Because bitcoin is volatile and not store of value
Yeah, that's why you should buy more shitcoins they call stable coins. If you are so fond of them, I could give you some addresses and their keys, you could claim 2000 shitcoin usdt with each of them on uniswamp/centralized exchange. And then give half as bitcoin to me, deal? 
Topic: {SERIOUS} Misery of Crypto, Devaluation, and need of a "Stable" stable coin. (Read 67 times)
March 19, 2023, 02:15:45 PM
March 18, 2023, 09:19:05 PM
Cool story bro, stable coin = shitcoin = centralized garbage . Don't buy them, don't support them, don't fill the bags of a few. Can't see a reason as to why not buying bitcoin and keeping it in your wallet?
Trading? That's just gambling with a nice mask, it's the same principle underneath, the poor gets poorer and the rich gets richer, imagine buying USD to trade it with EUR, who do you think profits from that? Think more.
Trading? That's just gambling with a nice mask, it's the same principle underneath, the poor gets poorer and the rich gets richer, imagine buying USD to trade it with EUR, who do you think profits from that? Think more.
Because bitcoin is volatile and not store of value
March 18, 2023, 01:37:36 PM
Cool story bro, stable coin = shitcoin = centralized garbage . Don't buy them, don't support them, don't fill the bags of a few. Can't see a reason as to why not buying bitcoin and keeping it in your wallet?
Trading? That's just gambling with a nice mask, it's the same principle underneath, the poor gets poorer and the rich gets richer, imagine buying USD to trade it with EUR, who do you think profits from that? Think more.
Trading? That's just gambling with a nice mask, it's the same principle underneath, the poor gets poorer and the rich gets richer, imagine buying USD to trade it with EUR, who do you think profits from that? Think more.
March 18, 2023, 12:12:48 AM
I have travelled a long place since my first days of crypto in 2017 wasting years on faucets and stupidity till now, If anyone would look into my profile of both my accounts of Bitcointalk (one account got locked because acc to BTCtalk I am forgeting the password) they would think I am stupid and dont know anything which is fair enough considering my History here as I didn't used BTC Talk long ago.
Now to the Main part, The miseries of Crypto
I solely got into Crypto to earn money, The space is filled with scams, White collar frauds with no accountability and 99% useless cryptocurrencies.
I got hit by Luna, Decided to leave trading, I diversified my portfolio into stable coins BUSD and USDT on 2 Major exchanges
BUSD which was looking solid AF and USDT which is shady af and guess what BUSD got nuked and USDT still going strong.
Kept Half my balance on Binance and half on FTX and boom FTX is bankrupt now with my money stuck and No hope in sight seeing how John Ray is not interested in restarting the exchange and Lawyers are taking huge fees.
Got hit by Luna, Made a rational decision at that time of diversifying portfolio into Binance and FTX, Put half in BUSD half in USDT
(Dont come at me with the not your keys not your coins, Its hard to not get scummed by thousands of online viruses too considering individuals digital foorprint and exchanges are easy to operate)
FTX gone, BUSD disowned by binance now all buckets in USDT and Binance and on top of that my local currency devalued 80% in a year and it keeps devaluing so Keeping the money in my local currency is not a option unless i want to lose money 40% money yearly considering Inflation.
and that was not just the end of it Circle's USD got depeged gladly repeged now so diversifying from USDT and binance is not an option now too, If they go down crypto will be as alive as a 1000 year old dead.
Cant Keep money in USDT
Cant keep money in local currency
Cant Keep money on Exchanges
Cant survives this space without Land Mines in all spaces from Cryptos to NFTs.
Sometimes I feel like saying fk it i am going to fork a project or a stupid NFT and do white collar fraud but I know the misery of Losing money and i know the misery of Poverty in a 3rd world country and lost dreams and hopes and gladly my ethical and sympathetic mind.
Now to the Stable coin part
Crypto has proofed to not trust any project The Dynamics of Stable coins are simple and yet so hard to achieve
In Theory each stable coin has to be backed by 1:1 but its not technically possible, You would need Physical dollar for that and It is not possible for crypto to achieve it as its not a bank with branches and services fees but a crypto used all around the world.
Me paying 1 dollar equivalent to get 1 USDT will never be 1:1 backing as the currency of my country goes more up and down than a hooker at a strip club
one would ask why not convert any local currency to USD at the time of buying of USDT because of converting fees that 1:1 would more likely become 1:0.95
Also the purposed plan of Arthur hayes (bitmex CEO) where he gave the idea of longing and shorting bitcoin for 1 dollar equivalent to maintain 1:1 backing is ridiculous because Where you will keep the shorts and longs open, Binance? FTX? or you can't imagine there was a Stable coin on Arthur's plan running on FTX it would have depeged already.
Decentralised Stable coin? not a chance as once has to issue coins and one has to claim them.
Solution for a stable coin
The only solution in sight is to have more stable coins from reliable sources and the one who is transparent about their business, The majority of holding being stored in a too big to fail US bank which would get bailout even in case of a bankrupty because Uncle Sam likes banks.
End of my rant and open to discussion while there is 99% chances no one is going to read my bullshit but nothing goes in posting it .
Not native English speaker so ignore my Grammar and typos as i am too lazy to re read at this hour.
Now to the Main part, The miseries of Crypto
I solely got into Crypto to earn money, The space is filled with scams, White collar frauds with no accountability and 99% useless cryptocurrencies.
I got hit by Luna, Decided to leave trading, I diversified my portfolio into stable coins BUSD and USDT on 2 Major exchanges
BUSD which was looking solid AF and USDT which is shady af and guess what BUSD got nuked and USDT still going strong.
Kept Half my balance on Binance and half on FTX and boom FTX is bankrupt now with my money stuck and No hope in sight seeing how John Ray is not interested in restarting the exchange and Lawyers are taking huge fees.
Got hit by Luna, Made a rational decision at that time of diversifying portfolio into Binance and FTX, Put half in BUSD half in USDT
(Dont come at me with the not your keys not your coins, Its hard to not get scummed by thousands of online viruses too considering individuals digital foorprint and exchanges are easy to operate)
FTX gone, BUSD disowned by binance now all buckets in USDT and Binance and on top of that my local currency devalued 80% in a year and it keeps devaluing so Keeping the money in my local currency is not a option unless i want to lose money 40% money yearly considering Inflation.
and that was not just the end of it Circle's USD got depeged gladly repeged now so diversifying from USDT and binance is not an option now too, If they go down crypto will be as alive as a 1000 year old dead.
Cant Keep money in USDT
Cant keep money in local currency
Cant Keep money on Exchanges
Cant survives this space without Land Mines in all spaces from Cryptos to NFTs.
Sometimes I feel like saying fk it i am going to fork a project or a stupid NFT and do white collar fraud but I know the misery of Losing money and i know the misery of Poverty in a 3rd world country and lost dreams and hopes and gladly my ethical and sympathetic mind.
Now to the Stable coin part
Crypto has proofed to not trust any project The Dynamics of Stable coins are simple and yet so hard to achieve
In Theory each stable coin has to be backed by 1:1 but its not technically possible, You would need Physical dollar for that and It is not possible for crypto to achieve it as its not a bank with branches and services fees but a crypto used all around the world.
Me paying 1 dollar equivalent to get 1 USDT will never be 1:1 backing as the currency of my country goes more up and down than a hooker at a strip club
one would ask why not convert any local currency to USD at the time of buying of USDT because of converting fees that 1:1 would more likely become 1:0.95
Also the purposed plan of Arthur hayes (bitmex CEO) where he gave the idea of longing and shorting bitcoin for 1 dollar equivalent to maintain 1:1 backing is ridiculous because Where you will keep the shorts and longs open, Binance? FTX? or you can't imagine there was a Stable coin on Arthur's plan running on FTX it would have depeged already.
Decentralised Stable coin? not a chance as once has to issue coins and one has to claim them.
Solution for a stable coin
The only solution in sight is to have more stable coins from reliable sources and the one who is transparent about their business, The majority of holding being stored in a too big to fail US bank which would get bailout even in case of a bankrupty because Uncle Sam likes banks.
End of my rant and open to discussion while there is 99% chances no one is going to read my bullshit but nothing goes in posting it .
Not native English speaker so ignore my Grammar and typos as i am too lazy to re read at this hour.
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