Stable coins and Liquity problem - page 2.

exstasie

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Quote from: CryptopreneurBrainboss on December 16, 2019, 03:06:43 AM

Why do we need stablecoin when we already have bitcoin and probably other cryptocurrency that can be used to pay for the groceries. Don't forget stablecoin weren't introduced into the industry to replace bitcoin and other currency but was introduced due to the need to minimize losses when the market is experiencing a downward movement.

You've just answered your own question. People prefer holding stablecoins during bear markets (like the current one) so they can hedge BTC's loss in value. It's a hassle to convert back to BTC every time they spend, not to mention the added costs from trading and withdrawal fees.

I think this is part of the rationale behind Bitpay recently adding support for stablecoins.

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Quote from: Polo7 on December 15, 2019, 11:14:47 AM

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

Why do we need stablecoins to pay for groceries when we already have bitcoin and probably other cryptocurrency that can be used to pay for the groceries. Don't forget stablecoin weren't introduced into the industry to replace bitcoin and other currency but was introduced due to the need to minimize losses when the market is experiencing a downward movement. Beside things like this might discredit the importance of cryptocurrency and we should be more willing to utilize our coins and not just use them as investment vehicles (store of value).

They should be spent like how our everyday fiat currency is been spent although not misused like the OP is suggesting e.g ethereum been used as a currency to pay for groceries when the likes of bitcoin/Litecoin is present etc.

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Quote from: The Sceptical Chymist on December 15, 2019, 12:18:28 PM

You mean getting stablecoins off an exchange? Why not convert them to bitcoin and spend that?

If we have to convert a stablecoin to Bitcoin before exchanging it for fiat then it loses its intention of a direct transaction. This continues to enable Bitcoin dominance in the market. Every coin shouldn't depend on Bitcoin to gain traction, at least not stablecoins.

deadsilent

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Quote from: Polo7 on December 15, 2019, 11:14:47 AM

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!

U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

So far, i only see BTC, ETH, LTC and XRP as accepted crypto by merchants. USDT is good tho, but for me it doesn't make any sense to buy using stablecoins like USDT. I mean, why dont you just pay goods with cash instead of USDT? PLus the fees that will charge to you for transferring funds.

exstasie

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Quote from: Polo7 on December 15, 2019, 11:14:47 AM

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!

U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

In places like the US and Europe, there is no demand for stablecoin-cash markets because it's easy, cheap, and convenient to send fiat money to/from crypto exchanges. People usually opt to hold USD on an exchange or wire money to their bank account instead of holding stablecoins.

In countries like China and India where there are crypto-related exchange and banking bans, peer-to-peer stablecoin markets become more common.

Bitpay recently added support for 3 USD stablecoins so you can now spend USDC, GUSD, and PAX anywhere that accepts Bitpay. You can also use the SPEDN app to pay with GUSD (or other cryptos) at lots of major brick-and-mortar stores.

aysg76

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Quote from: Polo7 on December 15, 2019, 11:14:47 AM

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!

U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

It is easier to convert stable coins than any other cryptocurrency, believe me.
Since they are used as base currency by exchanges, you can convert stable coins like USDT to any other cryptocurrency. So to sell your coins for fiat currency, firstly trade them for Bitcoin or any other currency having crypto/fiat trading pair. This may change the value of your coins depending upon the time taken to sell converted coins but the change will be insignificant at most of the times.

13abyknight

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Quote from: Polo7 on December 15, 2019, 11:14:47 AM

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!

U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

Don't quite seem to understand the point of your rant here OP, you say you don't have enough ways to convert stable coins into hard cash and proceed to say "it isn't convenient to trade stable coins right now"? - The only way you can get cash in your hands is by trading those coins for which you will be receiving cash in return.

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I have no idea why you're fuming about this. If you can't use stable coins to pay in grocery, use fiat. In the first place, stable coins are just backed by fiat so they are basically the same, and I doubt they'd actually be used for transactions of items and the like. They are there to store money from profit off of trading when they don't wanna hold it as cryptos. E.g. is BTC at a high price and you just traded, but you're expecting a drop, convert to stable coins so that the value remains the same, and when BTC dumps, you can use the stable coins to buy them again.

Long story short, stable coins aren't used for transactions in the world. They're used as a type of storage to hold coins. Also, adding in features of using stable coins for groceries, are in a sense, nonsense/useless. I mean, why bother doing that.

mk4

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Quote from: The Sceptical Chymist on December 15, 2019, 12:18:28 PM

Quote from: mk4 on December 15, 2019, 12:10:31 PM

You can exchange your stablecoins for fiat through platforms like Bisq[1]. And also, NO KYC!

Well, that should work for OP if it does what you say it does. But it just seems like an unnecessary step to even own a stablecoin--maybe I just don't get the point of them.

I assume OP wants to hold stablecoins in a way that he wants to hold fiat(or something non-volatile), but at the same time without the government knowing of the money. At least that's the only excuse I could think of of holding stablecoins in a mid-long term timespan.

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You mean getting stablecoins off an exchange? Why not convert them to bitcoin and spend that?

I never saw what the big deal is with them anyway except for keeping your funds on an exchange at a stable rate. That's what they're good for, right? I don't think anybody really wants or needs to spend them, nor is there any advantage in holding them unless you plan to trade them for bitcoin or something else. Nor do I think merchants are ever going to take coins like Tether. We're having a hard enough time getting businesses to take bitcoin, much less stablecoins.

Quote from: mk4 on December 15, 2019, 12:10:31 PM

You can exchange your stablecoins for fiat through platforms like Bisq[1]. And also, NO KYC!

Well, that should work for OP if it does what you say it does. But it just seems like an unnecessary step to even own a stablecoin--maybe I just don't get the point of them.

mk4

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Quote from: Polo7 on December 15, 2019, 11:14:47 AM

There is Not enough ways to Get stable coins like usdt in to cash

You can exchange your stablecoins for fiat through platforms like Bisq[1]. And also, NO KYC!

Also, if you love holding onto stablecoins.. https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055

[1] https://bisq.network/

Polo7

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There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!

U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

Topic: Stable coins and Liquity problem - page 2. (Read 328 times)