USDX - is it really a stable coin? | Bitcointalksearch.org

akram143

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Quote from: DaMut on August 28, 2019, 06:05:40 AM

Quote from: akram143 on August 28, 2019, 03:09:57 AM

Quote from: Convery on August 27, 2019, 04:33:31 PM

Hi, I am watching USDX since ICO and I am not sure if USDX is really a new stable coin or why the price is 10 times cheaper? Currently trading for 0.1USD on Exmarkets.
They claim to achieve 1USD in the future, would it mean a guaranteed 10x profit? Or it would mean that stablecoins can't be pegged to worthless tokens? The second answer looks more true, right? Cheesy

Stable coin means they should have begun with a value backed by something but when they say the price will increase to value of 1USD in future then simply ignore that because they are trying to make money with one of the most reputed stable coin.

Yes, we are seeing so many so called stable coins, I even lost count of it. Lately, people just do not understand the most basic and the most important thing about the stable coin, which is reserve asset.

This project might be impersonating the reputed stable coins like USDT and UDSC so people need to be careful with stable coins and the tokens which didn't backed up by any value.

sheba

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If they are just assuming it would then how could? Never heard of it I guess more on like a pump and dump or probably a scam. Are they backed by something?

Convery

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Quote from: akram143 on August 28, 2019, 03:09:57 AM

Quote from: Convery on August 27, 2019, 04:33:31 PM

Hi, I am watching USDX since ICO and I am not sure if USDX is really a new stable coin or why the price is 10 times cheaper? Currently trading for 0.1USD on Exmarkets.
They claim to achieve 1USD in the future, would it mean a guaranteed 10x profit? Or it would mean that stablecoins can't be pegged to worthless tokens? The second answer looks more true, right? Cheesy

Stable coin means they should have begin with a value backed by something but when they say the price will increase to value of 1USD in future then simply ignore that because they are trying to make money with one of the most reputed stable coin.

They backed the USDX token, but with another token: LHT that was sold in ICO for the price 1000times higher than today. This is a classic mistake, you create token but you do not care about the intrinsic value, sooner or later people will stop buying the token due to no motvation.

NeuroticFish

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For using a stablecoin you have to trust the issues it'll keep the coin/token price at the exact same value (maybe with extremely small variation) no matter what.
Since it was supposed to be 1$ and it's 0.1$, you can call it failed stable coin, you can call it whatever you want, but it'd be silly to believe their claims that it'll reach 1$ sometime in the future (probably when pigs will fly).

binhvo1505

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Quote from: Convery on August 27, 2019, 04:33:31 PM

Hi, I am watching USDX since ICO and I am not sure if USDX is really a new stable coin or why the price is 10 times cheaper? Currently trading for 0.1USD on Exmarkets.
They claim to achieve 1USD in the future, would it mean a guaranteed 10x profit? Or it would mean that stablecoins can't be pegged to worthless tokens? The second answer looks more true, right? Cheesy

Their promise is not guaranteed by anything. There have been many projects that promise to buy back or burn or try to create large volumes to increase purchasing power, but all are just words.
After a while, they will announce that due to the bad market conditions, they will not do it anymore and another 1000 different reasons.
and you will know what you have to do Cheesy

whatthesith

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I participated in their airdrop, earned around 50USDX and when I wanted to sold them, I got P2P offer 50USDX for 1USD. They aren´t even listed on any exchange, so what is the purpose of this coin? Cheesy

For me it is another failed project and has no future.

DaMut

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Quote from: Vladok on August 28, 2019, 03:53:34 AM

In my opinion, this is the most stable coin,but at the moment the company has some problems,and it can tell on the course of the coin

Wrong, absolutely wrong!
a real stable coin should be backed by something because they are aiming to be a stable asset, whether it is backed or gold, silver or even the dollar itself. As long as it is backed by something to prevent the price from going down significantly, it can be considered as a stable coin but this USDX is not.

Quote from: akram143 on August 28, 2019, 03:09:57 AM

Quote from: Convery on August 27, 2019, 04:33:31 PM

Hi, I am watching USDX since ICO and I am not sure if USDX is really a new stable coin or why the price is 10 times cheaper? Currently trading for 0.1USD on Exmarkets.
They claim to achieve 1USD in the future, would it mean a guaranteed 10x profit? Or it would mean that stablecoins can't be pegged to worthless tokens? The second answer looks more true, right? Cheesy

Stable coin means they should have begun with a value backed by something but when they say the price will increase to value of 1USD in future then simply ignore that because they are trying to make money with one of the most reputed stable coin.

Yes, we are seeing so many so called stable coins, I even lost count of it. Lately, people just do not understand the most basic and the most important thing about the stable coin, which is reserve asset.

Vladok

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In my opinion, this is the most stable coin,but at the moment the company has some problems,and it can tell on the course of the coin

akram143

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Quote from: Convery on August 27, 2019, 04:33:31 PM

Hi, I am watching USDX since ICO and I am not sure if USDX is really a new stable coin or why the price is 10 times cheaper? Currently trading for 0.1USD on Exmarkets.
They claim to achieve 1USD in the future, would it mean a guaranteed 10x profit? Or it would mean that stablecoins can't be pegged to worthless tokens? The second answer looks more true, right? Cheesy

Stable coin means they should have begin with a value backed by something but when they say the price will increase to value of 1USD in future then simply ignore that because they are trying to make money with one of the most reputed stable coin.

CuriousGeorge

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Quote from: Convery on August 27, 2019, 04:33:31 PM

Hi, I am watching USDX since ICO and I am not sure if USDX is really a new stable coin or why the price is 10 times cheaper? Currently trading for 0.1USD on Exmarkets.
They claim to achieve 1USD in the future, would it mean a guaranteed 10x profit? Or it would mean that stablecoins can't be pegged to worthless tokens? The second answer looks more true, right? Cheesy

It would not, the CEO is only claiming that has a possibility to achieve $1 rate in the future and that's a crap coin consider about the stable coin will never get a such a big down even when the bearish market happened and that never happens. It looks like that's just another crap altcoin that claimed to be stable coin without any fiat money or collateral that can back it up with stable value.
Your second answer was true, dude.

MbakNarti

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Nope, USDX is just another shitcoin for me
We already have USDT and USDC, why we need USDX?
"Stablecoin" is just gimmick from the USDX team, the main aim for this coin is just for money-grabbing Grin

rizkyfebrian213xx

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Same.. I thought this was another stable coins like USDC , USDT , etc.
One of admins on USDX telegram group say , already traded on exchange then I see on market just traded on 0.000017 btc (around 0.17 usd) , also he say "it will be 1:1" when I ask about USDX price not stable at 1$. I dont know what it mean.

_IRMAN

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Quote from: Convery on August 27, 2019, 04:33:31 PM

Hi, I am watching USDX since ICO and I am not sure if USDX is really a new stable coin or why the price is 10 times cheaper? Currently trading for 0.1USD on Exmarkets.
They claim to achieve 1USD in the future, would it mean a guaranteed 10x profit? Or it would mean that stablecoins can't be pegged to worthless tokens? The second answer looks more true, right? Cheesy

Whose name is stable coins must be stable from the start, if the current price is 10x lower than what is promised, it cannot be said to be a stable coin

Lanatsa

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Quote from: Convery on August 27, 2019, 04:33:31 PM

Hi, I am watching USDX since ICO and I am not sure if USDX is really a new stable coin or why the price is 10 times cheaper? Currently trading for 0.1USD on Exmarkets.
They claim to achieve 1USD in the future, would it mean a guaranteed 10x profit? Or it would mean that stablecoins can't be pegged to worthless tokens? The second answer looks more true, right? Cheesy

Second answer do fits out on what you are asking.Stable coin would always be pegged with 1usd if they are priced 0.1 then its clear as water that this one doesn't fit out the criteria.
Guaranteed? Never ever believe on someone do tell about guarantees on what would be the price in the future because no one would ever know if this shitcoin will be supported or not by the masses.As suggested above there were lots who do try to make stablecoins but they do end up on being a trash.So for now its better to skip and ignore this coin,if you do pursue then you can buy it on your own risk but don't expect for price increase and might end up to be false hopes and will just stress you out in the end.

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Base on the description they had on their website, it says that they really are equal to USD (1 USDX = 1 USD). If they are being traded for 10 cents then there's something that their management should explain to you if you are an investor or ask them directly why is it that the price isn't according to their description. Be cautious with such new stable coins, there were stable coins before that has $1 value that dropped eventually and became a total trash.

Convery

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Hi, I am watching USDX since ICO and I am not sure if USDX is really a new stable coin or why the price is 10 times cheaper? Currently trading for 0.1USD on Exmarkets.
They claim to achieve 1USD in the future, would it mean a guaranteed 10x profit? Or it would mean that stablecoins can't be pegged to worthless tokens? The second answer looks more true, right? Cheesy

Topic: USDX - is it really a stable coin? (Read 169 times)