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Personally I refused to entertain the idea of a stablecoins and after all the stuff that's happened around stablecoins has only reinforced that decision. It see
by gizdan 5y ago
Personally I refused to entertain the idea of a stablecoins and after all the stuff that's happened around stablecoins has only reinforced that decision. It seems like it's not a matter of if, but when it becomes clear that the stablecoin is not really backed by real money.
I'm a big believer in crypto, but I don't think stablecoins are it.
- xur17 5y agoI don't think it's fair / accurate to paint all stablecoins with a broad brush like that. Tether? Yes, it's at a bare minimum sketchy. USDC and GUSD are both regularly audited, and backed by cash reserves.
- Armisael16 5y agoSaying that they’re backed by cash reserves is misleading. Yes, they do hold some cash to back the value of the coin, but that’s less than half of the total backing. CDs and treasuries and commercial paper are pretty solid stuff - but they definitely aren’t cash.
- yebyen 5y agoUSDC will no longer be backed by corporate bonds or commercial paper: https://www.bloomberg.com/news/articles/2021-08-23/coinbase-circle-to-move-all-usdc-reserves-into-cash-treasuries https://www.bloomberg.com/news/articles/2021-08-23/coinbase-... I don't know how you feel about short term treasury bonds, but I think they are nearly as good as cash. Slightly less liquid but with some return.
- trophycase 5y agoGet an algorithmically stablecoin, like DAI (but not DAI because a ton of DAI supply is collateralized with USDC and ETH/DAI LPs)