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Author Topic: We need more decentralized stablecoins  (Read 1141 times)
nrvasquez
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November 18, 2020, 02:53:57 AM
 #81

USDT have faced many allegations in the past and they fought through them successfully, if USDT is crap or not safe do you think binance exchange will list them? This stable coin controls the highest liquidity and volume of all stable coins, isn't it because it's better?
Currently, perhaps usdt is the stablecoin with the strongest position. they have a good ecosystem and also have earned enough trust from the crypto community. and I think the current stable coin is enough, what we need now is a high quality project with a low coin fluctuation value

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November 18, 2020, 04:39:32 AM
 #82

I don't understand how the stablecoins can be decentralized. Some individual or a group need to store the fiat currency reserve, and therefore it can never be truly decentralized. Obviously you can claim that the transactions can't be retracted or frozen, so it should be considered so. Also, those stablecoins which claim that they are "decentralized" have limited liquidity and their market cap is quite small.


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November 18, 2020, 06:04:59 AM
 #83

The best stable coin currently is USDT for many reasons this coin deserves the top rank, I know it's centralized and if you don't like this we also have DAI which is not close to USDT performance but DAI did something right and that's complete freedom, fully decentralized

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November 18, 2020, 06:27:32 AM
 #84

Tether is doing well in its role as a stable coin backed by money in the bank. Tether is centralized and accountable to the company and the bank, which is really good because it holds good value. If there are many decentralized stable coins, they may not be good because of the complex pricing and the impact of market fluctuations.

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November 18, 2020, 07:19:17 AM
 #85

DAI is more reliable because it's decentralized but stable coin with centralized makes more sense since its pegged with real dollars,  going decentralized doesn't fit very well, anyways everyone is free to use any stable coin they trust, for me USDT wins
It does takes a lot of effort to make the coin stable by pegging to dollar while at the same time mantaining decentralization if I could guess it's gonna depend on people staking their fiat money or whatever it is to mantain the stability of price. Actually many stablecoin in the past proposes that idea but failed because various reasons and some of them are small profit. There should be a better plan to execute this idea if anyone wants it to be reality.

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November 18, 2020, 08:08:24 AM
 #86

Obviously decentralized stable currency is something not that old, it is something brand new and with DAI and similar stuff it is getting more and more famous over time. However we can't expect it to be major standard in crypto world just because we think it is good, it will take time for better projects to come along and when they do end up coming we will use them as well, we just can't have it right away.

So, I would say be patient and I am sure that more options will definitely appear, meanwhile keep using decentralized stable coins so that other people would see how successful it is and when they see how great it is, they will definitely try to mimic what they have done and create a better version with better features in it as well and not if they see people not being hyped about it.
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November 18, 2020, 08:22:11 AM
 #87

Tether is doing well in its role as a stable coin backed by money in the bank. Tether is centralized and accountable to the company and the bank, which is really good because it holds good value. If there are many decentralized stable coins, they may not be good because of the complex pricing and the impact of market fluctuations.
Tether is a ticking time bomb for two main reasons: first of all, the USD reserves they claim to have might not be exactly the amount they say and, secondly, they are under the radar of the US Justice. https://cryptonews.com/exclusives/imagine-regulators-shutting-tether-down-what-happens-to-bitc-8025.htm
Therefore, the more decentralized stablecoin alternatives in our basket, the better.

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November 18, 2020, 09:43:38 AM
 #88

We need more decentralized stable coins just like OP said, I believe decentralized is more reliable that centralized projects like Tether, USDT can still go down at any time but DAI is way more reliable that USDT, decentralized stable coins is very limited in crypto space and we need more than DAI
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November 18, 2020, 10:04:36 AM
 #89

When a stable coin is been freezed, there is high chance of that user or wallet owner into shady or fraudulent activity. If you are clean and into legit as others, I don't see reason why your funds will be confiscated. Besides, Government is watching how USDT are minted daily which of course they will account for it in Bank deposits, it would be at their advantage to make sure accounts associated with fraudulent activities are close down so they don't affect others.
Calling for Decentralized stable coin? Have you seen the rate at which DeFi smart contract are been exploited despite rigorous audit by the teams. It will be a pity if hacker manage to steal all users fund without any solution.
I will go with USDT any day, any time.

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November 18, 2020, 07:22:28 PM
 #90

i bet that we didn't truly need a more decentralized stable coins but we need a better coin that even it was a volatile but the mere fact that we can generate a profit from it were already enough reason. And this cryptocurrency was one of the main reason why i do believe that stable currencies sometime didn't give us the profit that we wanted though crypto could give to us but not that easy as it seems.
Tether is the real trouble here, that is a stablecoin backed by a company and all of our dollars are with them right now, that is not something we should be accepting this easily, it should be something we should be very much against. They are doing worse things than a bank does, at least a bank gives you saving interest for keeping your money there, these are some guys who have 10+ billion dollars on their accounts and they pay you nothing for it, they are just taking your money and giving you some fake created digital numbers and expect you to believe that they will honor their 1to1 backing.

I wouldn't use USDT if I had any other choice and nowadays I do have other choices so I haven't used it in a very long time. Decentralized stablecoins should be the future of trading.

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November 26, 2020, 12:33:21 AM
 #91

Tether is the real trouble here, that is a stablecoin backed by a company and all of our dollars are with them right now, that is not something we should be accepting this easily, it should be something we should be very much against. They are doing worse things than a bank does, at least a bank gives you saving interest for keeping your money there, these are some guys who have 10+ billion dollars on their accounts and they pay you nothing for it, they are just taking your money and giving you some fake created digital numbers and expect you to believe that they will honor their 1to1 backing.

I wouldn't use USDT if I had any other choice and nowadays I do have other choices so I haven't used it in a very long time. Decentralized stablecoins should be the future of trading.

Exactly. The introduction of centralized stablecoins does more harm than good to the entire crypto/Blockchain industry in general. It introduces the middleman, which is something crypto was meant to circumvent in the first place. Unfortunately, most people don't care about decentralization. They focus on convenience/ease-of-use on top of everything else. As long as this is the case, Tether (USDT) will continue to be relevant in the crypto/Blockchain space. At least, there are better alternatives out there on the market. While I have to admit that most stablecoins are centralized, there are quite a few which aim to bring the best of both worlds.

Nonetheless, we need more decentralized alternatives to DAI and USDJ if we want to minimize centralized stablecoin's dominance in the industry. I think that as more people become a victim of Tether's actions (like freezing someone's assets on the Blockchain), decentralized stablecoins will rise in popularity. Already, DAI is the most popular decentralized stablecoin on the market. Yet, DAI's liquidity is not as comparable as its centralized counterparts (like USDT or USDC). Strong marketing may be needed in order to boost DAI's adoption in the mainstream world. As long as developers continue to work on decentralized solutions for the stablecoin industry, there should be nothing to worry about. I'm guessing that all centralized stablecoins will eventually become regulated by mainstream governments in order to protect investors' funds. This is good because it'll reduce the number of scams in the industry, forcing companies to provide legitimate products to their customers. It's yet to be seen whenever Tether (USDT) will be able to survive heavy-handed regulations from the government or not. At least, decentralized alternatives will last for long thanks to their censorship-resistant design. Just my opinion Smiley

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November 26, 2020, 04:17:57 AM
 #92

We need more decentralized stable coins just like OP said, I believe decentralized is more reliable that centralized projects like Tether, USDT can still go down at any time but DAI is way more reliable that USDT, decentralized stable coins is very limited in crypto space and we need more than DAI
I know that DAI is a reliable decentralized stable coin but in another case when you are facing the hacked cases that happened with some exchange sites and what will you do? Some people might think centralized stable coins are not safe but that's not the main point. The centralized stable coin can bring back the stolen amount of stable coin by the hackers but what about DAI?

Is not it too risky to use what you can't afford when the exchange site was getting hacked?

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proTECH77
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November 26, 2020, 05:53:57 AM
 #93

Centralized coins cannot stop decentralized  coin not to be stable in the market. Since we enter pandemic many currencies devalue during the lockdown, that is making the government to do everything possible to improve the economy of the country, that covid-19 has reduced to zero level in the country. Many decentralized currency where seriously pumping during the pandemic, that was making some government officials wondering about the decentralized currency that was still maintaining the stable pumping through out the period.
Many other cryptocurrencies are preparing to rise in the exchange market for every investors to start experiencing stable coins in the market.
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November 26, 2020, 06:20:29 AM
 #94

I'm satisfied with BUSD, USDC, USDT, DAI, and I believe there are more stable coins in crypto space, presently I don't have a thing for decentralized or not decentralized projects, if a project works as intended I have no problem using them, I'm more satisfied with USDT because it's widely supported on all crypto exchanges and it has the highest volumes too, I don't need another stablecoin, all these are more than enough

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November 26, 2020, 05:46:58 PM
 #95

The best stable coin currently is USDT for many reasons this coin deserves the top rank, I know it's centralized and if you don't like this we also have DAI which is not close to USDT performance but DAI did something right and that's complete freedom, fully decentralized
Being a trader honestly I do not care if USDT is centralized or decentralized and the only thing that concerns me is the price must always remain stable which it always does so that is the reason why I always use USDT to store my crypto in dollars.

yes we might need more stable coin that works on decentralization but maintaining the price is a challenge and it requires the token owner to somehow have either massive capital to manage the price or centralization which then makes it easy to maintain the value.

There might be some projects upcoming in the pipe so we never know because a good decentralized stable coin can still take the tot spot above USDT but only if they have the plan to maintain the price as close to USD.

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November 28, 2020, 08:10:21 AM
 #96

It does takes a lot of effort to make the coin stable by pegging to dollar while at the same time mantaining decentralization if I could guess it's gonna depend on people staking their fiat money or whatever it is to mantain the stability of price. Actually many stablecoin in the past proposes that idea but failed because various reasons and some of them are small profit. There should be a better plan to execute this idea if anyone wants it to be reality.
Also investments don't come in stable coins because people know the best case would be reaching $1 value but in case the project fails then losses are big and hence there is always lack of interest into investing of stable coins. I don't mind a decent stable coin that works on decentralization but I don't believing in fixing something that is only hypothetically broken (hypothetical situation in case Tether dumps).

Tether is doing well in its role as a stable coin backed by money in the bank. Tether is centralized and accountable to the company and the bank, which is really good because it holds good value. If there are many decentralized stable coins, they may not be good because of the complex pricing and the impact of market fluctuations.
Exactly and why do we need a new coin just because it would be decentralized? That's crazy because even if centralized tether is doing pretty well and yes there are some hidden risks like they can dump the market whenever they want but no reason why they would do that.

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November 28, 2020, 08:28:16 AM
 #97

Has that stablecoins freezing addresses ever happened? I did a search and i did not find such news.
Actually, i agree that need more decentralized stablecoins on the market, due to decentralized stablecoins can avoid the human interference to the greatest extent. But is hard, because we live in a centralized world.
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November 28, 2020, 08:34:46 AM
 #98

Has that stablecoins freezing addresses ever happened? I did a search and i did not find such news.
Actually, i agree that need more decentralized stablecoins on the market, due to decentralized stablecoins can avoid the human interference to the greatest extent. But is hard, because we live in a centralized world.
Usually happen in exchange though. Most of the time when people have many stablecoins with such huge amounts saved up in their exchange address but never ever trying to verify their exchange account they usually gonna get some kind of problem and frozen fund is one of them.
Still, it might happen with some decentralized coin aswell. Definitely up to the exchange.

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November 28, 2020, 07:19:40 PM
 #99

Stablecoins should all be decentralized. In the event that they are not decentralized, they better not exist by any means. They are simply presenting pointless dangers to their users who are generally uneducated about how they work.
Most of these stable coins are nothing but Fiat currency. And they shouldn't exist in the crypto space

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November 28, 2020, 09:09:38 PM
 #100

at least for now it's enough to help a lot of people avoid losses due to the highly volatile crypto price. I also agree that too many stable coins are not that great either. and for now the amount of stabilcoin is more than sufficient. usdt, usdj, busd, usdc, dai, and many more are already circulating, adding more stabilkoin will not be good I think.

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