Topic: We need more decentralized stablecoins - page 4. (Read 1292 times)

USDT freezing address is totally unacceptable, that's makes crypto look like the traditional bank where they can freeze your assets if you go against the law, and thats what crypto/blockchain technology is against, I wonder why there would be a centralized coin on a decentralized sphere, I mean no cryptocurrency should be centralized at all, and besides this stable coins are only good for storing value during bull run, centralized stable coins are just digital fiats and nothing more, if usdt keep freezing addresses then I think we need to start creating more decentralized stable coins.

Stablecoins will be used almost everywhere, and these times are coming. I believe that very soon, millions will start to use exactly virtual money. As not all are ready for trading and other businesses connected with crypto volatility, stable coins will be used by them like traditional money to buy/sell things.

And I'm wondering why binance exchange and other top exchanges trust this stable coin till date, maybe you aren't seeing what these top exchanges saw? I suggest you do some research on USDT before you judge the stable coin.

If you're not a trader, holding stablecoins is useless especially a centralized stablecoin IMO it's better to hold USD (fiat).

There's nothing will happen since stablecoins only bring less effect or probably nothing when enter on a market since the price is stable dan can't be used as speculative investment.

stable coins don't loose its value therfor they are not risky but it will be risky picking stable coins that are not in the mainstream , Usdt is a trusted stable coin .

There are a good number of centralized stable coins but the decentralized stable coins are still less , don't worry. nothing happens if there will be more stable coins in the market because that's not different from having so much crypto coins but I think it's useless to create more because others can't offer new use case .

USDT is one of the stablecoins however there's a chance that the price of it will loss and so it's a risky one to hold.  I was wondering what will happen if we have so much stablecoins on the market.

We need more decentralized crypto projects but not stable coins, every existing stable coins have same thing to offer so I don't see any need for new stable coins now, if you don't like centralized stable coin for one reason or another simply find dex stable coins, there is ndau and Dai

We surely need some, lots decentralized coin now only last for a month or 2 at least. lack of community participation is the main problem and also from the lack of uniqueness of the project that attracts new and permanent member. Thats why we need stable for consistency.

I prefer USDT over the other stable coins, even DAI isn't better just because it's decentralized, I want something that works better and I don't see how USDT is a threat to my fund when I'm not a scammer or when I'm not into terrorist funding, you can only fear USDT if you are into unclean money making ways

Just look at the capitalization of USDJ to understand that this decentralized stablecoin is practically not used by market participants. We see only 11 million USDJ on the market, against 18 billion USDT. Dai is slightly better represented on the market with a capitalization of 1 billion rubles. All this indicates that the majority of market participants use centralized stablecoins due to a lack of understanding of the functioning of decentralized stablecoins.

 I'm satisfied with USDT, USDC and DAI, I'm very familiar with these three stable coins and their use cases are the same, USDT has more exposure as a stable coin because it's not only available on Ethereum ERC20 buy others too, USDT has the highest volume over all and it's centralized just like USDC, the only decentralized stable coin here is DAI

Fiat currency cannot be replaced by anyone both are needed at work bitcoin is a decentralized transaction it is not valid everywhere fiat is used all over the world there will be many problems in the way of daily life without centralized exchange. Without a decentralized stable currency there would be no problem in the world the demand for bitcoin is higher than the fiat currency if it becomes more global its stable connection will be far away. Even if china itself introduces digitized yuan it will take a long time to replace the journey.

The Chinese government is now drafting documents on the legal support of the circulation of its digitized yuan.  They declare the digital yuan to be the property of China and prohibit its use by others as a means of providing other stablecoins.  It is possible that other states, over time, may also follow China's example.  Then stable coins of various forms of ownership, except for state ones, will be outlawed.  Decentralized stablecoins will have to look for other ways of collateral.  It could be gold, cryptocurrency, or something else.

yes, sooner or later a decentralized stablecoin will be needed as the worldwide adoption of cryptocurrencies gets wider.

When many people realize that crypto prices have high volatility, stablecoins are needed, so that stable coins will function as a means of payment.

Agree. Bitfinex is too powerful with its USD-backed stablecoin named Tether. They continue to print new USDT like crazy in order to pump its market cap. Right now, Tether is the largest stablecoin on the market with many dApps and exchanges supporting it. With the market dominance attributed to Tether, the company can do as they wish greatly determining the future of the stablecoin industry. While there are decentralized alternatives such as DAI and bitUSD, they're not as comparable as centralized stablecoins due to their lack of liquidity and mainstream acceptance. People will continue to fall for Tether's scheme, as they only care about making money in the least time possible. The ones who care about decentralization are the minority in the crypto/Blockchain space.

With Bitfinex "freezing" USDT addresses at will, I doubt people will trust stablecoins ever again. It's like bringing centralized banking to the crypto/Blockchain space. This will lead people to rely directly on banks (instead of stablecoins) for peace of mind. Unless regulators take action on Tether, Bitfinex will continue to increase its dominance in the industry. Heavy-handed regulations will make Bitfinex think twice before "freezing" someone's assets at will. At least, there are a wide array of options available on the crypto market. For what I know, investing in a stablecoin is NOT a guarantee that it'll always be pegged to the value of a US Dollar. Most of the stablecoin issuers have shady practices when it comes to backing their coin with USD reserves. They need to be thoroughly regulated in order to give investors some level of confidence. The risk is higher with decentralized stablecoins as they're backed (collaterized) by crypto assets on the Blockchain. While there's the need for more decentralization in the stablecoin industry, the risk of losing the peg will always be there.

Nonetheless, I hope we get to see more decentralized stablecoins that will improve their way towards perfection. The day when decentralized stablecoins become truly stable, will be such when the crypto market experiences greater liquidity in the future. Just my opinion

I understand the logic in asking for decentalised stable coins as it decrease the risk involved but it also raises the question about who is responsible and governing the decentralized stable coins. For this decentralized governance should be established to managed them in the first place.

And then such a black list mechanism-completely transparent, decentralized, etc. - can be used to harm. What's stopping me from just uploading reports to one of random wallets just because I can? Nothing. Unfortunately, such mechanisms cannot exist in a direct democracy.
Today you make a similar mechanism - and tomorrow a group of friends gathers and starts sending letters demanding to pay them money, otherwise they will block your wallet. How are you going to deal with this?

but in my opinion stablecoin are very important for people who trading, because myself use stablecoin to hold the value of my money in cryptocurrency to remain stable (not up and down) when I don't have coin that I want to invest or trading, because if I keep them in Bitcoin or altcoin, the price can go up and down, so it makes the value of my money used for trading unstable (the value of my money can go down when the price of Bitcoin or altcoin has a bear run).

Only decentralised coin may be came a stable coin.But not all the stable coin are decentralized one in nature.USDT was the stable coin with good price and it's not a fiat.It is based on the ETH and doesn't a real USD used in United States.

Well for me, the main idea of decentralized stablecoin is being free from any central authority like a financial institution that is being controlled or ruled by the government which is the absolute opposite of centralized stablecoin -- because it is still subject to the hegemony of private company or possibly by the government as well. Centralized stablecoin doesn't give security of the assets since that the information is being kept and mange by a single or a group of persons. Perhaps, it is not wise to use the centralized stablecoin at all if you already own and started investing in a decentralized one like bitcoins.