5 ms·
Are there any legitimate stable coins?
by moneywoes 5y ago
Are there any legitimate stable coins?
- longwick 5y agoAFAIK I think Terra’s UST is pretty legit
- EricDeb 5y agoGemini (GUSD) I believe is fairly solid
- mariocesar 5y agoI think Binances BUSD is the closest to legitimate
- arcticbull 5y agoBinance is the last institution you should be stapling the concept of stability to. They’re literally under investigation by every major world financial authority, including by the Cayman Islands monetary authority. BUSD is a co-brand issued by Paxos. No idea how it would hold up once the bear trap snaps shut on Binance.
- imtringued 5y agoIs free banking seeing a resurgence with all these stablecoins? Basically, people replaced bank notes with cryptocurrencies. It's still the same concept. https://en.wikipedia.org/wiki/Free_banking https://en.wikipedia.org/wiki/Free_banking
- unyttigfjelltol 5y agoThe U.S. Mint apparently is producing a brass/manganese- clad copper $1 coin called the "American Innovation dollars".[1] You could try that. [1] https://en.m.wikipedia.org/wiki/American_Innovation_dollars https://en.m.wikipedia.org/wiki/American_Innovation_dollars
- h2odragon 5y agoDunno, I hear they're planning a big dilution soon. https://www.axios.com/trillion-dollar-platinum-coin-mint-janet-yellen-223e7722-d7ba-47c9-b5f6-49a841d181de.html https://www.axios.com/trillion-dollar-platinum-coin-mint-jan...
- arcticbull 5y agoIncrease in supply is not inflation. It’s quite unlikely to cause any actual measurable dilution. But let’s pretend for a second. Given that all major stable coins are pegged to or benchmarked against the dollar, any inflation in the dollar would carry over into stable coins 1:1 so the remark would be a nonsequitur.
- deleted 5y ago[deleted]
- unyttigfjelltol 5y agoThe way it's supposed to work is you then fall back on the intrinsic value of the copper. That's the 'coin' part of what the 'Mint' does.
- csense 5y agoNah, as soon as inflation makes it profitable to melt coins, they make melting coins illegal. https://en.wikipedia.org/wiki/Penny_(United_States_coin)#Numismatics_and_regulations https://en.wikipedia.org/wiki/Penny_(United_States_coin)#Num...
- recursive 5y agoAnd where do I get a coin made of copper?
- quantified 5y agoOlder US pennies (pre-1982) have copper worth much more than 1 cent now, newer ones are basically zinc. On the flip side, a US mint $50 piece is actually well over $2000 of gold [https://catalog.usmint.gov/american-eagle-2021-one-ounce-gold-uncirculated-coin-21EHN.html https://catalog.usmint.gov/american-eagle-2021-one-ounce-gol...] The imprimature of the US mint is what makes these coins now.
- dustintrex 5y agoNo. USDC was long considered the adult in the room, but they started going off the rails earlier this year, dropping the 1:1 promise, delaying attestations and also now facing heavy regulatory scrutiny.
- CryptoPunk 5y agoIf anything, USDC has been reducing its risk profile from what I'm seen. Recently they announced they will be replacing all of their remaining corporate-bond-backing with USD cash and US treasuries. Source for your claims to the contrary?
- dustintrex 5y agoAugust 2021: https://beincrypto.com/coinbase-drops-guarantee-of-usdc-stablecoin-to-dollar-backing/ https://beincrypto.com/coinbase-drops-guarantee-of-usdc-stab... SEC subpoena literally yesterday: https://coingeek.com/usdc-issuer-circle-financial-subpoenaed-by-us-securities-regulator/ https://coingeek.com/usdc-issuer-circle-financial-subpoenaed...
- CryptoPunk 5y agoThe August 2021 change seems to be in response to a disclosure, that revealed more about USDC, than had been known in the past. This is a move toward more transarency and accuracy, not in USDC becoming less backed. And CoinGeek is a notoriously anti-decentralization media outlet. It's a mouthpiece for BSV, whose founder, Craig Wright, has called for anonymity to be abolished in cryptocurrencies, and for miners who process decentralized exchange transactions to be jailed.
- dustintrex 5y agoDid you just call a SEC subpoena FUD?
- CryptoPunk 5y ago
- sumeno 5y agoAre there any legitimate cryptocurrencies? Stable coins as just another layer of scam built upon a foundation of scams.
- stOneskull 5y ago> Are there any legitimate cryptocurrencies? maybe the ones like lbry or steam.. publishing payment tokens.
- fleddr 5y agoAlmost all of them are legitimate. Most of them are speculative, but that doesn't mean they're a scam.
- imtringued 5y agoFreicoin exists and nobody adopted it. That kind of tells you everything you need to know. Freicoin was designed with a -5% interest rate to defeat speculation and encourage people to spend their money quickly. It also means that Freicoin loans are very affordable because even a 0% loan lets the lender avoid paying -5% interest.
- stiltzkin 5y agoMonero
- vmception 5y agoMIM - they lean into the “magic internet money” meme because they don’t need to convince people of its seriousness. It is collateralized by asset backed and interest bearing cryptos that earn transaction fees such as xSUSHI DAI - but the MakerDao system has worse collateral than MIM, no interest bearing assets to my knowledge, but that can easily change with votes
- arcticbull 5y agoI’m a major skeptic of the space, and even I haven’t actually heard anything shady about the Gemini dollar. Which is why I suspect nobody is uses it, but I digress.
- _3u10 5y agoYes, quarters, dimes, and nickels, are all excellent stablecoins pegged to USD. If you're looking for a CAD stablecoin, checkout loonies and twonies.
- CryptoPunk 5y agoIf you want a legitimate USD-backed stablecoin, USDC is it.
- kim0 5y agoCheckout xUSD from https://havenprotocol.org/knowledge/ https://havenprotocol.org/knowledge/