USDC is not safe - page 5. | Bitcointalksearch.org

zasad@

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Quote from: RealMalatesta on December 11, 2022, 09:03:04 AM

Quote from: zasad@ on December 11, 2022, 08:02:22 AM

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

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

CASH only!

If you are saving cash means literally you are losing every year approximately 5% of your saving as global average inflation rate for current times is around that. When we are talking about crypto stable coins are not safer to store value, we must need to remember government's cash are practically danger to our saving. If you prefer cash to store your wealth then I guess you may go risking your wealth even with anything as cash got guaranteed depression of 5% whereas most investment things got at least 10% chances for appreciations.

What do you think is better: to lose 5% per year due to inflation or to risk losing all your savings?
More reliable than cash has not yet been invented. Of course, this depends on the country of residence, because in my country, cash can be quickly exchanged for cryptocurrency and vice versa, and this is not taxed.

darewaller

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Quote from: ice18 on December 12, 2022, 01:18:35 AM

Even BUSD and Binance exchange reserve is in hot seat now for its proof of reserve (https://twitter.com/mikealfred/status/1601959206239629320) so BUSD is also in danger, what if any moment this stables value become unstable looks like its too risky to hold stable now.

That tweet is talking about shortage of $245 million and anyone who has been watching binance from its beginning days know the facts; that must be a FUD against a crypto giant to grab cheaper prices of all cryptos. Basically I am not a supporter of any stablecoin or exchange but suspecting binance for $245 millions does not sound realistic.

Stablecoins were not part of crypto space some 5 years back but now people are making use of it for many applications like P2P trading and bot trading hence I wish to have a problem-free stablecoins but we do get only corporate coins. A decentralized stablecoin must be a solution here (I know DAI claims themselves decentralized but that also another corporate shit).

Kadal Ijo

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Actually there are many stable coin projects that are trying to be presented, maybe the popular ones today are 3 namely USDT, Busd and USDC, is the coin stable 100% certainly safe? Surely no one can guarantee, but what I know is that they have strong legality so that we can still trust with these stable coins.

Bitstar_coin

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

Yeah, what an irony this is, usdc, usdt, busd, all other stablecoins are not safe, even fiat is not safe according to popular voice, so which one is safe? or should we all store with btc only, is this the answer to this problem? Although btc is not a stablecoin it seems to be the only asset among the numerous in the market you can trust.
At this point, it is very confusing what asset is trust worthy beside btc.

ice18

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So USDC, USDT, both is not safe anymore? So what stable coins are trusted today, nothing? Even BUSD and Binance exchange reserve is in hot seat now for its proof of reserve (https://twitter.com/mikealfred/status/1601959206239629320) so BUSD is also in danger, what if any moment this stables value become unstable looks like its too risky to hold stable now.

LastKiss

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

~snip~

Well they say it is much safer because someone said it to change from USDT to USDC on Twitter, I read that Twitter message from Coinbase account tho although they only change it because it's zero fees not much safer. There's always a risk in this crypto industry and everyone has their own way to store their coins, just find what the best for you if you want to store it in stablecoins it's better that have good transparency or if want to store it in top coins then Bitcoin always be the choice.

SquirrelJulietGarden

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Quote from: GreatArkansas on December 11, 2022, 09:05:02 PM

Stablecoin is stablecoin. They are all centralized and being controlled, so this is the issue here, it's not decentralized so expect that there will be always a downside to it. Before there is some issue about Tether (USDT) that it's not 100% fully backed by fiat USD 1:1, I'm not sure if this is true or not but if that was true, it's very scary, that stablecoin could collapse in just any second, best example is UST, hours/days only became worthless.

We don't know how companies which launch stable coins back their coins with fiat currency at 1:1 ratio or less. They have reports but we can not believe those reports blindly.

I would like to cash out my Bitcoin or altcoins to have fiat currencies, USD. When I need to buy bitcoin or altcoins again, I use USD to buy USDT as a medium coin to buy Bitcoin and cryptocurrency.

I would not want to store all my capital in stable coin, not USDT or other stable coins. It is so risky. Cryptocurrency companies and their founders are degens and we should not put our capital at risk by believing them too much.

GreatArkansas

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Quote from: Maidak on December 11, 2022, 10:30:31 AM

Quote from: janggernaut on December 11, 2022, 09:20:05 AM

Even if USDC got depeged, we still have BUSD & USDT, if BUSD depeged, we still have USDT, but if USDT depeged, we are done. No any stablecoin anymore should be trusted

So far, all three are stable, but in my opinion, they are not reliable, don't wait for an incident to be alert, it's too late. They are all centralized coins and can crash or freeze our assets anytime. The influence of stablecoins on the market is vast but let's always be careful and take precautions because anything can happen, don't forget the death of UST.

Stablecoin is stablecoin. They are all centralized and being controlled, so this is the issue here, it's not decentralized so expect that there will be always a downside to it. Before there is some issue about Tether (USDT) that it's not 100% fully backed by fiat USD 1:1, I'm not sure if this is true or not but if that was true, it's very scary, that stablecoin could collapse in just any second, best example is UST, hours/days only became worthless.

Captain Corporate

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I can't read sheets as well as others here, so you would know better than I do, so you guys should tell me if this is real or not. But even if we removed all of these, don't you think that it would be very very weird if USDC was doing good? I mean any stablecoin to be doing good? Isn't it clear that we are all giving our money to some people who are giving us some fake money and saying that they will back it up? Bitcoin at least has our own backing and we decide the price and if it goes down then it goes down, in stablecoin logic, there is a company that keeps it at 1 dollar exactly and we all believe them for some reason. Never trusted any stablecoin, nor will I ever trust.

nimogsm

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For this reason,I don't keep my savings in just one stable.At the moment there are enough alternatives and you can choose any one.We all understand that no asset is 100% safe, but for now we have to use what we have.For the most part, of course,I try to store in bitcoin, but the market is very unstable.

goaldigger

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If there’s another FUD about stable coins, we might not be able to break the resistance again and maybe we stay longer on this bear trend. There’s an on-going issue with USDT and yes, USDC is not safe either. The best thing to do right now is to buy Bitcoin and instead of buying stable coins, a big collapse might still happen and that could be the worst to happen. Let’s see how they will handle this and let’s see if they can survive.

Baofeng

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Well with the way the market is moving in the last couple of days and then stable coins also being one of those people claiming as not safe then so be it. I just have like a couple of hundreds of USDT not USDC, not that big so maybe I won't be affected as others when it collapse.

And with that we don't know which stable coin is good at this point because they are all vulnerable right now.

Specially about Algorithmic stable coins as the OP said, I guess it's more prone to collapse than stable coins.

BIT-BENDER

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In my opinion USDT and USDC are not obviously completely safe, infact you hardly find a complete safe stablecoin now. But I see it as taking the one with the less poison.
Popularity wise I don’t think it gets better than USDT. I don’t know if there has been any complaints in the past about it. Most crypto-currency related services payment are don’t using it, so I would say it’s been the safest to me.

jossiel

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If there's no other option then I'd like to agree about cash, it's somewhere safe and there's no need to worry about with it.

But you still need to look at how's your economy doing then it should be bitcoin. If you just want to store wealth and value, cash and then look for some other assets where it might grow together with the inflation.

I guess we all have these issues with the stable coins and we need to be wary with all of them.

Odusko

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Quote from: zasad@ on December 11, 2022, 08:02:22 AM

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

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

CASH only!

Best advice, if everything is falling against the dollar then the best currency to hold in time of crisis is cash which will be the saving grace of the moment, and if one wants to hold anything aside from cash then the best shout is bitcoin.
But that should be on a long term base, because even the bitcoin market is also affected by this current market crisis, USTD or other stablecoins can fall at any time since their algorithm is centralized the developer can take an exit at any time and everything will drop back to zero.

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I think is only whenever they want to convert their coin before stablecoin could be used maybe when they seems the market is not stable just as the dip some weeks ago, holders could convert to USDC, USDT, BUSD, DAI and any other stable coin out there. Naturally investment are being left on bitcoin and with any other cryptocurrencies. All less the attack is being launched when there are much holders of USDC.
Have this in back of your mind, no stablecoin are reliable and trusted with 100 percent sure so any breakdown would likely occur that is why is best to hold reputable coin just as bitcoin.

Jackl87

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

So far i only heard about the issues with USDT with their funds and that they don't tell us what their reserves are and that we therefore can not really be sure, how those reserves look like and if they even exist at all. In that context it was always mentioned, that USDC was way more secure and reliable than USDT, because the company behind USDC is Coinbase which is based in the United States. That means that Coinbase obviously has to comply to US-american laws and standards and so far i always thought that they are pretty strict and therefore that Coinbase and USDC is audited and checked regularly. I always thought USDC really have enough funds to cover every USDC 1:1 with a real USD. I have to take a deeper look.

Maidak

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Quote from: janggernaut on December 11, 2022, 09:20:05 AM

Even if USDC got depeged, we still have BUSD & USDT, if BUSD depeged, we still have USDT, but if USDT depeged, we are done. No any stablecoin anymore should be trusted

So far, all three are stable, but in my opinion, they are not reliable, don't wait for an incident to be alert, it's too late. They are all centralized coins and can crash or freeze our assets anytime. The influence of stablecoins on the market is vast but let's always be careful and take precautions because anything can happen, don't forget the death of UST.

shinratensei_

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

I trust BUSD caused by has backed by the real money. I don't even trust DAI caused by it's only gimmick. Algorithmic stable token was BS. All of things in the crypto have the same issue.

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

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

You have no choice other than converting your stable token into the native coin like bitcoin but will you deal with the volatility in the native coin? This is the main question for you as you are feeling worried to hold stable token but you have no choice other than using it to keep your value from volatility.
It's better if you are waiting for CBDC to be launched and that will be the safe thing to keep your value stable

cryptoaddictchie

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Even with big peg these stablecoins arent really gonna make us safe. Yes in crypto world the importance of stablecoin are being valued at. But to be more safe is hold your actual fiat to be more precisely safer. In trading I think usdt is much better to use due to massive volume but this isnt decentralized as it can be. Frozen asset were recorded foe such accounts in the past. Means even at this point it can happen to anyone. Stablecoin like ust before is trusted and become a trash token now due to destabilisation of its system which could happen again to any of these.

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