Stablecoins and why the ecosystem needs them

funchiestz

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Quote from: Ccexicocartel on December 18, 2018, 05:52:56 PM

I think this article brings up a good point about stablecoins and their position next to bitcoin: https://www.strictlycrypto.com/stablecoins-why-does-the-ecosystem-needs-them/

Thoughts?

I agree that Stablecoins facilitate the trading of crypto money. But it still doesn't feel like a must. Or it sounds like we could find better solutions.

Ociwiw

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I think Stable coins of greater interest can be the government, not ordinary people!

chakhigh

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FRX: Ferocious Alpha

Stablecoins are not bad.. they are just an other solution for crypto price volatility.. I love the "Tokenized precious metals" model in the current Gigzi project. When fiat Stablecoins may be weak and don't have a strong "life span" ..Precious metal, like Gold can change the whole game..

Herbert2020

legendary

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in my opinion people confuse two things. i believe we need stable coins but we do not need THESE stable coins.
the need is obvious since we need some sort of cryptocurrency that matches the things were trading with it which is cryptocurrencies. so that it can replace fiat and all the troubles that fiat has, specially the bank involvement in it and the troubles They cause!
but the problem is that the current existing stable coins are not only not-stable but also they are centralized so the only thing we were avoiding (the middle mad aka banks) is being re-introduced into the system through stable coins! which doesn't make any sense at all...

smoolae

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Stablecoins, in my eyes, do need to exist. The reason is that often times a one has to turn to stablecoins when the times get rough really fast and without any notice. For this and only this should stablecoins be used. The thing is that a lot of people use stablecoins as longtime holdings, that's a rather risky move to pull.

All it takes is someone to prove that there is no 1 to 1 backing to some certain stablecoin and it will explode out of existence.

So for short-term holding/decisions - yes, longtime holdings - no.

oudekaas

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Activity: 350

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I think that stablecoins have positive influence on cryptomarket. But the ecosystem isn't needed in them. There are some coins which prices don't change at all. With stablecoins will come regulations.

A7373

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Activity: 602

Merit: 15

Heard the news about Bitfinex exchange created margin trade with new pairs: USD/USDT?
Im really surprised.

WalkerIVIV

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Cryptocasino.com

Quote from: A7373 on December 19, 2018, 06:26:13 PM

Quote from: ivanleon on December 19, 2018, 12:59:38 PM

Quote from: Ccexicocartel on December 18, 2018, 05:52:56 PM

I think this article brings up a good point about stablecoins and their position next to bitcoin: https://www.strictlycrypto.com/stablecoins-why-does-the-ecosystem-needs-them/
Thoughts?

I have a positive attitude to stable coins. In this article I saw the thoughts that visited me, I have already expressed them in this forum. Of course, stable coins are now used to save investors funds during the bear market, but potentially they can be used as a means of payment, and the main cryptocurrencies Bitcoin and Ethereum in real life is an asset for investment.

Stablecoins are good for us becouse me can hold our money on the bear market. But for today there are a lot of stable coins, that can get scams any moment.

That means the stable coin gives the benefit only to the speculators and no more. It doesn't give any impact to the whole of crypto ecosystme. So many stable coin right now that created a very bad trend to the crypto.

Nolimitz84

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Activity: 980

Merit: 252

Quote from: chenille on December 19, 2018, 06:46:22 PM

Quote from: A7373 on December 19, 2018, 06:26:13 PM

Quote from: ivanleon on December 19, 2018, 12:59:38 PM

Quote from: Ccexicocartel on December 18, 2018, 05:52:56 PM

I think this article brings up a good point about stablecoins and their position next to bitcoin: https://www.strictlycrypto.com/stablecoins-why-does-the-ecosystem-needs-them/
Thoughts?

I have a positive attitude to stable coins. In this article I saw the thoughts that visited me, I have already expressed them in this forum. Of course, stable coins are now used to save investors funds during the bear market, but potentially they can be used as a means of payment, and the main cryptocurrencies Bitcoin and Ethereum in real life is an asset for investment.

Stablecoins are good for us becouse me can hold our money on the bear market. But for today there are a lot of stable coins, that can get scams any moment.

I agree, stablecoins can be easily abused for the creator to launch a scam project. Nobody knows if the stablecoin is really backed 100% by Fiat money. Well, if we can say backed, I don't know if something can be backed by something which is not backed (what Fiat actually is since it's not backed by gold anymore)

I would not trust in stablecoins too much.

I agree. We can not fully trust stablecoins.Naturally many keep large amounts of in them.Because according to the theory they are practically not subject to volatility.I think that they were created in order to make transfers and store large sums of money.But I would not trust them 100%

chenille

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Activity: 428

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chenille!

Quote from: A7373 on December 19, 2018, 06:26:13 PM

Quote from: ivanleon on December 19, 2018, 12:59:38 PM

Quote from: Ccexicocartel on December 18, 2018, 05:52:56 PM

I think this article brings up a good point about stablecoins and their position next to bitcoin: https://www.strictlycrypto.com/stablecoins-why-does-the-ecosystem-needs-them/
Thoughts?

I have a positive attitude to stable coins. In this article I saw the thoughts that visited me, I have already expressed them in this forum. Of course, stable coins are now used to save investors funds during the bear market, but potentially they can be used as a means of payment, and the main cryptocurrencies Bitcoin and Ethereum in real life is an asset for investment.

Stablecoins are good for us becouse me can hold our money on the bear market. But for today there are a lot of stable coins, that can get scams any moment.

I agree, stablecoins can be easily abused for the creator to launch a scam project. Nobody knows if the stablecoin is really backed 100% by Fiat money. Well, if we can say backed, I don't know if something can be backed by something which is not backed (what Fiat actually is since it's not backed by gold anymore)

I would not trust in stablecoins too much.

powerman24

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Activity: 448

Merit: 12

I think stable coins are needed as the crypto market is highly volatile. I would prefer decentralized stable coins not a centralized one like Tether. Watch out for DAI ! It is a decentralized one and as an economist I like the solution behind it.

A7373

member

Activity: 602

Merit: 15

Quote from: ivanleon on December 19, 2018, 12:59:38 PM

Quote from: Ccexicocartel on December 18, 2018, 05:52:56 PM

I think this article brings up a good point about stablecoins and their position next to bitcoin: https://www.strictlycrypto.com/stablecoins-why-does-the-ecosystem-needs-them/
Thoughts?

I have a positive attitude to stable coins. In this article I saw the thoughts that visited me, I have already expressed them in this forum. Of course, stable coins are now used to save investors funds during the bear market, but potentially they can be used as a means of payment, and the main cryptocurrencies Bitcoin and Ethereum in real life is an asset for investment.

Stablecoins are good for us becouse i can hold my money on the bear market. But for today there are a lot of stable coins, that can get scams any moment.

ivanleon

jr. member

Activity: 280

Merit: 1

Quote from: Ccexicocartel on December 18, 2018, 05:52:56 PM

I think this article brings up a good point about stablecoins and their position next to bitcoin: https://www.strictlycrypto.com/stablecoins-why-does-the-ecosystem-needs-them/
Thoughts?

I have a positive attitude to stable coins. In this article I saw the thoughts that visited me, I have already expressed them in this forum. Of course, stable coins are now used to save investors funds during the bear market, but potentially they can be used as a means of payment, and the main cryptocurrencies Bitcoin and Ethereum in real life is an asset for investment.

avikz

legendary

Activity: 3080

Merit: 1500

I really am unable to digest the idea of "non-centralized stablecoin" as mentioned in the article. Stablecoins without a collateral and purely based on the market dynamics can prove disastrous. Even though the idea is simple behind that, but it's based on the market dynamics so it can't be crash proof. If the price increases, smart contract will issue additional coins to increase the supply and bring down the price. If the price decreases, smart contract will issue additional tokens to the existing holders with a "promise to pay" in future. What about the liquidity?? How the smart contract will ensure that it works for the stable coin itself without the intervention of the big hoarders/whales?? Wither I am not able to understand or is there a big gap in conceptualizing the "non-centralized stablecoin"??

Stable coins, to my idea, needs to be centralized and backed up by real-world asset which again needs to be properly audited to maintain the trust factor.

pat4cryptoreal

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Activity: 630

Merit: 102

Stable coin is not useful when you have the intension of making profit in the process but it is very useful to store huge amount of money that you do not what to withdraw yet.

dothebeats

legendary

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Merit: 1352

Not the whole ecosystem of bitcoin needs stablecoins as they only benefit the traders who are looking to hedge their funds while transferring from one exchange to another. Also, it is still debated whether stablecoins really fulfill the promise of being a 1:1 ratio of the assets they are really holding, so it's a bit of a stretch to get your funds back once the unimaginable event of hacks happen. We know who to sue and where to go, but would our money be reimbursed once they tried to Gox people? I think not.

skish85

sr. member

Activity: 485

Merit: 250

Very well, that appeared stable coin. They are more stable, and therefore more secure, which ultimately brings the cryptocurrency market to a new level. People are beginning to trust cryptocurrencies more and use them more.

Hivalley

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Activity: 210

Merit: 19

Stable coins do not really offer much as you and many other people make it look,it simply brings a sort of centralized stability that we do not actually need, apart from being pegged to a particular Fiat currency,i do not see any other exciting feature of a stable coin neither can it compete in the cryptocurrency market

davis196

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Activity: 3192

Merit: 939

Quote from: jademaxxiss012 on December 18, 2018, 11:19:34 PM

Stable coins is more on like USDT is probably the most stable coins in times where cryptocurrency is down. I learn that converting fiat currency to USDT is an ideal for it does not going to fall down where market price is stable. The best thing that we have this kind of crypto for next time market price fluctuation we can keep safe our money in a crypto like USDT.

This post is completely ignorant.Our money can't be safe with tether,because tether can disappear at any time as an exit scam.Nobody knows how big is their fiat money reserve.The article about stablecoins is complete bs,I'm sure it's paid propaganda by some stablecoin dev team.We don't need stablecoins at all.

speedy963

sr. member

Activity: 631

Merit: 253

Quote from: jademaxxiss012 on December 18, 2018, 11:19:34 PM

Stable coins is more on like USDT is probably the most stable coins in times where cryptocurrency is down. I learn that converting fiat currency to USDT is an ideal for it does not going to fall down where market price is stable. The best thing that we have this kind of crypto for next time market price fluctuation we can keep safe our money in a crypto like USDT.

Well this is only my own personal opinion buddy but i am quiet sure that when money is involve there is no assurance of being "safe". You do have a point specially in times of crisis like this, and it is also important to have some stable coins to lean on because first and foremost that should be the main goal of the people behind those ICO's if i am not mistaken but sadly most of them nowadays are not that trustworthy.

Topic: Stablecoins and why the ecosystem needs them (Read 355 times)