Stablecoin for bitcoin | Bitcointalksearch.org

wxa7115

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Quote from: Blitzboy on July 09, 2023, 03:02:18 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.

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Quote from: Kimonoe on July 08, 2023, 10:28:17 AM

Quote from: fzkto on July 08, 2023, 09:59:19 AM

Quote from: goaldigger on July 06, 2023, 04:58:06 PM

Quote from: so98nn on July 06, 2023, 03:29:09 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.

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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, 09:59:19 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.

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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.

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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, 07:20:56 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.

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Quote from: PytagoraZ on July 01, 2023, 07:20:56 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, 09:59:19 AM

Quote from: goaldigger on July 06, 2023, 04:58:06 PM

Quote from: so98nn on July 06, 2023, 03:29:09 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, 04:58:06 PM

Quote from: so98nn on July 06, 2023, 03:29:09 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, 07:20:56 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, 07:20:56 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.

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Quote from: so98nn on July 06, 2023, 03:29:09 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, 09:43:29 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

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Quote from: danherbias07 on July 02, 2023, 06:57:31 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.

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Jolly? I think I've heard that name before. hmm

Quote from: nutildah on July 06, 2023, 09:29:53 AM

Quote from: o48o on July 02, 2023, 06:32:08 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.

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Quote from: o48o on July 02, 2023, 06:32:08 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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what is stable coin for bitcoin ? does it make coins stable but based on bitcoin? I think it's difficult because we know that the price of bitcoin itself is very volatile. this is not like fiat money which has a gold back up. gold has a long tendency to move in price, so the government also created a currency based on gold.
If you are looking for a popular stable, then there are currently USDT, BUSD, and several other stable coins that have large volumes, and I think that should be enough. after all stable creation of coins requires a centralized system, and the government needs to check. how can you make a stable coin on a bitcoin basis when the price of bitcoin is very volatile.

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@Apocallapse is correct, WBTC is one of the Bitcoin stablecoins. There are actually a few of them, for example the Binance Smart Chain based stablecoins (BTCB etc.) are also very similar, they do not only exist for Bitcoin but for a lot of other coins too.

The idea is however much, much older. In 2015, BitBTC was created on the Bitshares blockchain (see here for its price chart, go to "Max" to actually see something, because after 2018 it was delisted almost everywhere). It was even an algorithmic stablecoin, i.e. not centrally backed like WBTC, but tied to a set of incentives, a bit similar to how Dai works. The peg worked quite well but somethings there was a bit of volatility (once it went to 1.40 BTC or more, and it also had fallen to 0.95 or less several times).

The ideal Bitcoin stablecoin would be a 1:1 decentralized pegged asset, and that is attempted currently in sidechain projects. There are semi-centralized ones like RSK-BTC and Liquid-BTC, but an interesting new development are some with decentralized elements (the BTC "token" on Stacks, for example).

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Do you know that if it was built and configured the way you think it would had defeated the purpose of bitcoin and I don't think if bitcoin would had gained this popularity by now because I believe no one would like to lose his or their money. The volatility of bitcoin is what greatly causing the price surge like never before and if not the concept they used it, bitcoin wouldn't had made any progress whereby being the top currency. I think from what Satoshi did it was intentionally created to stand alone instead of being merged or attached with any other coin or being backend by stablecoin of usdt or usd.

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Quote from: PytagoraZ on July 01, 2023, 07:20:56 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

People hates fiats because it is fully controlled by the government and its physical actually has no value. People may disagree fiats but people support that we still need physical money.

Bitcoin value is compared with fiats. Sure, Bitcoin can't stand alone now, not everywhere it can be used as a currency. In my country, it is only used for a digital asset. It may stand alone when it is accepted as a payment tool in every place in the world.

Quote from: PytagoraZ on July 01, 2023, 07:20:56 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?

What for stablecoin for Bitcoin?
I don't think we need more stablecoins, it is just another form of altcoins. The use of the coin will be the same at the end.

Quote from: PytagoraZ on July 01, 2023, 07:20:56 PM

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

You must know that no coin has a really stable in price. Even it is a stablecoin, the price can change a bit. But the change isn't as significant as common coins. Anyway, I doubt if we can have a main currency in crypto besides Bitcoin. Only Bitcoin that has a capability to be the main coin.

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Quote from: PytagoraZ on July 01, 2023, 07:20:56 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

That's correct! People here are not against the idea of fiat, but they are against the idea of centralized control. Fiat and bitcoin are inseparable for sure.

However, the idea of stablecoin for bitcoin doesn't make sense. Because at the end of the day, it always depends on the fiat unit. Unless bitcoin is directly accepted as a currency in worldwide brick and mortar establishments, a separate stablecoin isn't required.

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Bitcoin is Bitcoin and it doesn't have any other Coin called stable, na matter what Bitcoin can't be duplicate to have a stable coin and is created for future financial services system in the world of technology. Never dreamed about Bitcoin to be creat enable to have a stable coin along side and remember Bitcoin circulation supply is not much and is going to be more scarce in the future time.

uneng

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Lol, that is the kind of concept which aims selling empty notes as something which has a value, while in fact it doesn't have any. Why would you hold stablecoin of Bitcoin, while you can just hold Bitcoin? It's like having something original on your hands and exchanging it in a 1:1 ratio for a cheap copy.

The only benefited one on this negotiation is the developer of such stablecoin, since he will be creating tokens from thin air, selling for BTC, holding it and making huge profit once the next bull run begins.

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It has been created, the name of the coin is Wrapped Bitcoin where it's a centralized coin that using Bitcoin as the underlying value.

For me, there's no point to have a stablecoin with a same value like Bitcoin because we can just use Bitcoin directly without need to buy Wrapped Bitcoin. Someone who want o buy Bitcoin don't need to buy the whole Bitcoin, they can just buy the fraction.

libert19

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Not sure if I get this correctly, we have bitcoin itself why do you want stablecoin pegged to btc then? If nation already has fiat, would they create stable coin pegged to that fiat?

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the benchmark or value of all investment assets is measured in fiat currency because fiat currency is a legal payment and is recognized by all countries. and the most widely used currency today is USD, therefore all stable coins are currently based on USD. bitcoin can never replace fiat currency as a legal payment because fiat money in each country is different, besides that bitcoin is also used as a means of investment and of course the value of bitcoin will not be stable.

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Quote from: PytagoraZ on July 02, 2023, 11:02:49 AM

Quote from: GreatArkansas on July 02, 2023, 08:52:59 AM

Quote from: cryptoaddictchie on July 02, 2023, 08:24:37 AM

You mean like usdt on ethereum network?
(....)

I don't think it's about the network. What OP needs is something stablecoin that is based on Bitcoin or it is pegged just like USDT which is 1:1 pegged with the US dollar.
For me, if you want a stablecoin that it must be pegged 1:1 from the original currency. Which for me that's the common issue of stablecoins we have now, some got some issue with transparency like it's not 100% backed by the currency.

It seems that only you understand what I mean.

It doesn't have to be on a 1:1 basis either. the point is that it's important to be stable, it could also be 1:100,000 as long as it's always stable at that number.

Quote from: SUPERSAIAN on July 02, 2023, 10:53:33 AM

I prefer Bitcoin over stable money. Fiat currencies have their own inflation, and those papers are melting day by day. Cash is fine, but as long as it circulates, it begins to melt away as soon as it waits. Bitcoin was born as an option against the inflationary environment, this birth can even be considered a milestone. Thinking in the long term and waiting for good support levels will always make you profitable in the long run.

Therefore I don't want to talk about fiat money. If you want a crypto/bitcoin ecosystem, leave the concept of fiat behind and don't discuss bitcoin prices with fiat. But we rarely talk about trading bitcoin for ethereum, or bitcoin for bnb, everyone will talk about bitcoin for fiat. If there is a stablecoin for bitcoin then 1btc = 100,000 bitcash. That's it, no need to mention how much USD

Miners pay the utility with their own respective currency. It is required for them to sell Bitcoin for fiat, in many cases.

Anyway, I don't think a Bitcoin-backed stable coin is viable. I am concerned about how the stablecoin maintains its stability. Besides, what does its practical purposes? to transact? I think it is rather redundant. Even if we create it for the sake of as a representative of stable prices, people won't perceive it as it is due to the cost of production of bitcoin itself mainly priced in FIAT.

wxa7115

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Quote from: PytagoraZ on July 01, 2023, 07:20:56 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

I do not see any need for this, you are trying to create an artificial standard for bitcoin, however would it be possible to exchange that coin for fiat? If yes, then they bother with such coin as you could exchange bitcoin directly for fiat?

Also every single currency has a value when compared with other currencies, this is why we have trading pairs like the USD-EUR and many others, so I do not see why you think it is problematic that bitcoin has a price in dollars as well.

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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.

o48o

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Quote from: PytagoraZ on July 01, 2023, 07:20:56 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

I fist thought that you were talking about actual stablecoins like USDT, which is on the bitcoin's omni layer already.
But what you are saying doesn't make any sense. If Bitcash would be valued the same as bitcoin, then why not just use bitcoin instead? Or even WBTC?
Or if it's a pegged coin then why would anyone want to make centralized pegged version of btc?

Hispo

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I think you have misunderstood a bit what the purpose of using FIAT to value Bitcoin is. It is supposed to be an indicator on the value Bitcoin has against the traditional banking ecosystem, that is important because in most occasions people need to exchange their Bitcoin for FIAT to make transactions possible.

If there were more merchants and business-people who used Bitcoin directly to offer their goods and services, then the volatility would decrease, so would the volume of the FIAT/BTC pair.

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The most important thing is that they do not try to organize all this on the bitcoin blockchain, which can somehow handle bitcoin itself, but not enough to process some stablecoin with silly pictures to finally become an unworkable system. Bitcoin's blockchain is too slow and has big scalability issues. I'm sure value transfer in these stablecoins will be just as expensive, slow and unprofitable and people will prefer to move to other networks somewhere else.

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Jolly? I think I've heard that name before. hmm

Quote from: GreatArkansas on July 02, 2023, 08:52:59 AM

Quote from: cryptoaddictchie on July 02, 2023, 08:24:37 AM

You mean like usdt on ethereum network?
(....)

I don't think it's about the network. What OP needs is something stablecoin that is based on Bitcoin or it is pegged just like USDT which is 1:1 pegged with the US dollar.
For me, if you want a stablecoin that it must be pegged 1:1 from the original currency. Which for me that's the common issue of stablecoins we have now, some got some issue with transparency like it's not 100% backed by the currency.

It seems that only you understand what I mean.

It doesn't have to be on a 1:1 basis either. the point is that it's important to be stable, it could also be 1:100,000 as long as it's always stable at that number.

Quote from: SUPERSAIAN on July 02, 2023, 10:53:33 AM

I prefer Bitcoin over stable money. Fiat currencies have their own inflation, and those papers are melting day by day. Cash is fine, but as long as it circulates, it begins to melt away as soon as it waits. Bitcoin was born as an option against the inflationary environment, this birth can even be considered a milestone. Thinking in the long term and waiting for good support levels will always make you profitable in the long run.

Therefore I don't want to talk about fiat money. If you want a crypto/bitcoin ecosystem, leave the concept of fiat behind and don't discuss bitcoin prices with fiat. But we rarely talk about trading bitcoin for ethereum, or bitcoin for bnb, everyone will talk about bitcoin for fiat. If there is a stablecoin for bitcoin then 1btc = 100,000 bitcash. That's it, no need to mention how much USD

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I prefer Bitcoin over stable money. Fiat currencies have their own inflation, and those papers are melting day by day. Cash is fine, but as long as it circulates, it begins to melt away as soon as it waits. Bitcoin was born as an option against the inflationary environment, this birth can even be considered a milestone. Thinking in the long term and waiting for good support levels will always make you profitable in the long run.

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Bitcoin value is because of Its volatility and Satoshi nakamoto did not created Bitcoin for global currency purpose. he created Btc for asset purpose. People already against the nft system in Brc-20 chain which increase transaction burden on btc and if any stable coin will be created then it will more produce more difficulty in btc network. I think at current situation no need of any stable coin over btc network.

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Quote from: cryptoaddictchie on July 02, 2023, 08:24:37 AM

You mean like usdt on ethereum network? But bitcoin isnt a smart contract type of crypto so it would not be a good idea to have a stablecoin for it or cant alone. Why theres need a stablecoin for bitcoin? We could use usdt or usdc or even fiat itself to trade bitcoin and vice versa.

So many stablecoins out there and people might not adapt to each and every stables been utilizing.

Especially Bitcoin don't have any founder who control their system such USDT,USDC and BUSD. Bitcoin is pure decentralize we can't manage anything we want to put in system of Bitcoin atleast we still can bought stable coin in other network for transaction so i don't care if bitcoin have stablecoin or not

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I don't have a problem in the current fiat and bitcoin context, firstly we don't have enough information to agree on a fiat currency, and it is understandable for bitcoin to increase in value compared to fiat, such a means. suitable for the current context, just as we then use fiat for other consumption purposes in life. I'm not sure when will people be able to have clear and fair standards everywhere in the world, like how much satoshi can be paid for a lollipops.

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Quote from: GreatArkansas on July 02, 2023, 08:52:59 AM

I don't think it's about the network. What OP needs is something stablecoin that is based on Bitcoin or it is pegged just like USDT which is 1:1 pegged with the US dollar.
For me, if you want a stablecoin that it must be pegged 1:1 from the original currency. Which for me that's the common issue of stablecoins we have now, some got some issue with transparency like it's not 100% backed by the currency.

Oh my bad. Its quite hard to trust those stablecoin and we dont sure if they are really pegged to the currency itself. There are many cases like stablecoins have been depegged on theit value. If based on Bitcoin then its gonna be much harder I think.

Any stable out there that close to what OP might suggesting?

GreatArkansas

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Quote from: cryptoaddictchie on July 02, 2023, 08:24:37 AM

You mean like usdt on ethereum network?
(....)

I don't think it's about the network. What OP needs is something stablecoin that is based on Bitcoin or it is pegged just like USDT which is 1:1 pegged with the US dollar.
For me, if you want a stablecoin that it must be pegged 1:1 from the original currency. Which for me that's the common issue of stablecoins we have now, some got some issue with transparency like it's not 100% backed by the currency.

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We don’t need a specific stablecoin for only use with bitcoin. To create a new one or rely on a centralised group to create a new one is a bad idea. We already have Tether which has a longstanding reputation as very trustworthy. If we really like to use stablecoins then there is no better than USDT.

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You mean like usdt on ethereum network? But bitcoin isnt a smart contract type of crypto so it would not be a good idea to have a stablecoin for it or cant alone. Why theres need a stablecoin for bitcoin? We could use usdt or usdc or even fiat itself to trade bitcoin and vice versa.

So many stablecoins out there and people might not adapt to each and every stables been utilizing.

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Quote from: PytagoraZ on July 01, 2023, 07:20:56 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

There are several stablecoins out there now most of them are pegged to the US Dollar, others are pegged to the Euro. That being said, of course it is possible to create another stablecoin, that is pegged to something else too like gold or something like the total market cap of the whole crypto market. Everything is possible.
I don't really know though what the benefit of a stablecoin that is pegged to bitcoin would really be. The value of this coin would never be stable because bitcoin is still doing pretty big price moves every day. So it would not be a smart move to have a lot of bitcoin-stables laying around for a longer time. Also i don't think it would be good for the bitcoin price too, if bitcoin itself would not be used anymore for purchases.

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I think the stability of any coin is relative. In order to be stable, a coin should be widely adopted. Its adoption should be comparable to fiat currencies like USD. Only in this case it could become stable from everyone perspective. In this scenario, it could be used as an etalon for the assessment of other coin stability.

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Creating a stable coin for an unstable coin (BTC)? I can't think of how something like that could have happened. Logically, how do people buy Bitcoincash? Are you using BTC or dollars? If using dollars, then what is the price of Bitcoincash when the price of Bitcoin goes up or down? Ultimately Bitcoincash is a flawed system in my opinion.

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If I am reading this correctly and I might be wrong here but you basically want an algorithmic stablecoin
Backed by Bitcoin itself correct? Well guess what? We had this in the past.

It was called Luna and the stablecoin was UST. And it’s worthless now. Why? Because it’s not a good idea for a volatile asset like Bitcoin to ever be pegged to an asset which is suppose to be stable. Hence why Luna crashed when the bear market started to get more and more intense.

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Quote from: PytagoraZ on July 01, 2023, 07:20:56 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

Do the world need a Gold stable coin to consider Gold as an asset?

Quote

With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars.

You will need a good treasury to maintain a peg for a stable coin. We don't know how stable coin companies do that, trust them with risk.

Quote

Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?

Stable coin is a type of altcoin and we don't need an altcoin to make Bitcoin better.

Quote

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

Only makes more fud against Bitcoin if those stable coins de-peg.

Quote

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

Bitcash sounds like Bitcoin Cash, a scam altcoin from Roger Ver.

I disagree with your idea and with the name.

PytagoraZ

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Jolly? I think I've heard that name before. hmm

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

Topic: Stablecoin for bitcoin (Read 312 times)