Comment on You have one job.

• explodicle@sh.itjust.works ⁨3⁩ ⁨days⁩ ago

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  • sp3ctr4l@lemmy.dbzer0.com ⁨3⁩ ⁨days⁩ 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?

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    • prole@lemmy.blahaj.zone ⁨2⁩ ⁨days⁩ 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.

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    • explodicle@sh.itjust.works ⁨3⁩ ⁨days⁩ 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.

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      • sp3ctr4l@lemmy.dbzer0.com ⁨3⁩ ⁨days⁩ ago

        Cool, how do I determine that?

        Is there some kind of… universal metric, a p2p to centralized scale, that is accurate, transparent, and stays basically the same… for a deacde?

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• burgerchurgarr@lemmus.org ⁨3⁩ ⁨days⁩ 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

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  • sp3ctr4l@lemmy.dbzer0.com ⁨3⁩ ⁨days⁩ ago

    See my point here is:

    Stablecoins are not actually meaningfully stable, they are not a realistic solution.

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    • burgerchurgarr@lemmus.org ⁨3⁩ ⁨days⁩ 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.

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      • sp3ctr4l@lemmy.dbzer0.com ⁨3⁩ ⁨days⁩ ago

        I am not as well versed on Solana, but yeah, as best I can tell, and I’ve been following crypto since Satoshi’s paper dropped, since before Mt Gox became a trading house…

        Monero is the only crypto that is really even close to kind of being the bare minimum that Satoshi wanted Bitcoin to be.

        And… we still don’t have any kind of broad, tangible uses case for any crypto… other than scams, gray/black market stuff, money laundering, extremely privacy focused services, and extremely speculative investing.

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