JeromeTash
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Heisenberg
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October 20, 2019, 08:49:32 PM |
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Let's discuss the potential effects of stable coins which are bound to usd or eur. We usually use them to avoid the volatility or short bitcoin in a way. There are many stable coins in the last year. By writing threat, I didn't mean issues like tether's issue. I mean, they are not coins, they are just usd and eur.
I don't know why people think that stable coins are a threat to bitcoin. Infact they are playing a bigger role to helping to solve the problem of high volatility in the cryptospace that has left most traders with losses. If Stable coins are a threat to BTC, then why is the Bitcoin dominance currently at 66% compared to 2 years ago where it was at around 30% and yet there was no stable coin hype at that time?
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pixie85
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October 20, 2019, 09:55:10 PM |
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I don't know why people think that stable coins are a threat to bitcoin. Infact they are playing a bigger role to helping to solve the problem of high volatility in the cryptospace that has left most traders with losses.
The threat is in the potential fallout from the companies behind these coins printing too much fake money and going bankrupt. USDt was supposed to be backed 1:1 by usd. People were asking them to show them proof that it's backed and got none. Finally the company admitted that some of the USDt in circulation is not backed. Who wants to be the last fool to turn their USDt into USD? Not me.
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micalith (OP)
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October 20, 2019, 10:03:19 PM |
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I don't know why people think that stable coins are a threat to bitcoin. Infact they are playing a bigger role to helping to solve the problem of high volatility in the cryptospace that has left most traders with losses.
The threat is in the potential fallout from the companies behind these coins printing too much fake money and going bankrupt. USDt was supposed to be backed 1:1 by usd. People were asking them to show them proof that it's backed and got none. Finally the company admitted that some of the USDt in circulation is not backed. Who wants to be the last fool to turn their USDt into USD? Not me. Isn't this a vital threat for bitcoin? These backing issues are preventing bitcoin from mass adoption. It shouldn't be a scam scheme. But if we don't have these stable coins, these will not happening for sure.
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Shasha80
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October 20, 2019, 10:16:51 PM |
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I think stable coins are not a threat for bitcoin, stable coins are used by people to save assets when there is a bear market. Stable coins are also used to store profits from investments or trading. Stable coins substitute cash in the digital world. So the conclusion is stable coins make the investment world healthier, stable coins are also very useful for bitcoin its not as a competitor but as a supporter of bitcoin. With its stable coins make investors more enthusiastic with the world of cryptocurrency, therefore stable coins are not a threat for bitcoin.
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GreatArkansas
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October 20, 2019, 10:17:45 PM |
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Isn't this a vital threat for bitcoin? These backing issues are preventing bitcoin from mass adoption. It shouldn't be a scam scheme. But if we don't have these stable coins, these will not happening for sure.
Why stable coind can't help bitcoin to be recognize? As far as I know, there are some exchange who do not accepts USD so you will first exchange your USD to other stable coins then you will use that STABLE COIN (like USDT(Tether)) to buy some Bitcoins. For me, stable coins is not really threat for Bitcoin as long as they are 100% transparent, or really backed/pegged with some national currency like USD.
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lobat999
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October 20, 2019, 10:32:37 PM |
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they are all centralized and highly risky, there is no threat in that for a decentralized bitcoin like bitcoin. specially from dozens of them that keep popping up like mushrooms these days. the only thing that could only cause a short term drama and that only in price of bitcoin is tether and that is only because it is oldest and biggest otherwise they have nothing to do with bitcoin.
Additionally, stablecoin's centralization issue is getting worst by the emergence of new stablecoin competitors saturating the whole market but negating the effects that supposedly makes a "threat" to Bitcoin. Also, if I'm not mistaken, most of these stablecoins has no fix supply as compared to Bitcoin - the reason some of them can just easily release or mint new tokens overnight thus adding more cloud in the "fiat backing" credibility issue.
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dimastegar
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October 20, 2019, 10:33:04 PM |
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In trading, stable coins are very useful for storing values or locking profits. And stable coin is not a threat for Bitcoin. Stable coins are only a complement to support the needs of traders. And there is nothing to lose if you hold or deposit a portion of a stable coin to store trading profits.
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squatter
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STOP SNITCHIN'
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October 20, 2019, 10:35:47 PM |
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The threat is in the potential fallout from the companies behind these coins printing too much fake money and going bankrupt. USDt was supposed to be backed 1:1 by usd. People were asking them to show them proof that it's backed and got none. Finally the company admitted that some of the USDt in circulation is not backed. Who wants to be the last fool to turn their USDt into USD? Not me.
The same goes for all bitcoins on deposit at exchanges, or dollars on deposit at your local bank. Eventually, fractional reserve will take its toll. This is characteristic of all trusted custodial arrangements, not just centralized stablecoins. That's why decentralized stablecoins like DAI are much more interesting to me. It uses economic incentives to pressure the price towards a $1 peg and is completely trustless -- no third party custody.
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Mandoy
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October 21, 2019, 02:53:44 AM |
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Stable coins are not a threat to bitcoin. In terms of trading and earning a profit from volatility bitcoin is still more attractive to stable coin. Stable coin on the other hand is attractive to merchants since the price is not volatile. In some way there are some market impacts on bitcoin but the impact of stablecoin is not much of a threat to bitcoin market.
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Zeke_23
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October 21, 2019, 03:10:48 AM |
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Stable coins are not a threat to bitcoin. In terms of trading and earning a profit from volatility bitcoin is still more attractive to stable coin. Stable coin on the other hand is attractive to merchants since the price is not volatile. In some way there are some market impacts on bitcoin but the impact of stablecoin is not much of a threat to bitcoin market.
Indeed, stable coin was just created to minimize the volatility, and there is nothing to be feared about that. Stable coin will not get in the way of bitcoin which we all know that it is the majority of people when it comes to investing in cryptocurrency. bitcoin has the upper hand, it wont affect it at any cost.
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Xxmodded
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October 21, 2019, 04:04:10 AM |
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In trading, stable coins are very useful for storing values or locking profits. And stable coin is not a threat for Bitcoin. Stable coins are only a complement to support the needs of traders. And there is nothing to lose if you hold or deposit a portion of a stable coin to store trading profits.
Stable coin in trading just give few profit, we like coin can pump and down suddenly to get much profit with investing in crypto. Investing with sable coin looks less risk with price down just we only get little profit although have much money for investing, when we use for pump or dump altcoin extreme I think the best ideas how to get much profit with crypto investment.
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Edraket31
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October 21, 2019, 04:28:12 AM |
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In trading, stable coins are very useful for storing values or locking profits. And stable coin is not a threat for Bitcoin. Stable coins are only a complement to support the needs of traders. And there is nothing to lose if you hold or deposit a portion of a stable coin to store trading profits.
Stable coin in trading just give few profit, we like coin can pump and down suddenly to get much profit with investing in crypto. Investing with sable coin looks less risk with price down just we only get little profit although have much money for investing, when we use for pump or dump altcoin extreme I think the best ideas how to get much profit with crypto investment. Yes. investing in stable coin is not that good way of investing. It is just an alternative way to store your fund if in case you don't want to trade yet, or the market is unstable. This is a great help in case of bear market, so we also need stable coins in case.
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Aying
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October 21, 2019, 04:43:38 AM |
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I think stable coins are not a threat for bitcoin, stable coins are used by people to save assets when there is a bear market. Stable coins are also used to store profits from investments or trading. Stable coins substitute cash in the digital world. So the conclusion is stable coins make the investment world healthier, stable coins are also very useful for bitcoin its not as a competitor but as a supporter of bitcoin. With its stable coins make investors more enthusiastic with the world of cryptocurrency, therefore stable coins are not a threat for bitcoin.
You mean stable coin is the best option to avoid risk of our funds? In other side I agree with your statement that stable is not a threat for btc because stable coin is just like that and added to that bitcoin is working on its volatility because of risk takers who still investing. stable coin and bitcoin dont have the same purpose. we still choose bitcoin and still investing because we want profit. we are not here to choose stable coin for nothing. still bitcoin is our choices to gain.
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Watch out for this SPACE!
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lobat999
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October 21, 2019, 05:39:52 AM |
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Stable coins are not a threat to bitcoin. In terms of trading and earning a profit from volatility bitcoin is still more attractive to stable coin. Stable coin on the other hand is attractive to merchants since the price is not volatile. In some way there are some market impacts on bitcoin but the impact of stablecoin is not much of a threat to bitcoin market.
Absolutely! In my personal view, I think stablecoins are not a direct threat to Bitcoin rather they are a complement to Bitcoin which gives adopters a way to ease its volatility not to mention that the two coins have profound differences to each other in terms of technicalities and features that it seems inappropriate to compare them as rivals. Imho.
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blckhawk
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October 21, 2019, 05:41:36 AM |
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Let's discuss the potential effects of stable coins which are bound to usd or eur. We usually use them to avoid the volatility or short bitcoin in a way. There are many stable coins in the last year. By writing threat, I didn't mean issues like tether's issue. I mean, they are not coins, they are just usd and eur.
I don't think there's any threat to bitcoin as of now. Bitcoin still prevails as the most used and trusted by many cryptocurrency users. Stablecoins are controlled and somewhat centralized, it is condtradicting the essence of crypto being decentralized. Stablecoins is much preferred when using as payment because price fluctuations are minimal. However for day traders, bitcoin still would be widely used sincetraders want price action to gain profit.
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ivakar
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October 21, 2019, 05:52:14 AM |
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i'm not quite sure why do you think those stable coins could be a problem or a threat for bitcoin those coins are 2 year on the market already and I do not see any threat so what makes you think the new coins will pose a threat? it is not logical
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romero121
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October 21, 2019, 06:04:30 AM |
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Stablecoins weren't a threat for bitcoin. Those are the one that makes the cryptocurrency market strong, in simple if there isn't no stablecoin it is hard to experience such a level of circulation of cryptocurrency in the market. In cryptocurrency network stablecoin pairing with different cryptocurrencies contribute big to the circulation through trading. More the circulation more will be the growth happening with time.
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Kakmakr
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October 21, 2019, 06:09:47 AM |
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Stable coins are not used to short Bitcoin, but rather to give traditional investors that are used to more stable commodities a safe option to invest in Crypto currencies. A lot of the more traditional investors are not used to the crazy volatility of Bitcoin and are hesitant to invest in something with high volatility, so they opt for asset backed Stable coins. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Most of the money invested in those coins are just converted back to fiat currencies, so it has no impact on the Bitcoin price. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Tether might be a trading pair with Bitcoin in some way. ![Huh](https://bitcointalk.org/Smileys/default/huh.gif)
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Artemis3
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October 21, 2019, 06:26:57 AM |
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Let's discuss the potential effects of stable coins which are bound to usd or eur. We usually use them to avoid the volatility or short bitcoin in a way. There are many stable coins in the last year. By writing threat, I didn't mean issues like tether's issue. I mean, they are not coins, they are just usd and eur.
Stablecoin pose no threat to Bitcoin, as i explained at length in the other thread. You say they are not coins, you are correct, they are tokens, most (all?) don't even have their own blockchain, and they all depend in whoever is pegging their value to the alleged coin. Not only you have to be trusting the government that is backing the real fiat they peg to, now you also have to trust a third party (person or group) that they "back" their tokens with an equal amount of coins (which they don't, they do fractional reserve, and that is a time bomb) AND that they will fulfill their promise at any given time under any condition (they won't).
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ice18
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October 21, 2019, 06:37:15 AM |
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This stable coins are always be here to be a safe haven in times of market downturns especially in bitcoin and other top crypto used for market manipulations if there are no stable coins we cannot stop immediately our big losses when market is not in favor but this does not mean it will become a threat to bitcoin in the future , stable coins are created with a different purpose compared bitcoin.
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