Stable coin - a threat to the international monetary system and bitcoin

[Broly46]

I’m always curious to know how a stable coin can f**k up just similar to that fiat money, Nixon took away the gold standard and completely f**k up the dollar, a centralized stable coin, how would they recreate the same phenomenal.

[Reosta_]

Stable coins are like a closed book. I especially wait for Libra to be listed on the market. I wonder how much effect it will create in the sector. Libra can be the biggest enemy of fiat currencies about replacing them in the future.

[alyssa85]

Stable coins are like a closed book. I especially wait for Libra to be listed on the market. I wonder how much effect it will create in the sector. Libra can be the biggest enemy of fiat currencies about replacing them in the future.

I don't think Libra is going to lauch. Too much hostility to Zukerberg in both the US and EU. And even Switzerland raised it's eyebrows about Libra being based there (Facebook just announced it without clearing it with the Swiss). This thing is deadder than a dead donkey.

[hello_good_sir]

It's a pretty well-written article, to be honest.

I'm not sure if stablecoins are better then decentralized coins though (for the general public), it's basically copy-pasting our current financial system into a blockchain-based system, and it's nothing surprising or new.

These threats that are displayed by them, are the same threats that regular fiat currency has - because it is still very similar to it, I reckon the meeting is just going to be them trying to control the coins.

[Hoyt5W]

A threat to the international monetary system and bitcoin Liteblue

[chaoscoinz]

https://www.bis.org/cpmi/publ/d187.htm

The report of Bank of International Settlements or BIS have found out some alarming negative impacts of the stable coin towards  competition policy, financial stability, monetary policy and the international monetary system.

But this issues were not seen as a hindrance but a challenge to overcome thus a meeting with the stablecoin developers and the public sector authorities were called to tackle solutions to such challenges.

Somehow it is annoying to see that stablecoins will be the first to be mainstreamed rather than bitcoin. If they will be successful then bitcoin will be left behind and will only be viewed as a tradable cryptocurrency and can no longer be used as a means of payment due to the presence of stablecoins.

It makes more sense to see Stablecoins being adopted first way before Bitcoin ever will because Bitcoin is too volatile and your ordinary average Joe working class citizen wouldn't know what to do with cryptocurrency.
  Fiat currency is based upon stability, if my grand mother has $5, by the time she gets to the supermarket, the $5 will still be $5, not $4.97. Stablecoins will thrive in mainstream society, look at what Facebook is doing with project Libra? They're already one foot in the Door!

[yazher]

I don't think Stable Coins has anything to do with the competition that currently going on with Bitcoin. These coins have their own way of innovating the world currencies. mostly stable coins are just for holding some digital currency without worrying about some price fall. while bitcoin is for investment where you buy some of it and hold it until its price soar high. These two coins are helping one another at the same time, Like for example when you have enough Bitcoin to sell and want to hold it in stable coins, you can always convert it without directly converting it to fiat. In this way, you don't need to worry about the sudden price change, stable coins are always there to help you.