Just like what others said, why do we even need more stable coins? I think those who are trying to create more coins should stop; it's just diluting the market, and more people would see as cryptocurrency is just a joke or something. The effort takes to create one is not that hard, and scammers are taking advantage of that.
The main effort should go to the adoption phase for different countries. Mainly, the most accepted ”stable” coin would be the start Currency for any country, and hopefully, people won't see cryptocurrencies as a joke just because of the scams.
Because what we have right now is insufficient. The stable coins on the market today are not scalable, and are insanely centralized.
It seems like in 2019 that centralization isn't something that cryptocurrency should be working to solve anymore. There are much better solutions available than holding huge amounts of USD.
Besides, I'm only asking if people have an interest in discussing and exploring ideas in a group. That's how all good ideas start out I think.
Anyone trying to develop new kinds of stable coins? Was thinking of setting a group up to discuss ideas, learn collectively and pool resources. Any interest?
Can you share more information about your stable coin group, it might motivate pore people to go into it if your ideas are great and impressive.
At this point it's just a thought. I've been privately working on some ideas myself, and it struck me that others might be working on exploring similar spaces and it could be worthwhile discussing and bouncing ideas back and forth.
Next year there are dozens of new stable coins being launched, and I've looked through a lot of their models and think that there's some interesting ideas that can be tested.
Every stable coin that is live or in development today have drawbacks in one way or another, but launching a successful non-volatile crypto could have more potential for growth than launching any other type at this point. It seems worth my time, and I'd be interested to speak with others that feel the same.
trying to develop new types of stable coins must have a huge real-world financial reserve to back up the coins to be stable and not dump.
Not necessarily. It's like going back to 2010 and saying that using neural networks would never be an effective form of AI. Two years later because of new developments neural networks destroyed the existing models and now are obviously fairly ubiquitous throughout tech and business.
I don't believe that absolute statements are the best way to find real truth, it requires more nuance.
Stablecoins needs to be backed by equal amount of fiat as collateral and audited by independent auditor.
Again, no they don't. Stable coins are just cryptocurrencies that are anti-volatile, and just because Tether, TUSD and USDC all use a fiat-collateralized model doesn't mean that that's the only way to achieve price stability.
There are already a small handful of projects that have received millions in VC backing that use algorithms to stabilise price and not collateralization (see Basis, Ampleforth, Reserve.org and others).
And if you wanted to think about this problem in the most correct way, who's to even say that algorithmic solutions are optimal. Maybe there's a whole other branch besides collaterialization and algorithms that may be ideal for providing stable currencies. It takes some time and effort to explore this, which is more efficient with several people's focus instead of one.
Making stable coins is not easy, because now there is a lot of competition, after all stable coins that have already been born are also adopted through the value of the original currency, so it is very difficult to reduce prices in the market, and if you can be able to make new stable coins , then you are very extraordinary.
It's not easy, but I'm not looking for easy I'm looking for important. Creating a stable currency that could be widely adopted holds much more weight than 95% of the goals of most cryptocurrencies. Competition also isn't the issue. If you create a non-volatile currency that solves these problems in a uniquely effective way that is widely-beneficial to all participants then competition won't matter at all.
To be honest I'm surprised by how collectively people have responded that everyone should just avoid trying to solve maybe the most important goal in cryptocurrency today in favour of letting systems persist that are objectively substandard if you assess them critically.
