Stable coin for Every Currency - page 3.

redsun114

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Quote from: knuckey on February 02, 2020, 10:46:44 AM

The realization is still too far for stable coins in each country, because not everyone in the government wants decentralization, so something transparent. People from banking and influential people in government who are cons to the crypto industry are also very opposed to this, surely they will do anything to keep the business going.

I agree government do not prefer decentralization but they are more curious on adopting blockchain technologies which may open doors for government based stablecoin in my opinion too. When government will be issuing stablecoin, I guess that will not remain 100% decentralized hence we cannot expect fully transparent and not fully secured for privacy reasons. I mean to say government will be able to track who are all using their coins and who are all holding it.

When governments start interfering into the cryptocurrency market in the name of stablecoins, then we will be having all new environment which will be having low percentage of the decentralization or zero the decentralization which means just transacting our fiats but on blockchain; there will be no big differences/advantages.

bttmember

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Stablecoin for every currency may not be a reality anytime soon but i think it will happen in 5 to 10 years because not only international payments become easy but local payments, salaries, taxes and even shopping becomes easy and cashless and also each transaction can be checked and tracked anytime.

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Some Countries nowadays are making their own digital coins, some are already planning to make one. Because they see the potential value that hose coins will make after we enter the Digital Currency era. Later on, every country in the world will have a digital version of its currencies which also backed up by their national currencies. New Zealand already creating some of that, base on the post I read last year.

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Quote from: bitgolden on March 02, 2020, 01:48:44 AM

Definitely there are a lot of possibilities for government to go for their own stablecoin in the near future. Because, I guess every government wants to be part of cryptocurrency industry and with such stablecoins it will be easier for them to enter into our crypto space.

It is a possibility that governments around the world might come up with their crypto but how successful it can be depends upon how it can attract mass usage if not it will die off eventually.

Quote from: bitgolden on March 02, 2020, 01:48:44 AM

We can expect governments to issue the crypto format of their local fiat. It means every government may prefer to have their currency on blockchain.

First they need to study the feasibility and the risk to come up with a coin in the blockchain and they need to spend a lot of money and resources to study and once that happens then we are clearly see some countries trying that.

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If the presence of stable coins then I'm very sure the cryptocurrency will be accepted in every country because it has its own advantages in getting profit, and most of the first spam prevention should be designed if not then That's where the inhibition that will happen, if later Crypto is already received in every country then I believe in every country will also create each coin.

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Quote from: Pffrt on February 02, 2020, 08:26:24 AM

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think? Will tether do that ever in the future once crypto goes more mainstream? Or govt themselves will create their own currency at the end?

Definitely there are a lot of possibilities for government to go for their own stablecoin in the near future. Because, I guess every government wants to be part of cryptocurrency industry and with such stablecoins it will be easier for them to enter into our crypto space.

We can expect governments to issue the crypto format of their local fiat. It means every government may prefer to have their currency on blockchain. All I can guess is, there will be no need of going for some new crypto or all new cryptocurrencies related things for having a stablecoin, they may simply make their fiat into blockchain. This way, your view of stablecoin for every country may come into live.

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Quote from: Pffrt on February 02, 2020, 08:26:24 AM

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think? Will tether do that ever in the future once crypto goes more mainstream? Or govt themselves will create their own currency at the end?
PS- Self-moderated thread to prevent spam.

For what? Why they need to create another stable coin? It is enough to use teather or USDT to use by many people. But I will be agree if the government will create their own stable coin, or they create their money fiat now in form cryptocurrency. And this has been done by the chinese government if I am not mistaken. They create their stable coin to avoid their citizen use teather or USDT to make a transaction on his country (correct me if I am wrong). And I think that the government will make their own cryptocurrency is really required, so as there is no rule who ban cryptocurrency anymore.

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Quote from: gundala on February 23, 2020, 04:34:39 PM

It seems like it's not very effective. Does not every local exchange have a special lane for transactions using fiat in force in the country? Moreover, the use of stable coins is not too dominating, only used for strategies when market conditions are not possible and when transferring from one exchange to another exchange. So it is not an urgent matter in my opinion.

If we are talking about a stable coin for each ordinary currency, then here, most likely, we are talking about the issue by states of their national stable coins in parallel with their existing ordinary types of money. This process is now very relevant, since many states are now working on the issue of their national stable coin. Therefore, I do not see anything bad and surprising in the fact that each state will have its own national stable coin, which at a price will be equal to their usual currency. This process is ongoing and irreversible.

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Quote from: go1lo2va3 on February 23, 2020, 02:04:33 PM

Quote from: slashz9 on February 23, 2020, 01:49:18 PM

of course if all countries have received crypto, of course the demand for crypto will increase in terms of any kind of trading, buying and selling or ico coming out will be more and more.
every country will certainly make their own stable coins whether they are made by exchanges in each country, or the government and local banks also make them.

I believe that most of govs won't keep up with crypto companies, so I think its more possible for govs to adopt crypto payment options, but not the cryptocurrencies itself

As long as it will not be security and the government will bring a lot of ways to adopt crypto. The problem is so many crypto has no utility value. This problem is not yet fixed by the companies. The regulation has been putting the token that can be categorized as security as the main problem.

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Quote from: julius caesar on February 24, 2020, 01:45:00 AM

Quote from: Pffrt on February 02, 2020, 08:26:24 AM

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think?Or govt themselves will create their own currency at the end?
PS- Self-moderated thread to prevent spam.

Of course it is possible for the cryptocurrency to be accepted by every other countries. But I do not think that it will become stable since we all know that cryptocurrency has its volatile characteristic meaning it will continuously move depending on the supply of the coin and the demand of the consumer. But of course it is possible. I am just wondering how it will be implemented. Maybe, they can create a global coin that can be used by every other countries in terms of their transaction.

There Is only one decentralized stable coin but it can only greatly reduce fluctuations not hold at a rock solid single value.
This is the best solution one can implement in a truly decentralized way. This gets more stable or to reduce volatility more with stronger and wider adoption. Tether is more stable but is centralized.

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Quote from: go1lo2va3 on February 23, 2020, 02:04:33 PM

I believe that most of govs won't keep up with crypto companies, so I think its more possible for govs to adopt crypto payment options, but not the cryptocurrencies itself

We also have to think logically and realistically, friends, because all countries have different governance rules, so that when they make new steps in adopting the crypto payment option, of course there must be deliberation or consensus first, because we cannot decide personally

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There is a huge difference between a private company doing something like that and a whole government doing something like that. USA for example has over 20 trillion dollars in debt, do you really think they can't just back 5-10 billion dollars worth of stablecoin?

They can create a stablecoin that will take care of all stablecoin needs of the whole world by themselves and take over the stablecoin market while at the same time keep printing money out of nothing and just sell it to us, not like everyone will keep on asking fiat back for their stable coin so that they would be basically getting money in return of nothing, sure there would be some people who will ask for it but they have so much they are getting that they could literally build a whole ponzi on that and still be fine.

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Quote from: Pffrt on February 02, 2020, 08:26:24 AM

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think?Or govt themselves will create their own currency at the end?
PS- Self-moderated thread to prevent spam.

Of course it is possible for the cryptocurrency to be accepted by every other countries. But I do not think that it will become stable since we all know that cryptocurrency has its volatile characteristic meaning it will continuously move depending on the supply of the coin and the demand of the consumer. But of course it is possible. I am just wondering how it will be implemented. Maybe, they can create a global coin that can be used by every other countries in terms of their transaction.

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Quote from: BubbleButtBabe on February 24, 2020, 12:54:03 AM

But this centralized digital currency can not compete against somwthing like bitcoin with global appeal and no currency exchanged or conversion.

The same applies to the method used to ensure stability. It must be fully decentralized or it has a single point of failure.

Centralized currencies can not compete with bitcoin globally, but a stable currency will continue to be used by many people unintentionally, because the name of the currency is clearly always needed by all people even though they cannot compete with the king of coins namely bitcoin.

ufaiz50

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based on your initial references and thinking from economists. stable coins are used with real asset investments such as USDT, from here due to crypto volatility which is considered by economists to be unsuitable for currencies. then as the growth of blockchain technology and indeed there are some government banks want to make a digital currency, it is likely that the concept of making digital currency by the government has a big chance.

Back again, I'm sure crypto users will find it difficult to accept the centralization of digital currency.

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Quote from: BlackFor3st on February 23, 2020, 10:15:03 PM

Quote from: Pffrt on February 02, 2020, 08:26:24 AM

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think? Will tether do that ever in the future once crypto goes more mainstream? Or govt themselves will create their own currency at the end?
PS- Self-moderated thread to prevent spam.

Of course government will make sure that they will create their own currency because they don't like to have no control to the currencies that they are using in their country. The same with China, they didn't adapt the usage of other currencies that were being launched by other team instead they decided to create and launch their own currency so they can control the usage of it and the most important is they will be the one to benefit at the end.

But this centralized digital currency can not compete against somwthing like bitcoin with global appeal and no currency exchanged or conversion.

The same applies to the method used to ensure stability. It must be fully decentralized or it has a single point of failure.

BlackFor3st

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Quote from: Pffrt on February 02, 2020, 08:26:24 AM

Is it possible that if cryptocurrency gets accepted all over the country, tether or any other stable coin will start creating stable coin for all the currency available in the world? I think they will go for that and create money out of thin air. What do you think? Will tether do that ever in the future once crypto goes more mainstream? Or govt themselves will create their own currency at the end?
PS- Self-moderated thread to prevent spam.

Of course government will make sure that they will create their own currency because they don't like to have no control to the currencies that they are using in their country. The same with China, they didn't adapt the usage of other currencies that were being launched by other team instead they decided to create and launch their own currency so they can control the usage of it and the most important is they will be the one to benefit at the end.

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Quote from: gundala on February 23, 2020, 04:34:39 PM

It seems like it's not very effective. Does not every local exchange have a special lane for transactions using fiat in force in the country? Moreover, the use of stable coins is not too dominating, only used for strategies when market conditions are not possible and when transferring from one exchange to another exchange. So it is not an urgent matter in my opinion.

At first yes, it won't be very effective.

But if the government is the one who initiates this, it's only a matter of time to widen its functions and this is when it will be effective to the public.
If every country will make their own stablecoin, this may become the standard crypto of each country.

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Quote from: vvu351 on February 23, 2020, 02:39:39 PM

Quote from: slashz9 on February 23, 2020, 01:49:18 PM

of course if all countries have received crypto, of course the demand for crypto will increase in terms of any kind of trading, buying and selling or ico coming out will be more and more.
every country will certainly make their own stable coins whether they are made by exchanges in each country, or the government and local banks also make them.

I think that countries will not produce their coins. This makes no sense. It seems to me that only China is able to launch a national cryptocurrency.

It's not coins but that will be digital currency. that has already stated by so many countries if they are interesting to issue their own digital currency. The fact that another country was able to launching their own digital currency too. It's not so difficult to do that. Dude, national currency can be created easily.
Country has all of resources to do that even they can legalize their crypto easily.

gundala

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It seems like it's not very effective. Does not every local exchange have a special lane for transactions using fiat in force in the country? Moreover, the use of stable coins is not too dominating, only used for strategies when market conditions are not possible and when transferring from one exchange to another exchange. So it is not an urgent matter in my opinion.

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