Stable coin can solve poverty

[NotATether]

Multiple reasons why this will not work:

1) Weak hands and poor mentality will sell off the coin immediately after they get it, which will dump the price of the so-called "stable" coin (basic economics).

2) Exchanges will require KYC to withdraw any of the stablecoins to your bank. Most poor people do not have their passport or ID card.

3) Nobody will mint such a large supply of stablecoin because nobody can afford to back such a large supply of coins (you are forgetting that stablecoins cannot be minted out of thin air)

4) capitalist dynamics will naturally cause the airdropped money to flow away from the poor in the forms of loans, mortgages, rent etc. into the hands of the rich and make them even richer.

[jossiel]

Yeah, instant money to everyone.

But do you know the consequences of having it? You're pulling down the economy of whichever currency you planned to be backed off. That project is also going to die eventually because no flow is going in.

And do you think exchanges will support the idea if they know the origin of that coin you're trying to produce? No way, they would go bankrupt.

that idea is dumb for one, where will they get the backing of that stablecoin? instant money? but where will it get its value from? i don't think exchanges will list it if there is no backing for this stable coin? so at the very start, it is already a failure. don't think about creating such crap concept.

Well, as he suggests it's about those printed money the brrrrrrrrrr meme that we've got last 2 years up to last year. The continuous printing of money but that won't really work.

The concept is easy to think.

But if you go with the reality of making it possible, the idea is not sustainable and likely to fail just as what happened to UST.

[Bitstar_coin]

Plan to solve
Create usd or other stablecoin like eur or why not gbp...
And make big airdrop.
So everybody will get nice ammount
And exchangers will pay apy like 40-50% to hold

Its instant plan to remove poverty you print money

And the world will be a better place to live in.  Lol, if things were that simple nobody will complain, unfortunately, the government will not do such a thing as handing out free money to everyone and in addition, exchange will not give such a high apy for your stablecoin.
In essence, you just want to get free money from the government and then stake them for more free money without lifting a finger. Genius.

[Joshapat]

In my opinion, the coin is stable to function the same as Fiat or Legal Money, the best solution to overcome poverty is to produce products that continue to be valuable, decentralized cryptocurrencies are more profitable than stable coins, the chance of large price increases can certainly be a solution to reduce poverty.

[325btc]

Welll yes the way i did described it will lose a lot and fast value...but i will use it to buy real assets then i dont care About this stable coin lose value later i have got real assets hard assets gold and btc for free with this new stablecoins those who late to exit from that stablecoin will only suffering not me if im fast.
But after can also decrease the coins supply by burining the existing coins when i have most of those stable couins
And once demand increases to stable cojn...then the real assets such btc price drops and buy back cheap again.and once i have a lot btc i start minting printing or producing more stable coins.....if me or one of my PEOPLE control this new stable coin and hard assets prices will go to the moon and sky is the limit becouse i can produce as many stable coins i want.

[kryptqnick]

I don't think the op makes much sense, to be honest. Fiat is already here, in some countries it's very stable, but there's still poverty there. El Salvador, prior to adopting Bitcoin, had the USD as their legal tender, but economically hasn't been doing well, to put it mildly, and many were (still are) in poverty there. Stablecoins are not making things better. A coin won't be stable if there isn't some mechanism used to make it stable, so your coins would probably devaluate as soon as it hits the exchanges because people will sell it all to get real money for it, or it would effectively be worthless if it doesn't make it to exchanges and nobody is willing to give any money for it.

[ultrloa]

Plan to solve
Create usd or other stablecoin like eur or why not gbp...
And make big airdrop.
So everybody will get nice ammount
And exchangers will pay apy like 40-50% to hold

Its instant plan to remove poverty you print money

Easy to said that but it looks like your smoking to much for thinking that this could solve the poverty. Remember that even if you give physical fiat still the economy will die because the food supplies and other basic need will be more lessen in months or year past because many people can afford it.

Also that stable coin you said will not succeed because how it could get a demand since everyone already have it for sure no people will buy and also this is not a good idea if you think this could boost the economy or lifestyle of all people.

[Cookdata]

Plan to solve
Create usd or other stablecoin like eur or why not gbp...
And make big airdrop.
So everybody will get nice ammount
And exchangers will pay apy like 40-50% to hold

Its instant plan to remove poverty you print money

There is something you quite don't understand about algorithm stablecoins like the abracadabra of UST. There were many things that contributed to their decentralized ecosystem then, if we are to assume things ideally, those APY doesn't work the way you think.
If an exchange offer to give an APY of 40%, people with big money say billions and millions will be ready to stake and this will of course boost liquidity for the exchange and they will have cut to pay off the small circle of stakers within the range of hundred to thousand but the moments the big players change their mind, the Ponzi scheme will eventually collapse. Hence, in return for their commitment, the exchange gives some incentive dividends to big players to continue staking their money.
High APY is a scam, stay away from them.

[D ltr]

And make big airdrop.

try to think about where you spend the funds for the airdrop are you a sultan who has excess money? please make a stablecoin airdrop
try to learn first the terms and conditions for making shitcoins and so on about crypto, let's learn in this case if you have a solution in overcoming poverty by using stablecoins tell me

[wxa7115]

Welll yes the way i did described it will lose a lot and fast value...but i will use it to buy real assets then i dont care About this stable coin lose value later i have got real assets hard assets gold and btc for free with this new stablecoins those who late to exit from that stablecoin will only suffering not me if im fast.
But after can also decrease the coins supply by burining the existing coins when i have most of those stable couins
And once demand increases to stable cojn...then the real assets such btc price drops and buy back cheap again.and once i have a lot btc i start minting printing or producing more stable coins.....if me or one of my PEOPLE control this new stable coin and hard assets prices will go to the moon and sky is the limit becouse i can produce as many stable coins i want.

This has been tried many times in the past and we know that it does not work, in theory is sounds pretty good but what happens is that people become smarter and learn how the system works and then the system begins to fail, for example if you printed 10% of the money supply then you may think that inflation will be 10% right?

But that is not right, the industries that are key will raise their prices more than that as everyone still needs their products while at the same time they know that whoever is in charge will keep printing money so they prepare in advance for that, plus the people know this too and they begin to get rid of their fiat as fast as possible, this raises the money velocity creating even higher inflation, and once you enter that game the fiat currency will eventually become worthless and trade will stop until a new medium of exchange is accepted by the majority of the population..

[KingsDen]

The fiat you see is a paper, just an ordinary paper but there is something behind it that gives it the value it has. To start with you cannot ho ahead to mint a photocopy of the fiat and circulate it. That would be called a count fit and it is a criminal act to do so.
If you cannot create something that looks like fiat successfully, it therefore means that you cannot buy your money minting machine and print another kind of paper with different denominations and your head in the currency, then circulate it in your whole country to eradicate poverty.
How about the countercyclical fiscal policy? Lolx..it's laughable.

If what came to your head is easily obtainable, thousands of people would have owned their personal stable coin before you could come up with this idea.

[Charles-Tim]

Create usd or other stablecoin like eur or why not gbp...And make big airdrop. So everybody will get nice amount. Its instant plan to remove poverty you print money

You are one of the shit posters I have ever seen on this forum. Never mind my reply, but that is actually the truth. I saw this thread before but did not go through it because it is another shit post from 325btc. So I was surprised to see this thread again and seen it to have gone up to 2 pages so I decided to post and have my own correction for you.

To make it short, anything that is not scarce is not worth anything. Also money printing in this way will only result to hyperinflation because fiat is printed more than the economic output. Printing money does not even had to the economic output at all, it will only cause the beginning of inflation. If fiat increase faster than economic output, it will result to inflation.

Either you're trolling or (much worse) you really think ideas like airdropping some stablecoin created out of thin air to everyone in the world will eradicate poverty.

I am still wondering why 365btc is not on my ignore list, maybe because I have no one there yet, even if he does not want to be a troll, but he is definitely doing like that, he is a troll. Troll to the extent he can create as many as possible no quality or useful topics in just a single day.

[TheNineClub]

Plan to solve
Create usd or other stablecoin like eur or why not gbp...
And make big airdrop.
So everybody will get nice ammount
And exchangers will pay apy like 40-50% to hold

Its instant plan to remove poverty you print money

If this is trolling, I appreciate the effort. If not, that with all above that was mentioned, we also need to remove this notion that there is anything in the crypto sphere that can solve years upon years of bad economic policies, social unrest and capitalism. We call that a band aid on a shotgoun wound

[nakamura12]

If that is true then poverty would have ended already and many people won't have to work too much since stable coin as you said can help solve poverty. I would also say that this is a shit post and most likely this is some kind of scam attempt if you just create a stable coin and doesn't care if it lose value when you don't want to use it since you said you will use it to buy real assets. Ate you kidding me?. No one would trust a stable coin created from thin air right away and it needs time before that will happen.

[cryptomaniac_xxx]

Plan to solve
Create usd or other stablecoin like eur or why not gbp...
And make big airdrop.
So everybody will get nice ammount
And exchangers will pay apy like 40-50% to hold

Its instant plan to remove poverty you print money

Lol, it doesn't work that way, and I agree that it seems you don't have a grasp of even simple economics here.

The subject though is clickbait, but nah, doesn't matter. Not even bitcoin could solved world poverty.

@Charles-Tim, time to add another troll on our list isn't it?  

[Rengga Jati]

Plan to solve

Wow amazing, very great plan to solve, theoretically
But sorry to say that it's absolute;y difficult to realize, solving the poverty problem is not as easy as we say, moreover by creating stable coins and giving them the airdrop with the coin rewards, is not as easy as it, dude. A coin or token needs progress and trust to be accepted in the community, by exchanges. Not as easy as we say to get that high APY. Which exchange will do it easily?
I know that you do think this plan carefully because you really want to help poverty decreased, but in fact, in the reality, this is not as easy as we think and plan.

[dothebeats]

No.

This will just devalue the currencies that you've mentioned, or just help other people to dump on each other. If printing and giving away money is the solution to poverty, governments would have done so already. It's not how things work, but I'm pretty sure most of us here hopes it is.

I like how noble your idea is about helping the poor, but in reality this will just cause unwanted events and will only make people dependent on the government for the most part.

[VictorProsh]

Plan to solve
Create usd or other stablecoin like eur or why not gbp...
And make big airdrop.
So everybody will get nice ammount
And exchangers will pay apy like 40-50% to hold

Its instant plan to remove poverty you print money

I assume that the teacher of the Faculty of Economics voiced the proposal of his students who want to feed the whole world with three loaves, so you should not take this seriously. Better think about whether it is possible to do without artificial “Stablecoins” based on Fiat, which in essence create a financial pyramid.
https://bitcointalk.org/index.php?topic=5394397.msg59848010#msg59848010

[Haunebu]

Op is seriously weird. This guy is actually suggesting helping the world through stablecoins after the entire UST-LUNA debacle recently which actually messed up the lives of many crypto investors.

After this debacle, everyone have understood the fact that stablecoins are not always stable which is why it's risky investing in them just like other cryptocurrencies. Stupid idea in more ways than one.

Also, poverty is something which will never go away, but can be minimised through efficient solutions(Not the fantasy that op proposed).

[TheGreatPython]

Poverty is a problem since them, a lot of new presidents already came on every country and yet there’s still poverty and seriously in some country it become more worse every year. Stable coin is not the solution, because if its the solution then why Gold still not able to help many even before the time of Bitcoin?

Good governance, no corrupt politicians and good programs can be a big game changer and that poverty level can be improve. I wonder if these kind of government still exist? Because in my country corruptions are getting more worst.

The main solution to this problem of poverty is having good government, a government launder and steal money from its citizens, a government that is going to be transparent and hold everyone accountable for their actions. But this is close to impossible these days.

The government is made up of so many people and is not just one person that is the government, and for that, it’s always a mixture of good and bad people. The bad people will always be there and they are the ones who are making the government bad, and they end up influencing the good ones into the bad things that they are doing.