptocurrency exchanges. Despite the fact that the purchasing power of the dollar is declining, keeping money in the yuan is absolutely not the right decision. The yuan is also subject to inflation, but at the same time it depreciates against the dollar.

Solosanz

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The token that pegged with other currency beside USD are have very low market cap, so you will have a problem when you want to sell your token in the future.

USD value always decrease since every fiat have inflation, since stable coin are pegged with USD value, of course stable coin value will keep decrease since they're follow the fiat value.

BUSD is a centralized stable coin and not safe to hold for long time, I suggest you to convert to DAI or your local fiat money.

You don't need to wait Bitcoin to hit $12K if you want to start buy Bitcoin, you can do averaging down or DCA.

_act_

legendary

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Lightning network is good with small amount of BTC

Chinese yuan-backed stablecoin, CNH Tether (CNHT) was created in 2019 which I think was created by Tether. The marketcap is very low an not worth going for or the project is now failed, probably.

US dollar is strong this year, but fiat can be devalued at any time. If dollar is devalued, the fiat pegged coins are also having fiat value, which means they are also devalued.

Yuan is the official currency for China
Yen for Japan

I think you are talking about Yaun.

NeuroticFish

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Quote from: Z390 on October 05, 2022, 03:07:22 AM

Hey guys, is there any stable coin that supports Chinese currency aka Yen? We have BUSD, USDT, USDC that are backing the United state dollar, what about China's very own currency?

Also what do you think about USD future? Is it possible that USD might lose value on coming months? Will stable coins start to lose it's value? I am holding BUSD for dips on BTC but I still have alot, waiting for 12,000$ per BTC before buying but the scary news about USD losing its cool scares me.

USD is losing value as we speak. It's called inflation and this year it's big.
It doesn't mean 1000 USDT will become 900 USDT. It means that if you go to a grocery store with 20$ you'll buy less stuff than one year ago.
I will add that right now USD being strong it simply means the other fiat currencies are even worse. Plus, never trust in news from China (I don't say they're fake news, but the event you're scared of may or may not actually happen, there's no certainty at all).

Then, Yen is the Japanese currency, China has Yuan. But I would not go for various "exotic" stable coins, since, depending on who is issuing them, the may not be as stable as their advertise (never forget what has happened with LUNA). There are gold-backed stable coins, you can look into altcoin announcements, some are pretty old and reliable (but some may be charging you for depositing the actual gold on your behalf!!), still, it's a risk there and you have to be willing to accept that risk (trust the issuer + trust that the underlying asset - in this case gold - will not go down).

I will add that $12k per bitcoin may or may not happen, hence DCA may be a better strategy than waiting and risking to miss the train.

Z390

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Hey guys, is there any stable coin that supports Chinese currency aka Yen? We have BUSD, USDT, USDC that are backing the United state dollar, what about China's very own currency?

Also what do you think about USD future? Is it possible that USD might lose value on coming months? Will stable coins start to lose it's value? I am holding BUSD for dips on BTC but I still have alot, waiting for 12,000$ per BTC before buying but the scary news about USD losing its cool scares me.

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