Topic: USDC vs USDT: new stablecoins addition to the market, what do you think? (Read 282 times)

Coinbase adds the USDC stablecoin!

https://coincodex.com/article/2531/coinbase-adds-usd-coin-stablecoin-advances-its-custody-services/

yes I think you are right actually
I thought he had originally just spelled bitbay incorrectly

Anyone describing bitbay as just okay clearly has not looked at the work this developer has done.
One of the most exciting projects in this arena

It is like we a having a proliferation of stablecoins lately, Pax and Gemini dollars are making their debut across various exchanges,with a monthly independent audits to account for every coin issued. It simply means tether will have to fix the controversy surrounding them-independent audit report- if they are to remain relevant. With the credit card thing, I am sure you meant a card that could be funded with bitcoin payment options.

For two reasons, this is a good thing.
1) We now have an additional instrument.
2) It's OK to have competition. I believe that it's healthy for the crypto industry.

Personally, I do not trust any "crypto" dollar. If cryptocurrencies or ordinary us dollars have at least some reason to be a value, then this is just a farce.

They are a way to avoid paying taxes and they may have a shorter live than we think. When you change a coin into an stable coin you still technically haven´t sell so you have not made "profit" or at least is not in traceable fiat.

USDC is a stable coin created by Circle and they own the exchange - Poloniex, I do not think that there is some big diffent between two these coins (USDT and USDC).
Maybe that a lot of people lost trust in this coin.

I have observed that a good number of stablecoins are coming out nowadays. I think it is good because many people are always afraid and can't deal with the present high volatility in cryptos. So it's good news to have coins that each coin is pegged to the dollar and people can preserve their funds from any major fall in value. We have USDT, TUSD, NUSD and now USDC

Unfortunately, it is necessary for your money where the money is! But is this the way of cryptocurrencies? So we will hardly escape the clutches of governments and etc? It is interesting to reflect on this and the whales know that they will profit greatly from it and then abandon this scheme. I'll try to make a profit too. At least there is seriousness in these pairs involved.

Technically. Yes. When a blockchain project uses another blockchain to host it's project the native cryptocurrency is usually called a token. But as we know, many project uses the ethereum platform to kick start their project and in future swap to mainnet example EOS. So I have the feeling that might be their plan and if I am wrong then I guess this will be the very first stabletoken I know of.

These are simply options to keep your investment in fiat instead of having to stay in crypto at all costs, but there are sayings out there about the fishy business that those coins have in reation with bitcoin price pumps.

How transparent and decentralized is the stablecoin? Can it be frozen or reversed? Can it be printed like tether .  Not saying that tether is bad though. As far as I can tell, known of the allegation against it has been proven. This doesn't mean they wouldn't go rogue if they want to. We should instead have currencies or systems that would be impossible to be abuse.
The centralized stablecoins could be abused and also used against  decentralized coins. Not a good thing. Better we stick with something everyone can monitor and audit.

Actually, I think he misread your post.

He seems to be referring to something called BITBOX, which I think must be this:  https://www.bitbox.me/

He hasn't actually addressed your post about BitBay at all.

This is the first time I've seen a coin. Read that here write about it. But here's a teaser I know, it can be very convenient to keep your dollars

I hope they get a good start. poloneix hasn't listed in a long time. it surprised me. I don'T think the USDT will pass. because even though there's so much gossip, it's too high in volume.

New stablecoins addition to the market - it's a good sign because it's new ways for fiat money will flow in crypto and increase marketcap. New investors will come with new stablecoins soon!

since it listed on decentralized exchanges that based on ethereum platform, so it will become a token right?

Every exchanger wants to have his pocket $. This situation already looks ridiculous. You can not print $, but you can make it up. I do not know who thinks, but I see only more risks for investors in this. More coins, more chances to lose one of them, with the next scam.

Well we all have our opinions, I don't know about bitbay but will do my research on it. I have been following USDC from development stages still date, that's why I have more faith in them than USDT. Never knew of USDT until I saw it on exchanges.
The rate at which new stablecoins are created needs to be put to check, I mean if we just had 5-10 stablecoins build with real world use applications, it would be beneficial to the cryptosystem.

There are currently over 57 "stable"coin projects in existence. Some are already live and others are still in development.
The vast majority of them will still have to build a marketplace or request integration into an existing marketplace if they are to ever really tap into being adopted as a 'currency'.

There is only 1 that has a trustless marketplace ready and an easy button web/mobile marketplace ready in a couple more months = BitBay

And the point I'm getting at is that now that all these stablecoins are beginning to come online, they better continue developing in a frenzy to build real world use applications as well.
Because if their hopes are to just sit back and remain 'sustainable' on centralized fundamentals by being used as a hedging mechanism for exchange traders, then they will most likely fail.
The shear number of new coins coming online will cause the industry's trade volume to get diluted more and more.

Investors need to take in consideration:

1) Definition - What is a stablecoin? Is it something that holds a hard pegged value to fiat or gold? What makes this fiat or gold stable? Is it not simply because its exchange price fluctuations are less volatile than other industries? So in the end, doesn't it just boil down to stabilizing the volatility? So why sell yourself short and let something else do that for you? Why not just create your own self sufficient volatility stabilizer? Why rely on something else to do it for you? Dependency is a weakness. And why stop there? If you remove the volatility, why does that mean you HAVE to keep it at a hard pegged 'value'? Why not let it find it's fair market value yet simply regulating the volatility while it searches for a fair market value!  BitBay is the only stablecoin that simply enforces regulating volatility. BitBay doesn't need gold or fiat to do that for it! It's completely independent!

2) Fundamentals - how decentralized is it? Why does that matter? There are multiple reasons, but one big one I foresee is what happens to these centralized coins when governments simply create their own digital crypto fiat? Such a fear doesn't apply to decentralized coins. https://bitcointalk.org/index.php?topic=1691458.140
There are numerous coins that claim they are decentralized. Yet literally none of them can guarantee that they can 'truly' enforce their price because it always boils down to trusting that someone (custodians, backers, burners, traders, insurers, etc) will be there to enforce the correction. This is a major centralized flaw! And the more the stablecoin sector of the industry dilutes itself with new coins, the harder it is to sustain this design.
BitBay doesn't try to hard peg its value, so it doesn't "break" if it can't maintain a value. It can always enforce it's stability protocols because of this. This very protocol is what removes the volatility in the first place. Collateral is not needed. Collateral is always welcome. But it's voluntary only. If you want to put up a 4 million dollar buy wall on BitBay, you are a voluntary backer. If you pull your backing, the coin will adjust as needed with or without someone else coming to take your place with a new buy wall!

3) Investment potential - If you are a retail investor what reason do you have for investing in these coins?  Does your centralized stablecoin reward retail investor coin holders? Or does it just make the elite market makers, exchange hosts more
money? What point is there in holding a stablecoin if it has no reward mechanism in place to provide you with a ROI. https://www.forbes.com/sites/simonmoore/2018/09/10/why-you-should-avoid-stablecoins-as-investments/#67bd2fe17a07    There are a few coins that realize this and realize the potential in giving retail investors ROI for supporting the coins - not just the elite centralize backers, market makers, exchanges, developers, etc.  And of these few coins, again, BitBay isn't focused on a hard pegged value. BitBay is always seeking fair market value, which means it can gain in value and potentially hold gains! When you combine our staking protocol to the system it makes for some interesting compounding gains on top of market price. In BitBay, people can buy up liquid coins and voluntarily freeze them for a higher stake reward interest rate. The current levels are set at: voluntary freeze (3 month time lock) = 4-5% newly minted coins per year, network frozen coins = 2-2.5% newly minted coins per year, and liquid coins = 1% newly minted coins per year. So imagine you had 10 million dollars invested in BitBay at the beginning of the year. You voluntarily freeze your coin supply 4 times back to back (3 month time locks) = you gain 4-5% newly minted coins. And on top of that, BitBay's exchange price increases by 10-12% over the course of 12 months. You do the math! That's a "little" bit better return than you'll get from any of these hard pegged stable coins!

Cheers!