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Topic: Thoughts on BUSD and other stables. (Read 178 times)

newbie
Activity: 535
Merit: 0
February 16, 2023, 06:19:33 PM
#26
Stables are a big and incredible area of crypto. We cannot simply do without them. I think USDT has survived the test of time and would go down as the best. USDC has a shorter span but still credible
legendary
Activity: 3654
Merit: 1165
www.Crypto.Games: Multiple coins, multiple games
February 16, 2023, 05:34:51 PM
#25
BUSD is the best one out of all the others in my opinion but still do not trust it. I do not trust stablecoins overall, end of story.

The main reason for this is the fact that it is pegged to fiat and I do not trust fiat, it's based on dollars, that means if Biden comes out tomorrow and says something stupid, which is not unlikely, worth of a dollar could drop, it is still 1 dollar, but it worths less now, why get the crypto version of that when I can buy bitcoin? That is why I won't do anything with stablecoins but if I had to pick one and forced on it, I would pick BUSD over others because I trust binance over other companies that has a stablecoin.
legendary
Activity: 2268
Merit: 1655
To the Moon
February 15, 2023, 04:06:50 PM
#24
Even though the SEC has some issues with them but still I have some trust left in these stablecoins (Busd and USDT). But then, if we talk about holding them for long is another story and it is quite not ideal in their current situation, it might change when they settled it down and close the issue. However, we are still cautious with our actions.
I'm still using BUSD and I have no problem yet which is why I still consider this coin important for me. But for those who already have doubts, I guess you don't need to urge yourself.

And what positive solution can be expected if Paxos Trust Company has already stopped printing BUSD and started burning it. And Paxos has already started burning BUSD, here is a link to the first burning of 61 million stablecoins: https://etherscan.io/tx/0xcaefe0fa62e58eaa0ae18e66cf1923d2f70b8d635ca290a321d6beefe8277725 As follows from Statement Paxos, you can use BUSD for at least another 1 year.
sr. member
Activity: 2828
Merit: 344
win lambo...
February 15, 2023, 07:52:28 AM
#23
What do you guys think about BUSD? Do you think it's worth using over USDT?
What do you think about stables in general?

Even though the SEC has some issues with them but still I have some trust left in these stablecoins (Busd and USDT). But then, if we talk about holding them for long is another story and it is quite not ideal in their current situation, it might change when they settled it down and close the issue. However, we are still cautious with our actions.
I'm still using BUSD and I have no problem yet which is why I still consider this coin important for me. But for those who already have doubts, I guess you don't need to urge yourself.
legendary
Activity: 2268
Merit: 1655
To the Moon
February 15, 2023, 06:48:36 AM
#22
This is made worse by the fact that it seems that Circle itself is stabbing behind Paxos, it can be said that the future of stablecoins is putting a new order and the advantage is in USDT.
Yeah, I just read that it was actually Circle who filed a complaint against Paxos. This might be Circle's way of retaliation against Binance who "delist" USDC by auto-converting it to BUSD a few months ago. Guess now Binance will either increase their reliance on USDT or "re-list" USDC. Curious how they're gonna handle this.

I don't think that after Circle initiated an investigation against BUSD, CZ will decide to return the USDC listing to Binance. But there is also no way to make an equal replacement for BUSD, whose trading volume will decrease in the near future. So all trading on the Binance exchange will be concentrated in a pair with USDT, which will significantly strengthen its position in the market.
sr. member
Activity: 873
Merit: 268
February 15, 2023, 05:55:45 AM
#21
You have chosen the most unfortunate time to exchange your USDT for BUSD. You obviously don't know that the Paxos Trust Company, which is the issuer of BUSD, said that it stopped issuing this stablecoin and decided to burn it at the request of the SEC.

Yes, I know about this news, that's why I asked. I never used BUSD because I think right now USDT is the best stable simply because of how many people are using it so I know how they earn money to back their coins. And even with all problems with tethers transparency it still looks better than other stables.
hero member
Activity: 2296
Merit: 506
Cryptocasino.com
February 14, 2023, 07:03:50 PM
#20
it's all the same, as long as you are using them for saving your assets from inflation it's more or less the same.
even if there's many rumours revolving around certain coins as long as it has the liquidity for you to cash out your assets then you're more likely be safe.
the key is liquidity, you wouldn't use such coin that have low liquidity because they could prevent you from cashing out your investments eventually.
hero member
Activity: 2954
Merit: 605
February 14, 2023, 05:49:25 PM
#19
What do you guys think about BUSD? Do you think it's worth using over USDT?
What do you think about stables in general?
I saw a lot of hate towards USDT in the past years, but it seems like despite everything it's still winning over other stables and it doesn't look like it will go down soon.

I don't have experienced any problem with the two stablecoins USDT and BUSD,  and for me, they still can be trusted but to some level like just being used to transfer coins or just an exit point. But if we think about holding them for too long, I couldn't think it was the best option.
Yes, it can't deny that there are issues and rumors regarding BUSD and other stablecoins which I think it was good to anticipate that situation rather than wait for it to happen. This is what we called - risky. And it is our choice if we use USDT or BUSD, or which of them are we preferred.
sr. member
Activity: 1722
Merit: 269
February 14, 2023, 04:57:04 PM
#18
What do you guys think about BUSD? Do you think it's worth using over USDT?
What do you think about stables in general?
I saw a lot of hate towards USDT in the past years, but it seems like despite everything it's still winning over other stables and it doesn't look like it will go down soon.
I know that people see stables like something bad, but I think they are pretty useful when you trade on exchanges and some people are using them as a hedge against inflation so I don't see anything wrong in using them as long as the reserves of this stable are transparent enough.

The hate towards UDST in the past did not came out of nowhere though. People became suspicious of USDT a few years ago when the company behind USDT changed the wording regarding the backign of USDT with real USD from "we have enough USD to back every USDT minted" to "we have enough reserves to back every USDT minted" but they did not say in what form those reserves exist and they also did not show any proof if those reserves even exist at all.
Now USDT is publishing reserve data from time to time and BUSD and Binance itself is under attack. So the tides have kinda changed and now USDT seems to be the safest stablecoin of them all, together with USDC i guess.
staff
Activity: 2436
Merit: 2347
February 14, 2023, 04:21:41 PM
#17
What do you guys think about BUSD? Do you think it's worth using over USDT?
What do you think about stables in general?
I saw a lot of hate towards USDT in the past years, but it seems like despite everything it's still winning over other stables and it doesn't look like it will go down soon.
I know that people see stables like something bad, but I think they are pretty useful when you trade on exchanges and some people are using them as a hedge against inflation so I don't see anything wrong in using them as long as the reserves of this stable are transparent enough.

It is better to use USDC or DAI, there are negative events around BUSD right now, there are various accusations in the industry that BUSD does not have enough collateral. Although many of these accusations are FUD. In terms of long term reliability, I wouldn't use this stablecoin as no one knows what could happen to Binance and whether it will suffer the fate of FTX. Better to try to use projects like DAI, they are not centralized and do not depend on certain services or companies.

My thoughts.
legendary
Activity: 2716
Merit: 1225
Once a man, twice a child!
February 14, 2023, 12:50:42 PM
#16
You have chosen the most unfortunate time to exchange your USDT for BUSD. You obviously don't know that the Paxos Trust Company, which is the issuer of BUSD, said that it stopped issuing this stablecoin and decided to burn it at the request of the SEC.
Honestly, when I saw this thread I thought OP's question was about the ongoing issue with the BUSD and its issuer. It appears OP hadn't known of that before making this post. To play safe, I've moved all my BUSD to Bitcoin. Now, I'm watching from the sideline to see how things go. I encourage OP to do same too until the dust around it settles down.
legendary
Activity: 3178
Merit: 1054
February 14, 2023, 11:10:51 AM
#15
What do you guys think about BUSD? Do you think it's worth using over USDT?
What do you think about stables in general?
In general, it should be pegged or backed by a physical dollar and it should be audited and regulated to maintain the 1:1 ratio.
Many people are now switched on BSUD because they feel safer on it, not like USDT has previous controversy about their supply, they are still doubted this USDT.  But since USDT has a more liquid stable coin and it's the most popular, they still prefer to use it or blindly use this besides the allegations.

They're the same concept of being centralized stablecoins, we also didn't forget that we have decentralized stablecoins like DAI and JAXX, they are also useful when it comes to decentralization.

i thought so too. BUSD gained so much trust to the users since USDT already have issues before and BUSD has no issues and its sure backed by real USD base on Paxos information.

could it be that SEC see this a threat to their pet USDT and so they started this crackdown? it does sound crazy that they let USDT slide while it has been around for a long time than BUSD.



sr. member
Activity: 1022
Merit: 252
February 14, 2023, 11:07:15 AM
#14
Both BUSD and USDT are popular stablecoins and widely accepted in the crypto ecosystem, but they have different issuers and are backed by different assets. Some users may prefer BUSD over USDT due to its more transparent and regulated approach, while others may choose USDT because it has a longer track record and wider adoption.
legendary
Activity: 2366
Merit: 1206
February 14, 2023, 10:54:26 AM
#13
What do you guys think about BUSD? Do you think it's worth using over USDT?
What do you think about stables in general?
In general, it should be pegged or backed by a physical dollar and it should be audited and regulated to maintain the 1:1 ratio.
Many people are now switched on BSUD because they feel safer on it, not like USDT has previous controversy about their supply, they are still doubted this USDT.  But since USDT has a more liquid stable coin and it's the most popular, they still prefer to use it or blindly use this besides the allegations.

They're the same concept of being centralized stablecoins, we also didn't forget that we have decentralized stablecoins like DAI and JAXX, they are also useful when it comes to decentralization.
legendary
Activity: 2198
Merit: 1232
February 14, 2023, 10:53:22 AM
#12
One of the stable coins in my basket for years has been BUSD, I usually try to equalize it with a few stable coins. Yes, the Paxos SEC statement looks scary, but I will continue to use BUSD because I don't use just one stable coin. The controls required for stable coins have to be tough and frugal, otherwise what would be the difference from fiat currencies?
staff
Activity: 2454
Merit: 1617
Crypto Swap Exchange
February 14, 2023, 10:45:38 AM
#11
This is made worse by the fact that it seems that Circle itself is stabbing behind Paxos, it can be said that the future of stablecoins is putting a new order and the advantage is in USDT.
Yeah, I just read that it was actually Circle who filed a complaint against Paxos. This might be Circle's way of retaliation against Binance who "delist" USDC by auto-converting it to BUSD a few months ago. Guess now Binance will either increase their reliance on USDT or "re-list" USDC. Curious how they're gonna handle this.
newbie
Activity: 535
Merit: 0
February 14, 2023, 10:44:09 AM
#10
Stables are a fundamental part of cryptocurrency world and I still think BUSD has a good deal of hate from USDC, perhaps it is because of competition USDC told on it
legendary
Activity: 2646
Merit: 1815
Rollbit.com | Crypto Futures
February 14, 2023, 10:33:25 AM
#9
Now the BUSD and USDT was using as the stable coin for the transaction.Many people holding their huge crypto currency based on the form of Usdt and Busd.When the price of this two coin is stable and created only for the purpose of act like the American dollars.We know American dollars are used as the sable fiat used or the international transaction.But only thing is the transaction of the USD by the bank account is traceable one.So you need to pay the taxes for such transaction on your bank account.But this crypto currency trading is not a traceable one.
Ok, we all agree that BUSD and USDT are stablecoins that are widely used for crypto transactions, but is it safe and will it protect your assets?
Of course the answer is never, because stablecoin assets are still vulnerable to liquidation.

Learn from UST which is a crypto stablecoin asset owned by LUNA which eventually had to crash miserably.
That is an illustration that stablecoins will also not and also have more risky fluctuations.

Instead of having to hold stablecoins without any movement and also having a high risk, it is better to buy bitcoin and hold it for the long term.
It will be clearer and more profitable in the long run.

The stablecoins I have are only as a pair for trading and as a gateway to exchange to Fiat, not for me to hold for too long
hero member
Activity: 2506
Merit: 644
Eloncoin.org - Mars, here we come!
February 14, 2023, 10:29:22 AM
#8
Busd was quite good stable coin and i was believing that it is safe to hold for many years but recently SEC notice to Paxos and they declare that they will not mint more Busd pegged fir Binance is something which is not good and now i am looking to convert my Busd to Dai or USDC.

Usdt is not back up by any asset and they can any time stop or frozen token which is against decentralization. Main benefit of usdt is that it is Available in all chains and for shifting to another exchange usdt is right choice. Trading pair are also mostly available in Usdt. for daily trading in exchangs i think Usdt is best option and for holding i think Usdc is best option.
full member
Activity: 1428
Merit: 120
Sugars.zone | DatingFi - Earn for Posting
February 14, 2023, 10:06:33 AM
#7
What do you guys think about BUSD? Do you think it's worth using over USDT?
What do you think about stables in general?
Unfortunately, BUSD is statistically behind USDT and USDC.  Considering the statistics of collateral assets of UsDT (December 31, 2022) ~ 67 billion, USDC ~ 44 billion, with BUSD (updated on January 31, 2023) is ~ 16 billion.  It is clear that BUSD is trusted as a 3rd option, and at the same time Paxos-BUSD is entangled in the accusation of "unregistered securities of the SEC, which further makes BUSD's collateral assets lag behind in terms of trust,  prestige they can.  This is made worse by the fact that it seems that Circle itself is stabbing behind Paxos, it can be said that the future of stablecoins is putting a new order and the advantage is in USDT.
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