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Topic: Stable coins the new way of scamming people? (Read 559 times)

jr. member
Activity: 196
Merit: 1
Ternion | Hybrid Crypto Exchange with fiat gateway
December 24, 2018, 09:11:40 PM
#40
By itself, the idea of creating stable coins is very good. Stable ones simplify work with cryptocurrency and are very convenient in practice. Of course, everything can be used not only for the benefit, but also to the detriment of participants in the cryptocurrency market. However, in advance, it is already possible to treat stable coins as possible fraud, I think, not worth it. So far, a lot of things in cryptocurrency is not perfect. Hopefully, the vulnerabilities and shortcomings of stable coins will disappear over time. Cryptocurrency is constantly evolving and improving.

Well I guess supporting stable coins is good if you are earn a business. It is quite risky to join if you have money that is not intended to HODL or trade for profit in a bull market. So I guess business owners will benefit more from stable coins.
copper member
Activity: 269
Merit: 0
December 24, 2018, 08:02:21 PM
#39
, their value is pegged to a certain value by their issuers, instead of leaving the market decide.

Doesn't the market decide the moment they are listed with an exchange?
There are those tokens that let the market decides on it's value but most of it is manipulated by it's issuers. How do they do it is inside job i think. They manipulate the value to make it appealing to future investors.
full member
Activity: 602
Merit: 100
December 24, 2018, 06:34:43 PM
#38
I am not a fun of centralized stable coins, rather the decentralized ones like DAI. I like the idea when the coin stability is achieved by natural methods, without backing it with fiat, and some of the stable coins have interesting solutions for it.
member
Activity: 223
Merit: 17
December 22, 2018, 05:24:12 PM
#37
https://news.bitcoin.com/pr-lightning-fast-stablecoin-usdx-launches-token-sale/

This stablecoin must be a scam.100% sure!

You get 35% bonus if you buy.
That's means 35% of this coins is not backed in usd
hero member
Activity: 2800
Merit: 595
https://www.betcoin.ag
December 17, 2018, 01:05:00 AM
#36

Scammers are also savvy people so they know how all these works, you may not even know you are scammed already. Stable coins are very helpful when you trade with BTC particularly but it can also be as dangerous just as what happened to USDT. There are more that had been created these days like TUSD, GUSD and there's even Carbon.
jr. member
Activity: 546
Merit: 1
December 17, 2018, 01:01:30 AM
#35
like you said, in 2018 was full of scam ico and make crypto market more worse like now, hope in 2019 there is a regulations for doing an ico and can filter the real ico among the fake one.
jr. member
Activity: 322
Merit: 2
December 17, 2018, 12:57:18 AM
#34
Stable coins are not a scam coins or intending to scam other people. This is just a cryptocurrency also like the other coins and tokens. But its value is most likely to be stable. It is like a fiat but in cryptocurrency. And it is backed by banks for it to support its price rate.
jr. member
Activity: 182
Merit: 1
ONe Social Network
December 15, 2018, 05:52:53 PM
#33
as far as I know this is a very good idea and there is nothing fraudulent about it
MZ4
member
Activity: 118
Merit: 86
December 15, 2018, 05:45:23 PM
#32

12. Technically speaking with normal currencies you have a winner and losers. In crypto the winners are this moment the stable coins. If bitcoin will rise enormously again, these will be the biggest losers. How can stable coins survive bitcoin rise again?

Stable coins are not winners or losers.
Stable coins will always have the same value or are intended to do so.
Their only enemy is inflation, not cryptos.



Or they did that because somebody sold some tether back to them and they had no buyers.

[/quote]

I think inflation can be avoided with an algorithmic trading stablecoin. What do you think?
sr. member
Activity: 2660
Merit: 339
December 15, 2018, 02:04:50 AM
#31
I don’t really know how they are benefiting from doing that, but there are few who can do something just to benefit the community and not themselves, so it’s quite possible that these people are among the few that are doing just that. Let’s be making use of it till the time comes, and we will know if there for real or just scammers. This is not the first time I’m seeing scam online, that’s why anyone should be careful with how they invest their money.
member
Activity: 223
Merit: 17
December 14, 2018, 02:11:22 PM
#30
What is also strange is that the money is backed up to the dollar. To my knowledge, there are no stable coins out the USA. What I assume is that the money is not stored at a US bank. There was almost a stable from America. But I read yesterday that they give everyone the money back (133mil) Because it was not possible to trade with the laws and regulations.

Stable coins must use the currency that is equal to the currency of the location where they have their bank account.

account in jappan, then stable coin in YEN
account in usa, then stable coin in USD
account in europe, then stable coin in EUR.

I think that exchanges should set requirements for stable coins.
That regulation can also be exchanged without that manupilative government and sec being involved.

Exchanges simply have to put the heads together and make appointments together. Those who do not participate do not care about the trader. Those exchanges are the scam exchanges.

If exchanges agree not to place a stablecoin on the exchange earlier if they are officially registered as a company. You already avoid a lot of trouble as someone runs away with 1 billion dollars. You where thinking that stable coin was in Switzerland, it turns out to be a dirty scammer from Russia again. They are just free man and will never appear in court. But a officially registered stable coin as a company we can bring him  to the court


sr. member
Activity: 686
Merit: 250
December 14, 2018, 11:34:16 AM
#29
It is very worrying to see that the said stable coins are now moving in prices which is why people are finding it out to trust them now since you cannot actually use it as a store of value and expect to have the same value in years to come so yes they can actually be used as the new way to scam people by getting them to trust that the price would never change and then it changes
hero member
Activity: 2884
Merit: 794
I am terrible at Fantasy Football!!!
December 13, 2018, 05:20:56 PM
#28
Those coins are proliferating because those are the only ones that are getting profits right now when the whole market is going down, but I agree that stable coins have a huge chance of eventually becoming scams and making their investors losing all their money but that is the risk they have taken and if that happens then they will have to accept the responsibility for their lack of caution.
hero member
Activity: 1190
Merit: 541
December 13, 2018, 07:59:59 AM
#27
Stabilizing coins will not be a new round of scams. Stable currency market competition is fierce. Investors usually only believe in coins that have already been approved, so it is difficult to obtain new stable coins unless they are supported by the government. A stable currency will not be a new scam, and the emergence of a large number of stable currencies will benefit the cryptocurrency market.
How you are saying that more number of stablecoins, will benefit the cryptocurrency market. I guess there will be no need of more stablecoins as representing one fiat currency, we do not need multiple choices. But, we need to agree, there are many attempts are happening to steal people's money in the name of stablecoins because they are simply printing money out of nothing. In that sense it is another round of scam in crypto space. We should spread awareness on choosing a well regulated stable coin.

There are a lot of advantages, we may get by having stablecoins, one good example here must be transferring fiats across exchanges for the need of arbitrage trading. But for this reasons alone we should not allow multiple stablecoin which may definitely will lead to scam attempts.

Overall, we just need a stable coin but it should be properly audited and must have proper reserve for the circulating coins.
member
Activity: 415
Merit: 10
December 13, 2018, 02:20:16 AM
#26
Stabilizing coins will not be a new round of scams. Stable currency market competition is fierce. Investors usually only believe in coins that have already been approved, so it is difficult to obtain new stable coins unless they are supported by the government. A stable currency will not be a new scam, and the emergence of a large number of stable currencies will benefit the cryptocurrency market.
member
Activity: 223
Merit: 17
December 12, 2018, 06:26:24 PM
#25
1      CoinBene           BTC/USDT   $273.509.478   $1,01   
2   Binance Binance   BTC/USDT   $119.089.873   $1,01   
3   HitBTC HitBTC   BTC/USDT   $117.392.085   $0,978261
        
 Huh Huh Stable coin stable  Huh If this is a stable coin   Huh

If it is a stable coin, then it must have the same value on every exchange?

If I spend $ 1 in a store, that dollar is worth $ 1 in every store.
And $ 1 is also just $ 1 10 years later
Or if I buy something for $ 100 in a store, does not that same customer have to give $ 105 for the same product?

Then it seems that there is no stable coin in crypto at all. But an imaginary stable coin between the ears.
member
Activity: 259
Merit: 18
December 12, 2018, 04:24:52 PM
#24
, their value is pegged to a certain value by their issuers, instead of leaving the market decide.

Doesn't the market decide the moment they are listed with an exchange?
legendary
Activity: 3234
Merit: 1130
Leading Crypto Sports Betting & Casino Platform
December 12, 2018, 04:20:06 PM
#23
1. Who controls these companies if everything is fair?

the small group of people called the government were supposed to regulate the crypto sector so that everything would be much clearer and more transparent. if all banks in the world allowed people to use their debit or credit cards to buy bitcoin at exchanges, then we would not need stablecoins. But unfortunately we have no options. so the stablecoins is what we have at that moment and we have to settle for this

2. Do these companies also have a kind of corporate council where coin holers are allowed to check the finances if everything is financially correct?

it seems they have this

3. How should these companies make money, nobody works for free?

A few weeks ago, I asked myself the same question.

4. Why do they use stable coins when we are not needed? In the Netherlands we have a kind of coinsbase. Litebit. A company officially registered with the chamber of commerce. There you can sell crypto for euros but also for credits that you can buy back when you want.

in my country I can not buy crypto in all exchange, there are few options that I have, so the stablecoins are welcome to my case

5. Why do not these stable coins have a normal contact address?

because most of the crypto world is not regulated, so many of them do not have physical office because that would require them to have license, without clear regulations as they would have license? it would be very difficult

6. Where is their office?
7. Why do not those stable coins have a phone number that you can call for questions?

It is like I explained, the crypto world lacks regulation





full member
Activity: 504
Merit: 102
December 12, 2018, 02:04:09 PM
#22
In recent years, the number of ico projects have been on the rise, where huge amounts of money have been collected together. This trend seems to be all over.
Stable coins are now a new trend. My feeling that this is going to be a new scam trend. I have no good thoughts at all.
Scammer who will print coins while they do not have that much money in fiat money or nothing at all. Many questions are open to me.

1. Who controls these companies if everything is fair?
2. Do these companies also have a kind of corporate council where coin holers are allowed to check the finances if everything is financially correct?
3. How should these companies make money, nobody works for free?
4. Why do they use stable coins when we are not needed? In the Netherlands we have a kind of coinsbase. Litebit. A company officially registered with the chamber of commerce. There you can sell crypto for euros but also for credits that you can buy back when you want.
5. Why do not these stable coins have a normal contact address?
6. Where is their office?
7. Why do not those stable coins have a phone number that you can call for questions?
8. Why are their registration data hidden from their domain name?
9. Why do not stable coins need ico to start something while almost all other coins want millions to start the simplest things?
10. Why do exchanges use their own name for their stable coins?
11. Why do not exchanges use a kind of system that you can sell for credits?
12. Technically speaking with normal currencies you have a winner and losers. In crypto the winners are this moment the stable coins. If bitcoin will rise enormously again, these will be the biggest losers. How can stable coins survive bitcoin rise again?

How I think about stable coins is not positive. I think we'll read more about that when suddenly companies have run off with all the money and everyone is left with something worthless.

what do you think?

As I see inside the cryptocurrency market that I don't see any stable coins, but when it does happen then maybe that is the time to make it a real currency.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
December 12, 2018, 01:19:45 PM
#21
1. Who controls these companies if everything is fair?
2. Do these companies also have a kind of corporate council where coin holers are allowed to check the finances if everything is financially correct?

Depends on the company, some are so shady you don't even know where the company is and an audti is the last thing they are going to do

3. How should these companies make money, nobody works for free?
Fees when you buy their "stable" coin or when you change it back to fiat.


4. Why do they use stable coins when we are not needed? In the Netherlands we have a kind of coinsbase. Litebit. A company officially registered
with the chamber of commerce. There you can sell crypto for euros but also for credits that you can buy back when you want.
Faster movement of coins other than fiat.
You can sell eth on binance get usdt go to whatever buy bitcoin move to y...so on in a matter of minutes


5. Why do not these stable coins have a normal contact address?
6. Where is their office?
7. Why do not those stable coins have a phone number that you can call for questions?
8. Why are their registration data hidden from their domain name?

In most cases when there is no info is because they don't want to leave traces behind.

9. Why do not stable coins need ico to start something while almost all other coins want millions to start the simplest things?

Lambos are not free or cheap

10. Why do exchanges use their own name for their stable coins?
Advertising and a proof of "trust".


11. Why do not exchanges use a kind of system that you can sell for credits?
No idea what you mean.


12. Technically speaking with normal currencies you have a winner and losers. In crypto the winners are this moment the stable coins. If bitcoin will rise enormously again, these will be the biggest losers. How can stable coins survive bitcoin rise again?

Stable coins are not winners or losers.
Stable coins will always have the same value or are intended to do so.
Their only enemy is inflation, not cryptos.

I think people tend to underestimate how much stablecoins are worth and how profitable they are.

Earlier this year, tether destroyed $500 million dollars worth of their own supply. I can't speak for their motivation but the impression I got is they did it in an attempt to make tether a more scarce commodity and elevate its price back up to $1.00.

Or they did that because somebody sold some tether back to them and they had no buyers.
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