Stablecoins thread

[Regat]

Stablecoins have a very important role in the crypto market.

Now that Tether is in discussion again, I think it could be cool to understand which stablecoin you prefer and why.

Is there a stablecoin safer than the others for you?

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[chocopapaya]

The only one I would ever consider is DAI.
At least they try to make it somewhat decentralized.

Tether itself is something that everyone should stay far away from.
Just track it's coin minting history.
They systematically create millions of coins.
It's pure manipulation of the market and highly questionable that they can raise that much capital in such a short amount of time.
And the "audit" they did of their assets? That's highly questionable too because it wasn't done by any industry leader.

For other stable coins, it's taking crypto and using it for the opposite of its intended purpose.
direct p2p transactions that are openly visible to all, that's what crypto is.
We don't need more centralization in crypto.

[nimiq.cafe]

In my opinion Maker/DAI has the smartest model but it needs further decentralization in the way that it should not be as dependent of ETH.

That said there are alternative to stablecoins that are slowly coming, OASIS (developed by Nimiq in cooperation with WEG Bank) is one of them: https://medium.com/nimiq-network/nimiq-makes-fiat-currencies-blockchain-compatible-7503096a6252
The goal is to basically have fiat behaving directly as a token on the blockchain instead of having a reserve mechanism like TrueUSD or Tether.

[X-ray]

Stablecoins have a very important role in the crypto market.

Now that Tether is in discussion again, I think it could be cool to understand which stablecoin you prefer and why.

Is there a stablecoin safer than the others for you?

TUSD and PAX stable coin. I trust both of these coins because it has already audited and it has reserved to backed their tokens. tether has so many problems that can't be fixed easily consider it has been manipulated its own stable coin. Tether company has no dollars to back all of tether that already issued.

[webtricks]

Stablecoins have a very important role in the crypto market.

Now that Tether is in discussion again, I think it could be cool to understand which stablecoin you prefer and why.

Is there a stablecoin safer than the others for you?

Is Tether a stable coin? I don't think so. The value of Tether is pegged to the value of 1 US Dollar. Now coming to US Dollar. Everyone of us knows the concept of inflation. Things tend to become expensive over the period of time. For example, if you can buy 2 bananas for $1 today maybe banana becomes expensive and you can only afford 1 banana for $1. Although you still got 1 USD with you but the value of your dollar tends to decrease. Being the perfect substitute of USD, Tether or USDT is also inflationary in nature. I don't see how holding USDT over a period of time will help in trading. Instead of using term stablecoin, I think pegged coin is more appropriate term for such coins.

Only positive aspect that pegged coins added to crypto trading is easiness. During rapid pump and dump, it has now become easy to shift from fluctuating valued coin to FIAT equivalent coin without actually leaving the crypto domain.

[Ifychuks]

The only one I would ever consider is DAI.
At least they try to make it somewhat decentralized.

Tether itself is something that everyone should stay far away from.
Just track it's coin minting history.
They systematically create millions of coins.
It's pure manipulation of the market and highly questionable that they can raise that much capital in such a short amount of time.
And the "audit" they did of their assets? That's highly questionable too because it wasn't done by any industry leader.

For other stable coins, it's taking crypto and using it for the opposite of its intended purpose.
direct p2p transactions that are openly visible to all, that's what crypto is.
We don't need more centralization in crypto.

Am yet to understand why some coins are referred to as stable coins. Most coins I have seen called stable aren't stable in anyway, or is there other meaning attached to that name "Stable"?

[kurcalas]

Stablecoins have a very important role in the crypto market.

Now that Tether is in discussion again, I think it could be cool to understand which stablecoin you prefer and why.

Is there a stablecoin safer than the others for you?

Tether's not now. Since its inception, it has been a subject of debate. I think there is some righteousness in criticism. Last days I've red a news about Tether. The reserve is said to be at most 74% of its value. The rest can be Tether printed with no reserve.

[monalia]

Stablecoins have a very important role in the crypto market.

Now that Tether is in discussion again, I think it could be cool to understand which stablecoin you prefer and why.

Is there a stablecoin safer than the others for you?

Centralized coins are not at all safe because they may go back from the usage, if there is any problems to crypto market. Moreover, if you give more attention to stable coins. That is end of the crypto revolutions.
Always keep your concentration on bitcoin and ethereum. Next to that you can check the best altcoins in the market and invest towards it. You may use USDT as final level conversion with the market is falling. Other than that nothing will work perfect with stable coins.

[ePesoInitiative]

I don't really trust any stablecoin. Because it is antithesis to Bitcoin's purpose. And secondly, by what authority can anyone back 1 unit to one dollar? Only the US government can. Other governments back their fiat exchange rate by its stability and the country's economy. It's just plain trust for stablecoins.

[De_nis]

It's hard to trade in a crypto market without TUSD! To date, this stable coin has never failed.

[fudster]

Good to know that finally they uncover the scams with stablecoins. What about the Gemini USD?

The two brothers seem to be reputable since day one, it would be cool to hear from them about such news about the tether. I guess their input shall be a big promotion to their own stablecoin.

[Adriano2010]

I use USDC but i only use it inside of an exchange because when i need to buy or to trade something, but ussually on some exchanges where i'm verified i send EUR and i can buy some coins with EUR pair. But stablecoins should have their role and i hope to not happen like with Tether without being backed up by real money.

[neonshium]

The only one I would ever consider is DAI.
At least they try to make it somewhat decentralized.

Tether itself is something that everyone should stay far away from.
Just track it's coin minting history.
They systematically create millions of coins.
It's pure manipulation of the market and highly questionable that they can raise that much capital in such a short amount of time.
And the "audit" they did of their assets? That's highly questionable too because it wasn't done by any industry leader.

For other stable coins, it's taking crypto and using it for the opposite of its intended purpose.
direct p2p transactions that are openly visible to all, that's what crypto is.
We don't need more centralization in crypto.

Am yet to understand why some coins are referred to as stable coins. Most coins I have seen called stable aren't stable in anyway, or is there other meaning attached to that name "Stable"?

Lol,  those coin are actually stable,  you can confirm this from the market price, they never decrease in price or increase in price but maintain a stable price of $1, but the problem I have with them especially tether is that they lied to us that there was a reserve where all the money is being kept so that it could keep maintaining the price of the coin at $1, but at least now we know better that the money have already been spent by bittrex a long time ago and we have just been lied too.

[Regat]

I am against centralization in the crypto world, but we have also to remember that those stablecoins help the people to remain unknown (in the crypto ecosystem) when trading crypto instead that exit for fiat.

[MadGamer]

Personally, I think regardless of which stablecoin you're using, there will always be a point where the coin could go below the 1 USD point for one reason or another. (Accusations based on nothing, issues with the bank, etc. whatever it is, the market will react to it) But it's definitely good to see multiple sources for stablecoins, crypto is all about decentralization after all and we don't want one player to control everything.

[ivaf]

I prefer the PAX and TUSD stablecoins. But I do not disdain to use and USDT . There is a lot of noise around him, but this does not prevent this stablecoin from working quietly.
By and large, it does not matter which stablecoin to use for a short period of time.

[wallycoin]

For sure, Tether is out there for a long time, and it is popular. Yet, some members of crypto community think that it is too centralized to reflect the crypto vision. I think it's a negative factor. So I've started to look for an alternative to Tether.

Dai (and Maker, as they work together) caught up my attention recently. It's much more decentralized so, perhaps, is better able to fit into the crypto space. In my opinion, Dai is the best stablecoin so far. Not flawless, but perhaps much better than anything else we have. Understanding the whole idea requires some dense reading, maybe some reviews in the human language would be easier to understand. Like these ones:
https://bitcoinexchangeguide.com/heres-why-makerdao-mkr-and-dai-stablecoin-has-been-the-hottest-coin-of-2019/
https://www.undervalued.top/cryptocurrency-reviews/maker-review

[mrdeposit]

Since Tether is one of the firsts, it is the most widely used stable money today. Otherwise, it could not have continued much longer. TUSD is one of the best I know. Personally, I refrain from using them, I do not know, I have little reliance in them.

[Alucard2425]

Speaking of stable coins I heard a news about a launching of stable coin UNICASH this project is one of the project of UNIFOX ever heard of them?

[thanhswp]

Terra is A price-stable cryptocurrency aimed at mass adoption. As its scale grows, we see Terra evolving into a new financial infrastructure for the next generation of decentralized apps.
-The project focuses on the stable coin market, which is the core of blockchain-related business as well as a blue ocean market.
-The design of the project has sophisticatedly combined stake coins and stable coins, forming a closed internal loop.
-The team is composed of members with superb background; it has also partnered with a number of powerful e-commerce companies to attract more users.