USDC is not safe - page 3. | Bitcointalksearch.org

bitgolden

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Quote from: Rupok on April 04, 2023, 08:00:02 AM

I have seen this news a long time ago and the tweet is a few months old, it seems to me nothing more than rumours.But I feel safer in BUSD than usdc. I always select BUSD, USDT as stable coins.Everything is centralized in cryptocurrency, so there is no such thing as safe, so it is difficult to judge good or bad. As stable coins are not safe, Bitcoin is very safe as an alternative.Also if you are a Binance user you can rely on bnb coins.BNB Coin is currently one of the most trusted.

I am pretty sure that rumor or not, when you give your money to someone for fake dollar, that doesn't really feel safe at all. If you gave me a dollar and I tell you that you can get it back anytime you want, would you trust me?

You wouldn't, but you do trust these guys, I am not saying I am as trustworthy as them, of course you can trust them more than you trust me that's true but does it even matter? Why should you trust anyone? Is that a requirement. I have no money in stablecoins right now, and that means I don't have to trust anyone at all, so if you have that type of option, why would you not pick that instead? Wouldn't that make more sense to you in the end?

poodle63

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it is still safe, but i'm definitely gonna choose BUSD anyday if I were to choose, simply for the simple fact that it got binance backing it up for all I know they've been consistent in revealing their reserves in which somehow gow some assurance that there's real money backing it up otherwise i'd stay with USDT with the fact that it's trusted since long time ago.

Psynthax

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despite all the rumour and the fact that USDC as stablecoin are having fud when it lost some of its value, it could regain back easily, stablecoin that have real reserve doesn't lie if the value decrease someone could just make some profit off the margin because they know it's truly backed by real money, so therefore I think stablecoin in general are still safe.

Xal0lex

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Quote from: Abiky on April 03, 2023, 10:35:19 PM

Quote from: Xal0lex on April 02, 2023, 01:35:14 PM

I would not be surprised if in the near future, the share of stablecoins in the crypto market will fall dramatically, and many banks that cooperate with these crypto projects will either close or stop servicing accounts that have cash collateral on them altogether. The era of CBDCs, the dreaded state-controlled tokens, is coming. These are even worse than stablecoins, and have absolutely nothing to do with real cryptocurrencies. States and banks will push this garbage into the crypto industry in every way they can.

Stablecoins proved to be a "failed experiment".

Disagree. USDT has proven to be quite resilient, despite being buried many times, but it has survived all the bear markets and major cryptocurrency crashes with dignity.

Quote from: Abiky on April 03, 2023, 10:35:19 PM

They will eventually be replaced by CBDCs as governments push their agenda of a "Global Reset".

From CBDC will need to stay as far away as possible, because it is a parody of cryptocurrencies.

Quote from: Abiky on April 03, 2023, 10:35:19 PM

People should stay away from stablecoins after what happened with Terra's UST stablecoin and USDC + DAIq.

UST turned out to be a failed Stablecoin because its algorithmic model was questionable from the beginning. The USDC and DAI were in de-peg for only a few days. Unless you are a short-term speculator, you would barely notice this de-peg of the dollar.

Rupok

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I have seen this news a long time ago and the tweet is a few months old, it seems to me nothing more than rumours.But I feel safer in BUSD than usdc. I always select BUSD, USDT as stable coins.Everything is centralized in cryptocurrency, so there is no such thing as safe, so it is difficult to judge good or bad. As stable coins are not safe, Bitcoin is very safe as an alternative.Also if you are a Binance user you can rely on bnb coins.BNB Coin is currently one of the most trusted.

MIner1448

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When it comes to storing stablecoins, it is important to consider several factors. First, you should choose a reliable exchange or platform on which you will store your funds. It is important to study their security policy and regulation, as well as evaluate the reputation of the platform in the cryptocurrency community.
Secondly, decentralized stablecoins such as Dai or UST can be used, which are based on smart contracts and do not have a central issuer, which makes them more resistant to external factors.

Abiky

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Quote from: Xal0lex on April 02, 2023, 01:35:14 PM

I would not be surprised if in the near future, the share of stablecoins in the crypto market will fall dramatically, and many banks that cooperate with these crypto projects will either close or stop servicing accounts that have cash collateral on them altogether. The era of CBDCs, the dreaded state-controlled tokens, is coming. These are even worse than stablecoins, and have absolutely nothing to do with real cryptocurrencies. States and banks will push this garbage into the crypto industry in every way they can.

Stablecoins proved to be a "failed experiment". They will eventually be replaced by CBDCs as governments push their agenda of a "Global Reset". People should stay away from stablecoins after what happened with Terra's UST stablecoin and USDC + DAIq. They simply cannot be trusted anymore. Not even Tether (USDT) with its shady practices. You're better off turning your crypto into real cash for complete peace of mind.

The future lies on decentralized cryptocurrencies that are independent from the current banking system. Not stablecoins that can fail or can be easily manipulated at will. Who knows how long does USDC or any other stablecoin has before they become history? Just my opinion

Xal0lex

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Quote from: borovichok on April 03, 2023, 03:55:43 AM

Quote from: Xal0lex on April 02, 2023, 01:35:14 PM

I would not be surprised if in the near future, the share of stablecoins in the crypto market will fall dramatically, and many banks that cooperate with these crypto projects will either close or stop servicing accounts that have cash collateral on them altogether. The era of CBDCs, the dreaded state-controlled tokens, is coming. These are even worse than stablecoins, and have absolutely nothing to do with real cryptocurrencies. States and banks will push this garbage into the crypto industry in every way they can.

Cryptocurrency is risky but with additional presence of stable coins, a trader can easily convert most of his crypto assets to stable coins whenever there's bear in the market. Stable coins is safe during the period of bull season, and there's clear difference between USDC and USDT, because I've seen situations were they're classified as the same thing. Stable coins are general in the market with usage from top exchanges and countries. USDC is a stable coin but over the past months, we experiencing issues concerning the stable coin about inflation.

Stablecoins are useful in any market and at all times. Converting profits into stablecoins is not always wise, because some profits are better converted into fiat and withdrawn from the cryptocurrency sector, thereby diversifying your portfolio and creating a safety cushion. Although fiat money is constantly depreciating, keeping all your capital in cryptocurrencies is just as risky, so many traders constantly forget that their profits should sometimes be fixed in their real wallet, not just in a virtual one.

siniminomorocomunisakito

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I think while remaining vigilant in the cryptocurrency market, it is important to approach claims like "USDC is not safe" with caution and scepticism. It is true that stablecoins like USDT and USDC are centralized and may have regulatory or operational risks, but they are backed by reserves and have undergone various audits to ensure their stability. On the subject of storing stablecoins, It is common for users to use reputable and secure exchanges or wallets that have a good reputation for security and transparency.

borovichok

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Quote from: Xal0lex on April 02, 2023, 01:35:14 PM

I would not be surprised if in the near future, the share of stablecoins in the crypto market will fall dramatically, and many banks that cooperate with these crypto projects will either close or stop servicing accounts that have cash collateral on them altogether. The era of CBDCs, the dreaded state-controlled tokens, is coming. These are even worse than stablecoins, and have absolutely nothing to do with real cryptocurrencies. States and banks will push this garbage into the crypto industry in every way they can.

Cryptocurrency is risky but with additional presence of stable coins, a trader can easily convert most of his crypto assets to stable coins whenever there's bear in the market. Stable coins is safe during the period of bull season, and there's clear difference between USDC and USDT, because I've seen situations were they're classified as the same thing. Stable coins are general in the market with usage from top exchanges and countries. USDC is a stable coin but over the past months, we experiencing issues concerning the stable coin about inflation.

Xal0lex

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I would not be surprised if in the near future, the share of stablecoins in the crypto market will fall dramatically, and many banks that cooperate with these crypto projects will either close or stop servicing accounts that have cash collateral on them altogether. The era of CBDCs, the dreaded state-controlled tokens, is coming. These are even worse than stablecoins, and have absolutely nothing to do with real cryptocurrencies. States and banks will push this garbage into the crypto industry in every way they can.

ultrloa

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Quote from: mdzahed134 on January 06, 2023, 05:44:18 PM

Quote from: asyakashi on December 15, 2022, 11:38:24 AM

the thing I see clearly is how binance has a stable coin that is BUSD. i think it would be great to divert our assets in BUSD as it is clear in its reserves with binance from any stable coin. I think that's enough of how we should trust it as a safe stable coin.

Though i don’t need to use Binance Stable Coin (BUSD) but i little bit trust it because of Binance exchange but now i don’t believe any stable coin especially centralized stable coins. Spreading a lot of FUD in BNB after collapsed FTT, So i think you also shouldn’t considering 100% safe in stable coins even BUSD.

Not even binance can get my 100% trust since any of those stable coin has possibilities to collapsed so better be more careful on holding it and always follow some crypto medias or even became more active here to know the latest updates about those coins. If there's controversy happening for sure there's someone will keep us an update regarding on current situation.

mdzahed134

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Quote from: asyakashi on December 15, 2022, 11:38:24 AM

the thing I see clearly is how binance has a stable coin that is BUSD. i think it would be great to divert our assets in BUSD as it is clear in its reserves with binance from any stable coin. I think that's enough of how we should trust it as a safe stable coin.

Though i don’t need to use Binance Stable Coin (BUSD) but i little bit trust it because of Binance exchange but now i don’t believe any stable coin especially centralized stable coins. Spreading a lot of FUD in BNB after collapsed FTT, So i think you also shouldn’t considering 100% safe in stable coins even BUSD.

Lantind

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Quote from: Xal0lex on December 18, 2022, 04:16:27 PM

Quote from: Lantind on December 18, 2022, 04:02:52 PM

None of the current crypto is safe except Bitcoin. As long as the crypto is still changing both in terms of supply, from the PoW system to PoS and so on, then the crypto is not safe. This means that there is still a possibility to do something outside of our instincts, or there is still a possibility to be stopped by the running system. Likewise with the current stable coins that we consider safe with a value equivalent to Fiat. If the addition of the supply continues and suddenly they buy up most of the Bitcoin with the stable coins they are developing, then the price of Bitcoin will increase and the stable coins will drop because the amount of supply exceeds the needs of the exchange.

And what category of people do you think bitcoin is safe for? If you say bitcoin is safe for everyone, that's not quite right. Bitcoin can be dangerous for short-term investors because it is volatile. Many investors consider bitcoin a risky asset. A risky asset cannot be safe. So it's worth rephrasing your definition. Bitcoin is more reliable than other altcoins.

When talking about price fluctuations, of course all crypto assets are insecure, because they measure changes in value based on fiat values. When investors invest, of course they think about how far the project can survive.
Talking about crypto with various kinds of changes that occur in crypto, the SEC always handles, if there is a fundamental violation of the crypto, then the SEC sanctions apply. Can these sanctions apply to Bitcoin? Of course not.
Why do I say others are not safe, while Bitcoin is safe. Because it is clear who owns all other crypto, if it is not the owner who commits fraud, of course other parties will do something detrimental to the crypto project.

Abiky

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Quote from: noormcs5 on December 11, 2022, 05:04:05 AM

Well, we all know Tether has issues and many people say that USDC is much safer than USDT which is not true according to this research.
Although this tweet is few months old but it is a moment of concern. All of these coins USDT, and USDC and even BUSD are not safe. The Algorithmic stable coins like Dai can also lose their peg against the dollar in a crisis situation.

In this situation, what can be the best way to store our stable coins Huh

...

We can't trust anything that's centralized these days as your funds could easily get lost or stolen in a blink of an eye. There's a reason why Satoshi made Bitcoin a cryptocurrency independent of third-parties. Adding centralization (single point of failure) will bring us back to the failures of banks. I'd only trust decentralized stablecoins that are collaterized by other crypto assets. Of course, a huge downfall in crypto market prices could leave with you nothing in return. But it's better to "hodl" a decentralized stablecoin whose keys you control than a centralized one.

To be on the safe side, just cash out your crypto to Fiat and you'll never have to worry about losing your money ever again. No one knows when disaster strikes, so it's best to be prepared just in case. Just my opinion

Smack That Ace

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Quote from: diminizio on December 15, 2022, 11:31:21 AM

There are several ways to keep your stable coins safe, depending on your preferences and needs. First, you can store your stable coins in a trusted wallet such as a hardware wallet or a secure software wallet. This will guarantee that your stable coins are not accessible to unwanted third parties. Secondly, you can store your stable coins on regulated and trusted exchanges, which have a good security system in place to protect their customers' assets. However, it also carries a higher risk as exchanges can experience attacks or theft. So, it's best to consider carefully before deciding on the best way to keep your coins stable.

Incorrect, all stable coins are centralized, so it is also not safe if you store them in a non-custodial wallet. Centralization means they are controlled by a 3rd party, so even if you keep them in your personal wallet, they can still freeze your assets. For me, there is no such thing as 100% safe in this market, not even bitcoin. Investing in cryptocurrencies means that we have to take risks from the start, so invest only the money you can lose.

Miaallen

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This issue of safety in stable coin create lots of fears in cryptocurrency investors since the time of Terra UST depeg and Luna crash. The only stable coins mostly trusted now are BUSD and USDT. And I doubt either of them can also survive depeg attack if every cryptocurrency stakeholders do not come together to defend them.

Xal0lex

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Quote from: Lantind on December 18, 2022, 04:02:52 PM

None of the current crypto is safe except Bitcoin. As long as the crypto is still changing both in terms of supply, from the PoW system to PoS and so on, then the crypto is not safe. This means that there is still a possibility to do something outside of our instincts, or there is still a possibility to be stopped by the running system. Likewise with the current stable coins that we consider safe with a value equivalent to Fiat. If the addition of the supply continues and suddenly they buy up most of the Bitcoin with the stable coins they are developing, then the price of Bitcoin will increase and the stable coins will drop because the amount of supply exceeds the needs of the exchange.

And what category of people do you think bitcoin is safe for? If you say bitcoin is safe for everyone, that's not quite right. Bitcoin can be dangerous for short-term investors because it is volatile. Many investors consider bitcoin a risky asset. A risky asset cannot be safe. So it's worth rephrasing your definition. Bitcoin is more reliable than other altcoins.

Lantind

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Quote from: noormcs5 on December 11, 2022, 05:04:05 AM

Well, we all know Tether has issues and many people say that USDC is much safer than USDT which is not true according to this research.
Although this tweet is few months old but it is a moment of concern. All of these coins USDT, and USDC and even BUSD are not safe. The Algorithmic stable coins like Dai can also lose their peg against the dollar in a crisis situation.

In this situation, what can be the best way to store our stable coins Huh

None of the current crypto is safe except Bitcoin. As long as the crypto is still changing both in terms of supply, from the PoW system to PoS and so on, then the crypto is not safe. This means that there is still a possibility to do something outside of our instincts, or there is still a possibility to be stopped by the running system. Likewise with the current stable coins that we consider safe with a value equivalent to Fiat. If the addition of the supply continues and suddenly they buy up most of the Bitcoin with the stable coins they are developing, then the price of Bitcoin will increase and the stable coins will drop because the amount of supply exceeds the needs of the exchange.

vv181

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A centralized intermediaries are a point of failure. Even a decentralized stable coin is prone to falls due to the underlying system, take the example of UST. The flaw might be hidden for many people who do not dig deeper into whether such system is able to cope with the pressure of the market. I'm afraid a big hit on a stablecoin would make the cryptocurrency market takes a downturn, we know how DeFi market relies on the stablecoin.

The point is most stable coins highly rely upon a currency that is managed by centralized entities, this specifies a scope of failure to the company that manages the token. Personally, as in "stable" means, I'm sure Bitcoin is stable enough for me. Nevertheless, I understand those who seek less volatility or safely manage their funds.

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