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Earlier quoted context omitted.
Ok, I understand that a stablecoin it is easier to handle than the dollar. But who is doing it? What is the use case?
Trading. Quick arbitrage, day trading, pump and dumps, leverage. The same thing you can do by having dollars on your stock trading account you usually need coins on your crypto account and it would be crazy to have the volatile ones.
I don't get all the bandwagon hate of crypto on this site.. Sure 99% of crypto schemes are b.s and ponzi. But I like to think in terms of use cases. Currently there is no way to send "money" to someone in another country on the other side of the world, in a decentralized way, and without transaction fees. Can this problem be solved without crypto? Probably, but currently crypto is looking like the best way to be able…
> Currently there is no way to send "money" to someone in another country on the other side of the world, in a decentralized way, and without transaction fees. Why is this necessary? I have banks in three countries and generally pay nothing to move money between them or to pay others. This really doesn't feel like a problem that needs to be solved except by those trying to avoid taxation.
What are people holding all those stable coins for? In contrast to other crypto currencies, nobody is holding it for speculation. I doubt anybody expects stable coins to be a better store of "dollar value" than the dollar itself. Yet, someone holds those $150B worth of stable coins. Who and why?
[1] https://bam.kalzumeus.com/archive/stablecoin-mechanisms-and-...
I don't get all the bandwagon hate of crypto on this site.. Sure 99% of crypto schemes are b.s and ponzi. But I like to think in terms of use cases. Currently there is no way to send "money" to someone in another country on the other side of the world, in a decentralized way, and without transaction fees. Can this problem be solved without crypto? Probably, but currently crypto is looking like the best way to be able…
Centralised mechanisms solve the problem for less cost
The moment I learned that people want to buy crypto as a means to get rich in (evil ;)) fiat money, I knew I had a ponzi scheme in front of me. The interesting idea behind crypto once was to have a totally different system. Yet in reality, with greedy apes on a spacerock, it was an unreachable Utopia
Clickbait title it seems; USDT and DAI lost some market share while BUSD and USDC have grown more. > USDC has grown 20% with $10.6 billion more tokens in circulation. BUSD boosted up 22% — representing growth of $4.2 billion. USDT has shed about $4.1 billion, a 5% reduction, while DAI dwindled by 30% — from $8.9 billion to $6.2 billion.
> while BUSD and USDC have grown more. If I am not mistaken, USDC (coinbase) is properly and regularly audited for proof-of-reserves? Not so sure about Binance though. But at any rate, if capital starts to migrate to audited stablecoins from POS (and by that, I don't mean proof of stake) like Tether, sounds to me like a good thing.
The big question with Tether has been, if they are holding commercial paper, whose commercial paper? Traders who deal in commercial paper of real companies that do real stuff don't see Tether present in that market. The dollar amounts are too big to hide. The suspicion is that their "commercial paper" is high-interest loans to other cryptocurrency companies. With the whole crypto sector in decline, those loans are at…
[0] https://twitter.com/thelastbearsta1/status/14690072004965908...
Earlier quoted context omitted.
> Currently there is no way to send "money" to someone in another country on the other side of the world, in a decentralized way, and without transaction fees. Why is this necessary? I have banks in three countries and generally pay nothing to move money between them or to pay others. This really doesn't feel like a problem that needs to be solved except by those trying to avoid taxation.
You never wanted to send your friend money for them to buy something in the moment?
And that's just in my neck of the woods, I'm sure I'm forgetting more.
Earlier quoted context omitted.
Trading. Quick arbitrage, day trading, pump and dumps, leverage. The same thing you can do by having dollars on your stock trading account you usually need coins on your crypto account and it would be crazy to have the volatile ones.
So crypto traders hold $150B of dollar denominated stable coins at the moment?