Comment on You have one job.
burgerchurgarr@lemmus.org 3 weeks agoStablecoins already solve that. Not very trustworthy because they could in theory do the same but as a temporary solution should work.
Comment on You have one job.
burgerchurgarr@lemmus.org 3 weeks agoStablecoins already solve that. Not very trustworthy because they could in theory do the same but as a temporary solution should work.
sp3ctr4l@lemmy.dbzer0.com 3 weeks ago
Quick question, which stablecoins have actually been stable for 5 years?
10?
explodicle@sh.itjust.works 3 weeks ago
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sp3ctr4l@lemmy.dbzer0.com 3 weeks ago
Ok, so we’ve got a single stable coin that’s been fairly stable for 5 years, good start.
Now, how do I know which ones that were around 5 years ago…would be this stable?
How do I know this one will be stable for another 5 years?
Is there… some kind of objective analysis I can do here, of all stablecoins, to at least have an idea of this, or am I throwing darts while blindfolded?
prole@lemmy.blahaj.zone 2 weeks ago
USDC and USDT have also been stable for quite some time.
USDC might be the only one I’d really trust though. Since it’s backed by Coinbase and Circle, it seems extremely unlikely to break down in any way. Because the powers at be wouldn’t allow it. Too much institutional investment.
explodicle@sh.itjust.works 3 weeks ago
Yes, by which ones are peer to peer and which ones are centralized. That’s also why there doesn’t need to be a bunch of them.
burgerchurgarr@lemmus.org 3 weeks ago
Yeah dude convert that shit as soon as you get it, don’t hold it. I’m not a fan but for receiving salary or processing payments in USD it does the job
sp3ctr4l@lemmy.dbzer0.com 3 weeks ago
See my point here is:
Stablecoins are not actually meaningfully stable, they are not a realistic solution.
burgerchurgarr@lemmus.org 3 weeks ago
Yeah they all have depegged at some point I guess and Tether offloads the risk of the shitty Chinese bonds or whatever they’re investing in on you as a token holder.
Circle is SEC regulated which makes USDC a bit more trustworthy but if we have learnt anything from the banking crisis then that this is no guarantee. Plus they depegged to like 0.87 once I think.
My biggest issue with stables is actually that they all have asset freezing mechanisms built into their smart contracts which goes completely against the idea of decentralization.
I totally agree with you that they’re not a long term solution but they can be useful if you just use them to send / receive money vs actually keeping them in your wallet.