Stablecoins is a good way to keep and save money or not?

[bittick]

Short term use only. Bitcoin now is the best way to keep and save after it dropped in price.

I don't think so. Some stable tokens are reliable enough to be used for the long term purpose. You can see how USDC was very reliable enough to be used as long term hodl to prevent the bearish trend to come anytime. I think that it's not all of stable tokens were not reliable for long term. Some may have very good fundamental that makes the stable token can be used for the long term purpose.

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[len01]

Short term use only. Bitcoin now is the best way to keep and save after it dropped in price.

I don't think so. Some stable tokens are reliable enough to be used for the long term purpose. You can see how USDC was very reliable enough to be used as long term hodl to prevent the bearish trend to come anytime. I think that it's not all of stable tokens were not reliable for long term. Some may have very good fundamental that makes the stable token can be used for the long term purpose.

but not all stable coins are good for the future and I will take the example of the UST coin.
previously, UST or Luna was known as a stable coin and had high interest in all markets. there are so many big investors who save money in Luna coins so they are not affected by the fluctuating crypto prices. but in reality Luna was like throwing away coins and the price went down very deep. and after that incident, some big investors were afraid to keep big money in stable coins.
but for me keeping money in USDT or USDC coins is a stable coin which is safe and has a very good reputation for the future. but it's all back to each one to start research before putting money into some stable coins

[fullhdpixel]

but not all stable coins are good for the future and I will take the example of the UST coin.
previously, UST or Luna was known as a stable coin and had high interest in all markets. there are so many big investors who save money in Luna coins so they are not affected by the fluctuating crypto prices. but in reality Luna was like throwing away coins and the price went down very deep. and after that incident, some big investors were afraid to keep big money in stable coins.
but for me keeping money in USDT or USDC coins is a stable coin which is safe and has a very good reputation for the future. but it's all back to each one to start research before putting money into some stable coins

The difference is that Luna (UST in this example) was an algo stablecoin, which meant that there weren’t actually money behind it to keep it at 1 dollar, but it meant that you would be profiting from it when it went under 1 dollar so it was in everyone’s best interest to keep it 1 dollar since you would profit from it.

But eventually someone with more money than the whole market came in and took advantage of that and made a ton of money from it, maybe even doubled their insane holding. It took a lot of money from the Luna team to try and recover but they failed. So, I am not shocked about the fact that it went down, it wasn't similar to BUSD or USDT in logic.

[Muslimin mj]

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

yes. stablecoins are the best way to store or secure the assets that we have, because stablecoins will not go down high and will not go up high. and only around 1 - 2%. so it is very suitable for us to store assets in the form of stablecoins. maybe you can use USDT or any of the other stablecoins available, but a lot of people use USDT to protect their assets.

[bhooscream]

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

Well many projects now creating stablecoins we should know how stablecoins work and is it really backed by real dollars or not since there is already an incident on stablecoin that we never forget. Personally, I love to stake stablecoin since their APY is not that bad in this bear market.

Exactly, not all stable coins are recommended moreover for holding. If we are going to invest in crypto, it is not in stable coin, but in Bitcoin is the best. But if we only want to keep our money in crypto and are able to use it sometimes whenever we want, we may use stable coins that are trusted and have been very popular used.
Although we know that stable coins don't mean that the price or pairing will not change. There are sometimes the rate will be dropped or rise up.
Here, you may analyze further to check USDT, BUSD, CUDS, or DAI for recommendation

[terciduk123]

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

yes. stablecoins are the best way to store or secure the assets that we have, because stablecoins will not go down high and will not go up high. and only around 1 - 2%. so it is very suitable for us to store assets in the form of stablecoins. maybe you can use USDT or any of the other stablecoins available, but a lot of people use USDT to protect their assets.

That's right, stablecoins are the right choice when the market is down or when market conditions are uncertain and difficult to predict. so choosing a stablecoin to maintain asset value is the right choice, but not all stablecoins are 100% safe, choose a stablecoin that is 100% backed by fiat like BUSD, then you don't have to worry about the value. Also, keep in mind that Stablecoins are a means to maintain the value of a temporary asset, not an investment vehicle.

[SistaFista]

There is no guarantee that our money will safe if we convert it to stable coins.
Just look at UST Terra stable coin, it has failed and the coin is no longer valuable in this crypto market.
Stablecoin is a good way to keep and save money, but not all stable coins are good.

[cryptobadshah]

Stablecoins are digital currencies backed by national currencies or precious metals like gold Stablecoins can be fiat cryptocurrency or commodity backed In a tech driven economy cryptocurrencies represent a new asset class cryptocurrencies are volatile and can change value in seconds. Stablecoins were created to regulate bitcoin and other cryptocurrencies price volatility by being tied to the us dollar Stablecoins are less affected by market conditions than cryptocurrencies Stablecoins can earn you interest borrow stablecoins staple stablecoins .  Stablecoins are a low risk way to generate interest on cryptocurrency exchange accounts.

[Gayong88]

In the current situation I am quite optimistic about the future of stablecoins. Despite a lot of negative news, such as the recent issue with Tether and the possibility of this problem occurring with other stablecoins, there is still a large number of stablecoin startups putting a lot of effort into their development. All this shows that despite all the issues, people are still attracted to stablecoins, and will likely become an interesting phenomenon in the cryptocurrency world in the future.

My view is Stable Coins are a promising technology, which could better serve as a currency for digital purchases, online trading and day-to-day digital interactions. They have great potential and hope to be widely used in the near future.

[BlackBaron]

What do you think about stablecoins, some scandals around them and their future? It is interesting to hear the opinion of the members of bitcointalk

Isn't a stablecoin a bridge in the form of other crypto assets and is defined as a crypto currency pegged to fiat or dollars.

I think it's okay if you save and use stablecoins for savings, but not for investment, maybe you don't have to hesitate if you want to invest, if you believe at the right time, because your savings in stablecoins do not decrease.

[tvplus006]

...I think it's okay if you save and use stablecoins for savings, but not for investment, maybe you don't have to hesitate if you want to invest, if you believe at the right time, because your savings in stablecoins do not decrease.

Given the large number of stablecoins that have lost their binding to the dollar, it is still better to use a fiat dollar for storage. You need to use a stablecoin only if you are really a trader and you need to fix your profit. And such fixation in the stablecoin is a relatively short period of time.

[kojektea]

what happened to terra USD got everyone's eyes open about the stability of the coin. stable coins are very vulnerable to attack, I currently only trust busd because it can be announced that busd has backups from the largest exchange in the world. but recently i got word that acla or ausd team can respond to hacker attacks immediately. they seem good to be stable coins.

[GelatikKembar]

Recently, there have been many cases of stable coins losing their value 1 : 1,
and now there is news that the HUSD stable coin from Huobi also lost its value from 1 HUSD to only $0.8,
how about it? for me this is something that can't be trusted anymore

[SaveOurSea]

what happened to terra USD got everyone's eyes open about the stability of the coin. stable coins are very vulnerable to attack, I currently only trust busd because it can be announced that busd has backups from the largest exchange in the world. but recently i got word that acla or ausd team can respond to hacker attacks immediately. they seem good to be stable coins.

yes, from that incident made many traders including myself very worried about the stable coin,
especially now there are also rumors that USDC is losing its value, but I checked on coinmarketcap it is still at 0.9,
of course this will create an uproar if something bad happens to USDC.
this is the source https://www.thecoinrepublic.com/2022/08/18/tornado-cash-ban-impact-on-usdc-and-usdt/.

[WeedGoW]

The market left you no choice for maintaining your asset worth. Despite you and I knowing the risks among stablecoins that might de-peg it, we can't do anything about it. At best, trying to spread it out over two to three among the biggest stablecoins, like USDT, BUSD, and more is the only way to lessen it.

[Oneandpure]

Not really safety although saving with stable coin because today many kinds of stable coin network price drop drastically, last few hours ago happening with HUSD or stable coin from Huobi, lower price drop until $0.84 although right now success back to be stable coin with values $0.99 but I think have another time with HUSD back drop again to lower price. I think many people got scam with UST or terra stable coin and looks not really trusted with stable coins right now. Maybe last destination about saving stable coin in BUSD, still not ay bad news and moment make BUSD drop lower price like UST or HUSD but not guarantee BUSD keep safety for saving assets as stable coin, will have one day later with bad news and make BUSD get the same cases like HUSD.

[blockman]

The market left you no choice for maintaining your asset worth. Despite you and I knowing the risks among stablecoins that might de-peg it, we can't do anything about it. At best, trying to spread it out over two to three among the biggest stablecoins, like USDT, BUSD, and more is the only way to lessen it.

Or if you want to retain the value and want to keep it safer but not in a stablecoins but in bitcoin. It's true that scattering your money into those stable coins could lessen the risk but we really don't know until many of them depegs but hopefully, not gonna happen to the most popular ones.
But, we can't be sure since UST was once became a popular stable coin and has offered huge percentage to those stakers but didn't up well and became a meme today.

[serjent05]

what happened to terra USD got everyone's eyes open about the stability of the coin. stable coins are very vulnerable to attack, I currently only trust busd because it can be announced that busd has backups from the largest exchange in the world. but recently i got word that acla or ausd team can respond to hacker attacks immediately. they seem good to be stable coins.

Not all stablecoin uses the same method as Terra.  BUSD and USDC have been proven to have 100% dollar reserve to keep its value pegged to dollar.  So if we need a stablecoin that is really stable then we can opt to use BUSD or USDC to keep the value of the crypto we are holding.

[cheezcarls]

Stablecoins in my opinion are not the best way to save and save money, because of their stable value. But when the market is volatile, the safest asset is stable coins. The current scandal is only a few stables that have no fundamentals, unlike BUSD, USDT and USDC which remain as trusted options

I actually agree with you about stablecoins being the safe haven when the market is volatile. I usually prefer BUSD or USDC than any other stablecoins right now. But for now, most of my savings are into Bitcoin as I am usually doing DCA every month. As for the rest of my stablecoins, these are just either for other experiments like the NFTs, GameFi, etc., as well as some essential needs for me and my family in which I can convert them anytime via P2P.

But I won't be saving in banks either. I don't trust them since they can freeze my account anytime for such reasons. I rather go for non-custodial hardware wallets like Ledger Nano S, Trezor, etc.

[Issa56]

I don't think stable coins are good for long term investment, the only time I think stable coins are useful or important is whenever you their will be a dump then you can convert your money to stable coin so that you will be able to buy coin when they dump, buy I think it's a bad idea buying and holding stable coins for no reason. Instead of holding a stable coin, just buy your bitcoin and hold, Bitcoin is very safe and secure for long term holding.