Stablecoins is a good way to keep and save money or not? - page 8.

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legendary

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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

my honest opinion (although I use USDT, but I use it temporarily only to dazer day trade the BTC pair)

1 - these stablecoins are shady and I'm afraid of them

2 - never hodl of stablecoins and never trust in establecoins

3 - stablecoins will eventually be replaced by USD, for now as there are still no laws around the world about bitcoin so we still have stablecoins

stadus

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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

If you are into the looked for long-term investment, I suggest for you reconsider Bitcoin and Ethereum as for sure they won't disappoint you as long as you can manage to hold them.

What makes these stablecoins aren't good for now because of several exit scam issues that happen. Such a deniable event that it causes us not to trust them, of course, we want assurance and safety, and much more for profit that is why we have to choose wisely and invest the right coins.

judeafante

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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 are some stablecoins that are still good in the market but do watch out for manipulation and always on alert, because what happens to luna can happen to other stablecoins, when saving your money always diversify, don't put all your eggs in one basket, choose coins that have proven their worth in the market like Bitcoin you can also choose gold because gold's price is a stable investment, you can't be sure in the Crypto market because of the high volatility but if you play the card right you're in for a good profit.

goaldigger

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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

What’s the use of investing in cryprocurrency if you will just put it on a stablecoins? Know that this coin is rare move especially on a uptrend, though there’s a tendency that they can drop as well but its not a stablecoin anymore if this is the situation. If you want to save money and earn more while savings, I suggest to go for Bitcoin just like the suggestions of many here. Don’t save for stablecoins because its not worth it.

Doell

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To keep money, Bitcoin remains the mainstay of investors, Stabelcoin is only intended for trading. The risk is much greater if you hold on for a long time, USDT and BUSD are currently the best as a trader medium of exchange but if you are not a trader why bother using them. The scandal that has happened has hit both investors and traders, but a trader knows the risks of the coins they hold, so the answer comes back to you personally OP. I personally think it's good but to trade whether it's short or medium term.

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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

Not that too many if I'll be saving in stablecoins. The best option remains to be bitcoin and that is because even how volatile the market is, you'll be sure enough with bitcoin.
It's decentralized and no matter what the current situation of the market, it will eventually become better because of its normal mechanisms like having a halving and the great demand that it has.

BobK71

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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

Stable coins play the biggest role in protecting your asset from the volatile cryptocurrency. Recently a stable coin is scammed which had a major impact on the crypto market called the UST. But I think USDT, BUSD and Dai are the high quality stable coins that can give you the highest Assurance.

Dean2

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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

Despite the fact that stable coins are not immune to disasters and UST is a great example of that so your money can just dissapear overnight, storing money in a stable coin may not be very smart especially nowdays when we're facing record high inflation levels meaning your money will lose value rapidly overtime. But if you really want to have some liquidity just holding cash is your best bet.

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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

Stablecoin is always safe and it will keep your money stable like fiat money. and you can easily use stablecoin for buy any cryptocurrency coin. Since cryptocurrency investment is risky. You should not be completely dependent on stablecoins. if you want to use your money for trade for buy crypto then you can hold stablecoin but if you want to use your money for your daily expenses then you shouldn’t hold stablecoin

mRTHroo

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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

My opinion about stablecoins is that these coins never scam, and so far one stablecoin has scammed, that's Terra's. This is done by design. Apart from that, all the stablecoins that exist at present can be trusted. But among them I suggest that USDC is better than all.

Cling18

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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

If you want to keep your funds and store them using stable coins, your funds will still remain stable. They aren't good for long-term or even short-term investments but will be helpful if you only want to keep your funds without facings risks. They're just good for transactions but not worth buying and keeping especially if you're expecting to maximize your gains.

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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

maybe not many believe to keep their money on stablecoin but actually stablecoin is the right asset to save and save money.
because basically stablecoins have the same way of working as existing investments.
For example, stablecoins that have gold as an underlying asset, the investment value moves depending on the price of gold in the market, the same applies to stablecoins that have fiat currency underlying assets, such as the United States dollar or British pound.

what makes stablecoins different is in terms of their practical value and usability.
stablecoins are much more practical than conventional ones. In addition, stablecoins are also more secure and transparent because everything is recorded on the blockchain.

mindrust

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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 don’t like them.

They are centralized and centralized projects are not to be trusted because there is a lot of human factor involved.

Tether says their reserves are backed by real assets which nobody can see. How can anybody trust them with their money? I don’t and nobody should.

When tether goes down, this whole mania will come to an end. Sooner or later it will happen because tether runs on a big scam. It cannot last forever.

X-ray

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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?

If you are feeling about some scandals that happened with some stable tokens and why don't you use stable tokens that clean from the scandals like BUSD or USDC? Stable tokens were so good and i have been using BUSD and USDC since both were being issued by circle and binance.
The main concern must be if you shall pick the stable tokens that already meet the standard like BUSD and USDC. It's already regulated.
This to avoid non transparent report about the funds that being used to backed the stable tokens like tether and avoid the scandals.

Jackl87

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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 think that stablecoins are the best way to "park" your wealth that you have made doing trading or holding or whatever or if you brought new capital into the crypto space and are now waiting for a good project to come up to invest in or for a good moment to invest into a an already existing project or whatever. So i think stablecoins are great to keep your wealth for a short- or midterm time span. I definitely would not put a significant part of my total wealth into stable coins for years or something and then forget about it. For that the whole crypto space is still way to volatile and unstable just look at what happened to Terra and it's stablecoin.

BuNga_cute

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Quote from: uneng on July 24, 2022, 04:12:15 AM

If you want to adopt stablecoins you must be aware about the risks and take them on your own. Who deals with stablecoins trust the people behind them, or swap money all the time, so they don't risk their money for too long... Personally, living in a third world country where the fiat currency is constantly losing purchasing power (much more than dollar), I prefer to take the risks of a stablecoin than holding my own national currency, because the first might lead me to losses in case of a scam or system failure, but with the second the loss is inevitable and guaranteed.

Nevertheless, nothing compares to bitcoin when choosing how to save money for the future.

I agree that no stablecoins are completely safe, the risk of losing money is still possible if the stablecoins we have become scams. Have to remember
the crypto world is always high risk, so always be careful in making decisions, if we want to save money in stablecoins it's okay, as long as we don't keep
all of our money in stablecoins. We must remember never to keep money in one place, that's what we need to do to minimize the risk that occurs.
Although Bitcoin is proven to be the most secure of all cryptos, still it is not recommended to store all our money in Bitcoin. However we must prepare
if the worst happens.

JoyMarsha

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In countries whose currency value is devaluing to USD, the wise citizens of those countries are gradually converting their country's currency to the dollar cos if you have a million in your bank is no longer a million. Am applying the same logic in crypto.
If you have bitcoin, you peg it with USDT, BUSD, or USDC to have a safe and relaxed mind. Converting your crypto asset to USDT, BUSD, or USDC is a reasonable idea due to the current unstable nature(bearish) of crypto. It's preferable to peg your bitcoin to USDT now than to watch it reduce in price

Baofeng

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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

Investment stand point of view? No, stable coins are not designed like that. They were designed to be like that, stable, help your crypto to stay 1:1 to USD simple as that. So if you want to let's say the market is going down and you have your investment to be not affected, then obviously, you need something as an hedge and that is stable coins. It's just a matter what stable coins you used, right now there are a lot, but before it used to be just USDT. But still the concept hasn't change, and os it benefit us in a big way.

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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

If you knew what happened to UST a while back then you wouldn't be asking this question at all, anyway as an investment the answer is no because stable coin still holds the value of fiat even if its completely legitimate and never going to zero because fiat involve inflation so the value is actually keep decreasing not appreciate at any moment.

uneng

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If you want to adopt stablecoins you must be aware about the risks and take them on your own. Who deals with stablecoins trust the people behind them, or swap money all the time, so they don't risk their money for too long... Personally, living in a third world country where the fiat currency is constantly losing purchasing power (much more than dollar), I prefer to take the risks of a stablecoin than holding my own national currency, because the first might lead me to losses in case of a scam or system failure, but with the second the loss is inevitable and guaranteed.

Nevertheless, nothing compares to bitcoin when choosing how to save money for the future.

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