On today’s episode of The Cryptoverse…
Ash from New Kids On The Blockchain and I had a chat about StableCoins which are a hot topic right now.
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Thanks Chris. You keep track of the dynamics for us and you sum up some key elements. That really is helpful. There is so much going on and while some developments are track able others just are out of sight until they already put some gravity into the field. I think there are enough stable coins by now.
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stable coins could lead to the much needed widespread adoption of crypto by people who don't understand or care about crypto. I am a big fan and hope that they increase transparency and prove they hold the corresponding amount in USD .
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This is going to be very interesting to see how this plays out. I can see the sense in being a gateway between the old and the new but my biggest fear is that "normalisation" of these stable coins will lead to acceptance, at some later stage, of government backed "stable coins", exactly what is not needed. Saying that, it might have one slight advantage over current situation - full visibility. Exciting times!!
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Another great analogy to explain stablecoins are to compare it to money market funds currently in the financial market. These funds peg their share values (and Net Asset Values) to a $1 by investing in short term and secured instruments that avoid volatility.
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Of all the stable coins, choosing NuBits was a mistake for me. I was lucky that I didn't keep too much but lost almost 90% of the money I left in it. That has put me off stable coins. I'll use SBD but other than that, I'll look at the coins that lose the least in a downturn. I don't want to convert crypto to fiat.
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BNB has been the only winner for me during this bear market.
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Nice way to explain the stable coin fluctuations.
I am not a big fan of any of them as it seems that 2018 will be remembered as the year of the stablecoins.
But you forgot to highlight that those stable coins are actually jumping in price because of the USDT drop at the time.
IMO the stable coins are helping crypto adoption, but they are double edged sword for sure.
I am not so sure who is going to be cut when the long expected upcoming bull market is here.
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Stable coins are going to be hugely profitable like you mentioned due to the various arbitrage opportunites but also all the transactions that will happen allowing people to make real world purchases without worrying about value too much. It also helps maintain funds in crypto and keep the market stable.
The ideal situation is not even to take your money out of crypto and simply use that for every day use one day so we dont need banking services and have to deal with tax. We can earn and trade in value just as we feel like, thats the dream
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Tether was one of the main factors for the last epic bull run.
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Excellent as almost always Chris, I'm not sure but I think you didn't cover Kowala or did you?
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I am surprised it took this long for there to be more stable coins.
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You write well, @marketingmonk!
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yes your right
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Long term, all fiat currencies (e.g. Dollar, Pound, Yen, Yuan) will go to zero. As stablecoins are pegged to fiat, they also will ultimately go to zero. Stablecoins provide an excellent short term solution to encourage general adoption of cryptocurrency. Wise adopters of crypto should accept payment of multiple types. It should be noted that Stablecoins present a very real solution to the payroll compensation vs. volatility problem.
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