Stablecoin for bitcoin | Bitcointalksearch.org

wxa7115

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Quote from: Blitzboy on July 09, 2023, 04:02:18 AM

I appreciate the thinking you've put into the concept of the stablecoin. Heres where I have a problem with the idea, though: Its a bit like wanting to eat both of your favorite foods at once. You want Bitcoin to function as both a stablecoin that doesn't fluctuate and an asset with increasing value. However, these two requirements are incompatible with one another.

It seems pointless to consider developing a stablecoin based on Bitcoin. We already have a system like this called Satoshi, where 1 Bitcoin is equivalent to 100,000,000 Satoshi. Satoshi has been supplying stability and transactional convenience within the Bitcoin network, playing a function fairly similar to your conception of Bitcash.

Additionally, the stablecoin is linked to Bitcoin, which is not stable. The volatility of bitcoin is both what attracts investors and makes it a lucrative asset, as well as what makes it a difficult stablecoin option. This claim sounds less like a workable financial answer and more like an intellectual exercise.

Besides it does not make too much sense to try to make bitcoin stable at all, after all even if we know that the price of bitcoin can crash from time to time during the short term, if we take a look at the charts over the years we can see that on average the price of bitcoin only does one thing, and that is to go up.

And if that is the case then why bother ourselves trying to make bitcoin stable or to create some sort of stable coin out of it, when the volatility that we see on the bitcoin market plays on our favor.

fzkto

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Quote from: Kimonoe on July 08, 2023, 11:28:17 AM

Quote from: fzkto on July 08, 2023, 10:59:19 AM

Quote from: goaldigger on July 06, 2023, 05:58:06 PM

Quote from: so98nn on July 06, 2023, 04:29:09 PM

Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

This is the misinterpretation by many, they are thinking about Bitcoin as a plain coin and should be backed up by a stablecoin. I honestly trust Bitcoin more compare to any stablecoin and it doesn’t need one just to tagged as an asset because Bitcoin is already an asset. Stablecoin is still controlled by someone so you should not fully trust it, just learn from the failed stablecoin and you’ll see why Bitcoin doesn’t need one.

One way or another, bitcoin is valued in different currencies. In much of the world, for example, it is measured in dollars. Even when you buy something online with bitcoins, the value is still stated in dollars, i.e. in bitcoins it changes according to the exchange rate. Stablecoins were simply created for the convenience of trading on an exchange and have only now become something more.

both of them have their own goals which of course support each other, bitcoin being the main goal is to make a profit, while stable coins are the main goal is to maintain asset stability. so we have to use it appropriately for the purpose of getting a bigger profit. the profit earned from bitcoin can be used to buy our needs by converting them into dollars, and we leave it in a stable coin to wait for the moment to buy bitcoin again, that way we can buy with a little capital and get lots of bitcoin, because we buy when there is a price drop

At first glance this idea is very simple and looks very profitable. But for some reason, only a few people have been able to make a lot of money just by buying cheap and selling expensive. Although bitcoin has clear cycles of when to buy and when to sell. But few people have the patience to wait for several years, especially if bought at a high price. In such cases, you should definitely have stablecoins.

gurunanakji777

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I doubt that this model will work in the crypto market because Bitcoin is very volatile. It is better to leave it as it is for the benefit of all the traders and investors. We should not trust such a stable coin model that can lose its peg at any time.

Blitzboy

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I appreciate the thinking you've put into the concept of the stablecoin. Heres where I have a problem with the idea, though: Its a bit like wanting to eat both of your favorite foods at once. You want Bitcoin to function as both a stablecoin that doesn't fluctuate and an asset with increasing value. However, these two requirements are incompatible with one another.

It seems pointless to consider developing a stablecoin based on Bitcoin. We already have a system like this called Satoshi, where 1 Bitcoin is equivalent to 100,000,000 Satoshi. Satoshi has been supplying stability and transactional convenience within the Bitcoin network, playing a function fairly similar to your conception of Bitcash.

Additionally, the stablecoin is linked to Bitcoin, which is not stable. The volatility of bitcoin is both what attracts investors and makes it a lucrative asset, as well as what makes it a difficult stablecoin option. This claim sounds less like a workable financial answer and more like an intellectual exercise.

wxa7115

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Quote from: fzkto on July 08, 2023, 10:59:19 AM

One way or another, bitcoin is valued in different currencies. In much of the world, for example, it is measured in dollars. Even when you buy something online with bitcoins, the value is still stated in dollars, i.e. in bitcoins it changes according to the exchange rate. Stablecoins were simply created for the convenience of trading on an exchange and have only now become something more.

Also what the OP wants goes against what we know about economy and how it behaves, he wants some sort of price control for bitcoin, in which bitcoin is always worth the same in another currency, and this never works, whenever we have seen attempts to try to limit the price of an asset this way, such an attempt fails.

It is way better to let the market itself to decide this through the process of price discovery, which in a free market with enough volume is a relatively efficient process, compared to what the OP is proposing.

asawale

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Attaching a stable coin to a cryptocurrency doesn't mean it will be like a support for the project. I read about how Luna was tied to its stable coin UST and they both couldn't stand the trial of time and crashed together.

bussybuddy

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There are different concepts in financial economics like bitcoin, fiat, gold, energy, real estate,... and they appear to be for everything to be linked more favorably, not as a target to get in the way. I don't have too many problems because as an investor with crypto, I hope to achieve my goals to meet my own needs and be able to help those around me, so I don't need too much. It's complicated to think about the problem of determining the value of bitcoin by any standard, even being able to imagine a future when people use bitcoin more as a means of pervading life as long as it If it is suitable and convenient for the context at that time, it will also be received and used, so it is difficult to adapt to life so that it is difficult to be hindered by the things that we think are limited.

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Quote from: PytagoraZ on July 01, 2023, 08:20:56 PM

I see in this forum that many disagree with the concept of fiat money. But if we look at the price of bitcoin, most people like it when the price of bitcoin goes up. This means bitcoin is inseparable and independent as a currency without considering fiat dollars. At this point, bitcoin is considered an asset

With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars. Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?

I haven't seen a stablecoin project for bitcoin yet. Maybe if there was a stablecoin for bitcoin then bitcoin would be considered the main currency in crypto and the price would be considered stable

Suppose there is a stablecoin called Bitcash. Bitcash will always be valued the same as bitcoin.

For example:

Code:

1 Bitcoin = 100.000 Bitcash

Why would you want a stable coin for bitcoin why not just use bitcoin itself lol? The point of the stable coin is to peg against usd so when you think crypto is going to go down you don't have to trade out of crypto into fiat to keep your portfolio safe in terms of fiat value. A stablecoin for bitcoin males no sense to me.

Godday

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Quote from: PytagoraZ on July 01, 2023, 08:20:56 PM

Bitcash will always be valued the same as bitcoin.
For example:

Code:

1 Bitcoin = 100.000 Bitcash

How can you rate the same as something volatile (BTC) ? For example, 1 BTC is 100,000 Bitcash. BTC has a price eg $ 10,000 will Bitcash be worth $ 0.1 ? Then where is the stable coin you are talking about? If it's Bitcash pegged to BTC it's as much as crap. People prefer to deposit directly in BTC because there is no advantage whatsoever to depositing in Bitcash. Undecided

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Quote from: fzkto on July 08, 2023, 10:59:19 AM

Quote from: goaldigger on July 06, 2023, 05:58:06 PM

Quote from: so98nn on July 06, 2023, 04:29:09 PM

Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

This is the misinterpretation by many, they are thinking about Bitcoin as a plain coin and should be backed up by a stablecoin. I honestly trust Bitcoin more compare to any stablecoin and it doesn’t need one just to tagged as an asset because Bitcoin is already an asset. Stablecoin is still controlled by someone so you should not fully trust it, just learn from the failed stablecoin and you’ll see why Bitcoin doesn’t need one.

One way or another, bitcoin is valued in different currencies. In much of the world, for example, it is measured in dollars. Even when you buy something online with bitcoins, the value is still stated in dollars, i.e. in bitcoins it changes according to the exchange rate. Stablecoins were simply created for the convenience of trading on an exchange and have only now become something more.

both of them have their own goals which of course support each other, bitcoin being the main goal is to make a profit, while stable coins are the main goal is to maintain asset stability. so we have to use it appropriately for the purpose of getting a bigger profit. the profit earned from bitcoin can be used to buy our needs by converting them into dollars, and we leave it in a stable coin to wait for the moment to buy bitcoin again, that way we can buy with a little capital and get lots of bitcoin, because we buy when there is a price drop

fzkto

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Quote from: goaldigger on July 06, 2023, 05:58:06 PM

Quote from: so98nn on July 06, 2023, 04:29:09 PM

Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

This is the misinterpretation by many, they are thinking about Bitcoin as a plain coin and should be backed up by a stablecoin. I honestly trust Bitcoin more compare to any stablecoin and it doesn’t need one just to tagged as an asset because Bitcoin is already an asset. Stablecoin is still controlled by someone so you should not fully trust it, just learn from the failed stablecoin and you’ll see why Bitcoin doesn’t need one.

One way or another, bitcoin is valued in different currencies. In much of the world, for example, it is measured in dollars. Even when you buy something online with bitcoins, the value is still stated in dollars, i.e. in bitcoins it changes according to the exchange rate. Stablecoins were simply created for the convenience of trading on an exchange and have only now become something more.

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Quote from: PytagoraZ on July 01, 2023, 08:20:56 PM

With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars. Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?

I thought why it exists, Let Bitcoin Stand Alone, means that Bitcoin should remain separate from fiat currencies and stablecoins the reason for my value Bitcoin lies in its unique characteristics as a decentralized cryptocurrency and limited supply. Well, what's the correlation, By maintaining its independence from stablecoins, Bitcoin can serve as a true alternative to traditional fiat currencies and maintain its role as a hedge against economic uncertainty. I'm headed there.

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Quote from: PytagoraZ on July 01, 2023, 08:20:56 PM

With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars. Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?

I haven't seen a stablecoin project for bitcoin yet. Maybe if there was a stablecoin for bitcoin then bitcoin would be considered the main currency in crypto and the price would be considered stable

Suppose there is a stablecoin called Bitcash. Bitcash will always be valued the same as bitcoin.

For example:

Code:

1 Bitcoin = 100.000 Bitcash

In this respect I am personally quite optimistic about bitcoin, as I like how BTC performs on its defense, and in this case it is up to you to decide if you are comfortable with the risk involved as there is no telling if Bitcash will be a good investment in a volatile market. to market correction Yes. anyone, When it comes to investing they have their own ideas.

goaldigger

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Quote from: so98nn on July 06, 2023, 04:29:09 PM

Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

This is the misinterpretation by many, they are thinking about Bitcoin as a plain coin and should be backed up by a stablecoin. I honestly trust Bitcoin more compare to any stablecoin and it doesn’t need one just to tagged as an asset because Bitcoin is already an asset. Stablecoin is still controlled by someone so you should not fully trust it, just learn from the failed stablecoin and you’ll see why Bitcoin doesn’t need one.

so98nn

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Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

nutildah

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Quote from: PytagoraZ on July 06, 2023, 10:43:29 AM

Do you mean that Tether was originally on the bitcoin network? I don't know about that, so I don't understand what @o48o is saying.

Bruh

After reading your other posts, I'm just not interested in conversing with you any more.

But here, maybe this will help:

https://letmegooglethat.com/?q=Tether+on+the+bitcoin+network

justdimin

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Quote from: danherbias07 on July 02, 2023, 07:57:31 PM

Too many ideas less research. Let's see if Ethereum does this and where it will go after. But I really doubt they will ever do this.
We already have the USD to know the value of Bitcoin, why else do we want to create something that will divide the money again? There are so many altcoins around and it also divides the supposed to be money for Bitcoin that could've been increasing the demand every day and yet you want to create another one. It will just create chaos like the fork coins that came out like mushrooms.
But if only there's less competition in the market then it might work. But on today's date, you might want to think about it because there are tons of stablecoins in the market. BUSD, Tether, USDC, and more. Creating another will not create any stability for the Bitcoin price, it will remain volatile for a long time or maybe when the halving ends which I doubt we will still be alive and witness.

I think ETH already have its own stablecoin and that is Tether ( the original one only ) because right now, there are now Tether which are built for other networks. So far it is successful I think that is because ETH is already a top coin so it's not that hard to gain the trust of the public but how much more if we also have one for Bitcoin? Many people might switch on it but I'm not only sure if it's possible because stablecoins are a token and Bitcoin doesn't have smart contract capabilities in order for it to create a token.

Yes, we already have a USD but it is different from a stablecoin because it is offline. Having different currencies is not always bad but they are also helpful to prevent the risk than if we only invest in one coin. They also have features which can't be found on Bitcoin.

PytagoraZ

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Quote from: nutildah on July 06, 2023, 10:29:53 AM

Quote from: o48o on July 02, 2023, 07:32:08 PM

I fist thought that you were talking about actual stablecoins like USDT, which is on the bitcoin's omni layer already.

Ah, good, somebody mentioned that Tether was initially on Bitcoin via Omni Protocol. It still is there but the majority of liquidity has migrated to other blockchains. So the original stablecoin was on Bitcoin.

These are the most recent USDT transactions on Omni: [image deleted for quote]

Not a whole lot of volume but it proves that stablecoins are still being transacted on the Bitcoin network, where it all began. Most things that people think started on Ethereum actually started on Bitcoin: tokens, stablecoins, NFTs, and even on-chain image storage that predates both NFTs on Ethereum and Ordinals.

Do you mean that Tether was originally on the bitcoin network? I don't know about that, so I don't understand what @o48o is saying.

nutildah

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Quote from: o48o on July 02, 2023, 07:32:08 PM

I fist thought that you were talking about actual stablecoins like USDT, which is on the bitcoin's omni layer already.

Ah, good, somebody mentioned that Tether was initially on Bitcoin via Omni Protocol. It still is there but the majority of liquidity has migrated to other blockchains. So the original stablecoin was on Bitcoin.

These are the most recent USDT transactions on Omni:

Not a whole lot of volume but it proves that stablecoins are still being transacted on the Bitcoin network, where it all began. Most things that people think started on Ethereum actually started on Bitcoin: tokens, stablecoins, NFTs, and even on-chain image storage that predates both NFTs on Ethereum and Ordinals.

bettercrypto

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I just want to ask you, did you just find out that Bitcoin is an asset? With so many years that have passed and it's been 14 years now that bitcoin has existed in this industry, do you think that the million community of the bitcoin industry still doesn't know that it's an asset?

And secondly, in Bitcoin's 14 years in this industry, has anyone tried to create stablecoins for Bitcoin? Maybe it is possible for other altcoins or cryptocurrencies, but not for Bitcoin. That means Bitcoin does not need stablecoins. Because if that is effective, the value of other cryptocurrencies that have stablecoins would rise, wouldn't the others even fall like what happened with luna, this is just an example that stablecoins are not effective for most.

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