Merge all the stable coin into one. - page 2.

Xal0lex

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Quote from: DVlog on April 08, 2022, 03:00:34 PM

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

So it's healthy competition. Different stabelcoins, supported by different blockchains, have their own commissions and their own collateral. It's just like real life. You wouldn't like it if you were offered to buy only one car on the planet, even if it had all the useful features that only you need. Competition and variety are important in the industry. In addition, all of these stabelcoins are built on different blockchains, which means you can't come up with one common project, simply because it can't function equally across different blockchains.

deathcode

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Quote from: ice18 on April 09, 2022, 08:25:02 AM

Different stable coin issuers means different companies so merging may take a lot of talk and agreements between them its not easy to happen especially when it comes to profit. Much better if they will issue coins separately and have different advantages from each other so investors will have many choice of what they want to use.

even I think it's impossible to realize. it's not just from different companies, of course, everyone in the company talks about how stable coins they make will be profitable for them too. many choices and leave it to the user. because everyone has their favorite. no problem with stable coins, they also have their market support.

southerngentuk

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Quote from: Google+ on April 08, 2022, 09:52:19 PM

Quote from: southerngentuk on April 08, 2022, 07:34:12 PM

It's not a big deal, I think diversification in the crypto space makes it easier for us to choose, without over complicating matters when it doesn't affect the market too much. Personally, I think it only needs collateral and it really creates the trust of the community. Of course, competition also helps push the market up.

But is there any guarantee so far ? I think that whatever options exist in the crypto space will not always provide a sure guarantee for everyone and everyone who has believed in one of the products in cryptocurrency is purely because of his own analysis and research results.

Of course, not all products are guaranteed to be absolutely secure, but we are talking about the top stablecoins. It is completely easy. I don't have a problem with those coins. Maybe people are afraid of the problem too much. As mentioned above, space competition also helps to drive the market. Each person will have their own assessment ability, but there is no need to be too difficult USDT, USDC, BUSD, UST,.... are too common to access.

DVlog

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Quote from: Yogee on April 08, 2022, 06:33:53 PM

Quote from: DVlog on April 08, 2022, 03:00:34 PM

... . The total stable coin supply is $180 billion.

I hope you wouldn't mind but can you share the breakdown of this amount?

You can also check this article: https://www.bloomberg.com/news/articles/2022-02-24/stablecoins-soar-in-value-as-everything-else-in-crypto-shrinks#:~:text=The%20total%20market%20capitalization%20of,compiled%20by%20The%20Block%20show.

Quote from: asriloni on April 08, 2022, 07:23:17 PM

It's possible to happen but the main question is whether these developers wanna try to do that. Those developers have their own vision and it can be said that if that's almost impossible to merge the stable tokens that developed or maintained by the different team. The possible thing that to create a new universal stable token that will be representing the whole of stable tokens in our ecosystem.
I think that the answer is yes but with various factor that appeared and it can become a big no.

Now what I am seeing is every blockchain is bringing its own stable coin. Most of these blockchain has their own supporter and investors but is the volume of all the stable coin really so significant that we need a stable coin for each blockchain? Why do we need so many of the same things!!! why we can not use an existing one if there is nothing new we are achieving.

ice18

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Different stable coin issuers means different companies so merging may take a lot of talk and agreements between them its not easy to happen especially when it comes to profit. Much better if they will issue coins separately and have different advantages from each other so investors will have many choice of what they want to use.

evichi

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While all currently existing stable coins are pegged to the USD, they are not exactly the same. The philosophy and characteristics with which some of them are built differ form each other. For example, USDT is being viewed as centralized stable coin while DAI is viewed as decentralized. Holding your funds on the centralized stable coin have some risks attached to it when compared to decentralized stable coin(s).
You can read more here (https://bitcointalk.org/index.php?topic=5385516.0; https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055).

Another aspect to look at is that merging all stable coins will not encourage healthy competition, and might lead to centralization on the long run. While we don't need too many stable coins but the ones that are existing will encourage healthy competition as well as improvement in the technology they were built on.

magneto

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Quote from: DVlog on April 08, 2022, 03:00:34 PM

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

But who's going to do it?

Wouldn't this centralise an already centralised system even further?

There are simply too many questions that are unanswered in my opinion for this to work out. People can and should be able to create their own stablecoins wherever they see fit - especially when it comes to cross-chain compatibility. You simply can't have native UST on the NEAR protocol, for instance.

goinmerry

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Quote from: DVlog on April 08, 2022, 03:00:34 PM

Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

I don't like the idea. We need lots of stable coins as that will push on a much tight competition. They might have the same purpose but the actual implementation and future developments are varied with each other. The goal is, how to solve all issues and a single stable coin can't solve it.

We need these several options as being limited to only a few options or a single one might just lead to more problems.

We can compare these to other blockchains network problems like the reason why altcoins are made.

mindrust

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Quote from: DVlog on April 08, 2022, 03:00:34 PM

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

This is the future. Get used to it. Everybody will be issuing their own stable coins and nobody will care or do anything about it. Do they have less assets to back the tokens? Do they have any assets at all? Nobody cares. Even if you manage to merge them, some other crook will pop up and make his own stable coin. In the end you can't convince them all.

retreat

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Quote from: DVlog on April 08, 2022, 03:00:34 PM

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

business competition, that's what I see from the emergence of many stable coins today. can we manage that? the answer is no! because all developers are free to create stable new coins as long as it is reliable and also has real liquidity. all we can do now is choose which one is best for us (personally).

poodle63

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Merged all of stable tokens into the one form will not solve the problem. The fact that even the stable tokens have issued by various developers with their own name and people are not even feeling confuse to know the difference between it. In my opinion that if we are seeing it correctly and then you can know if people are not feeling so difficult to know the difference between these stable tokens.
Im also using various stable tokens based on what i need. These stable tokens have been offering the different features from one to the each other.
That's why the competition is very strict these days.

bluebit25

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Quote from: DVlog on April 08, 2022, 03:00:34 PM

My question is why do we need so many stable coins when they all serve the same purpose?

The diversification of the market creates competition, and we all know that they are not a group.

Quote from: DVlog on April 08, 2022, 03:00:34 PM

Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

There's really no need for that idea, it's centralizing the field. Stablecoins in this market have an important property that separates the high risk/high return character of cryptos from the frequent volatility of crypto assets, making stablecoins a more suitable cryptocurrency for storage and as a medium of exchange value.

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Quote from: martina14 on April 08, 2022, 10:27:33 PM

In my personal assessment, I don't think we need many stable coins. Because the more the many the risk is more getting higher as well.
Second, stable coins will only be good as long as they have a good community and backed by a strong fiat currency. Due to if not, it won't last
long in the end.

The so-called stablecoins are coins whose prices are always stable with fiat currency benchmarks globally, so that would be great even if there are not many models and there are only a few that are used very often by everyone with the support of a very diverse network.
So I think it's very clear that what doesn't have a stable and lasting price like fiat currencies, then it's not a stablecoin even though the name is taken from a stablecoin that is already popular.

cryptoaddictchie

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Quote from: DVlog on April 08, 2022, 03:00:34 PM

My question is why do we need so many stable coins when they all serve the same purpose?

Actually its a good thing also. These stablecoins arent came from a single company and they are owned by differrent ones. What if one of them got hacked or compromised? If its merged as one then you could consider a huge chaos about that. Atleast by many stable coins we could pick a good choice or a safer one to trust with.

Kemarit

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"The more the merrier", as least we have options on what stable coins we are going to used.

However, I doubt that we are going to see them merging, I mean this is business and from that standpoint, everyone of them, at least the people behind the project wanted a piece of the action and to make money out of everyone who is going to used their stable coin.

martina14

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Quote from: DVlog on April 08, 2022, 03:00:34 PM

There are many stable coins in the market with a different name. The only difference between them is the blockchain they use and the assets they collateral. Stable coins are usually backed by fiat currency, commodities, crypto assets, and Seigniorage but they all have the same purpose. Recently terra announced a stable coin backed by bitcoin and rumors spread that near protocol is going to issue another stable coin. My question is why do we need so many stable coins when they all serve the same purpose?

What I saw from the market is they are trying to overthrow one another from the top position. The total stable coin supply is $180 billion. Is it possible to merge all these coins into one universal crypto stablecoin so that users do not need to switch between these stable coins again and again?

In my personal assessment, I don't think we need many stable coins. Because the more the many the risk is more getting higher as well.
Second, stable coins will only be good as long as they have a good community and backed by a strong fiat currency. Due to if not, it won't last
long in the end.

Google+

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Quote from: southerngentuk on April 08, 2022, 07:34:12 PM

It's not a big deal, I think diversification in the crypto space makes it easier for us to choose, without over complicating matters when it doesn't affect the market too much. Personally, I think it only needs collateral and it really creates the trust of the community. Of course, competition also helps push the market up.

But is there any guarantee so far ? I think that whatever options exist in the crypto space will not always provide a sure guarantee for everyone and everyone who has believed in one of the products in cryptocurrency is purely because of his own analysis and research results.

southerngentuk

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It's not a big deal, I think diversification in the crypto space makes it easier for us to choose, without over complicating matters when it doesn't affect the market too much. Personally, I think it only needs collateral and it really creates the trust of the community. Of course, competition also helps push the market up.

asriloni

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It's possible to happen but the main question is whether these developers wanna try to do that. Those developers have their own vision and it can be said that if that's almost impossible to merge the stable tokens that developed or maintained by the different team. The possible thing that to create a new universal stable token that will be representing the whole of stable tokens in our ecosystem.
I think that the answer is yes but with various factor that appeared and it can become a big no.

Kavelj22

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Quote from: Captain Corporate on April 08, 2022, 06:52:44 PM

Considering these are backed by companies most of the time, that means these companies would have to merge together as well and I doubt that would happen, not just economically but legally neither. I mean lets take a look at USDT which is the biggest right now, Binance has BUSD, so Binance would have to swallow bitfinex and tether as a whole, which I doubt legally could be done, even if they can afford to do that, which they probably can't. This is the main reason, its backed by companies and as long as they are, it will not happen. We need to stop using the major ones though, it gives them so much money and power, the centralization is horrible. The day tether gets banned everywhere, will be the day we realize our money is not backed 1 to 1 ratio and they can't pay us all.

This answer why we don't really need a stable coin at first place. Any currency will reach a certain stability by time goes by like with FIAT money. Although we call it stable coin refering to the USD while the dollar itself is not that stable.
This form of tokens was mainly created as a trade instrument within exchanges.

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