Impact of USDC - Circle - & other Stable coins. Dangerous.

[Globalbitcoinl]

another infopovod for an infinite number of news, I think every season there are such news. be prepared, there will be even more

[Supercrypt]

A lot of things have been said about stable coins that are currency backed such as USDT in the past, and USDC coming into the show really does not make much difference and as long as it is really backed by a real live fund, I see no reason why it should backfire.

At least, when the whole USDT saga came into play with respect to them generating and printing tether from nowhere, we saw what the outcome ended up as, and they claimed with some proof or thereabout that they have fiat to back the tether up. If that is really the case and there is no false claim, I believe we should not really see any implosion regarding backed fiats stable coins. Manipulation however is something that is a norm anyway and being a decentralized and a non-regulated space, it just gets easy the more for the whales.

[naidray]

I suppose, it is a lot like USDT, but from another group of people (company called Circle)? It's also about storing dollars in a bank and people owning crypto versions of dollars, right? I don't think that such coins are bad, because the current market situation is very unstable and generally bearish, so people might be interested in freezing their assets in cryptocurrency this way (since fiat-crypto exchange policies are not very nice as well). I don't trust these coins, however, because it's not safe to hold money in some real place that could be burned or robbed. Moreover, as is the case with tether, people cannot be sure that each coin truly is backed by 1 dollar and the revelation of such a thing could lead to sudden collapse.

I do not think they are bad either and yes you are right with the fact that it is just the same as USDT. Usually, sometimes, it is always a lot better when you just hedge in real fiat rather than using some of these stable coins, but over the years, they have really helped for most of the exchanges with people really trying to hedge their funds in USDT without having to go through the bank.

But, the question has been raised that the tether team keeps generating funds from thin air, without a backed currency to it, but at the end, I guess they were able to prove that wrong. Nonetheless, when people keep saying things a lot about some of these things not coming with a good scenario in the long run, I always prefer taking the preventive measures instead.

[setupbounds]

This spam of Stablecoins can impact the market in the short term very positive ->much more volume and Billions of "USD`S" 

Prepare your selves for a nice $$ injection in the market by USDC.

But in the long run, I believe this can be very dangerous as we get a lot of manipulative power in the ecosystem.


Note: This is referred to USD "backed" StableCoins - Others like DAI still have nice fundaments.

I think they are useless and not dangerous. Why the hell do we have stable coins and even tokens for dollar in markets and all that. Why not just put up your REAL dollars into an exchange and when you want you can change it to REAL DOLLAR after trading and if you can withdraw it than withdraw it, if you can't than trade it to bitcoin and withdraw that.

We can definitely use REAL dollar instead of tokens and all that. Exchanges should start to consider putting real dollar instead of tokens and circles and all this useless and worthless stuff. The more we have of these the higher chance of manipulation by people who have it.

[Harlot]

I can't see why this stable coins will be dangerous in the market, I mean all of the traders are only shifting their funds to this coins as a safe heaven during big dips but I don't see the traders staying long on these kinds of coins. Plus the manipulation you are talking about has always been there in the market, the price movements we are seeing right now are always influence with something and it won't change as whales will always be here making profits out of us. Stable coins are really not a threat for any of us.

[timotron]

I suppose, it is a lot like USDT, but from another group of people (company called Circle)? It's also about storing dollars in a bank and people owning crypto versions of dollars, right? I don't think that such coins are bad, because the current market situation is very unstable and generally bearish, so people might be interested in freezing their assets in cryptocurrency this way (since fiat-crypto exchange policies are not very nice as well). I don't trust these coins, however, because it's not safe to hold money in some real place that could be burned or robbed. Moreover, as is the case with tether, people cannot be sure that each coin truly is backed by 1 dollar and the revelation of such a thing could lead to sudden collapse.

I do not think they are bad either and yes you are right with the fact that it is just the same as USDT. Usually, sometimes, it is always a lot better when you just hedge in real fiat rather than using some of these stable coins, but over the years, they have really helped for most of the exchanges with people really trying to hedge their funds in USDT without having to go through the bank.

But, the question has been raised that the tether team keeps generating funds from thin air, without a backed currency to it, but at the end, I guess they were able to prove that wrong. Nonetheless, when people keep saying things a lot about some of these things not coming with a good scenario in the long run, I always prefer taking the preventive measures instead.

"but over the years, they have really helped for most of the exchanges with people really trying to hedge their funds in USDT without having to go through the bank."
 
   Yes and, I ask my self, is this good enough for me? I don`t think so.

I can see a lot of future FUD about stableCoins, manipulation, not 100% transparent, our other unethical acts.

[timotron]

This spam of Stablecoins can impact the market in the short term very positive ->much more volume and Billions of "USD`S" 

Prepare your selves for a nice $$ injection in the market by USDC.

But in the long run, I believe this can be very dangerous as we get a lot of manipulative power in the ecosystem.


Note: This is referred to USD "backed" StableCoins - Others like DAI still have nice fundaments.

I think they are useless and not dangerous. Why the hell do we have stable coins and even tokens for dollar in markets and all that. Why not just put up your REAL dollars into an exchange and when you want you can change it to REAL DOLLAR after trading and if you can withdraw it than withdraw it, if you can't than trade it to bitcoin and withdraw that.

We can definitely use REAL dollar instead of tokens and all that. Exchanges should start to consider putting real dollar instead of tokens and circles and all this useless and worthless stuff. The more we have of these the higher chance of manipulation by people who have it.

The stableCoins have a good use after all, but how transparent are they? Are we willing o trust these entities? Do we have an alternative?
 At least you can keep your anonymity using this stableCoins, Can you stay private with real USD online?

[timotron]

I can't see why this stable coins will be dangerous in the market, I mean all of the traders are only shifting their funds to this coins as a safe heaven during big dips but I don't see the traders staying long on these kinds of coins. Plus the manipulation you are talking about has always been there in the market, the price movements we are seeing right now are always influence with something and it won't change as whales will always be here making profits out of us. Stable coins are really not a threat for any of us.

Good point.

But stableCoins are a threat for me, and for everyone worrying about the environment surrounding us.

Is a new thing in crypto markets. And can be a relatively important thing.

[Robbio]

You have to know that the large number of stable coins is not bad news, which helps newcomers to join the cryptocurrency. Although this is not safe in your opinion, there are still many people ready to join the cryptocurrency.

[stompix]

I can't see why this stable coins will be dangerous in the market, I mean all of the traders are only shifting their funds to this coins as a safe heaven during big dips but I don't see the traders staying long on these kinds of coins.

How are those coins safer than the $ or the euro?
Yeah, a bank can freeze your account and so can those that issue those coins, but no way the real $ will turn to zero in a few hours, unlike what can happen if the authorities raid bitfinex.

Stable coins are not a danger to the market, they are a danger to anyone dealing with them!!!

[timotron]

I can't see why this stable coins will be dangerous in the market, I mean all of the traders are only shifting their funds to this coins as a safe heaven during big dips but I don't see the traders staying long on these kinds of coins.

How are those coins safer than the $ or the euro?
Yeah, a bank can freeze your account and so can those that issue those coins, but no way the real $ will turn to zero in a few hours, unlike what can happen if the authorities raid bitfinex.

Stable coins are not a danger to the market, they are a danger to anyone dealing with them!!!

the market is dealing with it very closely.

[timotron]

And the party gets bigger now with OKcoin!

OKCoin Founder Star Xu Announces Chinese Yuan-Backed Crypto-

https://cryptonews24x7.net/okcoin-to-issue-chinese-yuan-backed-crypto-are-there-too-many-stablecoins/


I am still thinking this is not good for the medium-long term.

[stompix]

Stable coins are not a danger to the market, they are a danger to anyone dealing with them!!!

Just quoting myself here...

How do you like the "stable" coins now?
If I remember correctly, people claimed tether was a safe haven, to protect your assets and other stuff like this.

A 8% drop in a matter of hours, the "stable" coin acts like the Bolivar right now

[Cryptomilz]

Stable coins are not a danger to the market, they are a danger to anyone dealing with them!!!

Just quoting myself here...

How do you like the "stable" coins now?
If I remember correctly, people claimed tether was a safe haven, to protect your assets and other stuff like this.

A 8% drop in a matter of hours, the "stable" coin acts like the Bolivar right now

If only they knew..there was consistent accusations of tether being printed in very questionable numbers over a period of time. This is definitely a red flag. Woke up to the to drop this morning, seeing BTC surge in price. I guess a lot of people where moving their assets to other stablecoins like TUSD

[timotron]

did you saw the USDT at 0.80$ in Kraken?

What a difference in prices last day in BCT? - over ~500$ price difference between Kraken and Coinbase(USD)

[timotron]

did you saw the USDT at 0.80$ in Kraken?

What a difference in prices last day in BCT? - over ~500$ price difference between Kraken and Coinbase(USD)

Anyone knows a place for "short" you crypto alternative to the stablecoins?

I have used Vaultoro in the past, but I don't know any other option...

Any ideas?

[mu_enrico]

What is with this double and triple posts mate? Couldn't you just sum up your comments in a single post?
Stablecoins are dangerous only if there is a condition like "bank rush" (or coin rush?) because I'm pretty sure they also implement the "fractional reserve" system.
For every USDT, USDC, etc., they won't back it 1:1 otherwise they won't get any profit.

[jseverson]

I guess a lot of people where moving their assets to other stablecoins like TUSD

Yeah it's kind of baffling to me. USDC is trading at $1.03 at the moment, which I guess means people really are moving from one stablecoin to another. I have no clue why people still believe these are a good idea, especially right after one just fell flat on its face.

[timotron]

party non-stop!

https://cointelegraph.com/news/paxos-says-it-has-issued-50-mln-of-recently-launched-dollar-backed-stablecoin

[ophyrim]

This spam of Stablecoins can impact the market in the short term very positive ->much more volume and Billions of "USD`S" 

Prepare your selves for a nice $$ injection in the market by USDC.

But in the long run, I believe this can be very dangerous as we get a lot of manipulative power in the ecosystem.


Note: This is referred to USD "backed" StableCoins - Others like DAI still have nice fundaments.

1 year ago there was only Tether as a stable coin today we have trueUSD, USDC, USD gemini etc...
 As you know there was always some rumor about the money that Tether has. This was one of the blackholes of this cryptomarket. This was very scary. But today I don't care to much about the reserve of Tether. Because there is some strong and better alternative.