Thanks for stating the essence of stablecoins or tetter, as in the case study, their essence is just to fill a financial gap on the short term, as far as cryptocurrency goes, cryptos are converted to stablecoins to escape prices dump, so when they're in stablecoins, price dip will not affect the trader's capital. Capital is held on the short term in a stablecoins, pending when the owner wants to convert it for usage.
If a local currency is facing depreciation, instead of leaving money in the bank, where it's purchasing power will keep devaluing, a person can save his money by converting it to a stablecoin, to escape their currency devaluation, pending when he'll need to spend his money.
Stablecoins are tied to the value of Fiat, so if the currency they're pegged to falls down in value, it's game over for "hodlers". In fact, stablecoins are much riskier than Fiat because there's no investor protections or guarantees of any kind. You're entrusting a private company with your funds instead of the government. I don't agree with OP's claims that Tether is "sound money". The issuing company has been shady from the start. No regular audits and constant addition of new USDT to the circulating supply (money printing) is a huge red flag for me. Stablecoins are only useful for trading or when you want to protect yourself against short-term volatility. Did we forget what happened to Terra/LUNA's UST stablecoin? I hope there isn't another major collapse in the future, or investors will lose confidence in stablecoins for good. Lets move on, shall we?  |
|
|
|
For me, gambling is more about having fun than making money. I don't really care if it's decentralized or centralized, as long as the deposit and withdrawal transaction fees are low then I'm fine. The main point is transaction fees rather than privacy, but users who tend to want to protect their privacy then decentralized casinos are for them.
Of course this is still only about me, so I'm not talking about other people or users. Any casino as long as it is trusted and has many deposit alternatives with low transaction fees, then it is worth trying.
Of course. It's always about having fun. Every gambler knows it's almost impossible to turn a profit at a casino. Why do you think "the house always wins"? With decentralized casinos, gamblers can experience a fairer system that isn't meant to enrich the creator/founder himself. I'm yet to see whenever it'll be possible to invest in a decentralized casino's bankroll like it's possible with centralized counterparts. It'll be subject to the rules encoded on the smart contract itself. While the main benefits of decentralization are privacy/freedom, and censorship-resistance, I believe gamblers will do just fine with centralized casinos. Again, decentralized casinos does wonders in countries where gambling is illegal. The industry evolves at a fast pace, so I'd expect decentralized casinos to match their centralized counterparts soon. |
|
|
|
Yeah true, pumps are unknown and we have no idea which one will go up and which one won't. I think the fact that we are looking at the market and not understanding why even the ones that went up even went up, talks about the situation enough.
Like I see one of them go up 25% one day, and I look at it and there isn't even a news about it, like if there was some new feature or something new then I would at least sort of understand it, like some new development occurred and now they can use it for something or whatever, none of that. Nothing happens to a meme and it just gets hyped and go up. I believe most of them are just pump and dumps, rich people just buy a lot, pump it, and then dump it on all those people who gets hyped.
It's a crazy world we're living these days. People are wasting their time and money on "shitcoins" with no substance behind them. What does a "meme" coin provide that Bitcoin doesn't have? They're driven by hype/speculation more than anything else. If you buy a "meme" coin, expect to lose everything in an instant. You'd be lucky if the coin you've selected becomes a big hit. I've never though Dogwifhat "meme" coin was going to rise all the way to the moon. If I knew that was going to happen, I would've put my life savings on it.  Lets hope the industry matures in the long run. As long as we get more projects focused on utility (instead of hype), there should be nothing to worry about. I'm 100% sure Dogecoin will remain the sole "meme" coin on the market, while the rest will fade away into oblivion. Just wait and see. |
|
|
|
I don't think governments will give up the right to print fiat, because it's a simple way to run the economy and the country. El Salvador can accept BTC because they don't have a national currency and they use USD, other countries can hardly do the same. CBDC is the way for them to put fiat on the blockchain, they even don't want to use popular stablecoins like USDT and USDC to replace fiat.
Governments just want to regulate crypto to collect taxes and create more jobs for people, I think they tend to classify crypto as a commodity to avoid conflict between crypto and fiat as the main payment method in the economy.
You do have a point there, mate. Governments always want control/power over the economy. Stripping off central banks' ability to print money at will, is a no-go for them. The only exception is El Salvador because it doesn't have a central bank. Argentina's President Javier Milei promised to abolish the central bank and adopt BTC as currency (as well as the USD), but that hasn't materialized yet. If all of the world's countries abolished central banks + Fiat in favor of BTC, we'd be in a better position now. At least we know it's impossible to take down crypto. Governments will only go as far as regulating the industry or "banning" centralized exchanges from the face of the Earth. But core Blockchain networks will remain alive and running as usual thanks to their decentralized and censorship-resistant nature. Lets move on, shall we?  |
|
|
|
The worry to repeat again about their case before, having admitted that they have lower reserves or not fully backed can easily be seen again if they will continue to release USDT without really having actual reserves. Yes, they are the popular stablecoin for now but once people learn that their reserves are not fully backed, do you really think people will still hold their assets? This is why stablecoins are quite risky because we don't know if the team behind it are actually saying the absolute truth about their backing.
Tether's moves are shady. The company keeps increasing the supply without proving it actually owns the USD reserves backing the coin. It will be a complete mess once USDT loses its peg to the USD. I see Tether's inevitable downfall as FTX's sudden collapse. Market prices will go all the way down the drain in an instant, leaving many investors "rekt" in the process. I think it will be even worse than the Terra/LUNA stablecoin crash. USDC is a better option, imo. Circle (the issuing company) has more transparency and a strong commitment to its customers than Tether itself. It went as far as honoring the value of $1 per coin at a time when major US banks collapsed (1-2 years ago). The crypto market still relies on BTC as its reserve currency, so the impact of a USDT crash won't be permanent. The future can't be predicted, so lets hope for the best. |
|
|
|
But you won't be able to purchase gold directly using crypto ? Or can you ?  If not, then you will eventually have to exchange to fiat and then purchase gold with that. You will lose money on the exchange fees as well. I prefer fiat but if we have a large amount then exchanging it to fiat itself would be a bigger task. So holding stable coin would be the easiest choice out of all, if we are plannning to buy back crypto later again. Actually, you can purchase Gold with BTC and other major cryptocurrencies through online dealers such as JM Bullion, Bullion Exchanges, and APMEX. At least in the US. Not sure if they're able to ship internationally. You can always sell your crypto directly to Fiat. I haven't seen the option to buy Gold with stablecoins, though. I wonder why? Perhaps the regulatory pressure from mainstream governments, prevents this from happening. TBH, I've had a bad experience myself with stablecoins. Especially those living on the Ethereum blockchain. Fees are utterly-high these days. Fortunately, competing chains like TRON and Solana provide the solution to this problem. It's also possible to use stablecoin on ETH-based L2 networks if you want the added convenience. Money is being poured into stablecoins as we speak (particularly USDT), so don't expect the trend to die anytime soon. Who knows if stablecoins become the CBDCs (Central Bank Digital Currencies) of the future? |
|
|
|
the titanium piece you linked was sold about an hour before you posted the link. Wow. Didn't notice it. Titanium rounds sold out fast. Thanks for pointing that out, Mopar. Now I have 4 Bitcoin Magazine (10th Anniversary) issues left. I think they're being sold at a good price, considering that MSRP/retail price is now $600+. I can sell internationally outside eBay if anyone else is interested. PM me to settle a deal. Wish me luck! |
|
|
|
To protect myself from the volatility of cryptocurrency, I'd rather save in stable coins than fiat. Recently, many fiat currencies have depreciated against stable coins, while stable coins have appreciated against them. Saving in a stable coin is the best option for the time being because when you convert to fiat, you will receive a higher value that is worth what it is at the time of conversion. Leaving your money in fiat may result in further losses due to the way stable coins appreciate against fiats.
When planning to hold for the long term, it is preferable to use cryptocurrency rather than fiat currency, or to combine the two. Cryptocurrencies are ideal for long-term investments, as evidenced by their rapid growth in the market in which they were introduced. Cryptocurrencies are good for long-term investments, and you'll get the most value for your money in fiat when you convert from crypto to fiat when you're finished investing and want to take profit.
Aren't stablecoins tied to the value of Fiat? So if Fiat currencies lose value, so will stablecoins. The only difference is that you can use stablecoins for "De-Fi", whereas Fiat can only be used for traditional banking. Not only that, but stablecoins are programmable. For day trading or protecting yourself against short-term volatility, stablecoins does wonders. It's rumored that stablecoins will become the CBDCs (Central Bank Digital Currencies) experts were talking about. Why re-invent the wheel by making a digital currency from scratch when governments can use existing stablecoins for their own benefit? They can manipulate the issuing companies to meet with their demands. Sounds crazy, but anything's possible. The future is unpredictable, so lets hope for the best.  |
|
|
|
Well there's always a choice. If we want btc or coins with anonymous transactions to go up in value, we need high liquidity and that happens by complying with regulations. If we want total freedom, or even anonymity we don't expect financial insitutions or centralized exchanges to deal with them.
And i totally get, how what i am saying is against whole early cryptopunk money ethos, but we have came a long way from the start, and laws are catching up with the people who are stealing cryptos. So cashing large amounts out in fiat money will become harder and will need good old money laundering in fiat money side.
I am assuming that you already know that if something doesn't have a blanket anonymity it doesn't mean it couldn't have privacy via ZK. And you probably know that is for everyone's best interest if our financial sector DLT complies with strict privacy laws in EU.
We have to decide whenever we want to please the regulators (at the cost of low privacy and limited freedom) or people's best interests. Bitcoin was created with a "cypherpunk vision" as an antithesis to Fiat (which is backed by corrupt banks and governments). The approval of spot ETFs and the institutionalization of crypto is definitely not a good sign. Even if that means higher market prices over the long term. Was it always about making money? Or was it about making our world a better place? People seem to be missing the bigger picture. Many want to get rick quick, even if that means giving up their privacy and freedom. I see GRIN as a unique project not tied to the hands of "Wall Street", evil banks, governments, or corporations. Same goes with Monero. These coins may be hated by many, but they're our only escape route to government censorship and surveillance. I'm fine with GRIN going down in market price, as long as the core Blockchain network remains actively developed and maintained by the community. Hopefully, decentralization will prevail in the long run. |
|
|
|
It's not a secret anymore that most of the gamblers prefer to get into centralized casinos.
I think since 2017 I've seen a lot of projects that have promoted with their goal to become a popular decentralized casino but it didn't work.
That's already enough to conclude that the majority of the gamblers here and outside prefer to get into those centralized casinos.
It's obvious gamblers prefer cenetralized casinos on top of decentralized ones. Centralized casinos offer better user experience, larger bankroll, lower fees, and greater accessibility. Gamblers have no problem using them, despite the fact that they're regulatory-compliant (KYC, AML). Decentralized counterparts will remain a "niche" to the privacy-oriented or tech enthusiast. While L2 networks show promising results (low fees, faster settlement times), not everyone knows how to use them (added learning curve). At least, gamblers aren't tied to a single option. In countries were online gambling is "illegal", decentralized casinos does wonders. This is just getting started. We can't predict the future, so lets hope for the best. |
|
|
|
I have always had the fear that stable coins like Tether might eventually harm Bitcoin and the other cryptocurrency. Their constant printing of currency at will is not different from what the FED are doing and this will ultimately lead to something similar to inflation and investors loss of confidence. I don't know if they have the regulatory authorization to print USDT at will but I know they might use it someday to manipulate the market and that will lead to the situation you described in your comment.
They can only print up to what they have in USD reserves. Anything more than that would be considered a "scam". And if Tether fails to provide regular audits of its USD reserves, you can know what to expect of USDT in the future. The risk is simply too high to bear. I think you're much safer holding Fiat at a bank account, than a stablecoin with no investor protections or guarantees of any kind. At least in the US, your bank deposits are insured up to $250k by the FDIC. As for USDT and similar coins, you're on your own. With USDT having a strong influence on the crypto market (it's the largest stablecoin by market cap, after all), a crash will cause catastrophic consequences in the short term. Market prices for major crypto assets will decline like never before. Just steer clear of USDT, and there should be nothing to worry about. |
|
|
|
Something similar happened to Ethereum a while ago. Hackers were siphoning funds from people's wallets through dApp permissions. I guess no Blockchain with smart contract features is immune from this. Solana is known to be less secure than Ethereum, so we should expect greater vulnerabilities than the one mentioned. At least, SOL users were advised to take action. I sure hope Solana achieves resiliency to become a fierce ETH competitor in the future. Firedancer node upgrade may just be the beginning of a wonderful journey for the project. With "meme" coins "pumping" SOL's market price, Solana will be here to stay. It's VCs' favorite coin, after all. Who knows if the next step would be approving a spot ETF for the cryptocurrency? |
|
|
|
Currently, crypto investors have become an important part of the electorate, and politicians know this. Look at the US election: presidential candidates talk about crypto, senators talk about crypto, it seems everyone wants to express their views on crypto to get votes from electorate. If people understand the value of crypto, they will choose a government with a crypto-friendly view and crypto will have the conditions to develop strongly in that country. Suppose Trump will be re-elected president and Gary Gensler has to step down as SEC chairman, we will soon see a big crypto era in the US. What I'm worried about is in authoritarian countries, where people have no voice and the government wants to protect its control over the economy through fiat. Crypto will have a difficult journey in such countries  Of course. Some governments are realizing crypto is the only answer to all of their economic problems. Politicians on the US and abroad have gone as far as publicly stating their support for crypto just to gather voters' attention. You can see the huge taxation benefits they will receive by embracing the revolution with open arms. I think even authoritarian countries will change their stance about crypto due to its ever-rising popularity. China once "banned" Bitcoin mining, and now supports crypto through Hong Kong. Even Russia is considering adopting crypto for international payments to circumvent sanctions. If the crypto industry becomes a huge success, it's likely Fiat currencies will become a thing of the past. This means the end of centralized money, and the dawn of decentralized large-scale economies (hyperbitcoinization?). Who knows what will happen in the future? |
|
|
|
If meme tokens are ruining everything, then the fault lays in the core of the platform itself, as the whole idea of permissionless transactions is not to control people. If you set people free, they act as they wish, not how we or you wish. It's only freedom of the people we can blame for that. No one is facing any consequences for acting immaturely or stupid, because that's build on the core of the design. I can't see why they would go away as they have just grown since start of dogecoin. So as long there are people there will be some abstract meme tokens and imho we just embrace them as a sign of freedom.
It might be frustrating, but freedom will bring in the worst and the best of people, and because majority of people are quite stupid, stupidity will overcome reason any day.
Blockchain developers should increase on-chain transaction capacity to prevent "meme" coins from clogging the network. Or they could force everyone to move to a L2 network for complete peace of mind (like how Ethereum is doing today). The problem with "meme" coins is that most of them are simple tokens living on existing blockchain networks. This tells us that developers are none other than "script kiddies" or amateur coders without any Blockchain experience. The only exception is Dogecoin because it has its own chain. If all of the "memes" had their own chains, crypto land would be a better place. I hope to see more quality over quantity in the crypto industry soon. Projects that actually have a real use case and aren't driven by hype/speculation. It's only been 15 years since the inception of BTC, anyways. Crypto/Blockchain tech is just starting to blossom. Maybe it will mature sometime in the future? |
|
|
|
Polkadot is one of the projects that was heavily promoted by Binance as something that could be an alternative to Ethereum, and it was even better than some of the alternatives that compete now, such as ADA, but Polkadot was unable to achieve continued popularity, and Binance moved to promote other ideas, which is Shiba Inu, as memecoins was at its peak at those times.
In the recent bear market, Polkadot did not succeed in attracting attention and is considered a non-friendly blockchain despite the low fees it provides, but strong projects in terms of fees have emerged, such as SOL. All of these factors made all of Polkadot’s features available in a different blockchain and thus it did not gain any momentum.
Investors preferred Solana on top of Polkadot because of its cheaper fees and faster settlement times. SOL was overhyped, while DOT was only known among a small few. The lack of a strong marketing/promotion strategy, has led Polkadot to where it is right now. I'm not sure if the upcoming Polkadot 2.0 upgrade will save the project. Developers aren't building "meme" coins or NFTs on the Polkadot chain, anyways. Without something that would "pump" DOT's market price, the project would be nothing but doomed. At least, the coin delivers as promised. The crypto market behaves in many strange and bizarre ways, so expect the unexpected. |
|
|
|
At any time there will be an altcoin that dies, maybe it is still listed on an exchange but it is only a small exchange with low volume and the developer has stopped continuing to develop the altcoin so it is only a matter of time until the altcoin disappears from circulation and its holders have actually experienced losses for a long time.
However, coins that are more stable will continue to survive and will only die when the developer abandons the project or when many of the things they do no longer make their holders happy and new projects that emerge with good potential will make a change in the altcoin market.
The concept of altcoins will always exist due to Bitcoin's open source nature. But I agree that some of the altcoins we know and love today, will no longer exist in the future. That's because some developers are not willing to continue supporting their projects for the long term. Around 90% of altcoins will die, while the rest will survive. I'd advise you to choose an altcoin that suits you best depending on your needs. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Ultimately, Bitcoin will remain the "King of Crypto" for as long as it lives. Altcoins can't beat the real thing. |
|
|
|
Syscoin was originally a decentralized marketplace and had a CLI implementation called Blockmarket but it just wouldn't scale. They have changed and bolted on to their tech so much since then that it's a mess that's trying to push itself as a Bitcoin L2 now.
Good-old Syscoin. Never thought it had a decentralized marketplace of its own. I guess the team didn't advertise the feature so much. With tokens and NFTs gaining traction, it's hard to believe single-purpose Blockchains will rise all the way to glory (except Bitcoin, and Dogecoin). I'm talking about chains without smart contract features. These days it's all about token-based "meme" coins and NFTs. People won't care about decentralized marketplaces if it doesn't make them money in the short term. They're interested in getting rich quick. Not in the tech itself. I sure hope existing decentralized marketplaces don't go away due to low popularity. We need as many alternatives to centralized marketplaces as possible. In countries where authoritarianism limits freedom, decentralized marketplaces' censorship-resistance does wonders. Not everyone can get access to eBay or Amazon, though. The future is filled with uncertainty, so we can only hope for the best. |
|
|
|
Always look for where the community grouped up in most cases. Some stuff like decentralized projects, such as uniswap or pancake or whatever you can find, they are usually at telegram, some stuff like launches and all that could be found at discord for example, you get to see whitelists there and so forth.
NFT is a highly social media oriented one, it is mainly instagram and twitter which means that first you need to lock that down. How? Well after you create your NFT's, which I suggest making randomized and not customized and lets assume that they are going to come out, they are not out yet, you start to do marketing on social media.
What can you do? Tweet replies to other big NFT crowds in those spaces, and get people to be interested, pay for some ads, make deals with influencers, basically grow your follower base, but organically, do not pay for followers, that fake follower thing will hurt you. When you have actual people following you, then you can release it and make a lot of money.
Attracting buyers into your NFT collection is quite a challenging task. Not only the quality of the NFT matters (the content), but also which marketing strategy you choose for long-term success. I still haven't published my NFTs on the Polygon blockchain because I'm waiting for market prices to decline. But once they do, I'll go for it. Especially when Polygon is one of the cheapest ETH-based chains on the market. Arbitrum was another option, but it doesn't have as big of a userbase as Polygon has. It seems that buyers these days are looking for some sort of perks/rewards with their purchase. Especially when I saw how BAYC (Bored Ape Yacht Club) rose to fame in an instant. If I'm lucky, I'll use the proceeds to invest more in ETH. It's bound to go to $10k after the approval of spot ETFs. Considering that NFTs are still a thing, I'd say the craze will never die for as long as crypto lives. Wish me luck! |
|
|
|
If we talk about performance it seems like WIF is the meme coin that has had the best performance this year. whoever held onto this meme coin from the airdrop has probably now made thousands or thousands of dollars. However this good performance certainly cannot beat Doge's popularity and Doge remains the most popular meme coin to date.
That's the problem. If we already knew which "meme" coin was going to "pump", we would've been rich by now. They're like a game of chance where winning is based on pure luck. You could either win big or lose everything in an instant. Totally not worth it, in my opinion. If you've got money you can afford to lose, then go ahead. Otherwise, I'd suggest you choose serious cryptocurrencies with a long-term plan/vision instead (Bitcoin, Ethereum, Monero, etc). Despite the fact that there are numerous "meme" coins on the market, only one has shown resilience over time. That "meme" coin is Dogecoin. I believe it will survive, while the rest go down the drain in an instant. Elon Musk is the one who started this craze, anyways. Without him, "meme" coins would be nothing today. Who knows what will happen in the future? |
|
|
|
|
Show Posts
