Stable coins and Liquity problem

[el kaka22]

There are some websites that gives you debit card for stablecoin if you load up some usdt but they stopped using usdt because how tether stopped paying money for it. In the end there is no way stablecoins could be used the way fiat is used (and not even bitcoin) so don't really force yourself to think that stablecoins are worth anything.

Stablecoins created for one reason and one reason only, so that people could trade from bitcoin to dollars without actually using bank accounts, thanks to tether or any other similar stuff people could potentially just trade bitcoin to stablecoins and have stuff worth the same fiat value it is without changing. 1000 tether is equal to 1000 dollars and won't change, that is why it is useful but when it started to not be backed, it became useless very quickly.

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[shield132]

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!


U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

You can't buy and sell bitcoin anywhere and to be fair it's pretty easy and accessible to exchange your stable coins into fiat.
For example see this news which states that it's possible to spend stablecoins in EU where visa cards are accepted: https://cointelegraph.com/news/stablecoin-adoption-dai-in-a-visa-card-tether-sees-use-in-e-commerce
Great news for USA, Coinbase’s Visa debit card adds support for DAI stablecoin. So I think it's not a huge problem right now.
But if you want to withdraw stablecoin via ATM, I have no information about that.

[stepwilli]

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!


U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

Nah man, there are lots of ways you can buy and sell stable coins, depending on the coins you're using. If you're making use of PAX (a new stable coin) you can buy and sell PAX by making use of the Blockchain platform and PIT Exchange.

If you check Coinbase there are also some stable coins you will see, the one I'm sure about is DAP, and you can trade it on their platform as much as you want. Even on Binance and other exchanges you're going to find stable coins, the only thing is that you're hardly going to find people that are making use of stable coins, people are only interested in using Bitcoin and not stable coins.

[Skieleton]

Stablecoins are often accused of a lack of transparency. An example is Tether (USDT) - the seventh largest cryptocurrency in the world, and stablecoin. As its creators claim - each unit is 100% secured by US dollars. Recently, however, this issue has been heavily questioned. Critics of the cryptocurrency are calling on Tether to undergo an independent audit to verify the accuracy of its claims. In addition, recent changes to the conditions on the website also suggest that Tether is backed not only by US dollars but other assets as well.

[jrrsparkles]

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!


U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

Exchanges allows you to convert your cryptos into supported fiat and if it is nit available on any exchanges then peer to oeer trading platforms allows you to convert it for your local fiat using bank payment.

Everyone wants to spend their cryptos but no one actually interested in spending their stable coin because which is similar to spending your fiat money.

[SquallLeonhart]

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!


U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

Exchanges allows you to convert your cryptos into supported fiat and if it is nit available on any exchanges then peer to oeer trading platforms allows you to convert it for your local fiat using bank payment.

Everyone wants to spend their cryptos but no one actually interested in spending their stable coin because which is similar to spending your fiat money.

I do use an exchange that has USDT and BUSD and if I want to I can turn that into regular fiat and that way I will be capable of withdrawing that into my personal bank account, which is why I do not think that it is a personal problem. However people are forgetting that we are in tens of billions of dollars into this stable coin thing and I do not think that it is healthy. Have we tried to withdraw ALL of the money from stable coins?

I can guarantee you that they will not be capable of paying that, it is not 1 to 1 backed and some of that money is already spent and they just do not say that. Which is why I think it is quite clear that people are worried about it and they are right. After all who would want to be involved with something like this when there is nothing that would make it difficult for them? This is why there is nothing we should be defending them for.

[tvplus006]

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store! ..

If you need stability, then you don't need stablecoins, because you need the national currency to pay at the grocery store. Exchange your stablecoins and make a withdrawal to your credit card, and then you won't need any in-store payment app. As a rule, all exchanges support such withdrawal to a credit card.

[wbich]

You do seem in an awful hurry. What is becoming routine for you is still new for a lot of people and you need to take to account that crypto is still illegal in a lot of the countries so it will take some time to make real your desires to pay with crypto in shops. Nevertheless I know about Paypolitan project (https://paypolitan.io/ ) that is working under creating an application that will enable quickly to convert crypto into fiat and then (using that app) to pay with it in shops. This might be a kind of transitory stage before implementing crypto as a form of currency by itself. Hope they will succeed and soon will have an opportunity to go to the shop with such app on the smartphone.

[XZERO1]

There is Not enough ways to Get stable coins like usdt in to cash
And what we need is Something like app so we can pay with stable coins at Grocery store!

It Will save more us coz its not convient way to trade stable coins right Now!


U can buy and sell btc anywhere but what i Want is stable coins coz they are stable.

You literally can buy stablecoins almost anywhere that has bitcoin listed, and as I know there are tons of exchanges that support credit cards which you can use them to buy almost all cryptocurrencies.

But the problem is if you want to use a stable coin then why not just use cash since stable coins are just coins/tokens that are pegged to US dollar, however there are ways to make an algorithmic coin/token that stays in the same value with minimal volatility and change in price(not more than 5%) I would probably use them since there are some ideas and innovations behind it and they're not just some ordinary coins and tokens that are backed fully/partially by actual Fiat.

[fullhdpixel]

You literally can buy stablecoins almost anywhere that has bitcoin listed, and as I know there are tons of exchanges that support credit cards which you can use them to buy almost all cryptocurrencies.

But the problem is if you want to use a stable coin then why not just use cash since stable coins are just coins/tokens that are pegged to US dollar, however there are ways to make an algorithmic coin/token that stays in the same value with minimal volatility and change in price(not more than 5%) I would probably use them since there are some ideas and innovations behind it and they're not just some ordinary coins and tokens that are backed fully/partially by actual Fiat.

I do not get why people do not use those algo coins, and why those algo coins are not keeping up with their own created system. Look at bdollar these days, it suppose to be 1 dollar pegged but it is now at around 0.6 cents and that's why the sbdo dropped from 8300 dollars to 1400 dollars as well, everyone is bleeding out money there right now.

The whole point is that, as long as there are buyers the system goes on, let's say there are not enough buyers? In that case bond starts to work and you make 10%+ more profit thanks to that when it goes back above 1 dollar. But right now it is not working, even bonds are not fully sold right now, which I assume will be soon but it is not doing good anyway.

I think it is obvious that people are not fine with constantly growing interest and see that as impossible. I think it is quite obvious that it will go back above 1 dollar because more and more bdo is burned, but that is going to take some time and showed the problem with the system.

[adaseb]

The issue with using stablecoins to buy groceries is the same reason why people dont use bitcoin to buy a cup of coffee and its due to the transaction fees. Last year you could send USDT back and forth and it was pretty cheap. Now to send an USDT transaction costs at least $10-$15 at times ,sometimes even more. Sending a regular ETH is about half of that. Its cheaper on OMNI tether however that is usually much slower.

So its not ideal for small purchases. Hence for purchases at grocery store most people just convert back to USD and withdraw that into their bank account and later pay with a debit or credit card which has no fees pretty much. Right not paying with tether would not be ideal in any shape or form. We need lightning network and side chains to make transaction cheaper on the main networks.

[Peanutswar]

I think you are pointing out the use of stable coins use for daily spending as a payment method? You have options to use your funds as your fiat currency and spend it out, also you can use your currency to buy bitcoin because most store today's accepting bitcoin as a payment method but its quite limited today so its a bit hassle if your country doesn't support the use of it. Building an application is hard and also you need to support the cryptocurrencies and it takes a lot of knowledge, team members and different API and security to make sure your application will be supported by your country.