Stablecoin for bitcoin

[fzkto]

Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

This is the misinterpretation by many, they are thinking about Bitcoin as a plain coin and should be backed up by a stablecoin. I honestly trust Bitcoin more compare to any stablecoin and it doesn’t need one just to tagged as an asset because Bitcoin is already an asset. Stablecoin is still controlled by someone so you should not fully trust it, just learn from the failed stablecoin and you’ll see why Bitcoin doesn’t need one.

One way or another, bitcoin is valued in different currencies. In much of the world, for example, it is measured in dollars. Even when you buy something online with bitcoins, the value is still stated in dollars, i.e. in bitcoins it changes according to the exchange rate. Stablecoins were simply created for the convenience of trading on an exchange and have only now become something more.

[Kimonoe]

Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

This is the misinterpretation by many, they are thinking about Bitcoin as a plain coin and should be backed up by a stablecoin. I honestly trust Bitcoin more compare to any stablecoin and it doesn’t need one just to tagged as an asset because Bitcoin is already an asset. Stablecoin is still controlled by someone so you should not fully trust it, just learn from the failed stablecoin and you’ll see why Bitcoin doesn’t need one.

One way or another, bitcoin is valued in different currencies. In much of the world, for example, it is measured in dollars. Even when you buy something online with bitcoins, the value is still stated in dollars, i.e. in bitcoins it changes according to the exchange rate. Stablecoins were simply created for the convenience of trading on an exchange and have only now become something more.

both of them have their own goals which of course support each other, bitcoin being the main goal is to make a profit, while stable coins are the main goal is to maintain asset stability. so we have to use it appropriately for the purpose of getting a bigger profit. the profit earned from bitcoin can be used to buy our needs by converting them into dollars, and we leave it in a stable coin to wait for the moment to buy bitcoin again, that way we can buy with a little capital and get lots of bitcoin, because we buy when there is a price drop

[Godday]

Bitcash will always be valued the same as bitcoin.
For example:

Code:

1 Bitcoin = 100.000 Bitcash

How can you rate the same as something volatile (BTC) ? For example, 1 BTC is 100,000 Bitcash. BTC has a price eg $ 10,000 will Bitcash be worth $ 0.1 ? Then where is the stable coin you are talking about? If it's Bitcash pegged to BTC it's as much as crap. People prefer to deposit directly in BTC because there is no advantage whatsoever to depositing in Bitcash. 

[wheelz1200]

I see in this forum that many disagree with the concept of fiat money. But if we look at the price of bitcoin, most people like it when the price of bitcoin goes up. This means bitcoin is inseparable and independent as a currency without considering fiat dollars. At this point, bitcoin is considered an asset

With so many stablecoins for fiat dollars, bitcoin cannot break away from dollars. Maybe if you want to support bitcoin more and have bitcoin as the main base, is it possible to create a stablecoin for bitcoin?

I haven't seen a stablecoin project for bitcoin yet. Maybe if there was a stablecoin for bitcoin then bitcoin would be considered the main currency in crypto and the price would be considered stable

Suppose there is a stablecoin called Bitcash. Bitcash will always be valued the same as bitcoin.

For example:

Code:

1 Bitcoin = 100.000 Bitcash

Why would you want a stable coin for bitcoin why not just use bitcoin itself lol?  The point of the stable coin is to peg against usd so when you think crypto is going to go down you don't have to trade out of crypto into fiat to keep your portfolio safe in terms of fiat value.  A stablecoin for bitcoin males no sense to me.

[bussybuddy]

There are different concepts in financial economics like bitcoin, fiat, gold, energy, real estate,... and they appear to be for everything to be linked more favorably, not as a target to get in the way. I don't have too many problems because as an investor with crypto, I hope to achieve my goals to meet my own needs and be able to help those around me, so I don't need too much. It's complicated to think about the problem of determining the value of bitcoin by any standard, even being able to imagine a future when people use bitcoin more as a means of pervading life as long as it If it is suitable and convenient for the context at that time, it will also be received and used, so it is difficult to adapt to life so that it is difficult to be hindered by the things that we think are limited.

[asawale]

Attaching a stable coin to a cryptocurrency doesn't mean it will be like a support for the project. I read about how Luna was tied to its stable coin UST and they both couldn't stand the trial of time and crashed together.

[wxa7115]

One way or another, bitcoin is valued in different currencies. In much of the world, for example, it is measured in dollars. Even when you buy something online with bitcoins, the value is still stated in dollars, i.e. in bitcoins it changes according to the exchange rate. Stablecoins were simply created for the convenience of trading on an exchange and have only now become something more.

Also what the OP wants goes against what we know about economy and how it behaves, he wants some sort of price control for bitcoin, in which bitcoin is always worth the same in another currency, and this never works, whenever we have seen attempts to try to limit the price of an asset this way, such an attempt fails.

It is way better to let the market itself to decide this through the process of price discovery, which in a free market with enough volume is a relatively efficient process, compared to what the OP is proposing.

[Blitzboy]

I appreciate the thinking you've put into the concept of the stablecoin. Heres where I have a problem with the idea, though: Its a bit like wanting to eat both of your favorite foods at once. You want Bitcoin to function as both a stablecoin that doesn't fluctuate and an asset with increasing value. However, these two requirements are incompatible with one another.

It seems pointless to consider developing a stablecoin based on Bitcoin. We already have a system like this called Satoshi, where 1 Bitcoin is equivalent to 100,000,000 Satoshi. Satoshi has been supplying stability and transactional convenience within the Bitcoin network, playing a function fairly similar to your conception of Bitcash.

Additionally, the stablecoin is linked to Bitcoin, which is not stable. The volatility of bitcoin is both what attracts investors and makes it a lucrative asset, as well as what makes it a difficult stablecoin option. This claim sounds less like a workable financial answer and more like an intellectual exercise.

[gurunanakji777]

I doubt that this model will work in the crypto market because Bitcoin is very volatile. It is better to leave it as it is for the benefit of all the traders and investors. We should not trust such a stable coin model that can lose its peg at any time.

[fzkto]

Ah well if you really want to consider bitcoin worth something equal then it’s 1 bitcoin = 1 bitcoin stuff. There is no other currency which can compare itself with bitcoin or it stability. The one bitcoin equals one is like considering the values of every product and services in terms of bitcoin valuation. Then we will see the power of bitcoin and its stable value. If Bitcoin is considered the other way around then obviously we will have to keep thinking bitcoin as highly unstable coin all the time. We should not be comparing bitcoin to any coin or fiat for that matter.

This is the misinterpretation by many, they are thinking about Bitcoin as a plain coin and should be backed up by a stablecoin. I honestly trust Bitcoin more compare to any stablecoin and it doesn’t need one just to tagged as an asset because Bitcoin is already an asset. Stablecoin is still controlled by someone so you should not fully trust it, just learn from the failed stablecoin and you’ll see why Bitcoin doesn’t need one.

One way or another, bitcoin is valued in different currencies. In much of the world, for example, it is measured in dollars. Even when you buy something online with bitcoins, the value is still stated in dollars, i.e. in bitcoins it changes according to the exchange rate. Stablecoins were simply created for the convenience of trading on an exchange and have only now become something more.

both of them have their own goals which of course support each other, bitcoin being the main goal is to make a profit, while stable coins are the main goal is to maintain asset stability. so we have to use it appropriately for the purpose of getting a bigger profit. the profit earned from bitcoin can be used to buy our needs by converting them into dollars, and we leave it in a stable coin to wait for the moment to buy bitcoin again, that way we can buy with a little capital and get lots of bitcoin, because we buy when there is a price drop

At first glance this idea is very simple and looks very profitable. But for some reason, only a few people have been able to make a lot of money just by buying cheap and selling expensive. Although bitcoin has clear cycles of when to buy and when to sell. But few people have the patience to wait for several years, especially if bought at a high price. In such cases, you should definitely have stablecoins.

[wxa7115]

I appreciate the thinking you've put into the concept of the stablecoin. Heres where I have a problem with the idea, though: Its a bit like wanting to eat both of your favorite foods at once. You want Bitcoin to function as both a stablecoin that doesn't fluctuate and an asset with increasing value. However, these two requirements are incompatible with one another.

It seems pointless to consider developing a stablecoin based on Bitcoin. We already have a system like this called Satoshi, where 1 Bitcoin is equivalent to 100,000,000 Satoshi. Satoshi has been supplying stability and transactional convenience within the Bitcoin network, playing a function fairly similar to your conception of Bitcash.

Additionally, the stablecoin is linked to Bitcoin, which is not stable. The volatility of bitcoin is both what attracts investors and makes it a lucrative asset, as well as what makes it a difficult stablecoin option. This claim sounds less like a workable financial answer and more like an intellectual exercise.

Besides it does not make too much sense to try to make bitcoin stable at all, after all even if we know that the price of bitcoin can crash from time to time during the short term, if we take a look at the charts over the years we can see that on average the price of bitcoin only does one thing, and that is to go up.

And if that is the case then why bother ourselves trying to make bitcoin stable or to create some sort of stable coin out of it, when the volatility that we see on the bitcoin market plays on our favor.