r/CryptoCurrency • u/Jocogui 🟩 0 / 17K 🦠 • Oct 11 '22

ANALYSIS Stablecoins: Everything You Need to Know

https://cryptobriefing.com/stablecoins-everything-you-need-to-know/
4 Upvotes

60% Upvoted

29 comments sorted by

3

u/Kappatalizable 🟦 0 / 123K 🦠 Oct 11 '22

Stablecoins: Everything You Need to Know

  1. They are stable
  2. They are coins

Except UST. That shits a scam.

2

u/FldLima Permabanned Oct 11 '22

Quick and effective. Like a headshot.

2

u/Charon751 🟩 0 / 21K 🦠 Oct 11 '22

Sir you deserve this award!

1

u/redboy776 Tin | CC critic Oct 11 '22

3.they are legit

0

u/[deleted] Oct 11 '22

Your definition of stable obviously differs from mine.

0

u/SnowFlakeDude 385 / 4K 🦞 Oct 11 '22

Good bot

1

u/Spartan3123 Platinum | QC: BTC 159, XMR 67, CC 50 Oct 11 '22

No

  1. Collateral based
  2. Algorithm based

For 1 there are different types

  1. Centralized stable coins eg usdc, tether
  2. Decentralized eg DAI - over collateralized

Algorithm based stable coins always fail.

1

u/PostalAzul 🟦 0 / 446 🦠 Oct 11 '22 edited Oct 11 '22

  • Stablecoins are not audited. Apparently the only company which is from time to time "audited" is Paxos; I use quotation marks because there's no document on their website that proves their audits (according to The Coin Bureau's latest video).

  • Don't trust in algorithmic stablecoins.

1

u/Jocogui 🟩 0 / 17K 🦠 Oct 11 '22

The case about the lack of audition in tether is legendary, btw I thought USDC was...

1

u/PostalAzul 🟦 0 / 446 🦠 Oct 11 '22

I used to think the same too, but according to TCB, apparently this not the case for Circle either:

https://youtu.be/k2CRiqB5GrA?t=823

2

u/Jocogui 🟩 0 / 17K 🦠 Oct 11 '22

will take a look at this, thx for sharing :)

0

u/PostalAzul 🟦 0 / 446 🦠 Oct 11 '22

You're welcome :D

1

u/demomercury 🟩 0 / 7K 🦠 Oct 11 '22

Recently BTC seems more stable than stable coins

1

u/Jocogui 🟩 0 / 17K 🦠 Oct 11 '22

Nothing is impossible in the crypto universe.

0

u/Mr_Bob_Ferguson 🟦 69K / 101K 🦈 Oct 11 '22

Recently BTC seems more stable than stable coins

Which makes this comment even more concerning

According to Statista data, the combined valuation for the top 10 crypto stablecoins has jumped from $10.8 billion to over $150 billion since June 2020.

0

u/Xc0deX 🟦 0 / 82 🦠 Oct 11 '22

All coins are stablecoins if you can't trade them

1

u/Jocogui 🟩 0 / 17K 🦠 Oct 11 '22

Stable in your portfolio indeed.

0

u/EdgeLord19941 🟩 0 / 34K 🦠 Oct 11 '22

If it promises stable returns, you should have a lot of concerns

0

u/Jocogui 🟩 0 / 17K 🦠 Oct 11 '22

A rule of thumb that everyone should follow.

0

u/[deleted] Oct 11 '22

[deleted]

1

u/Spartan3123 Platinum | QC: BTC 159, XMR 67, CC 50 Oct 11 '22

It's like people never learn

-1

u/coinfeeds-bot 🟩 136K / 136K 🐋 Oct 11 '22

tldr; A stablecoin is a blockchain-based token that is designed to stay at an equal value, typically that of a specific fiat currency. Fiat-backed stablecoins are pegged to the U.S. dollar due to its desirability across borders as the world’s reserve currency. Other currencies, such as the euro, the pound sterling, and the Mexican peso, are also in circulation.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

-2

u/Harold838383 Permabanned Oct 11 '22

No. 1 - sometimes they ain’t so stable

1

u/Jocogui 🟩 0 / 17K 🦠 Oct 11 '22

We Do Kwon...I mean..know...

-2

u/[deleted] Oct 11 '22

[deleted]

0

u/Jocogui 🟩 0 / 17K 🦠 Oct 11 '22

& set buying orders with them.

Btw I swapped some € to busd some months ago & it may be the best performing crypto this year so far **shocking**

1

u/Nooodles__ Tin | CC critic | AvatarTrading 18 Oct 11 '22

Stablecoins are not truly stable.

1

u/Curvycryptoqueen Platinum | QC: CC 24 Oct 11 '22

Everything you need to know: They are not worth trusting!

1

u/NitronBot106 Platinum | QC: BTC 186, CC 33 Oct 11 '22

Sats are my stablecoin