We really can't earn profit in usdc but choosing a good stable coin will help you getaway from dropping coin's price and then buy coins at the lowest price as possible.
what do you mean usdc coins? Maybe you forget that the decline in the price of usdc will not be as important as other coins because usdc has the same benchmark as usdt. This is related to price stability. I think the pattern in the buying strategy is the same, namely buying at the lowest possible price and selling at the lowest possible price. that's a common pattern in the world of investing. 
Topic: usdc good coin ready to become the new digital dollar (Read 219 times)
If you ask me, USDT is most used and trusted by users however they have very shady team behind it and give many promises.
You're right, many users have come to trust and use usdt more than other stable coins, too bad their shady team is making everyone doubt their authenticity,apart from that USDT is really good, usdc looks like a copycat tho.We really can't earn profit in usdc but choosing a good stable coin will help you getaway from dropping coin's price and then buy coins at the lowest price as possible.
Yeah, holding stable coins are not profitable cus they don't rise at all, but one of the advantage of holding it is that your dollar value can't reduce if the market starts going down, so by holding it you won't be affected by the high volatility of the market,I think a stable coin will be the best for investments just incase things go sideways your dollar value would still remain the same. We really can't earn profit in usdc but choosing a good stable coin will help you getaway from dropping coin's price and then buy coins at the lowest price as possible.
I can't say about tether having the name of dollar on the digital space. Your point is a big reason for tether being popula. It is playing a stable coin and now that btc is in good bull, the tether hodlers won't benefit, this is one other side to buying into tether.
The real digital dollar should CBDC that will officially issued by the regulators. USDT, USDC and any other stable coin that issued by the company didn't create any cooperation with the regulators can't be called as the new digital dollar.
Remember about these stable coins are not 100% transparent to the its users. We have so many cases about tether which was not fully backed by dollar.
What about USDC? it has started to print more and more coins too.
Remember about these stable coins are not 100% transparent to the its users. We have so many cases about tether which was not fully backed by dollar.
What about USDC? it has started to print more and more coins too.
A copycat tries to become a cat. What a joke? As long as Tether exists, there is no chance USDC can replace it and become the next digital dollar. Moreover, only us (crypto enthusiasts) call USDT, USDC digital dollar. There is no government or organization approving this coin. However, unless it becomes a scam project, USDT is still a nice digital currency to me
Why should we have to buy USDC if it is backed by the dollar? It means, you barely earn profit from holding this coin. We have already had too many dollars in the real-life already. Now its time for us to invest our money in potential projects which can give us income in the future. Holding currencies, whatever kind of currency, only gives us loss and pain and inflation
Why should we have to buy USDC if it is backed by the dollar? It means, you barely earn profit from holding this coin. We have already had too many dollars in the real-life already. Now its time for us to invest our money in potential projects which can give us income in the future. Holding currencies, whatever kind of currency, only gives us loss and pain and inflation
I was going to mention that PAX, but you did at the end of your post. PAX is one of the best stablecoins (that’s if not the best) and it came at a time when a lot of people started to lose trust in Tether. Tether might still maintain its position on top and high liquidity, because just like Bitcoin, no matter how hard other coins try, the first to come will always remain on the top of the list.
Unless it is going to be a different story this time around. Apart from this USDC and PAX, there is also a stablecoin that’s owned by Binance and is called the Binance USD. As for Tether, there is no proof that it is 100% backed by the USD.
Unless it is going to be a different story this time around. Apart from this USDC and PAX, there is also a stablecoin that’s owned by Binance and is called the Binance USD. As for Tether, there is no proof that it is 100% backed by the USD.
usdc looking good team behind this is legit and solid.
the jeremy allarie circle if those guys was owner of poloniex the poloniex better also.
anyways USDC looking most solid stable coin out there and it works and i think it ready and i think its good time to buy this coin.
TETHER has off course bigger liqutatity but i dont trust the owners for me is important the team.
pax ? not sure but yea USDC looking good i think it will be the new currecny
the jeremy allarie circle if those guys was owner of poloniex the poloniex better also.
anyways USDC looking most solid stable coin out there and it works and i think it ready and i think its good time to buy this coin.
TETHER has off course bigger liqutatity but i dont trust the owners for me is important the team.
pax ? not sure but yea USDC looking good i think it will be the new currecny
Having a good team behind a stablecoin crypto project doesn't mean anything.
The new "digital dollar" will be most likely created and controlled by the Federal Reserve System.
Stablecoins backed by USD don't have the power and influence,in order to become "the new digital dollar".
This forum topic seems like pure promotion of USDC,which is totally pointless.Stablecoins are being used only as a medium of exchange inside the crypto trading plaftoms.Outside of those platforms,the stablecoins are practically useless.
We really can't earn profit in usdc but choosing a good stable coin will help you getaway from dropping coin's price and then buy coins at the lowest price as possible.
^ It still remains speculations though either USDT and USDC have both advantages and disadvantages as well like usdt may have better liquidity but has a gray shade on the background while usdc team has a good reputation but has some flaws in doing transaction. At the end of the day, it should still be the one who can provide us security on our investments and that I should go with usdc though the transaction might be challenging at times it can be resolved in the mere future compared with usdt that its team has already been marked as gray, regardless of the features that they offer.
We really can't earn profit in usdc but choosing a good stable coin will help you getaway from dropping coin's price and then buy coins at the lowest price as possible.
I agree. Any time is a good to buy stablecoins and it will depend on the opportunities that you have. An example of them can be: If you want to buy / sell a token "X" you could have this pair either USDT or USDC. It will also depend on the winning opportunities that you find on the trading platforms.
Now that FTX is launching fractional share trading of Tesla (TSLA), Apple (APPL) and Amazon (AMZN) it is timely to keep the idea to invest in USDT / USDC.
https://twitter.com/FTX_Official/status/1323141687229624320?s=19
Now that FTX is launching fractional share trading of Tesla (TSLA), Apple (APPL) and Amazon (AMZN) it is timely to keep the idea to invest in USDT / USDC.
https://twitter.com/FTX_Official/status/1323141687229624320?s=19
i think its good time to buy this coin.
What's with the good time of buying a stable coin?Buy it if you want and do it at any time you want. There's no good or bad season for buying stable coins like USDC because it's the same as the other stable coins that don't have fluctuation in prices.
If you want to keep it as it is, you have any other reason except that it has a good team.
I guess it may seems that USDC may be good and ready to become a digital currency but it remains a centralized currency that the US government still has full control of and can be easily manipulated by the central banks. Though usdt has the exact value as us dollar it may still be hard for usdc to replace it for popularity-wise as of now people are more aware of the existence of usdt and would probably cling on it since had been on the market for years now and it is already in circulation.
The only advantage of usdc is that if it will be recommended by our government and get legalized as the only digital currency in the country.
The only advantage of usdc is that if it will be recommended by our government and get legalized as the only digital currency in the country.
There is an article on this forum about USDt created by NotATether that truly reveal the whole truth about tether
Most of you traders are familiar with USDT, also known as Tether. It is meant to be a stablecoin that is backed 1:1 to the US dollar, but in practice, USDT is usually a few pennies higher or lower than the dollar. I will explain why this is a problem.
The way you're supposed to use Tether is to buy it on exchanges when you want to hedge against bitcoin or some other crypto. Tether has no community blockchain and thus, there is no wallet software for it. It is strictly intended for trading purposes.
I mentioned that USDT's price is not exactly equivalent to the dollar's, and it's a few cents off. So, if you trade the BTC equivalent of $100 to USDT, it will be a few dollars off, say $103. The problem comes when you trade tens of thousands worth of BTC with it. Suddenly, some of your balance is artificially lowered (or raised, if Tether drops below $1), when you have expected it to give you the equivalent in US dollars. In this example you lose about a few hundred in dollars trading BTC to USDT.
And I said it's a problem, because people and whales are trading with such large amounts all the time. So now there is a bunch of BTC floating around in people's trading accounts, that should not exist (or the lack of it that should've existed) but is sent/received anyway by exchanges because of imprecise Tether prices. That is a prime example of manipulation.
I estimate there is a deficit of millions of dollars worth of BTC in exchanges' liquidity because of this error. Tether is bought more than it's sold, if thar wasn't true there would be more sellers than buyers and it wouldn't be used by many people.
All USDT tokens made by Tether are supposed to be backed by the same amount of dollars, which is what Tether claims is the case but when asked for proof, they can't prove it. This is very sketchy behavior from a company that's supposed to be managing a stablecoin.
They actually only have three fourths of their tokens backed by dollars. The rest are backed by nothing, so you are now at the mercy of Tether's ability to correct USDT with respect to the dollar so that your tokens don't suddenly become worthless. And I already demonstrated they do a bad job at that.
As if that wasn't bad enough, what if I told you that some of the reserves they do have are being invested in bitcoin? Reserves should never be based off of volatile currency, does Tether think bitcoin's going to go on a big rally and they can cash it all out to get some liquidity? (No. They can't do that, because if they did, it would immediately trigger a collapse in BTC price. Market manipulation in fine.) We do not know what percentage of their actual reserves, or even their alleged reserves, are hedged in bitcoin, but however much it is, Bitcoin recently crashed to a little more than 5/6ths of its value, from almost $12K, to just over $10K. A lot of reserves have been lost to that.
They also have a different percentage of their reserves backed by loans to other companies, and there have been several cases of institutions failing to pay back their loans, and if Tether runs out of money and defaults, that portion of their reserves will lose a lot of value.
Tether doesn't even have anyone auditing its token anymore, so don't count on the reserves to bail you out of a Tether disaster. Tether has no governmental insurance to save its value if it collapses, there are only its alleged reserves protecting it.
You'd expect an independent company to be issuing USDT. Instead, one of the largest exchanges in the world, also happens to own the biggest stablecoin. Talk about control. There is nothing stopping Bitfinex from using Tether to inflate its trading volume, which if too big, will be bad for all bitcoin traders, especially Bitfinex users.
Can we trust Bitfinex? The answer is no, just like any other exchange. You are supposed to verify that exchanges don't engage in this shady behavior, and since you usually can't, the next best solution is to hold Tether only for short periods to evade fluctuations. Besides, Bitfinex was hacked before, so what if Tether and Bitfinex share the same vulnerable code for their platform?
If Tether goes bust, it's going to knock down the Bitcoin price with it because the BTC-USDT trading pair is the largest traded pair ever. People can't trade back to their equivalent amount in BTC, exchanges will suddenly be left with a surplus of Bitcoin, and such a concentrated amount will bring it down to say half its price or something. It can't completely destroy the price, but it has the potential to make a 2018-style crash.
Tether has tied Bitcoin's fate to it, like a spider ties up its prey. A mishap at Tether has the potential to make people leave Bitcoin, a mishap we must not allow to happen. Though as individual traders there is not much we ourselves can do to sway the pendulum.
Sources:
https://thenextweb.com/hardfork/2019/08/08/another-reason-tether-terrible-300-entities-control-80-percent/
https://www.exodus.io/blog/is-usdt-safe/
https://en.wikipedia.org/wiki/Tether_(cryptocurrency)
But, there will be some reasons while USDC will not be able to overtake USDt, one of the reasons is because most people dealing with cryptocurrencies now do not make enough research about cryptocurrencies before getting involved, and the chance these people likely to first know about USDt is more than knowing USDC, and also people like coins that are trendy, the one with the higher marketcap, and of which USDt is the first of all stable cryptocurrencies. Because of these, many traders do deal with USDt than USDC and likely not to be possible for USDC to take over.
Is USDT stable? Or, why Tether is bad for Bitcoin
Most of you traders are familiar with USDT, also known as Tether. It is meant to be a stablecoin that is backed 1:1 to the US dollar, but in practice, USDT is usually a few pennies higher or lower than the dollar. I will explain why this is a problem.
Trading with USDT
The way you're supposed to use Tether is to buy it on exchanges when you want to hedge against bitcoin or some other crypto. Tether has no community blockchain and thus, there is no wallet software for it. It is strictly intended for trading purposes.
I mentioned that USDT's price is not exactly equivalent to the dollar's, and it's a few cents off. So, if you trade the BTC equivalent of $100 to USDT, it will be a few dollars off, say $103. The problem comes when you trade tens of thousands worth of BTC with it. Suddenly, some of your balance is artificially lowered (or raised, if Tether drops below $1), when you have expected it to give you the equivalent in US dollars. In this example you lose about a few hundred in dollars trading BTC to USDT.
And I said it's a problem, because people and whales are trading with such large amounts all the time. So now there is a bunch of BTC floating around in people's trading accounts, that should not exist (or the lack of it that should've existed) but is sent/received anyway by exchanges because of imprecise Tether prices. That is a prime example of manipulation.
I estimate there is a deficit of millions of dollars worth of BTC in exchanges' liquidity because of this error. Tether is bought more than it's sold, if thar wasn't true there would be more sellers than buyers and it wouldn't be used by many people.
Tether's supposed to be liquid, but isn't
All USDT tokens made by Tether are supposed to be backed by the same amount of dollars, which is what Tether claims is the case but when asked for proof, they can't prove it. This is very sketchy behavior from a company that's supposed to be managing a stablecoin.
They actually only have three fourths of their tokens backed by dollars. The rest are backed by nothing, so you are now at the mercy of Tether's ability to correct USDT with respect to the dollar so that your tokens don't suddenly become worthless. And I already demonstrated they do a bad job at that.
As if that wasn't bad enough, what if I told you that some of the reserves they do have are being invested in bitcoin? Reserves should never be based off of volatile currency, does Tether think bitcoin's going to go on a big rally and they can cash it all out to get some liquidity? (No. They can't do that, because if they did, it would immediately trigger a collapse in BTC price. Market manipulation in fine.) We do not know what percentage of their actual reserves, or even their alleged reserves, are hedged in bitcoin, but however much it is, Bitcoin recently crashed to a little more than 5/6ths of its value, from almost $12K, to just over $10K. A lot of reserves have been lost to that.
They also have a different percentage of their reserves backed by loans to other companies, and there have been several cases of institutions failing to pay back their loans, and if Tether runs out of money and defaults, that portion of their reserves will lose a lot of value.
Tether doesn't even have anyone auditing its token anymore, so don't count on the reserves to bail you out of a Tether disaster. Tether has no governmental insurance to save its value if it collapses, there are only its alleged reserves protecting it.
Tether is owned by Bitfinex
You'd expect an independent company to be issuing USDT. Instead, one of the largest exchanges in the world, also happens to own the biggest stablecoin. Talk about control. There is nothing stopping Bitfinex from using Tether to inflate its trading volume, which if too big, will be bad for all bitcoin traders, especially Bitfinex users.
Can we trust Bitfinex? The answer is no, just like any other exchange. You are supposed to verify that exchanges don't engage in this shady behavior, and since you usually can't, the next best solution is to hold Tether only for short periods to evade fluctuations. Besides, Bitfinex was hacked before, so what if Tether and Bitfinex share the same vulnerable code for their platform?
Millions of dollars have already been hedged in USDT
If Tether goes bust, it's going to knock down the Bitcoin price with it because the BTC-USDT trading pair is the largest traded pair ever. People can't trade back to their equivalent amount in BTC, exchanges will suddenly be left with a surplus of Bitcoin, and such a concentrated amount will bring it down to say half its price or something. It can't completely destroy the price, but it has the potential to make a 2018-style crash.
Tether has tied Bitcoin's fate to it, like a spider ties up its prey. A mishap at Tether has the potential to make people leave Bitcoin, a mishap we must not allow to happen. Though as individual traders there is not much we ourselves can do to sway the pendulum.
Sources:
https://thenextweb.com/hardfork/2019/08/08/another-reason-tether-terrible-300-entities-control-80-percent/
https://www.exodus.io/blog/is-usdt-safe/
https://en.wikipedia.org/wiki/Tether_(cryptocurrency)
But, there will be some reasons while USDC will not be able to overtake USDt, one of the reasons is because most people dealing with cryptocurrencies now do not make enough research about cryptocurrencies before getting involved, and the chance these people likely to first know about USDt is more than knowing USDC, and also people like coins that are trendy, the one with the higher marketcap, and of which USDt is the first of all stable cryptocurrencies. Because of these, many traders do deal with USDt than USDC and likely not to be possible for USDC to take over.
of both USDC and USDT, both of them have good advantages, and if I am asked to choose clearly I will choose USDT because of the easy exchange rate because I no longer need to exchange for fiat money. while USDC will still end where the exchange is via USDT. fellow liquidity who plays an important role.
I thought binance and coinbase accepted usdc and had good rates for them.
Saying that, binance futures looks to be in usdt for some reason...
If you ask me, USDT is most used and trusted by users however they have very shady team behind it and give many promises. We most see how much usd liquidity is supplied by the team and we must make sure if they are laying like usdt team or not. I personally think usdc will get much more trust between people near soon depending on the team and how honest they are.
Yeah... They also fell to 86 cents a few years ago (usdt) so... (really with full cash reserves this shouldn't happen or even a 90% reserve).
of both USDC and USDT, both of them have good advantages, and if I am asked to choose clearly I will choose USDT because of the easy exchange rate because I no longer need to exchange for fiat money. while USDC will still end where the exchange is via USDT. fellow liquidity who plays an important role.
If you ask me, USDT is most used and trusted by users however they have very shady team behind it and give many promises. We most see how much usd liquidity is supplied by the team and we must make sure if they are laying like usdt team or not. I personally think usdc will get much more trust between people near soon depending on the team and how honest they are.
Don't they allow you to redeem usdc also for dollars? I think I saw they had a billion minted and about half had been withdrawn for fiat which looked like a good PoC...
I prefer it to usdt but I'm not sure about it compared with dai - also coinbase prefers usdc
I prefer it to usdt but I'm not sure about it compared with dai - also coinbase prefers usdc
Well the USDC have trusted team behind.
USDT can just disapeare the team of USDT is very shady.
i think the USDC has one of the best purache power also.
i think the USDC is like hidden Gem nobody dont talk about it but its interesting coin
Don't they allow you to redeem usdc also for dollars? I think I saw they had a billion minted and about half had been withdrawn for fiat which looked like a good PoC...
I prefer it to usdt but I'm not sure about it compared with dai - also coinbase prefers usdc
I prefer it to usdt but I'm not sure about it compared with dai - also coinbase prefers usdc
usdc looking good team behind this is legit and solid.
the jeremy allarie circle if those guys was owner of poloniex the poloniex better also.
anyways USDC looking most solid stable coin out there and it works and i think it ready and i think its good time to buy this coin.
TETHER has off course bigger liqutatity but i dont trust the owners for me is important the team.
pax ? not sure but yea USDC looking good i think it will be the new currecny
the jeremy allarie circle if those guys was owner of poloniex the poloniex better also.
anyways USDC looking most solid stable coin out there and it works and i think it ready and i think its good time to buy this coin.
TETHER has off course bigger liqutatity but i dont trust the owners for me is important the team.
pax ? not sure but yea USDC looking good i think it will be the new currecny
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