Bitcoin Forum

What are your thoughts about it? Will it be success? Will it fit all users' needs?

I'm pretty certain that the "idea" will be executed better/more transparent by Coinbase than that it will be by Bitfinex & Co.

I mean you literally can't do it worse than Bitfinex did.

They allowed no audits, no checks, and they just pumped up random USDT whenever they feel like it, with no warning previously to it whatsoever.

https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/

Add that to the fact that Bitfinex for years allowed shady practices like wash trading on their platform, i think it's definitely better that a more professional entity has control over such a coin.

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This is not the right board for your topic.

better than tether but still centralised and requires trust

not ideal but better than we have

I've been looking at other decentralised approaches that can not give such rigid price guarantees but is decentralised trustless and transparent. Bitbay is my current fav.

I wonder why so many stablecoins appeared lately. Why did they not begin to create them even earlier. I think it looks strange.

when a token is 1:1 pegged to a fiat it was meant to then be treated as fiat(earlyday fear of counterfeit laws and stuff)
EG paypals balance is not bank balance but a database token pegged as same as bank balance. requiring paypal to get lots of regulatory stuff..
now loads of crypto businesses have the regulatory stuff via their fiat exchanging process, they suddenly realise they can make their fiat database balance be a DLT or blockchain token instead

it will be better than Tether for obvious reasons but it will still be a terrible thing to use and more importantly it will not be able to compete with Tether because it will surely possess a lot of restrictions, a lot more than Tether has because it is being created by US based companies such as Coinbase which are not only following the restrictive rules of US but also are working with 3 letter agencies trying to take control of the flow.
for starters when an altcoin exchanges adds tether without KYC they will be forced to force KYC if they add this new coin.

Hi we've got the same topic posted already, earlier than this post.

Thread link - Coinbase adds Circle's USDC stablecoin (https://bitcointalk.org/index.php?topic=5055941.0)

I'm not sure of the success cause in the end it'll be a centralised coin, will they be able to do a better job than Tether definitely yes. It's pertinent to note that Coinbase is subjected to the strict laws of USA which makes it mandatory for them to get KYC done, and if and when they're compelled to give out users data, they'll give it so knowing all that I'm not comfortable in investing in this coin. However I feel people who invest can be assured there will be audits, all pumps would be checked and rules would be followed which might be liked by some, but I'm not a big fan of centralised coin.

Hopefully it'll be better than what Bitfinex and Tether.  You can't do worse than what Bitfinex did with their no audits, no checks and randomly pump up the USDT whenever they felt like it. Better than tether for obvious reasons but it'll stick lack in some aspects as it'll have a lot of restrictions, a lot more than tether has as it is being created by US companies. But before jumping the gun let's see how it turns out.

There has been some stablecoins appearing lately. Most of them are not doing so good. We are waiting for a better and improved one. I think this partnership might be able to do that.

I just know about this so I can't tell you more right now but what I can understand that it's definitely a good thinking so hope all will be fit.

I'm almost sure I'm about to be the next bull season star in Coinbase. It's possible to hear their names everywhere.

From the look of it, it does seem like that they will be able to gain success. They are showing a lot of p[romises and they have enough potential to pull it off. Wether they will be bale to fit all the users need or not is yet to be seen. But the chances are that they will be able to do it.

I think it will succeed. Coinbase is considered a great wallet system and I am sure it will improve the Stablecoin concept. I am confident in the cooperation of reputable businesses. They will do wonders in the future.

circle and coinbase have been partners for a while.

as for the scope of how far this can expand all you need to do is look at the portfolio of the parent company (dcg.co/portfolio)

im guessing their stablecoin will be bech32 compliment for the parent companies long desire of LN so they can be atomically swapped on the separate non-blockchain network known as lightning
edit.. eww ERC-20 (nasty)
ok i cant see that going well

guess they just want a fiat arbitrage coin for centralised custodian exchanges

I don't know how they will do that. But it is a good project. The whole world is waiting for the stability of the cryptocurrency to get reasonable stability for mass adoption. So if it is going to be this partnership, it is OK.

Better than tether but still centralized and requires trust not ideal but better than we have. EG paypals balance is not bank balance,requiring PayPal to get lots of regulatory stuffs.

others are saying "better than Tether" but to be honest I don't see how!

Tether is created and controlled by iFinex (the bitfinex exchange company) and is located in Hong Kong and registered in British Virgin Islands. it is centralized to this company.
now we have a new centralized coin and the only difference is that it is centralized to a different company which is located in USA!

I honestly don't see how that can be better! they are both terrible for different reasons. you are basically saying this new coin that is easier for US government to control is better than Tether!
this reminds of the expression saying "you get out of one ditch just to fall into another bigger ditch" :D

maybe stabecoin has not been an ideal choice and goal, but this process must be appreciated, at least circle and coinbase have been brave and able to provide new innovations in the development of the cryptocurrency industry. there is no stagnation, crypto must develop every day, coinbase has taken good steps, the next thing that must be built is people's trust in stablecoin to be accepted and used by many people.

Crypto is in need of an honest and reliable stable coin, we can't rely on tether anymore with all their price manipulations. GeminiUSD is unproven and not too sure about the others like TUSD. Lets see what coinbase and circle can produce

Both companies are valued in the billions, and it certainly seems like a response to the lack of Tether's transparency.

Ultimately this is a good thing in my opinion

In fact Circle and Coinbase not opened for worldwide customers. Coinbase only offers their service to limited countries. So I don't think their stablecoin will be better than TUSD which is more popular.
And I suppose TUSD will take place of USDT soon. Hope we don't have any FUD about stablecoin like usdt anymore.

What is the need of stablecoins? These coins are only used in exchanges where people fool themselves thinking they are getting real fiat. These stablecoins have become popular just because we are in a bear market, but as soon as there is a new bull market no one will want to know about them.

This is a big step  to a stable and transparent  project. This way, more people will be confident if there is a stable one. In time of volatility, there is a true /transparent/ reliable stable coin which investor can park. With the two big company partnering for the project, this is a good start.

putting aside the 1:1 aspect of stablecoins.

what i am also spotting is that instead of just one market of USD<>BTC
exchanges now want to have several markets for USD<>BTC
namely
USDT<>BTC
TUSD<>BTC
USD<>BTC
USDC<>BTC

thus instead of having say 80k volume on one market it is decreased to 20k over each market. thus causing stangant/less volatile price movements because people will be so busy arbritraging the different USD markets to even them out they wont be busy trying to push one market up

nobody seems to be discussing the most important part of this topic:
HOW are they going to improve the concept of stable-coins?

what my research tells me is that they just advertised and nothing more. apparently there isn't going to be any kind of "improvement" of the concept. it will only be another company creating a similar centralized coin!

For starters, they have the manual of what not to do, compliments from Tether. This is significantly an advantage if done right I guess. .

Not sure if it should be used or not because of the centralization issue. But it's sure that it will do better than Tether.

It is most certainly better tahn what we have. Even though it is not quiet decentralized. Guess we will have to make do with these for the time being.

It is centralized but hopefully better than tether as they already know what happened to it. So I think it will be a good stable coin, lets see.