Topic: We need more decentralized stablecoins - page 2. (Read 1292 times)

First, i think address been freeze happens to be accounts with a suspicous activities. like wallet that stole from other people, hackers and the rest of them. we need more stablecoins to balance the system and reduce the issue of monopoly which can be played by usdt and usdc if not properly checkmate. For now, the available stable coins are perfect and functioning properly.

I lost all my interest in USDT upon learning about the freezing of tokens in Ethereum wallets. I have read about this and there is code in Solidity allowing ERC20 tokens to freeze. Tether also runs on other blockchains and I have no idea about Omni but it is 100% certain they can do the same with Tron Network and their TRC token as Tron also uses the Ethereum Solidity language for smart contracts.
I would prefer DAI over any centralized stable coin but perhaps this one line of code that allows freezing of tokens is what the banks and governments will be more interested in.

It is difficult to break the dominance of USDT as a stable coin adopted by most exchange even though we have more stable coin issued. I don't really know much about the USDT case that poses a potential risk to its users. But so far USDT is still the stable coin adopted by exchanges. I believe the OP want a more stable coin that exchange can adopt, but realizing that might be difficult.

I think we don't need too many decentralized stablecoins right now, we just need a lot of competing stablecoins to thrive.
Because developing a decentralized stablecoin is difficult, and getting users is another particularly difficult challenge. Therefore, the development of competition between decentralized stablecoins will help the reputation of businesses increase. All of them have to try to do the best they can to serve users to gain a higher market share and from there they will be profitable in the business. Do you think this is a better plan?

Stablecoins will be utilized wherever Yes certainly need to have more decentralized stable coins later on the grounds that when worldwide appropriation occurs and making it as a substitution to fiat then the interest will be high.

I think we already have some decentralized stable coins in the cryptoqurrency market, then why do you wish to have more decentralized stable coins? Isn't USDT good, has large users, many traders use it as a trading pair coin, USDT is also known to keep its value, I think USDT is enough, no need for other stable new decentralized coins.

I guess we need more than just decentralized stablecoins in crypto world today, the governments are making move to acquire users data from centralized exchanges, developers need to start coming up with safer platforms for crypto users not some useless DeFi junks that can't withstand hacks and thefts, the most failed projects of 2020 are decentralized projects

I think all crypto is about decentralization, it was created for only such projects, coins, I hope every crypto currency and exchanges  will be decentralized

at least for now it's enough to help a lot of people avoid losses due to the highly volatile crypto price. I also agree that too many stable coins are not that great either. and for now the amount of stabilcoin is more than sufficient. usdt, usdj, busd, usdc, dai, and many more are already circulating, adding more stabilkoin will not be good I think.

Stablecoins should all be decentralized. In the event that they are not decentralized, they better not exist by any means. They are simply presenting pointless dangers to their users who are generally uneducated about how they work.
Most of these stable coins are nothing but Fiat currency. And they shouldn't exist in the crypto space

Usually happen in exchange though. Most of the time when people have many stablecoins with such huge amounts saved up in their exchange address but never ever trying to verify their exchange account they usually gonna get some kind of problem and frozen fund is one of them.
Still, it might happen with some decentralized coin aswell. Definitely up to the exchange.

Has that stablecoins freezing addresses ever happened? I did a search and i did not find such news.
Actually, i agree that need more decentralized stablecoins on the market, due to decentralized stablecoins can avoid the human interference to the greatest extent. But is hard, because we live in a centralized world.

Also investments don't come in stable coins because people know the best case would be reaching $1 value but in case the project fails then losses are big and hence there is always lack of interest into investing of stable coins. I don't mind a decent stable coin that works on decentralization but I don't believing in fixing something that is only hypothetically broken (hypothetical situation in case Tether dumps).

Exactly and why do we need a new coin just because it would be decentralized? That's crazy because even if centralized tether is doing pretty well and yes there are some hidden risks like they can dump the market whenever they want but no reason why they would do that.

Being a trader honestly I do not care if USDT is centralized or decentralized and the only thing that concerns me is the price must always remain stable which it always does so that is the reason why I always use USDT to store my crypto in dollars.

yes we might need more stable coin that works on decentralization but maintaining the price is a challenge and it requires the token owner to somehow have either massive capital to manage the price or centralization which then makes it easy to maintain the value.

There might be some projects upcoming in the pipe so we never know because a good decentralized stable coin can still take the tot spot above USDT but only if they have the plan to maintain the price as close to USD.

I'm satisfied with BUSD, USDC, USDT, DAI, and I believe there are more stable coins in crypto space, presently I don't have a thing for decentralized or not decentralized projects, if a project works as intended I have no problem using them, I'm more satisfied with USDT because it's widely supported on all crypto exchanges and it has the highest volumes too, I don't need another stablecoin, all these are more than enough

Centralized coins cannot stop decentralized  coin not to be stable in the market. Since we enter pandemic many currencies devalue during the lockdown, that is making the government to do everything possible to improve the economy of the country, that covid-19 has reduced to zero level in the country. Many decentralized currency where seriously pumping during the pandemic, that was making some government officials wondering about the decentralized currency that was still maintaining the stable pumping through out the period.
Many other cryptocurrencies are preparing to rise in the exchange market for every investors to start experiencing stable coins in the market.

I know that DAI is a reliable decentralized stable coin but in another case when you are facing the hacked cases that happened with some exchange sites and what will you do? Some people might think centralized stable coins are not safe but that's not the main point. The centralized stable coin can bring back the stolen amount of stable coin by the hackers but what about DAI?

Is not it too risky to use what you can't afford when the exchange site was getting hacked?

Exactly. The introduction of centralized stablecoins does more harm than good to the entire crypto/Blockchain industry in general. It introduces the middleman, which is something crypto was meant to circumvent in the first place. Unfortunately, most people don't care about decentralization. They focus on convenience/ease-of-use on top of everything else. As long as this is the case, Tether (USDT) will continue to be relevant in the crypto/Blockchain space. At least, there are better alternatives out there on the market. While I have to admit that most stablecoins are centralized, there are quite a few which aim to bring the best of both worlds.

Nonetheless, we need more decentralized alternatives to DAI and USDJ if we want to minimize centralized stablecoin's dominance in the industry. I think that as more people become a victim of Tether's actions (like freezing someone's assets on the Blockchain), decentralized stablecoins will rise in popularity. Already, DAI is the most popular decentralized stablecoin on the market. Yet, DAI's liquidity is not as comparable as its centralized counterparts (like USDT or USDC). Strong marketing may be needed in order to boost DAI's adoption in the mainstream world. As long as developers continue to work on decentralized solutions for the stablecoin industry, there should be nothing to worry about. I'm guessing that all centralized stablecoins will eventually become regulated by mainstream governments in order to protect investors' funds. This is good because it'll reduce the number of scams in the industry, forcing companies to provide legitimate products to their customers. It's yet to be seen whenever Tether (USDT) will be able to survive heavy-handed regulations from the government or not. At least, decentralized alternatives will last for long thanks to their censorship-resistant design. Just my opinion

Tether is the real trouble here, that is a stablecoin backed by a company and all of our dollars are with them right now, that is not something we should be accepting this easily, it should be something we should be very much against. They are doing worse things than a bank does, at least a bank gives you saving interest for keeping your money there, these are some guys who have 10+ billion dollars on their accounts and they pay you nothing for it, they are just taking your money and giving you some fake created digital numbers and expect you to believe that they will honor their 1to1 backing.

I wouldn't use USDT if I had any other choice and nowadays I do have other choices so I haven't used it in a very long time. Decentralized stablecoins should be the future of trading.

When a stable coin is been freezed, there is high chance of that user or wallet owner into shady or fraudulent activity. If you are clean and into legit as others, I don't see reason why your funds will be confiscated. Besides, Government is watching how USDT are minted daily which of course they will account for it in Bank deposits, it would be at their advantage to make sure accounts associated with fraudulent activities are close down so they don't affect others.
Calling for Decentralized stable coin? Have you seen the rate at which DeFi smart contract are been exploited despite rigorous audit by the teams. It will be a pity if hacker manage to steal all users fund without any solution.
I will go with USDT any day, any time.