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There are many stablecoins which are backing their currency with fiat or an asset (like gold). Is this a sustainable solution for the future of money?
Let me know in the comments below.
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I personally still like to use tether and gemini in every trade that I do, but not to hold it for a long time. Maybe the OP must clarify the intent with craziest, because everyone is confused to answer your question.
Sorry about the confusion, title has now been changed.  |
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I chose Theter, because I am one of the holders of the theter, and when the market falls, Theter is still stable, and there is no significant drop or decrease in price,
this indicates that the theter is one coin with good stability.
But what happens if/when the US Dollar experiences volatility? Will Tether also experience those fluctuations since it's directly pegged to it? |
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Nice writeup. While I don't follow Stablecoins all that closely it definitely is interesting to see a comprehensive list of approaches at controlling volatility.
I'm not quite convinced that stability can be reliably achieved within tolerance levels that are acceptable for the general populace (say, < 5%) but they do give an opportunity to look at market forces in wholly new ways.
I don't really find the reason how stable coins are beneficial in the market? Can someone quote and answer this question? but I guess this stable coins will going to help large business investors who entered the market. Medium of exchange + store of value. Without a mechanism to reduce volatility, an unstable cryptocurrency will not be able to serve that purpose. |
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The term stablecoin refers to any cryptocurrency coin or token pegged to an asset with a relatively stable price, such as fiat currencies or gold. A stablecoin can be under control of a central entity, such as Tether (USDT), or a Decentralized Autonomous Organization (DAO), such as Dai, a stablecoin which is issued on the Ethereum network. Nubits is another stablecoin which is partly controlled by a DAO, but is also under control by a central authority, representing a hybrid issuance model. A stablecoin is typically backed by a reserve asset that has the exact equal value of the coin/token. The backup reserve can be a fiat currency, a precious metal (e.g. gold), or a cryptocurrency. The issuer, whether it is a central entity, or under control of a DAO, should only issue an amount of stablecoins equal to the backup reserve they own. New coins can be issued only when the backup reserve grows. Read the full guide For real, if we are terming stable coins here, then that actually makes them pegged to something and in that case they are controlled, which rules out the fact of having some decentralized stable coin. You have clearly stated a whole lot of examples of stable coins and the fact that what makes a stable coins what it is, is the fact that it is backed by a reserve asset which in this case is what the market is pegged to and coming up with some theory of having decentralized stable coin based on this thread, sound like something unrealistic to me. As long as it is stable, as far as I am concerned, it is centralized. I agree. The stability of the coin is governed by some sort of external centralized entity. If your 'stable'coin is backed by gold, what happens when Gold crashes from $1400 to $300? Exactly. |
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As far as i know stablecoins are just names and not backed by real fiat $ dollars its only just a title in my own opinion crypto-currency works in supply and demand how can they control the priced if the dumping of the so called stable coins has occured? Stablecoins for me is like a riddle that needs to be answer carefully!
That's great point. This is why both BitBay and MakerDai have been the most interesting to me so far. They are both controlling price without the need for fiat. |
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How is WebHalo coming along?
The dev team is currently working on integrating DDE into the Web Marketplace I thought (no expert here) that DDE is MS specific. How can DDE help Linux or iOS? This is just nerd speak, no criticisms from me on an area I know absolutely nothing about. I took a look at BitHalo. It's all in Py2.7. I would have broken it into separate client and server directories on the same box with something generic like pipes or semaphores for message passing. After the whole thing was working on the same box I would have rewritten the client Py2.7 to Py3.7. After the Py3.7 was working under Qt, I would have made raw DOM calls. Then I would have passed it through Transcrypt to generate JS. The client side could have stayed Py2.7 but with a speed-up like Cython or pypy. Repeat, I don't know squat about what you're doing, just curious. Thanks for your time. Apologies for the confusion. BitBay's Double Deposit Escrow (DDE) is an entirely different animal than MS Dynamic Data Exchange, which I assume you're referring to? The Double Deposit Escrow used in BitBay's smart contracts is a process where both the buyer and seller can secure their deal without any third party involvement. It runs through the client (and soon the beta Web Marketplace), on Win, OSX, and Linux. You can read more about BitBay's DDE here: https://bitbay.market/blog/double-deposit-escrowhttps://bitbay.market/double-deposit-escrowAs for BitHalo's (now BitBay) code methodology, might have to wait on David or one of the devs to respond to that one, as that's beyond my scope of knowledge. |
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How is WebHalo coming along?
It is coming along great. The dev team is currently working on integrating DDE into the Web Marketplace, which will be yet another huge milestone for BitBay. Once released, it will be the first web-based decentralized marketplace in existence, and will be accessible to everyone on any device. You can read more about it here, in BitBay's most recent blog post: https://medium.com/@bitbay/bitbay-in-2018-our-strongest-year-yet-34f2be94dab9 |
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If I missed any, please post in the comments below. Also feel free to share why you voted for a particular coin.
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why do supply of money effect the inflation or deflation
Money supply is simply money in circulation. Monetary policy attempts to control this, thus, attempting to keep a little bit of inflation and keep it in check. To answer your question: Picture a helicopter full of unlimited supply of money, just flooding the streets, from city to city, coast to coast, as it drops money into circulation literally. So, given the extra money in circulation, this "waters down" the value of that money. So the $20 dollar bill you pick up will have less purchasing power, because there is soooo much more money in circulation. Inflation (a little bit, not helicopters), is good -- The simplest way to think about this: We don't want consumers waiting to make a purchase. We want you to walk into a store, see a TV you like, and purchase it. We don't want you to think "hmm... my dollar may be worth more tomorrow, so I will wait". We want you to inherently know that your dollar LOSES value over time due to inflation. So you think "hmm.. my dollar is at peak value today, I will purchase the TV now". The Fed has target inflation of 2% which has historically kept the economy from going into recession. Deflation has been top of mind for central bankers. They have literally had to throw full weight of their power to try and get inflation to pick up. Hope this helps!!!! Love the analogy. What are your thoughts on the effect of liquidity on price? If the liquidity characteristic of supply is adjusted, could that be a way to regulate price? What if that rate of liquidity change was voted on in a democratic way? I ask because one of the projects I follow, BitBay (BAY) is attempting to do that exact thing. Wondering if the principles hold up or not. |
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Havven is crypto-collateralized, exposing its coin to risk of the underlying assets' volatility. Maker's stablecoin is currently dependent upon the both integrity and volatility of Ethereum. (although they might have the option of changing that down the road) BitBay's Dynamic Peg is non-collateralized and decentralized, making it impossible to regulate and not subject to the volatility of another asset. Its supply liquidity is controlled in a secure and democratic way, so there is zero counter-party risk. It is designed to be extremely elastic and black-swan resistant. |
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At what level are we for pegging process?
testing has finished?
Peg testing is finished, and the team is now getting it ready to integrate it with the exchanges. Thanks. Do we know approximate price of coin, is it already decided? It's pretty much impossible to say where we will settle at price-wise. The "vote by algorithm" option is initially set to target 0.00001 of Bitcoin's current ATH in USD (or roughly $.20/bay). So those who vote with the algorithm will be voting towards that particular goal. Eventually users will be able to create and use their own algo which can be set at a custom target, based on personal preference... (for example one that tracks various trading chart metrics etc.) This price target doesn't take into account the other voting options of deflate, inflate, or maintain, which other users might select. So it's impossible to say exactly what price we'll initially find support at. That being said, it will be able to adjust the supply at a maximum of 21% per day... and I have a feeling most users won't be voting for inflation right at the start, but who knows. |
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At what level are we for pegging process?
testing has finished?
Peg testing is finished, and the team is now getting it ready to integrate it with the exchanges. |
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what is the Poker Site (TBC) for what is it going to be used for?
The poker platform is a separate project which one of the BitBay devs is building independently. While it isn't directly affiliated with BitBay, players will be able to use a unique multisig wallet, and can fund it with BAY. It's awesome because players won't have to store their coins (and winnings) in a 3rd party custodian wallet. The project is getting really close to completion, and the dev is in the process of narrowing down locations to host the website. |
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Hello! BitBay Client is synchronized by 6% and does not want to continue. (Client version 1.35) What's the problem, help.
Are you using the native Mac version client by any chance? If you're still having troubles, please post the problem with details here: https://forum.bitbay.market/c/support, and one of the BitBay team members will follow up with you shortly. |
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There is a silver lining at least... these bear months have allowed time for solid development, without the distraction of rapid growth. We will be that much more ready and polished when things do turn around  |
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The OptiToken/BitBay airdrop will be distributed to BAY holders in Q1, 2019. The idea behind that timeframe is to prevent dumping right after ICO. |
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Bitbay has a rolling peg that has been in development for a few years now... almost at release stage.
Good to see BitBay (BAY) on the list. They recently released their dynamic (and decentralized) peg whitepaper here: http://bitbay.market/downloads/whitepapers/bitbay-dynamic-peg.pdfIt is going to be much different than the other stablecoin projects, which are tied to collateral. Investors will have an opportunity to make gains while storing their profits, and allows the price to slowly fluctuate based on a decentralized user voting system. Similar to a crawling peg in some ways, but without the downside of having to maintain reserves. Keep an eye out for release around Q3, 2018. |
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