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batang_bitcoin
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June 17, 2020, 01:12:51 PM |
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1. From this source it says that the CEO of Bitfinex. 2. Money talks and they'll actually use it. Remember 2017, it's not just about ICOs but also Tether printed a lot by that time. 3. I'm not a stable coin user but they should be careful what stable coin they use. As long as it's maintaining it's price, they can relax. But I've seen some a stable coin that became low in price for real like Nubits[1]. [1] https://coinmarketcap.com/currencies/nubits/
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el kaka22
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www.Crypto.Games: Multiple coins, multiple games
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June 17, 2020, 02:30:36 PM |
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What else you could expect from those centralized/corporate entities? They will do all the possible things to swallow your money. Even governments are printing money without any proper reserve, then why not these corporate by the name of stablecoins?
I have been continuously emphasizing about the importance of having decentralized stablecoin but I'm not seeing no one is taking any initiative for that. It seems our crypto life is getting highly dependent on stablecoins these days hence this could be the right time to think about having a decentralized stablecoin so that we start using them without worrying about possible ban from governments nor bankruptcy of those corporate.
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Ucy
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Bisq is a Bitcoin Fiat Dex. Use responsibly
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June 17, 2020, 03:01:53 PM |
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What else you could expect from those centralized/corporate entities? They will do all the possible things to swallow your money. Even governments are printing money without any proper reserve, then why not these corporate by the name of stablecoins?
I have been continuously emphasizing about the importance of having decentralized stablecoin but I'm not seeing no one is taking any initiative for that. It seems our crypto life is getting highly dependent on stablecoins these days hence this could be the right time to think about having a decentralized stablecoin so that we start using them without worrying about possible ban from governments nor bankruptcy of those corporate.
Ofcourse. Not sure it's a good idea to keep values longterm in centralized stablecoins. I really think the centralized ones shouldnt exist in isolation as long people's money is involved. They should be well regulated by the government that owns the currency they're backed by or they could exist in well decentralized form and get "regulated or governed" by decentralized communities.
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Baofeng
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June 17, 2020, 03:02:47 PM |
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My questions are as follows (1) Who are those responsible for minting of this stable coin and is the process and amount of minting being regulated ?
Bitfinex for one, with their Tether. (2) Can they be trusted of not using the minted coin to influenced the price of other cryptocurrencies ?
Trust is subjective, however, Bitfinex/Tether have been accused in the past and they have a on-going case. https://coingeek.com/tether-bitfinex-sued-for-creating-the-largest-bubble-in-history/So I don't know how you can trust such companies. (3) If this minting continue, what do you posit for the future of the stablecoins and those that are holding them ?
It's supposedly a stable coin, meaning 1:1 USD, they could remain in cryptosphere as most exchanges are using them. It's just the question of how exchanges are using them, it is for their own advantage or for traders?
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Febo
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Stable Coin Treasury keep minting coin why ?
Minting new stable coins means that demand for them is increasing so people and exchanges are buying stable coins with fiat money. They cant give to people stable coins that dont exist or that someone else holds. All they can do is mint new ones and give them to people that pays them fiat. When these same people or exchanges come back and want to exchange stable coins back to fiat they burn not needed stable coins. They dont hold them to sell to others, but simply destroy.
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sana54210
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June 17, 2020, 03:46:46 PM |
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Not sure it's a good idea to keep values longterm in centralized stablecoins. I really think the centralized ones shouldnt exist in isolation as long people's money is involved.
Definitely you should not be depending on the centralized coins for long-term holding. Because government may seize these corporate at any time like how they did with Liberty Reserve for the reason of money laundering. Yes, there are big possibilities for stablecoins to be used for money laundering because it is easy to move and there will be no to less risk of losing value due to fluctuations. It's just the question of how exchanges are using them, it is for their own advantage or for traders?
Obviously for trader's demand. Only we are the people need to lock some value against fluctuations then we go for stablecoins. Stablecoins help traders to short even on spot markets.
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thesmallgod (OP)
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June 17, 2020, 09:46:15 PM |
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Stable Coin Treasury keep minting coin why ?
Minting new stable coins means that demand for them is increasing so people and exchanges are buying stable coins with fiat money. They cant give to people stable coins that dont exist or that someone else holds. All they can do is mint new ones and give them to people that pays them fiat. When these same people or exchanges come back and want to exchange stable coins back to fiat they burn not needed stable coins. They dont hold them to sell to others, but simply destroy. In that case, then they can't be trusted because they can actually mint the coin and sell it without demand. There must be a certain framework as regard to minting that should make it transparent so that we will all see that the minted coin is actually sold for people that are demanding using fiat. I saw a post on cointelegraph estimating stablecoin minting in 2020, such huge amount can be used to manipulate the market in that case
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DarkDays
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June 17, 2020, 10:15:58 PM |
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People usually believe that a large amount of stablecoins being minted is an indicator that institutional traders and hedge funds are looking to move money into crypto.
That said, I don't think there is a huge correlation. It will take more than a few hundred million in new capital to really affect the industry, given the fact that Bitcoin alone has a market cap of $1 billion.
People are just trying to make out that there is a method to the madness, and that tracking these whales is a way to make sense of it all—its not.
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Febo
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June 18, 2020, 09:41:02 PM |
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Stable Coin Treasury keep minting coin why ?
Minting new stable coins means that demand for them is increasing so people and exchanges are buying stable coins with fiat money. They cant give to people stable coins that dont exist or that someone else holds. All they can do is mint new ones and give them to people that pays them fiat. When these same people or exchanges come back and want to exchange stable coins back to fiat they burn not needed stable coins. They dont hold them to sell to others, but simply destroy. In that case, then they can't be trusted because they can actually mint the coin and sell it without demand. There must be a certain framework as regard to minting that should make it transparent so that we will all see that the minted coin is actually sold for people that are demanding using fiat. I saw a post on cointelegraph estimating stablecoin minting in 2020, such huge amount can be used to manipulate the market in that case It is still better then an exchange that takes your fiat and gives you bitcoin and dont tells anyone that happened. Fro tether we at least see how much fiat they gathered. Exotically as much as tether is in existence. For Kraken, Bianance, Coinbase, Bittstamp, .... we have no ideas how much fiat they have from peoples deposits. Stable coins are much better for this and most exchanges started using them in last years.
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sky_Gritzz
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June 18, 2020, 10:44:53 PM |
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Ofcourse. Not sure it's a good idea to keep values longterm in centralized stablecoins. I really think the centralized ones shouldnt exist in isolation as long people's money is involved. They should be well regulated by the government that owns the currency they're backed by or they could exist in well decentralized form and get "regulated or governed" by decentralized communities.
but i don't think that, if the coin still controlled from high reputation company like Bitfinex we can still trusted them, but don't fully trusted because we don't know what happen in the future maybe now they are big and trusted company but in future?? learn from past is a big teacher for us and blockchain ecosystem
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Kelvinid
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win lambo...
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June 18, 2020, 11:36:10 PM |
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These are pretty alarming and I believe this will have a purpose, and that could increase the volume. This will simply mean that whales are truly manipulating the market. They would like people to keep to have stable coins for them to easily work on it and manipulate the price things that are hard to stop. I know that exchangers are already aware of this play but they still allowed it because there is money involve and they are also getting benefits from this.
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bgaf
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Worldwide Payments Accepted in Seconds!
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June 19, 2020, 06:12:27 AM |
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Is Bitfinex authorized to mint or create new supplies of stablecoin USDT? Sorry for asking but the whalebot alert always popping up with some news on minting new usdt. Is there any regulations where they should just reproduced on timely needed matter?
Im not pessimistic but if this has no regulations from higher authority. Its look like that they are just selling usdt stable coins if there are interested to buy on them with million of cash. It looks business to me and they have no loss but only profits.
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The Cryptovator
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Crypto Casino and Sportsbook
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June 19, 2020, 07:03:18 AM |
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There is lack of transparency on tether limited. They have claimed USDT is backed by USD which is a false claim and they are failed to provide transparent audit report. But since there is hidden relation with tether limited & Bitfinex so peoples using it. Actually no one is questioning about unlimited print nor want to ask, because most of exchange using it and there is lots of trading pair. When a big move happen from tether treasury then we have seen its effect on bitcoin price. Most likely this kind of big move occurred to manipulate bitcoin or crypto-currency markets. That's why tether called as a controversial crypto-currency.
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tsaroz
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June 19, 2020, 11:01:20 AM |
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Traders and investors turn into stablecoin to secure their funds and profit. These so called stable coins with their unclear issuance and questionable holding of funds, makes it difficult for investors and traders to trust them. People expect stable coins to maintain their value even if the crypto market crashes. But we are getting more and more crypto backed stable coins which would have difficulty in surviving a crash as their escrow amount would turn negligible. While so called fiat based stablecoins issue coins without real dollar escrow.
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