Stablecoins is a good way to keep and save money or not? - page 3.

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Quote from: HeavensPro on July 23, 2022, 09:48:18 AM

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

Unfortunately some well known stablecoins do have scandals written all over them but it seems we all have put a blind eye & the past behind us and they seem to be growing strong too all because cryptocurrencies remain unregulated but if you are keen on doing something it's all up to us the end users to support or not to support such projects Roll Eyes

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Quote from: HeavensPro on July 23, 2022, 09:48:18 AM

Stablecoins is a good way to keep and save money or not?

If volatility isn't your piece of pie and want a piece of mind,stablecoins are the way to go but you need to remember that you also lose the opportunity to gain when markets are bullish as these are usually pegged to fiat or metals which are less volatile.

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Quote from: HeavensPro on July 23, 2022, 09:48:18 AM

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

I like stable coin and I am able to grow over time with stable coins, without them it will be hard to take advantage of market dips and to take profits too, they are very useful assets you just need to use the most trusted ones like USDC and BUSD.

I think there is no reason to get tensed about these things they will be fine sometime now what if the market condition is bad in the coming days but it won't take much time for the market condition to improve so we have to wait and see what the market condition is. We can get right information and right guidance here if we have to keep an eye on the matter

there's nothing wrong when using it and there's nothing wrong also with not holding it in for a long time. So I think what is the problem now is how can people trust the system when still have a vulnerability to be frozen and government didn't banned it.

Jatiluhung

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For me stablecoins are the best choice when preparing to enter a bear market. Usually I secure my assets into stablecoins. and stake for small profits. but the staking I choose is flexible. so I can still use it when there are Coins I want to buy. and my preferred stablecoin is BUSD. because so far there is no problem with this one stablecoin. different from USDT which had experienced problems in the past.

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All stablecoins are backed by gold cash or short term corporate debt called commerical paper Stablecoins are a limited cryptocurrency and bad investments Better for digital transactions and converting digital assets to actual money because crypto trading and prices can flucturate quickly it may be easier faster and cheaper to swap coins for stablecoins than to switch dollars in and out of your bank account You could rapidly conver bitcoin to stablecoins tied to the us dollar such as usdt and it would remain in the exchange and keep its value Stablecoins might be traded for other coins converting bitocin straight to us dollars could take longer and remove it from the crypto exchange. so its stable investment but some time very risky.

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Quote from: xSkylarx on August 27, 2022, 05:40:48 PM

Stablecoins are not a safe way to save money for me. Even if it's fiat-backed like BUSD or USDC, there is no guarantee that it is still existing in the future like 5 or 10 years from now. If the insitution backing those stablecoin collapse then its value will also depeg just like what happen to UST.

Saving money in fiat is still the better choice for me. Banks where we usually put our money will not just close if the economy of our country is not in danger.

I agree, stable coins have some issues and potential depeg is possible too. Saving crypto profit on fiat and stacking on various bank accounts sounds better than trusting USDT that been shady on the past events. Depending on country economy, OP can hedge money inflation rate to protect capital btw.

If you intend to keep your money and save it, the fiat option will still be safer than stable coins. Although it is part of the cryptocurrency market, it is ultimately just 3rd party coins created without government guarantee, if they disappear or collapse, we will have no legal protection, and we will lose everything without being able to sue anyone. What the future of stablecoins will be after the government brings CBDC to market, it is difficult to say about the future of stablecoins.

pealr12

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From personal experience I say yes, the reason why they are stablecoins is they are not volatile and your money won't loss value like when you hold in crypto. When the market is down, stablecoins becomes very useful to hold assets till when the market has recovered. But to hold stablecoins for long term you will need a reliable and trusted stablecoins to will be around for long term to hold.

xSkylarx

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Stablecoins are not a safe way to save money for me. Even if it's fiat-backed like BUSD or USDC, there is no guarantee that it is still existing in the future like 5 or 10 years from now. If the insitution backing those stablecoin collapse then its value will also depeg just like what happen to UST.

Saving money in fiat is still the better choice for me. Banks where we usually put our money will not just close if the economy of our country is not in danger.

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Quote from: wheelz1200 on August 21, 2022, 05:21:06 PM

Quote from: HeavensPro on July 23, 2022, 09:48:18 AM

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

I mean in terms of moving into stable coins to preserve capital it works in countries where taxable events only occur when you go from crypto to fiat, therefore going into stable coins relieves you of that. Otherwise I'd rather go into fiat than stablecoins.

well, if the goal is to "save money" in the long term, then it is best to keep the money in fiat. especially if the amount of fiat owned is quite large, so many people prefer to hold fiat in the bank and take advantage of the interest money each month that can be obtained from the bank's interest percentage. I read a lot of books about holding fiat and taking advantage of such advantages. well, it's safer, because it's borne by the state. it's just that, if it's for temporary storage until we get new assets, then stable coins are the best so that we don't have to bother making deposits again. it is also more flexible to be sent to various exchanges with low fees.

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Quote from: HeavensPro on July 23, 2022, 09:48:18 AM

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

In any field, there are always a few projects that fail, the worm makes the soup pot. Can't just because some bad projects will lead to death or affect the whole industry in the future, there will still be other good and developing projects. Same with stablecoins, failure of UST or shady accusations of USDT, besides we have good stablecoins like DAI, BUSD, USDC...they are still very useful and necessary in the market. Stablecoins are already part of the market, they will not disappear unless replaced by CBDC.

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Quote from: wheelz1200 on August 21, 2022, 05:21:06 PM

I mean in terms of moving into stable coins to preserve capital it works in countries where taxable events only occur when you go from crypto to fiat, therefore going into stable coins relieves you of that. Otherwise I'd rather go into fiat than stablecoins.

I wouldn't say you'll be "relieved" of paying taxes from stablecoins, since they're centralized after all. The issuer can simply freeze your funds if it detects you're evading taxes. With the Terra's UST stablecoin collapse, regulators have been paying close attention to the industry's developments. I think governments will tighten regulations in order to prevent money laundering and tax evasion with stablecoins. Of course, this applies to centralized stablecoins. But with decentralized stablecoins like DAI and USDJ, that's another story.

I'd prefer to save money in Fiat because it's backed by the full faith and credit of the government. Stablecoins don't have the same protections as ordinary Fiat currencies because they're issued by private companies. If the company goes bankrupt or there's a major hack, you could lose it all without being able to claim your money back. Unless regulations come at full force, I don't see stablecoins going anywhere soon. Just my thoughts Grin

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Quote from: HeavensPro on July 23, 2022, 09:48:18 AM

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

I mean in terms of moving into stable coins to preserve capital it works in countries where taxable events only occur when you go from crypto to fiat, therefore going into stable coins relieves you of that. Otherwise I'd rather go into fiat than stablecoins.

kasunrandil

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stable coins are a way to reduce the risk. however in past few months , weeks many of us have seen stable coin is a huge risk than other non stable coins and tokens. when you think to keep your funds as stable coins you must consider about the secururity of the protocol which stable coins are built on. just think recent ausd ( stable coin on acala ) exploit. they managed it better than how luna did .

len01

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everyone's views are different about stablecoins, but my opinion about stablecoins is that they are safe investments when the market is not as good as it is today, even though the terra case makes the mind nervous about what will happen to usdt and busd in the future,

that's right. because crypto has a very big risk. maybe usdt and busd are stable coins that have been recognized by many investors but we don't know what will happen in the future.
but there is nothing wrong with us believing in usdt and busd as saving our money for a small amount not for a large amount.

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Quote from: globalpain on August 19, 2022, 01:32:44 PM

there is only one that I believe in, namely USDT, USDT has been around for a long time,
so I really feel safe, moreover USDT has a lot of liquidity,
and of course USDT has become a pair on many exchanges, yes, this is my favorite stable coin

That's the stable coin that has such issues. If you feel safe because it's been there for a long time, can't blame you for thinking about that because it's one with the highest liquidity in all of these stable coins.

But if you look at the other stable coins like DAI.

It's a decentralized stable coins and no one shall freeze you with your funds unlike USDT that has done it for some reasons with those funds that came from hacks and scams.

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Quote from: Issa56 on August 18, 2022, 06:35:58 PM

I don't think stable coins are good for long term investment, the only time I think stable coins are useful or important is whenever you their will be a dump then you can convert your money to stable coin so that you will be able to buy coin when they dump, buy I think it's a bad idea buying and holding stable coins for no reason. Instead of holding a stable coin, just buy your bitcoin and hold, Bitcoin is very safe and secure for long term holding.

Long term investment with stable coins not really profitable because increasing price without 5% although five or seven years later, I think about long term investment better I choose with bitcoin or altcoin kinds like TEH or BNB. Exactly stable coins function as convert altcoin assets when price going dump but have aome person keep holding stable coin prefer with fiat. Not different values and inflation between stable coins like BUSD or USDT with fiat currency because have the same values with fiat USDT or stable coins like USDT or BUSD.

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Quote from: Rufsilf on August 19, 2022, 10:10:16 AM

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If we are worried that the market will drop again then the best thing is to immediately move the assets to the coin stable, and today the majority of the top ranking drops of more than 5% so that I also move about 60% my assets to stabilizes coins, I am worried that the storm will continue and By moving the assets to the coin stable, the value will not go down.

It is not the drop that worried the most, what is very concerning now is the growing scams that happen to the market which involve stablecoins. This will create a huge turnaround from the investors who are holding stablecoins and started to sell them for the sake of not getting late before it turn scam. These issues that have been raised nowadays make people think that stablecoins are no longer suitable in the market and rather be dissolved as they no longer provide profit to the invests but instead losses.

Scam is a big part or factor why investors will be thinking twice before keeping a stable coin, no longer safe for trade as they might be scam out while holding the assets, some might think to hold crypto instead of keeping stable coin as the tool for shorting, though it will continue to depend from how you deal with your research and how you deal with your daily trades.

Some traders might use it still for their everyday or for the short-term trade to continue doing scalp while opportunities are still open for them.

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Quote from: hamba laeh on August 19, 2022, 01:53:25 PM

Quote from: HeavensPro on July 23, 2022, 09:48:18 AM

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

stablecoins are very good to be used as safe storage places because they can maintain the estimated assets that we have. but don't store assets in crypto because it has a high risk because one day it can crash and this condition we have to worry about. and in my opinion the only stablecoins I trust at the moment are USDT, USDC and BUSD.

USDT, BUSD, USDC maybe only these 3 stable coins that have a 1:1 value without any worries,
indeed USDC has decreased some time ago, but the recovery is very fast, yes it worries all traders, I know that,
but the it doesn't have big problems like UST, so all is well.

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Quote from: HeavensPro on July 23, 2022, 09:48:18 AM

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

stablecoins are very good to be used as safe storage places because they can maintain the estimated assets that we have. but don't store assets in crypto because it has a high risk because one day it can crash and this condition we have to worry about. and in my opinion the only stablecoins I trust at the moment are USDT, USDC and BUSD.

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Quote from: HeavensPro on July 23, 2022, 09:48:18 AM

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

there is only one that I believe in, namely USDT, USDT has been around for a long time,
so I really feel safe, moreover USDT has a lot of liquidity,
and of course USDT has become a pair on many exchanges, yes, this is my favorite stable coin

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Quote from: blockman on August 18, 2022, 05:57:35 PM

Quote from: WeedGoW on August 18, 2022, 03:21:08 PM

The market left you no choice for maintaining your asset worth. Despite you and I knowing the risks among stablecoins that might de-peg it, we can't do anything about it. At best, trying to spread it out over two to three among the biggest stablecoins, like USDT, BUSD, and more is the only way to lessen it.

Or if you want to retain the value and want to keep it safer but not in a stablecoins but in bitcoin. It's true that scattering your money into those stable coins could lessen the risk but we really don't know until many of them depegs but hopefully, not gonna happen to the most popular ones.
But, we can't be sure since UST was once became a popular stable coin and has offered huge percentage to those stakers but didn't up well and became a meme today.

Then we've to look out not just for the top and biggest stablecoins but also have a proven peg/backed system. Of course, UST got dumped and lost its peg because it was tied to LUNA, crypto that cant maintain its worth under the volatility market. This brings us back to USDT and BUSD. Two of the top stablecoins were able to keep their peg and stay stable during the bearish market months ago.

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