Topic: Stable coins and Liquity problem (Read 347 times)
I think you are pointing out the use of stable coins use for daily spending as a payment method? You have options to use your funds as your fiat currency and spend it out, also you can use your currency to buy bitcoin because most store today's accepting bitcoin as a payment method but its quite limited today so its a bit hassle if your country doesn't support the use of it. Building an application is hard and also you need to support the cryptocurrencies and it takes a lot of knowledge, team members and different API and security to make sure your application will be supported by your country.
The issue with using stablecoins to buy groceries is the same reason why people dont use bitcoin to buy a cup of coffee and its due to the transaction fees. Last year you could send USDT back and forth and it was pretty cheap. Now to send an USDT transaction costs at least $10-$15 at times ,sometimes even more. Sending a regular ETH is about half of that. Its cheaper on OMNI tether however that is usually much slower.
So its not ideal for small purchases. Hence for purchases at grocery store most people just convert back to USD and withdraw that into their bank account and later pay with a debit or credit card which has no fees pretty much. Right not paying with tether would not be ideal in any shape or form. We need lightning network and side chains to make transaction cheaper on the main networks.
So its not ideal for small purchases. Hence for purchases at grocery store most people just convert back to USD and withdraw that into their bank account and later pay with a debit or credit card which has no fees pretty much. Right not paying with tether would not be ideal in any shape or form. We need lightning network and side chains to make transaction cheaper on the main networks.
You literally can buy stablecoins almost anywhere that has bitcoin listed, and as I know there are tons of exchanges that support credit cards which you can use them to buy almost all cryptocurrencies.
But the problem is if you want to use a stable coin then why not just use cash since stable coins are just coins/tokens that are pegged to US dollar, however there are ways to make an algorithmic coin/token that stays in the same value with minimal volatility and change in price(not more than 5%) I would probably use them since there are some ideas and innovations behind it and they're not just some ordinary coins and tokens that are backed fully/partially by actual Fiat.
I do not get why people do not use those algo coins, and why those algo coins are not keeping up with their own created system. Look at bdollar these days, it suppose to be 1 dollar pegged but it is now at around 0.6 cents and that's why the sbdo dropped from 8300 dollars to 1400 dollars as well, everyone is bleeding out money there right now.But the problem is if you want to use a stable coin then why not just use cash since stable coins are just coins/tokens that are pegged to US dollar, however there are ways to make an algorithmic coin/token that stays in the same value with minimal volatility and change in price(not more than 5%) I would probably use them since there are some ideas and innovations behind it and they're not just some ordinary coins and tokens that are backed fully/partially by actual Fiat.
The whole point is that, as long as there are buyers the system goes on, let's say there are not enough buyers? In that case bond starts to work and you make 10%+ more profit thanks to that when it goes back above 1 dollar. But right now it is not working, even bonds are not fully sold right now, which I assume will be soon but it is not doing good anyway.
I think it is obvious that people are not fine with constantly growing interest and see that as impossible. I think it is quite obvious that it will go back above 1 dollar because more and more bdo is burned, but that is going to take some time and showed the problem with the system.
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.
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.
You literally can buy stablecoins almost anywhere that has bitcoin listed, and as I know there are tons of exchanges that support credit cards which you can use them to buy almost all cryptocurrencies.
But the problem is if you want to use a stable coin then why not just use cash since stable coins are just coins/tokens that are pegged to US dollar, however there are ways to make an algorithmic coin/token that stays in the same value with minimal volatility and change in price(not more than 5%) I would probably use them since there are some ideas and innovations behind it and they're not just some ordinary coins and tokens that are backed fully/partially by actual Fiat.
You do seem in an awful hurry. What is becoming routine for you is still new for a lot of people and you need to take to account that crypto is still illegal in a lot of the countries so it will take some time to make real your desires to pay with crypto in shops. Nevertheless I know about Paypolitan project (https://paypolitan.io/ ) that is working under creating an application that will enable quickly to convert crypto into fiat and then (using that app) to pay with it in shops. This might be a kind of transitory stage before implementing crypto as a form of currency by itself. Hope they will succeed and soon will have an opportunity to go to the shop with such app on the smartphone.
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! ..
And what we need is Something like app so we can pay with stable coins at Grocery store! ..
If you need stability, then you don't need stablecoins, because you need the national currency to pay at the grocery store. Exchange your stablecoins and make a withdrawal to your credit card, and then you won't need any in-store payment app. As a rule, all exchanges support such withdrawal to a credit card.
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.
Exchanges allows you to convert your cryptos into supported fiat and if it is nit available on any exchanges then peer to oeer trading platforms allows you to convert it for your local fiat using bank payment.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.
Everyone wants to spend their cryptos but no one actually interested in spending their stable coin because which is similar to spending your fiat money.
I can guarantee you that they will not be capable of paying that, it is not 1 to 1 backed and some of that money is already spent and they just do not say that. Which is why I think it is quite clear that people are worried about it and they are right. After all who would want to be involved with something like this when there is nothing that would make it difficult for them? This is why there is nothing we should be defending them for.
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.
Exchanges allows you to convert your cryptos into supported fiat and if it is nit available on any exchanges then peer to oeer trading platforms allows you to convert it for your local fiat using bank payment.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.
Everyone wants to spend their cryptos but no one actually interested in spending their stable coin because which is similar to spending your fiat money.
Stablecoins are often accused of a lack of transparency. An example is Tether (USDT) - the seventh largest cryptocurrency in the world, and stablecoin. As its creators claim - each unit is 100% secured by US dollars. Recently, however, this issue has been heavily questioned. Critics of the cryptocurrency are calling on Tether to undergo an independent audit to verify the accuracy of its claims. In addition, recent changes to the conditions on the website also suggest that Tether is backed not only by US dollars but other assets as well.
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.
Nah man, there are lots of ways you can buy and sell stable coins, depending on the coins you're using. If you're making use of PAX (a new stable coin) you can buy and sell PAX by making use of the Blockchain platform and PIT Exchange.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.
If you check Coinbase there are also some stable coins you will see, the one I'm sure about is DAP, and you can trade it on their platform as much as you want. Even on Binance and other exchanges you're going to find stable coins, the only thing is that you're hardly going to find people that are making use of stable coins, people are only interested in using Bitcoin and not stable coins.
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.
You can't buy and sell bitcoin anywhere and to be fair it's pretty easy and accessible to exchange your stable coins into fiat.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.
For example see this news which states that it's possible to spend stablecoins in EU where visa cards are accepted: https://cointelegraph.com/news/stablecoin-adoption-dai-in-a-visa-card-tether-sees-use-in-e-commerce
Great news for USA, Coinbase’s Visa debit card adds support for DAI stablecoin. So I think it's not a huge problem right now.
But if you want to withdraw stablecoin via ATM, I have no information about that.
There are some websites that gives you debit card for stablecoin if you load up some usdt but they stopped using usdt because how tether stopped paying money for it. In the end there is no way stablecoins could be used the way fiat is used (and not even bitcoin) so don't really force yourself to think that stablecoins are worth anything.
Stablecoins created for one reason and one reason only, so that people could trade from bitcoin to dollars without actually using bank accounts, thanks to tether or any other similar stuff people could potentially just trade bitcoin to stablecoins and have stuff worth the same fiat value it is without changing. 1000 tether is equal to 1000 dollars and won't change, that is why it is useful but when it started to not be backed, it became useless very quickly.
Stablecoins created for one reason and one reason only, so that people could trade from bitcoin to dollars without actually using bank accounts, thanks to tether or any other similar stuff people could potentially just trade bitcoin to stablecoins and have stuff worth the same fiat value it is without changing. 1000 tether is equal to 1000 dollars and won't change, that is why it is useful but when it started to not be backed, it became useless very quickly.
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.
Yes That's what Everybody want
I check out Gold stablecoin which the team seems to be providing good liquidity.
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.
Bitcoin is also stable. 1BTC = 1BTC.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.
You do not want to use the USD itself, but you use USDT that is backed by it. USDT is not a reliable choice for me. It may be useful to charge less trade fees.
There are few projects that working on developing stable tokens for daily use (buying something at store) but unfortunately none of them are interesting to me. Sometimes, I think we need that kind of coins but in the other time, I do believe that Bitcoin could be the only coin for this purpose (in the future) and then come idea that we don't need stable coin for daily use.
But why would you bother, especially with the fees etc?
Surely it's just cheaper to use cash/fiat. After all stable coins are supposedly a digital version of cash.
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.
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.
There are few projects that working on developing stable tokens for daily use (buying something at store) but unfortunately none of them are interesting to me. Sometimes, I think we need that kind of coins but in the other time, I do believe that Bitcoin could be the only coin for this purpose (in the future) and then come idea that we don't need stable coin for daily use.
There is Not enough ways to Get stable coins like usdt in to cash
This is just not true. There are a lot of ways. You are just looking for reason to where you could spend it in reality which I doubt will happen.
U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.
Obviously yes. They are stable. Duh!? "Stable" coins?
Ask yourself again why the hell do you need to buy a stable coin if it is just the same as a fiat value?
You are just getting it worked up. Why not spend it directly with cash? That is your purpose right?
Buying stable coins then looking for a way to withdraw it in an instant? What the heck!
sume 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.
Yes That's what Everybody want I can completely assure you that that's not what everybody wants. People hold bitcoin for a reason- for something decentralized and permission-less, and at the same time, almost guaranteed to drop more or less 2% annually. I personally rather hold actual USD than stablecoins.
U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.
Wow! Just really Wow!
I don't really know how to answer this kind of discussion.
Where is the point?
Where is this going to?
Actually the convenience in trading now is more efficient because of the stable coins. You cannot escape freely without having any fear for the value to go down. That's it.
Stablecoin is usually only used for BTC, ETH and other crypto currencies in the exchange, you have to understand about it, even though it cannot be used as a payment instrument because in my opinion stablecoin in the wallet rarely people want to keep it, usually in the exchange traders secure their money when BTC prices go down they switch to stable coins like USDT, so it is not to be used as a means of payment
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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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!
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.
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. 
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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. 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/
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.
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.
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