USDC is not safe

[borovichok]

I would not be surprised if in the near future, the share of stablecoins in the crypto market will fall dramatically, and many banks that cooperate with these crypto projects will either close or stop servicing accounts that have cash collateral on them altogether. The era of CBDCs, the dreaded state-controlled tokens, is coming. These are even worse than stablecoins, and have absolutely nothing to do with real cryptocurrencies. States and banks will push this garbage into the crypto industry in every way they can.

Cryptocurrency is risky but with additional presence of stable coins, a trader can easily convert most of his crypto assets to stable coins whenever there's bear in the market. Stable coins is safe during the period of bull season, and there's clear difference between USDC and USDT, because I've seen situations were they're classified as the same thing. Stable coins are general in the market with usage from top exchanges and countries. USDC is a stable coin but over the past months, we experiencing issues concerning the stable coin about inflation.

[siniminomorocomunisakito]

I think while remaining vigilant in the cryptocurrency market, it is important to approach claims like "USDC is not safe" with caution and scepticism. It is true that stablecoins like USDT and USDC are centralized and may have regulatory or operational risks, but they are backed by reserves and have undergone various audits to ensure their stability. On the subject of storing stablecoins, It is common for users to use reputable and secure exchanges or wallets that have a good reputation for security and transparency.

[Xal0lex]

I would not be surprised if in the near future, the share of stablecoins in the crypto market will fall dramatically, and many banks that cooperate with these crypto projects will either close or stop servicing accounts that have cash collateral on them altogether. The era of CBDCs, the dreaded state-controlled tokens, is coming. These are even worse than stablecoins, and have absolutely nothing to do with real cryptocurrencies. States and banks will push this garbage into the crypto industry in every way they can.

Cryptocurrency is risky but with additional presence of stable coins, a trader can easily convert most of his crypto assets to stable coins whenever there's bear in the market. Stable coins is safe during the period of bull season, and there's clear difference between USDC and USDT, because I've seen situations were they're classified as the same thing. Stable coins are general in the market with usage from top exchanges and countries. USDC is a stable coin but over the past months, we experiencing issues concerning the stable coin about inflation.

Stablecoins are useful in any market and at all times. Converting profits into stablecoins is not always wise, because some profits are better converted into fiat and withdrawn from the cryptocurrency sector, thereby diversifying your portfolio and creating a safety cushion. Although fiat money is constantly depreciating, keeping all your capital in cryptocurrencies is just as risky, so many traders constantly forget that their profits should sometimes be fixed in their real wallet, not just in a virtual one.

[Abiky]

I would not be surprised if in the near future, the share of stablecoins in the crypto market will fall dramatically, and many banks that cooperate with these crypto projects will either close or stop servicing accounts that have cash collateral on them altogether. The era of CBDCs, the dreaded state-controlled tokens, is coming. These are even worse than stablecoins, and have absolutely nothing to do with real cryptocurrencies. States and banks will push this garbage into the crypto industry in every way they can.

Stablecoins proved to be a "failed experiment". They will eventually be replaced by CBDCs as governments push their agenda of a "Global Reset". People should stay away from stablecoins after what happened with Terra's UST stablecoin and USDC + DAIq. They simply cannot be trusted anymore. Not even Tether (USDT) with its shady practices. You're better off turning your crypto into real cash for complete peace of mind.

The future lies on decentralized cryptocurrencies that are independent from the current banking system. Not stablecoins that can fail or can be easily manipulated at will. Who knows how long does USDC or any other stablecoin has before they become history? Just my opinion

[MIner1448]

When it comes to storing stablecoins, it is important to consider several factors. First, you should choose a reliable exchange or platform on which you will store your funds. It is important to study their security policy and regulation, as well as evaluate the reputation of the platform in the cryptocurrency community.
Secondly, decentralized stablecoins such as Dai or UST can be used, which are based on smart contracts and do not have a central issuer, which makes them more resistant to external factors.

[Rupok]

I have seen this news a long time ago and the tweet is a few months old, it seems to me nothing more than rumours.But I feel safer in BUSD than usdc.  I always select BUSD, USDT as stable coins.Everything is centralized in cryptocurrency, so there is no such thing as safe, so it is difficult to judge good or bad. As stable coins are not safe, Bitcoin is very safe as an alternative.Also if you are a Binance user you can rely on bnb coins.BNB Coin is currently one of the most trusted.

[Xal0lex]

I would not be surprised if in the near future, the share of stablecoins in the crypto market will fall dramatically, and many banks that cooperate with these crypto projects will either close or stop servicing accounts that have cash collateral on them altogether. The era of CBDCs, the dreaded state-controlled tokens, is coming. These are even worse than stablecoins, and have absolutely nothing to do with real cryptocurrencies. States and banks will push this garbage into the crypto industry in every way they can.

Stablecoins proved to be a "failed experiment".

Disagree. USDT has proven to be quite resilient, despite being buried many times, but it has survived all the bear markets and major cryptocurrency crashes with dignity.

They will eventually be replaced by CBDCs as governments push their agenda of a "Global Reset".

From CBDC will need to stay as far away as possible, because it is a parody of cryptocurrencies.

People should stay away from stablecoins after what happened with Terra's UST stablecoin and USDC + DAIq.

UST turned out to be a failed Stablecoin because its algorithmic model was questionable from the beginning. The USDC and DAI were in de-peg for only a few days. Unless you are a short-term speculator, you would barely notice this de-peg of the dollar.

[Psynthax]

despite all the rumour and the fact that USDC as stablecoin are having fud when it lost some of its value, it could regain back easily, stablecoin that have real reserve doesn't lie if the value decrease someone could just make some profit off the margin because they know it's truly backed by real money, so therefore I think stablecoin in general are still safe.

[poodle63]

it is still safe, but i'm definitely gonna choose BUSD anyday if I were to choose, simply for the simple fact that it got binance backing it up for all I know they've been consistent in revealing their reserves in which somehow gow some assurance that there's real money backing it up otherwise i'd stay with USDT with the fact that it's trusted since long time ago.

[bitgolden]

I have seen this news a long time ago and the tweet is a few months old, it seems to me nothing more than rumours.But I feel safer in BUSD than usdc.  I always select BUSD, USDT as stable coins.Everything is centralized in cryptocurrency, so there is no such thing as safe, so it is difficult to judge good or bad. As stable coins are not safe, Bitcoin is very safe as an alternative.Also if you are a Binance user you can rely on bnb coins.BNB Coin is currently one of the most trusted.

I am pretty sure that rumor or not, when you give your money to someone for fake dollar, that doesn't really feel safe at all. If you gave me a dollar and I tell you that you can get it back anytime you want, would you trust me?

You wouldn't, but you do trust these guys, I am not saying I am as trustworthy as them, of course you can trust them more than you trust me that's true but does it even matter? Why should you trust anyone? Is that a requirement. I have no money in stablecoins right now, and that means I don't have to trust anyone at all, so if you have that type of option, why would you not pick that instead? Wouldn't that make more sense to you in the end?

[fvb]

Investing in itself is a risky business and involves some degree of loss of invested funds. Here you always need to keep your finger on the pulse and control the process constantly. And with a high degree of probability I can tell you that a 100% guarantee does not exist in principle. Security in investments is a fragile thing and, as they say, if you knew the buyback, you would be a millionaire

[ifarted]

If someone prefer to hold USDT,USDC or whatever stable coin they prefer then it should be only for a short time instead of holding it for a long time or for long term. The obvious choice to store your money is to choose fiat. The tweet is on 2022 and yeah the tweet really is months old or almost 9 months.

[Abiky]

Disagree. USDT has proven to be quite resilient, despite being buried many times, but it has survived all the bear markets and major cryptocurrency crashes with dignity.

That is true. USDT hasn't lost its peg despite the recent turmoil surrounding the banking system and the crypto market itself. I really hope it stays like that forever. Otherwise, everything achieved by Tether so far would be nothing but lost. Let's see what happens in the long run, as strict regulations enter the industry.

UST turned out to be a failed Stablecoin because its algorithmic model was questionable from the beginning. The USDC and DAI were in de-peg for only a few days. Unless you are a short-term speculator, you would barely notice this de-peg of the dollar.

It's a good thing the peg of both USDC and DAI was restored. Otherwise, the reputation of these stablecoins would've been destroyed already. Circle deciding to redeem USDC for $1 despite the de-peg, was a brilliant move. It helps restore confidence among investors and traders alike. If I only knew USDC and DAI were going to go back up, I would've bought the dip already.

I think the next stablecoin that will fail is USDD because it's only backed by algorithms. Just like UST, and USDN failed in the past. Only collaterized stablecoins will survive because they're backed by real USD reserves. Maybe developers will improve algorithmic stablecoins until they become ultimate perfection? 

[D ltr]

In this situation, what can be the best way to store our stable coins 


https://twitter.com/CryptoInsider23/status/1542027718677504002

We have seen how decentralized stable coins can lose their value although DAI is still safer but we never know what might happen.
We know how Tether has been rumored to fake its reserves and now the same is happening with USDC.
In this case one thing we can acknowledge is that holding stable coins is not a good choice.
So the ideal solution to this is don't hold stable coins at all. Directly buy bitcoin with fiat money and otherwise keep holding bitcoin or altcoins.

true, buying bitcoin and altcoins is the right decision because stable coins are too risky if they are stored on exchanges there will be many things that happen we can choose usdc tera as an example

[Rasa nanas]

Investing in itself is a risky business and involves some degree of loss of invested funds. Here you always need to keep your finger on the pulse and control the process constantly. And with a high degree of probability I can tell you that a 100% guarantee does not exist in principle. Security in investments is a fragile thing and, as they say, if you knew the buyback, you would be a millionaire

I think you need to read this thread one more time because it's not a matter of investment risk, after all nobody invests in stable coins 
This thread is more focused on discussing which stable coins are the safest because after the UST case we really have to choose the safest stable coins. so please share your experience using stable coins 

[Xal0lex]

Disagree. USDT has proven to be quite resilient, despite being buried many times, but it has survived all the bear markets and major cryptocurrency crashes with dignity.

That is true. USDT hasn't lost its peg despite the recent turmoil surrounding the banking system and the crypto market itself. I really hope it stays like that forever. Otherwise, everything achieved by Tether so far would be nothing but lost. Let's see what happens in the long run, as strict regulations enter the industry.

It seems to me that USDT has become as important to the world of stablecoins as bitcoin is to the entire crypto industry. If USDT collapses, most likely the entire stablecoin industry will collapse and the market will have to be rebuilt somehow. It would be terrible if that is what is planned to happen, so that CBDC will take a niche in the crypto market instead of stablecoin. States can take the harshest steps just to make their product in demand.

[CapGelatik]

In my opinion, USDC and USDT are still very safe, the latest news from USDC is very sad because USDC was deleted on the Binance exchange,
and maybe that's the beginning of Fud entering USDC, since the Terra Luna incident has made us aware of stable coins,
but don't worry USDC, BUSD and USDT I think these three stable coins can be a place for you to keep in safe.

[tygeade]

I have seen this news a long time ago and the tweet is a few months old, it seems to me nothing more than rumours.But I feel safer in BUSD than usdc.  I always select BUSD, USDT as stable coins.Everything is centralized in cryptocurrency, so there is no such thing as safe, so it is difficult to judge good or bad. As stable coins are not safe, Bitcoin is very safe as an alternative.Also if you are a Binance user you can rely on bnb coins.BNB Coin is currently one of the most trusted.

I am pretty sure that rumor or not, when you give your money to someone for fake dollar, that doesn't really feel safe at all. If you gave me a dollar and I tell you that you can get it back anytime you want, would you trust me?

You wouldn't, but you do trust these guys, I am not saying I am as trustworthy as them, of course you can trust them more than you trust me that's true but does it even matter? Why should you trust anyone? Is that a requirement. I have no money in stablecoins right now, and that means I don't have to trust anyone at all, so if you have that type of option, why would you not pick that instead? Wouldn't that make more sense to you in the end?

That's the approach that people had at the start and that's why we are talking about it today. When USDT first started, for some reason or another, people said that that's fine and they started giving their money to them, after a while it reached billions and it looked more legit than anything else. After all, why would something worth billions be a scam, it has never happened before!

Obviously we are talking about a situation that is a lot more complex that then and reality is that it can become a "scam" or simply fail any day. We wouldn't know about it and there is no guarantee so that is why I agree that we shouldn't trust any of them neither, it just doesn't make sense.

[Luffygroove]

I really thought that stable coin was really safe back then, but not until I saw how it crumbled because of some issues. Apparently, stable coins are not immune to volatility (they could even drop). So, I'm personally confused. I thought stable coins were a really good idea to keep our money as secure as fiat. Those problems faced by stable coins back then finally opened my eyes to the fact that nothing is really safe in the crypto world, and it's not a replacement for how you can keep your fiat for the purpose of storing. It's just a tool to do your shopping for your crypto assets. Don't ever keep your money in large amounts in stable coins again. I think I can say that Bitcoin is the safest choice for now, even though we can't depend on it 100%.

[barhavsky]

In my opinion, most stablecoins are not safe, but myself use USDT if I want to hold stablecoin, although in my opinion USDT is also not necessarily safe, but at least USDT is safer than other stablecoins, therefore if you want to use stablecoins, then I suggest you to use USDT rather than other stablecoins (including USDC).