Are stablecoins safe?

[justdimin]

nothing is 100% safe, but let's not compare stable coins with Luna... I didn't even know about the Luna before their fiasco, I saw the first complaints here and I was thinking "where did this come from?"! Who was crazy enough to go for some Luna, after reading about Luna I didn't see anything special there except some "big words". But people still invested heavily and many lost a lot of money.

Stablecoins are just stablecoins, in the end, we use them to "get in & out" from some coins/tokens, there's no reason to hold them for too long. Some of the stablecoins are around for years without any issues, so even though there's a risk we all use them and we will probably continue to use them.

We can compare them 100% for sure. Luna crashed because it was ran by people who didn't know how they should run a project, and USDT or BUSD or any other stablecoin could fail for the exact same reason. Just because they have managed to make it run so far doesn't mean that they will be able to do it again forever neither.

I personally believe that the best thing about crypto is the fact that you could buy things that are decentralized and controlled by nobody, so to pick something that is purely centralized and at the hands of a company is not really a smart decision and the end result could very well be exactly like Luna for sure, and that's a big problem.

[Hildentine]

I think it is safe because many big investor store his fund in the form of Stablecoins .
But not anyone say its full safe because its a crypto not believe any thing any time do some thing new.
But Stablecoins usdt , busd , usdc , etc are very strong project hopefully you easily hold your fund in this form and easily you save your money and change your coin in to this form means you are safe and no any chance you loss your money.

[Jatiluhung]

There is no guarantee that stable coins will be safe, learning from experience in the LUNA case, even stable coins can collapse if the main support collapses. I only use stable coins that have been proven to have a strong foundation, such as BUSD and USDT.

i quite agree with you. because in reality even stablecoins cannot even be said to be safe. but we can choose which stablecoin is the best. And of course, at the moment, the one that doesn't have a bad reputation in stablecoins is BUSD. USDT is also quite good but I read that a few years ago something happened to USDT. but the USDT can handle it well. so that trust in them is still maintained. But I still choose BUSD as a stablecoin that I hold to store my assets for a while before I buy BTC and some potential altcoins.

[Lainta]

Hello Crypto Fam.

So, the FSB has released a recommendation on stablecoin regulation. They are doubting the notion that stablecoins are "stable," arguing that issuers lack the necessary tools to keep their stablecoin peg at all times, implying that no stablecoin currently meets their recommendations.

This is what they said about it:

“Most existing stablecoin issuers promise (implicitly or explicitly) to maintain a stable value, typically relative to a single fiat currency. However, many of these existing stablecoins are issued by unregistered and unlicensed entities and do not have credible mechanisms to support their promise of price stability.”

What do you guys think about this? Would you recommend the use of stablecoins or they just aren't worth the risk?

Original source of the story:

https://tokenist.com/fsb-says-no-stablecoin-currently-passes-its-recommendations/

I recommend you to save your funds in stable coins like USDT, USDC and BUSD. These coins are to safe and secure and also it's price will also stable. You can use exchange like Binance and wallet like Trust Wallet these are also most safe and secure for saving stable coins.

[Coyster]

I recommend you to save your funds in stable coins like USDT, USDC and BUSD. These coins are to safe and secure and also it's price will also stable. You can use exchange like Binance and wallet like Trust Wallet these are also most safe and secure for saving stable coins.

I'm afraid i wouldn't recommend a crypto enthusiast to save their funds in stable coins for the long term, it is not safe to do so; if you are prolly a trader who needs to move your funds into stable coins and then out to other crypto's for the purpose of your trade, then that might just be fine for you, but do not consider your funds secure or safe when you have them in stable coins, especially when it is for the long run, it is a centralized coin and quite a lot of things can go wrong with centralized coins, your funds could even be frozen and you would lose everything. Save your funds in decentralized cryptocurrencies, and store them in your own open source non-custodial wallet for maximum security.

[tvplus006]

There is no guarantee that stable coins will be safe, learning from experience in the LUNA case, even stable coins can collapse if the main support collapses. I only use stable coins that have been proven to have a strong foundation, such as BUSD and USDT.

Using centralized stablecoins, you must fully trust their issuer. If you fully trust the companies Tether Ltd and Binance, then you can continue to use USDT and BUSD to store your funds. Otherwise, as an alternative to centralized stablecoins, you should consider decentralized stablecoins such as DAI. At the same time, algorithmic ones should be avoided, since UST has compromised them.

[zasad@]

There is no guarantee that stable coins will be safe, learning from experience in the LUNA case, even stable coins can collapse if the main support collapses. I only use stable coins that have been proven to have a strong foundation, such as BUSD and USDT.

It is not entirely correct to compare algorithmic stablecoins with centralized stablecoins.
Important news and reports I publish in this thread
https://bitcointalk.org/index.php?topic=5247581
I use different stablecoins, including decentralized DAI, but the only protection can be to store savings in different stablecoins and cryptocurrencies.

[Party24*7]

There is no guarantee that stable coins will be safe, learning from experience in the LUNA case, even stable coins can collapse if the main support collapses. I only use stable coins that have been proven to have a strong foundation, such as BUSD and USDT.

Nothing is safe with stablecoins or even with altcoins. Once you enter the market, it is called risk so invest with the amount you can lose. USDT and BUSD are also centralized stablecoins, which are difficult to crash but they can freeze your assets at any time. They are not as safe as you think, never hold them for long time.

[Kadal Ijo]

Some stable coins such as tether and busd have officially received guarantees from the USA financial authority so I'm sure it's safe, and I have used stable coins for more than 3 years and have never been problematic, stable coins have an algorithm that makes its value stable even though the market is sinking or skyrocketing .

[Derrickiell]

There is no guarantee that stable coins will be safe, learning from experience in the LUNA case, even stable coins can collapse if the main support collapses. I only use stable coins that have been proven to have a strong foundation, such as BUSD and USDT.

Nothing is safe with stablecoins or even with altcoins. Once you enter the market, it is called risk so invest with the amount you can lose. USDT and BUSD are also centralized stablecoins, which are difficult to crash but they can freeze your assets at any time. They are not as safe as you think, never hold them for long time.

No cryptocurrency is truly safe, and stablecoins are no longer stable. Stablecoins are centralized, it can be frozen, it can even have a lot of problems and everything will be lost.
Stablecoins also have certain risks. Do not hold them for a long time, and disperse funds into different currencies to avoid greater risks.

[cheezcarls]

Most of my stablecoins are in BUSD since I am more active in BSC-related projects, but they are in my non-custodial wallet. Will be transferring most of them in Ledger Nano S to be truly safe from getting siphoned by the hacker in the future if I am encountering another malware without knowing.

Since these stablecoins like USDT and BUSD are centralized, so they can just freeze it anytime. DAI could be a great option for stablecoin, but it might change in the future if possible like the case of Ethereum from PoW to PoS.

[Kelvinid]

Most of my stablecoins are in BUSD since I am more active in BSC-related projects, but they are in my non-custodial wallet. Will be transferring most of them in Ledger Nano S to be truly safe from getting siphoned by the hacker in the future if I am encountering another malware without knowing.

Since these stablecoins like USDT and BUSD are centralized, so they can just freeze it anytime. DAI could be a great option for stablecoin, but it might change in the future if possible like the case of Ethereum from PoW to PoS.

Centralized projects mostly have bad ends. We can't hide the huge impact of Luna in the market making many investors worry that any of these days another Stablecoin and a centralized project will follow. Of course, USDT and BUSD still gain trust among stablecoins in the market but we should still be careful as we never know exactly what is their plan.

I can be honest myself that I lose trust in any of them, might it will change in the future but in this current situation, I consider investing in them to be at high risk.

[DeathAngel]

They’re fine to use & hold short term but like anything that is not decentralised, I wouldn’t recommend storing much of your wealth in them for any significant period of time.

Most people know the above but get lazy. Just be careful & look after your money in the best way you can i.e. don’t let anybody else have control over it.

[Marvell1]

Most of my stablecoins are in BUSD since I am more active in BSC-related projects, but they are in my non-custodial wallet. Will be transferring most of them in Ledger Nano S to be truly safe from getting siphoned by the hacker in the future if I am encountering another malware without knowing.

Since these stablecoins like USDT and BUSD are centralized, so they can just freeze it anytime. DAI could be a great option for stablecoin, but it might change in the future if possible like the case of Ethereum from PoW to PoS.

Centralized projects mostly have bad ends. We can't hide the huge impact of Luna in the market making many investors worry that any of these days another Stablecoin and a centralized project will follow. Of course, USDT and BUSD still gain trust among stablecoins in the market but we should still be careful as we never know exactly what is their plan.

I can be honest myself that I lose trust in any of them, might it will change in the future but in this current situation, I consider investing in them to be at high risk.

I don't fear USDT or BUSD will die like UST, as they are both called stablecoins but they are completely different. UST is an algorithmically stable coin and they obviously cannot be called stable when backed by bitcoin or altcoins as both are highly volatile so losing the peg is inevitable. But the other 2 stablecoins are backed by USD with a ratio of 1:1 so it is very difficult to crash like UST, but the risk of holding these coins is not different from altcoins, they are centralized so they can be frozen at any time.

[Chainsmokers]

For now, if you want to keep a stable coin,
I suggest keeping it in USDT only because USDT is really backed by the actual USD that is held in reserve by Tether Limited,
of course this is why they are really serious, different from UST, which is backed by Terra Luna and now they are a scam,
so stay away from stable coins backed by a coin again so there is only one thing that is safe, namely USDT.

[ThemePen]

For now, if you want to keep a stable coin,
I suggest keeping it in USDT only because USDT is really backed by the actual USD that is held in reserve by Tether Limited,
of course this is why they are really serious, different from UST, which is backed by Terra Luna and now they are a scam,
so stay away from stable coins backed by a coin again so there is only one thing that is safe, namely USDT.

But last time when the FTX scammed people the USDT also goes down a little. But it is secure.

But we have others option too like BUSD and USDC. These are also good options.

But I always keep my assets in Bitcoin.

[RealMalatesta]

Some stable coins such as tether and busd have officially received guarantees from the USA financial authority so I'm sure it's safe, and I have used stable coins for more than 3 years and have never been problematic, stable coins have an algorithm that makes its value stable even though the market is sinking or skyrocketing .

I would guess that stablecoins could become a trouble the moment the company behind it gets into trouble and that is the issue. I mean you may not believe that it could happen, but just because it ran greatly for 3 years doesn't mean it will do so forever. Plenty of companies that run for 50 years ended up being terrible later on, that is the risk that you are taking when investing.

I still dislike stablecoins for one reason, they are fiat posing as crypto. If I wanted fiat so much, I would have it in my bank account and not in binance, so it is a lot better for me to focus towards crypto and buy crypto currencies because I got into this world to buy them, not stablecoins.

[JunkieMiner]

I had stored most of my funds in the Gold Stablecoin, where you can exchange your Etherium and BTC for Gold. For the time being, I'm seeing that it is as stable as I think. Recently they had a bounty campaign also running, but I think it is still running. This is just my opinion, you can try other stablecoins, according to your research.

[Silberman]

I had stored most of my funds in the Gold Stablecoin, where you can exchange your Etherium and BTC for Gold. For the time being, I'm seeing that it is as stable as I think. Recently they had a bounty campaign also running, but I think it is still running. This is just my opinion, you can try other stablecoins, according to your research.

You need to be very careful and check the value of your coins continuously, I say this because over the years there have been many coins which claim to be backed by gold and they never last long, so it is possible the coin in which you invested your money is not going to be an exception to this, I think that if you want to be out of this market for some time that is respectable, but if that is the case then you need to get fiat, stable coins are simply to vulnerable to manipulation by those which can create those tokens.

[alexandr1115]

There are quite a lot of different stablecoins on the market right now, and it's not entirely clear why there are so many of them being produced. If earlier there was only one main coin called USDT, now there are much more of them. Of course, if you study this issue in more detail, it is not recommended to buy stablecoins with a small capitalization. It is better to make your choice towards USDT, since its market capitalization is approximately equal to two stablecoins called USDC and BUSD (Binance USD).