Is USDC a stablecoin managed by Coinbase themselves? If USDC collapses then wont that collapse the COIN stock share price of Coinbase in the stock market resulting in game over for Coinbase?
USDC is managed by Circle. If a stablecoin goes to 50cents then its not a stablecoin, it becomes an 'altcoin'. Stablecoin means stable at $1 no matter how bad the market conditions are.
A traditional stablecoin's job is to be minted and redeemed by $1, which is why the market keeps it around $1. You just can NOT guarantee the $1 price because there is a free market, where people buy and people sell all the time. If someone has $1b USDC and market sells it on an exchange, the price will fill all bids and it will drop a lot. But it will most likely go back around $1 because others can arbitrage by buying and redeeming for $1 through Coinbase. Okay lets say USDC is good and have audits to prove that they have $cash in the vaults to back up their USDC's that they printed all managed by Circle. For example, Lets say from here Circle files for bankruptcy when its shareholders found out they cant pay off their debts from their balance sheet and the share price of this Circle company crashes. From this point will USDC be fine if Circle goes out of business, who manages USDC then? What if circle uses the cash reserves in the vaults that were originally there to back up USDC to pay off their debts, that means USDC is not backed by cash anymore? Finally how will Coinbase come to this rescue as Circle bad reputation can take down Coinbase too because of the USDC ties.
The most trusted and best stablecoin in my opinion is USDT, because USDT is the first stablecoin that appears, and has been integrated with almost all other altcoins, I have never had a problem with USDT, so USDT is certainly very safe
To be frank, out of all stable coins USDT is the worst. Haven't you seen the news about how USDT is in a long term battle trying to (never actually getting round to it) to prove that USDT is backed by USD??? Here's a link to an article that puts this into perspective: https://www.ft.com/content/529eb4e6-796a-4e81-8064-5967bbe3b4d9This makes USDT the most untrustworthy stable I ever know. If you do anything, do your best to stay away from USDT, any other stable would do. Yeah it makes sense for FUD against crypto like Bitcoin so whales can get bitcoins cheaper. But FUD against stablecoins doesn't make sense because who wants to manipulate a stablecoin market for profit  Stablecoins don't get cheaper in any market condition so yeah that FT article is not FUD I guess. [moderator's note: consecutive posts merged] |
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What's the best decentralized stablecoin out there where you can earn interest on or stake it?
Otherwise which centralized stablecoin is backed by FDIC or SIPC protection policies?
To me BUSD Has always been the most trustworthy, it has always been a good one that provided me with a good amount of return, I would have to say that it will stay that way. Not because I trust binance so much but because I trust the other ones even less. USDT? That one is owned by a company called Tether in bahamas, do you really think that they are legit people? I mean if they were so legit they would be in a proper nation and not run away to bahamas. USDC? Or any other? All of them are a part of stablecoin group from very little known places or not even properly licensed places. DAI is a good one because it is decentralized but I have seen too many hacking in the decentralized world right now to trust the code itself. So, that leaves BUSD which is owned by binance, there is no stablecoin that is managed by a bigger or more known or more trustworthy place in the world so that is why I picked it. Somebody said earlier that BUSD is backed by Paxos not Binance however I don't see any mention of BUSD on their wiki page: https://en.wikipedia.org/wiki/Paxos_Trust_Company |
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No will not happen,
Think Rainbow Foundation might have a chances to take over BTC Network.
since started they are following every required guideline from SEC
Who the hell are the Rainbow Foundation? I googled it and its a LGBT group? |
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Coming back here with few more questions:
- During Silk Road operation on the Dark Web, how many bitcoins in total volume has been transacted on the dark web out of 21 million?
- All those big institutions that were buying huge amount of bitcoins, For example Microstrategy buying nearly 100,000 bitcoins. Out of that 100,000 btc how many originated from the dark web?
- Everyone saying that all transactions can be traced and tracked back to the root for Bitcoin on its blockchain meaning bitcoin is non-fungible. So can governments/exchanges/shops blacklist certain bitcoins that have been associated with a btc address found on the darkweb? Like for example websites blacklisting VPN servers so VPN doesn't work on those sites.
- OTC Bitcoin buying guarantees that the institutions are buying clean bitcoins hence institutions chose OTC?
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Former NSA whistleblower Edward Snowden said that Bitcoin lacks privacy. He said without privacy bitcoin is useless and Privacy coins are better. So TapRoot makes Bitcoin more private? If so then why Edward saying Taproot makes privacy worse |
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The total number of coins they want to make is 100M in the next 10 years.
EIP-1559 should slightly increase transaction speed through a new pricing mechanism and increasing the amount of gas in blocks up to 25M.
Burning coins reduces inflation and makes the coin more attractive to investors. In the coming year, we are promised a new fast blockchain ETH 2.0, so now there is no time for questions about the waste of energy.
But looking at coinmarketcap the circulating supply now is above 100m I don't understand what's the point of mining coins or creating coins just to burn them. Its like setting cash on fire. Wont the governments and green energy critics go after this and cry out its energy wastage? |
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Okay so Paxos is responsible for BUSD however is Paxos a US company that offers any FDIC or SIPC protection policies like banks do if anything happens to BUSD?
See: https://www.paxos.com/paxos-standard-terms-conditions/Paxos Trust Company, LLC provides cash management for the US dollar deposits backing the USD Stablecoins so that each USD Stablecoin is backed by an equivalent amount of US dollar deposits or Debt Instruments. To achieve this, the US dollar deposits backing the USD Stablecoins are held in custody only in one or more of the following forms: (i) fiat currency held in FDIC-insured bank accounts; (ii) (a) direct investments (including through repurchase agreements) in debt instruments that are expressly guaranteed by the full faith and credit of the United States Government; and/or (b) money-market funds composed of such debt instruments; and (iii) fiat currency held at FDIC-insured banks in excess of FDIC-insured limits, only to the extent that Paxos in its reasonable discretion believes that such funds need to remain liquid and readily available to service customers and that option 5.1.ii. is therefore impracticable. Paxos Trust Company may modify its cash management program from time to time, provided that the US dollars will always be held in segregated accounts in one of the three forms described above. Is USDC a stablecoin managed by Coinbase themselves? If USDC collapses then wont that collapse the COIN stock share price of Coinbase in the stock market resulting in game over for Coinbase? If a stablecoin goes to 50cents then its not a stablecoin, it becomes an 'altcoin'. Stablecoin means stable at $1 no matter how bad the market conditions are. |
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Okay coming back here with the recent China Ban Bitcoin again FUD from China. Is this a good thing now for Bitcoin Hash rate becoming decentralized now?
China has cheap electricity so which countries the chinese miners will move to that also has cheap electricity so the chinese miners can continue mining btc if China really goes ahead with this FUD?
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I'm surprised that the recent crash of btc drag down other altcoins too even though btc dominance at the time was at its lowest in years. Everybody assumed a low btc dominance means no market correlation to other alts.
What dominace btc must be at its lowest so there's no correlation to other alts in price action and market conditions?
Now Btc dominace is slowly rising up, what does this mean for alts?
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Okay does this Taproot update affect bitcoin's decentralization in anyway that will bring a backlash from the btc community?
By its own, no. However with the cooperation of MAST and schnorr signature which may be applied upon bitcoin in the future, it can improve the privacy of bitcoin thus improve its decntralization indirectly. MAST and Schnorr relies Taproot being activated 1st on the btc network?
its soft.
so far no option of hard fork. and no option of a forced fork/contentious fork. (all good signs)
if it doesnt get its 90% over a 2 week period it just wont lock in/activate.
but has many 2 week oportunities over the next 3 months
so far based on the latest 1day % is at about ~85% acceptance
so i see its getting close to having met threshold (within inches so far)
so as long as pools dont pull out it could lock in within a month.
as it just needs a few more % and them to then hold it for 2 weeks+
if it does lock in, it then allows 3 further months to then upgrade software before it activates (giving users time to update)
i see no contention or malice practices by devs trying to force the issue
Elon Musk wants Bitcoin to be a Cryptocurrency not a Crypto Asset (store of wealth) with his recent Lightning Network is needed tweet. Does Taproot pave the way for lightning network? Lightning Network only makes sense if everybody accepts it as payment from your local coffee shop to Amazon right? [moderator's note: consecutive posts merged] |
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Why is Binance using a 3rd party Paxos for their BUSD stablecoin? If Binance can create Binance smart chain BSC and BNB and all those other financial derivatives on their own Binance platform they why cant they create they own stablecoin managed by themselves Because that's not what matters. The important thing is NOT the token, but what and who backs it. It doesn't matter if they "own" Binance Smart Chain or Binance Chain. They could have also created BUSD themselves on the ETH network, after all, anyone can deploy a smart contract (a ERC20 token in this case). They are using Paxos because: they are trusted, their business model is about stablecoins, they can handle the audits, the backing, the bank accounts, etc... why do everything themselves when there are companies which can do a better job? Just to confirm for Dai to collapse then either Ethereum or MakerDAO must collapse 1st or their smart contract ecosystems has vulnerabilities causing a collapse? When I say collapse I mean the blockchain collapsing not the price meaning if Eth or MAkerDAO loses 99% in a bear market then Dai will still be okay?
For every 1 DAI in circulation, there is $1 worth of ETH or other crypto backing it, all managed by a smart contract and the liquidators. If ETH suddenly goes to $0, your 1 DAI is suddenly backed by... nothing. Or better, some ETH worth $0. The same way, if their smart contract is hacked and the ETH is drained, your DAI is worth nothing because the collateral/backing is gone.
When you say 'Impact', what do you mean by that term? Do you mean impact the stablecoin market in price like for example instead of $1 USDC and Dai can drop like 50% to 50cents each?
The only reason USDC would be worth less than $1 is if they are not backed. Period. Even if the market suddenly panic sells everything and USDC goes to $0.50 on the exchanges, you could buy them for $0.50 and redeem for $1 on Coinbase. Okay so Paxos is responsible for BUSD however is Paxos a US company that offers any FDIC or SIPC protection policies like banks do if anything happens to BUSD? |
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Okay if USDT Tether collapses under its scandal then can it bring down USDC and Dai coins too?
It will impact them a lot, that's the least I can say. Since all the 3 coins you named are different and not interconnected to each other in any way, so I don't think if one coin scams or anything like that happens it would crash another coin. If USDT collapses then there will be a certain level of distrust and that is what will impact these other stable coins but that would be for some time only. Once the market settles down, there will be a lot of traffic on these other stable coins specially DAI since it's decentralized and people would feel much more secure going with a decentralized stable coin. I don't think USDT would ever collapse though because they have the biggest volume in terms of trading and they are sitting very solidly in the market so I see no reason why the coin would suddenly collapse unless there is something wrong. When you say 'Impact', what do you mean by that term? Do you mean impact the stablecoin market in price like for example instead of $1 USDC and Dai can drop like 50% to 50cents each? However isnt a stablecoin suppose to be 'Stable at $1' in any market condition hence they are called stablecoins in the 1st place? If I assume you mean impacting the price then its not a stablecoin because price is not stable right?
USDT which is an amount comparable to fiat money which is solidified like it will be safe, unless fiat money is added to make it back or add to circulation in crypto it could, and will not possibly fall to 0, because many people hold it and believe it to be stable coin.
So you saying the whole USDT stablecoin is backed by trust from its holders? So as long there's trust it will still be stable at $1 even though a judge in a courtroom finds USDT Teher guilty? Wil exchanges still trust USDT and not delist it even though they will face legal enforcement from authorities to delist it? [moderator's note: consecutive posts merged] |
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I use binance USD and USDT in most cases, but I've come to realise that most people would rather go for USDT than BUSD. USDT has been in the market for a long time despite the allegations by SEC. The token has the support of several blockchain such as tron, ethereum, binance smart chain etc.
Lets say for example that Tether USDT has been found guilty by the judge in a court room in the US or China decides to go after Bitfinex exchange that owns tether and bans Tether on exchanges, pressuring the exchanges to delist tether USDT because they have been legally been convicted in court of printing tether coins out of thin air, not backed by cash $dollars. Wont this cause a run on Tether USDT where USDT holders will want to cash out their tether for their local fiat currencies? Also wont this cause USDT trading pairs with cryptos to be wiped off exchanges for example there wont be USDT/BTC or USDT/ETH pairs anymore because no seller wants USDT for their BTC etc? When you say USDT has support from other blockchains such as Tron, Ethereum, BSC, then how do these chains support tether if a judge in a court room finds tether guilty?
But isn't Binance under investigation now  ? By whom? And it doesn't matter, BUSD is backed/controlled by Paxos and not Binance. Even Dai not backed up to?
DAI is backed by cryptocurrencies through a smartcontract (see MakerDAO). Why is Binance using a 3rd party Paxos for their BUSD stablecoin? If Binance can create Binance smart chain BSC and BNB and all those other financial derivatives on their own Binance platform they why cant they create they own stablecoin managed by themselves Just to confirm for Dai to collapse then either Ethereum or MakerDAO must collapse 1st or their smart contract ecosystems has vulnerabilities causing a collapse? When I say collapse I mean the blockchain collapsing not the price meaning if Eth or MAkerDAO loses 99% in a bear market then Dai will still be okay? [moderator's note: consecutive posts merged] |
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It isn't a bull market unless 'China Bitcoin Now' 
I'm trying to think of FUDS that they will use in the next bully cycle of 2024/25 when they try to crash it from 500k to 100k, cheap coins lol :
Feel free to add to the list no matter how silly they sound:
- Triple Spent BTC Transactions.
- Terrorists bought 3 nuclear bombs that cost 1 btc each but manage to buy 3 of them for 1 btc because of Triple Spent so they can now nuke 3 countries including the US for the price of 1 btc. So everyone be very afraid unless we ban bitcoin now.
- BTC mining is melting ice caps in north pole because btc mining gives off a lot heat so BTC is killing the planet.
- President Trump re-run for 2024 presidency has been funded by btc donations from terrorists so terrorists want him to win so he can break down the US for them.
- There's a digital computer virus version of the Corona Virus that turns off cooling in computer systems such as turning off fans meaning btc computer mining systems will overheat & implode from no cooling so btc network is screwed.
- The mainstream media will find a Japanese looking Satoshi Nakamoto intimidator and portray him as the real Satoshi and he will a lot of bad things on bitcoin like Craig Wright is doing now.
- And the usual China will ban bitcoin for the millionth time.Have we added USDT Tether FUD to the list above? I cba reading through previous 5-6 pages to see if its already mentioned lol. [moderator's note: consecutive posts merged] |
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I use BUSD most of the time. I like to use it especially for its being backed by Binance. But I have also used USDT and I didn't have any problem with it. But I haven't tried another stablecoin except these.
But isn't Binance under investigation now ? |
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Okay it looks like I have the old KNCL on Kraken exchange.
Can anyone confirm whether Kraken will do the swap to new for me?
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From every indication USDT seems to be the most popular stablecoin coupled with the fact that the market capitalisation is the highest when compared to other stablecoin. But they've been some negative news about the true backup capability of USDT. I'm of the opinion that if looked into carefully every stablecoin doesn't have the exact backup of the amount of stablecoin that is being printed.
Even Dai not backed up to? |
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Confused Kyber Network Crystal & Kyber Network Crystal Legacy the same coins? Or is this like Bitcoin & Bitcoin Cash? Which one is the most supported and liked by the Kyber community? Which Kyber is on the Kraken exchange? |
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Okay does this Taproot update affect bitcoin's decentralization in anyway that will bring a backlash from the btc community?
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