What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars?
Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.
USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
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Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
#12What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.
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Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
#13What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.
Most people in the world don’t have access to the reserve currency of the world (especially the countries don’t have the right to print it), they are born in disadvantage.
Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
#14What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.
I think the idea was (or still is) to have dollars or some other equivalent that is more tangible and easier to transfer in the world of cryptocurrencies.
Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
#15If only all these end-the-fed libertarians had read history instead of creating crypto https://www.investopedia.com/articles/economics/08/federal-r...
Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
#16What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.
Some explanations:
1) Actual regulated banking is ... well regulated. Buying and possibly selling monopoly money passes this regulation.
2) Making a token out of everything allows you to play on the chain.
3) There is profit in trading customers real money to your own monopoly tokens... Which of value is determined on market while you keep the real dollars.
4) It could allow some people to argue that they never realised any profits from their trading. Thus tax avoidance...
Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
#17What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.
Most people in the world don’t have access to the reserve currency of the world (especially the countries don’t have the right to print it), they are born in disadvantage.
I'm not sure why you're being down-voted, but that's exactly the biggest real-world use-case for stable-coins. They're a way for people to buy USD and sell their own deflating currency
Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
#18I would actually be surprised if the whole crypto ecosystem isn’t going to implode soon. The thing is that it doesn’t create any value, it’s all a game of musical chairs. I don’t care VCs holding the bags, but I do care about the retail “investors” that were naive. (I don’t care about the hfsp bros). In a few years we will look back at the crypto space and we wonder why nobody intervened like nobody intervened with M…
Crypto is the only reliable way to pay contractors in Russia now. Saying "no real value" is quite stretch!
The question is whether paying contractors in Russia is ethically any better than paying illegal drugs.
Not that the contractors would all be bad people. But sanctions are there to force change. The easier it is to make sanctions ineffective the longer change will take.
Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
#19What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.
The US dollar is regulated and it’s use and transfer creates all kind of legal issues and as a result institutions that handle its storage and transfer run heavy KYC and reject unconventional use cases. When you turn it into a stablecoin you no longer have to deal with all that, you can easily trade unregistered securities and engage in ponzis without an oversight.
Okay this sounds a bit too cynical but each crypto bull market resulted in exactly that, unfortunately.
Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained
#20What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.
The problem isn't the concept, it's the backing. If the Fed were to announce an official USD stablecoin on Ethereum the chain could be used for international settlement.
Of course, that will never happen as having the ability to restrict capital flows is a key power government wants to retain.