What are the chances DAI and USDC will depeg?

o48o

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Quote from: BenCodie on March 11, 2023, 02:32:12 AM

I think it's quite interesting that USDC is de-pegging considering this was recently said to be the most likely contender for a CBDC that would be adopted by the U.S. Could you imagine the uproar when everyone's dollar is worth less in a practical sense? For example when someone goes to the store and pick up an item worth $5, and then have to pay +10% for it because the CBDC is de-pegged...
-cut-

I don't know where you heard this from but there's no way USDC would have anything to do with CBDC. There's currently no suitable platform for CBDC that would satisfy any regulators and it certainly won't be done with any stablecoin in their current form. And CBDC isn't going to be upegged from the fiat value. It literally will be the fiat value.

yat97

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Quote from: BenCodie on March 11, 2023, 02:44:58 AM

Quote from: Cryptomiles1 on March 11, 2023, 02:41:15 AM

Before going further please do not mad at me if I say this post doesn't belong here take it to the speculation board https://bitcointalk.org/index.php?board=57.0 where it would be properly discussed, this section is more of bitcoin related discussion.
As per your question there's every tendency for that to happened if terra USD could fall to zero what more Dai.

That board is for speculation of the Bitcoin market. If anything, it belongs in the Altcoin DIscussion board considering USDC and DAI are both altcoins. If you're going to try and be a moderator, at least do it right Roll Eyes

It's unlikely that DAI or USDC will fall to zero because they are not inherently flawed like Terra was. Terra was built to fail...I do not believe that DAI was built to fail, and while I do not believe in the values of USDC, I also do not believe that was built to fail. I do however, believe that USDC have been very irresponsible in their management (evident of their losses in Silvergate) and therefor may fail (or at least be hindered) due to this reason. My guess is that they will be bailed out though and all will be fine. This could be an opportunity for the fed to step in and take a piece of the USDC empire, pre-CBDC.

Can you elaborate more when you say built to fail?

yat97

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Quote from: @sriyan on March 11, 2023, 03:01:35 AM

Quote from: yat97 on March 11, 2023, 01:26:06 AM

It's looking kind of scary right now.

It depends on the news of the crypto market and the regulations. Another thing is if one exchange pauses the withdrawal of USDC and DAI, then everyone will start to panic. So my suggestion is to buy bitcoin rather than using USDC or DAI in this situation.

Looks like the falling knife has been caught.

The thing with stablecoins is for when you want to buy bitcoin on flash dips.

Dr.Bitcoin_Strange

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Quote from: yat97 on March 11, 2023, 01:26:06 AM

It's looking kind of scary right now.

OP, this topic has already been created before yours on this thread.

Always use the forum search icon before creating threads so that you don't create topics that have already been created (spamming). According to the information I got, 25% of the USDC supply is held by SVB, and if they fail to resolve the issue they are facing now, the USDC will definitely depreciate in the coming week.

@sriyan

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Quote from: yat97 on March 11, 2023, 01:26:06 AM

It's looking kind of scary right now.

It depends on the news of the crypto market and the regulations. Another thing is if one exchange pauses the withdrawal of USDC and DAI, then everyone will start to panic. So my suggestion is to buy bitcoin rather than using USDC or DAI in this situation.

Cryptomiles1

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Quote from: BenCodie on March 11, 2023, 02:44:58 AM

Quote from: Cryptomiles1 on March 11, 2023, 02:41:15 AM

Before going further please do not mad at me if I say this post doesn't belong here take it to the speculation board https://bitcointalk.org/index.php?board=57.0 where it would be properly discussed, this section is more of bitcoin related discussion.
As per your question there's every tendency for that to happened if terra USD could fall to zero what more Dai.

That board is for speculation of the Bitcoin market. If anything, it belongs in the Altcoin DIscussion board considering USDC and DAI are both altcoins. If you're going to try and be a moderator, at least do it right Roll Eyes

Okay thank you for all corrections just as I have already apologized at first place. Since you said they can be classified as altcoin then that section would be more preferable. I am not being a mod or admin but we should try to help ourselves apparently, they've been trying their best to make sure everything is placed at the right place, we helping ourselves will also reduce the stress from them.

Thank you mate.

BenCodie

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Quote from: Cryptomiles1 on March 11, 2023, 02:41:15 AM

Before going further please do not mad at me if I say this post doesn't belong here take it to the speculation board https://bitcointalk.org/index.php?board=57.0 where it would be properly discussed, this section is more of bitcoin related discussion.
As per your question there's every tendency for that to happened if terra USD could fall to zero what more Dai.

That board is for speculation of the Bitcoin market. If anything, it belongs in the Altcoin DIscussion board considering USDC and DAI are both altcoins. If you're going to try and be a moderator, at least do it right Roll Eyes

It's unlikely that DAI or USDC will fall to zero because they are not inherently flawed like Terra was. Terra was built to fail...I do not believe that DAI was built to fail, and while I do not believe in the values of USDC, I also do not believe that was built to fail. I do however, believe that USDC have been very irresponsible in their management (evident of their losses in Silvergate) and therefor may fail (or at least be hindered) due to this reason. My guess is that they will be bailed out though and all will be fine. This could be an opportunity for the fed to step in and take a piece of the USDC empire, pre-CBDC.

Cryptomiles1

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Before going further please do not be mad at me if I say this post doesn't belong here take it to the speculation board https://bitcointalk.org/index.php?board=57.0 where it would be properly discussed, this section is more of bitcoin related discussion.
As per your question there's every tendency for that to happened if terra USD could fall to zero what more Dai.

BenCodie

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6.25 ---> 3.125

I think it's quite interesting that USDC is de-pegging considering this was recently said to be the most likely contender for a CBDC that would be adopted by the U.S. Could you imagine the uproar when everyone's dollar is worth less in a practical sense? For example when someone goes to the store and pick up an item worth $5, and then have to pay +10% for it because the CBDC is de-pegged...

On topic though. It's not surprising that USDC is de-pegging due to the recent news that a lot of Circle's reserves were held with Silvergate. It's interesting that DAI is de-pegging concurrently with USDC though considering they aren't correlated at all.

Edit - Circle also had USDC at the recently failed Silicon Valley Bank as well.

Right now, USDC is unpegged by over 10%. DAI is also un-pegging due to including USDC within its collateral reserve.

yat97

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As is USDC

yat97

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Dai is 94 cents right now

yat97

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https://coinmarketcap.com/currencies/multi-collateral-dai/

Justtoons

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You should actually try emphasizing more on your topic. So people would understand what you are trying to say here.and you should move this topic to 'press'

yat97

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It's looking kind of scary right now.

Topic: What are the chances DAI and USDC will depeg? (Read 91 times)