Also, when it comes to more stablecoins failing, it could end up like that Bruce Willis movie Last Man Standing (1996), itself based on A Fistful of Dollars (1967) starring Clint Eastwood, and that movie being inspired by [Yojimbo] (1961) directed by Akira Kurosawa. In every movie, it was a bloodbath.
It's just a matter of time before we discover which stablecoin gets to claim the role played by Bruce Willis or Clint Eastwood or Toshirô Mifune.
HBD in current form will never be added to a Coinbase or Gemini centralized exchange. Do u think it will? That’s no chance. We should focus on getting Hive there not HBD. The swings will never be allowed. I just don’t understand the focus on getting HBD on centralized big exchanges when it’s a pipe dream. They’d open themselves to lawsuits. People not already in Hive community who would be seeing HBD for first time would never be ok with a token that falls below .90 cents whenever there’s a crash In crypto. They will go to where it’s a penny move to .995
Hive on other hand we should be putting all focus on that. If the goal is getting in the big exchanges anyway.
I have to use Gemini to buy cryptocurrency using fiat money, so I wouldn't mind seeing HIVE there. In recent days, I decided it's better just to use stablecoins to get crypto off Gemini before I buy crypto I really care about. My mistake here was using DAI because the version used at Gemini is ERC20, and you know what that means: ETH gas fees later.
Lawsuits are things none of us want even as plaintiffs. Even if we win, at what cost? Even if we win the case along with legal fees and damages, the time spent is gone forever.
I'm OK with keeping HBD at decentralized exchanges such as Sushiswap, PancakeSwap, or UniSwap. That's closer to the Hive way of doing things, anyway. What's needed are more DEXs which offer both HIVE and HBD.
As much as we would like to grow Hive with more accounts, there will be more people who would own HIVE because they bought it at some exchange. For centralized exchanges, HIVE may be more suitable there, and it may not even need to be on many, just more strategic exchanges besides Binance since many of us are locked out of that one.
A stablecoin will fluctuate within an acceptable tolerance. I think for HBD it's plus of minus 5 cents. Greater than that in either direction is a problem. HBD before the most recent hard fork was notorious for moving outside the acceptable tolerance. Since then, not as much as not as often.
Generally, I only need the stablecoin for as long as it takes for a withdrawal from a centralized exchange to clear. While there are DeFi aspects for owning stablecoins, that's why I go with Cub Finance (Hive's home-grown product on BSC).
What I want to know is if the UST Scenario can be replicated with stablecoins backed by commodities such as gold or oil. I'm thinking that would be more difficult, but few people expected UST to go belly up as it had.
We’ve been below .89 cents just the last two weeks, it’s all respect here, I wanna be wrong👍 I just don’t think I will be unfortunately. I don’t think Hive dies if HBD has serious problems. It would be a big effect negatively short term but we’d survive and be fine long term no doubt.
I’m just calling it like I see it. I think this ends with HBD being clearly not stable and on dude note the dollar is crashing along with all fiat. Prices are up 20% on many things so I just don’t think it’s worth holding them then monthly rewards until I trade in HBD for hive once a month or so.
I've been questioning USD since 2009 since explanations being pushed on us for "The Great Recession" kept ringing hollow for me. A strong economy can handle interest rates as high as 6% (compared to the near-zero it had been for many years). So keeping interest rates artificially low is the financial equivalent keeping a drug addict addicted rather than helping to break the addiction.
So for years we've been living in a time where we should be shorting USD. No matter how long USD retains its position as the world's reserve currency, it will drop like a knife one day. It will just be Last Currency Standing after all others fail before it.
“ What I want to know is if the UST Scenario can be replicated with stablecoins backed by commodities such as gold or oil”
This won’t work. U need a centralized third party to hold the asset. What I mean by won’t work is it’s not decentralized and governments can take assets. There’s a gold crypto I held until I found out the gold is stored at a Canadian government vault. Crypto works because it’s decentralized. I won’t hold anything backed because governments can then take it.
Centralization makes sense for something like a stablecoin, but even then they don't necessarily need to be controlled by a government. They just need to be under constant audit or review by some organization or consortium willing to take on that unpleasant task.
It's hard for many people to believe, but cryptocurrency is still in its infancy. Problems we see today will be solved in the coming years by trial-and-error as we figure out what works and what won't. We can figure it out, and we will figure it out before any political form of government. We just need the freedom to take on the risks in doing so.
It really doesn’t. I gotta stay strong on this opinion. If it has a item that backs it and must be stored in a Government owned vault or big company’s vault that the government had power over its worthless. I support none of these items. I’ll speculate abs trade but I don’t believe any will be around in day 20 years/. Governments are going full fascist in most of the world. Owning a stable coin who’s assets are in a nation almost any in the west or east are not safe. Bitcoin world because u own ur keys. A gold backed crypto who’s gold the government can take is pointless.
Stablecoins under governmental control is a mistake. It defeats the purpose of decentralized cryptocurrency. For that, just wait for the CBDC to come online. If control over stablecoins has to be centralized, we can find non-governmental ways of doing that. This is where trial-and-error enter the picture.
There are private companies around the world whose business it is to store the gold owned by their customers. Typical locations include Switzerland and Singapore. Perhaps one of these companies can release a cryptocurrency backed by the gold in their vaults. Of necessity, quantities would be limited, and most likely offered as a service to their customers.
Swiss gold was left untouched by both Allied and Axis powers during World War II thanks to Switzerland's historical stance on maintaining neutrality. Sadly, this is going out the window, and for what? Should there be World War 3, Swiss gold will be up for grabs.
I agree, but they all are under government control if they have third party risk ( such as bank accounts in dollars or a commodity) governments are as corrupt as ever. They will go after anything that claims to be dollar backed whenever they wanna or a third party commodity.
Yup ur spot on here “ Swiss gold was left untouched by both Allied and Axis powers during World War II thanks to Switzerland's historical stance on maintaining neutrality. Sadly, this is going out the window, and for what? Should there be World War 3, Swiss gold will be up for grabs.“
Swiss already no longer neutral in regarding NATO & Russia. There is no neutrality unless u hand a item with no third party risk.
Also, when it comes to more stablecoins failing, it could end up like that Bruce Willis movie Last Man Standing (1996), itself based on A Fistful of Dollars (1967) starring Clint Eastwood, and that movie being inspired by [Yojimbo] (1961) directed by Akira Kurosawa. In every movie, it was a bloodbath.
It's just a matter of time before we discover which stablecoin gets to claim the role played by Bruce Willis or Clint Eastwood or Toshirô Mifune.
Posted Using LeoFinance Beta
HBD in current form will never be added to a Coinbase or Gemini centralized exchange. Do u think it will? That’s no chance. We should focus on getting Hive there not HBD. The swings will never be allowed. I just don’t understand the focus on getting HBD on centralized big exchanges when it’s a pipe dream. They’d open themselves to lawsuits. People not already in Hive community who would be seeing HBD for first time would never be ok with a token that falls below .90 cents whenever there’s a crash In crypto. They will go to where it’s a penny move to .995
Hive on other hand we should be putting all focus on that. If the goal is getting in the big exchanges anyway.
I have to use Gemini to buy cryptocurrency using fiat money, so I wouldn't mind seeing HIVE there. In recent days, I decided it's better just to use stablecoins to get crypto off Gemini before I buy crypto I really care about. My mistake here was using DAI because the version used at Gemini is ERC20, and you know what that means: ETH gas fees later.
Lawsuits are things none of us want even as plaintiffs. Even if we win, at what cost? Even if we win the case along with legal fees and damages, the time spent is gone forever.
I'm OK with keeping HBD at decentralized exchanges such as Sushiswap, PancakeSwap, or UniSwap. That's closer to the Hive way of doing things, anyway. What's needed are more DEXs which offer both HIVE and HBD.
As much as we would like to grow Hive with more accounts, there will be more people who would own HIVE because they bought it at some exchange. For centralized exchanges, HIVE may be more suitable there, and it may not even need to be on many, just more strategic exchanges besides Binance since many of us are locked out of that one.
Posted Using LeoFinance Beta
A stablecoin will fluctuate within an acceptable tolerance. I think for HBD it's plus of minus 5 cents. Greater than that in either direction is a problem. HBD before the most recent hard fork was notorious for moving outside the acceptable tolerance. Since then, not as much as not as often.
Generally, I only need the stablecoin for as long as it takes for a withdrawal from a centralized exchange to clear. While there are DeFi aspects for owning stablecoins, that's why I go with Cub Finance (Hive's home-grown product on BSC).
What I want to know is if the UST Scenario can be replicated with stablecoins backed by commodities such as gold or oil. I'm thinking that would be more difficult, but few people expected UST to go belly up as it had.
Posted Using LeoFinance Beta
We’ve been below .89 cents just the last two weeks, it’s all respect here, I wanna be wrong👍 I just don’t think I will be unfortunately. I don’t think Hive dies if HBD has serious problems. It would be a big effect negatively short term but we’d survive and be fine long term no doubt.
I’m just calling it like I see it. I think this ends with HBD being clearly not stable and on dude note the dollar is crashing along with all fiat. Prices are up 20% on many things so I just don’t think it’s worth holding them then monthly rewards until I trade in HBD for hive once a month or so.
I've been questioning USD since 2009 since explanations being pushed on us for "The Great Recession" kept ringing hollow for me. A strong economy can handle interest rates as high as 6% (compared to the near-zero it had been for many years). So keeping interest rates artificially low is the financial equivalent keeping a drug addict addicted rather than helping to break the addiction.
So for years we've been living in a time where we should be shorting USD. No matter how long USD retains its position as the world's reserve currency, it will drop like a knife one day. It will just be Last Currency Standing after all others fail before it.
Posted Using LeoFinance Beta
Indeed the dollar will. Along with all fiat. I believe usd looses reserve status by 2030 at this rate
“ What I want to know is if the UST Scenario can be replicated with stablecoins backed by commodities such as gold or oil”
This won’t work. U need a centralized third party to hold the asset. What I mean by won’t work is it’s not decentralized and governments can take assets. There’s a gold crypto I held until I found out the gold is stored at a Canadian government vault. Crypto works because it’s decentralized. I won’t hold anything backed because governments can then take it.
Centralization makes sense for something like a stablecoin, but even then they don't necessarily need to be controlled by a government. They just need to be under constant audit or review by some organization or consortium willing to take on that unpleasant task.
It's hard for many people to believe, but cryptocurrency is still in its infancy. Problems we see today will be solved in the coming years by trial-and-error as we figure out what works and what won't. We can figure it out, and we will figure it out before any political form of government. We just need the freedom to take on the risks in doing so.
Posted Using LeoFinance Beta
It really doesn’t. I gotta stay strong on this opinion. If it has a item that backs it and must be stored in a Government owned vault or big company’s vault that the government had power over its worthless. I support none of these items. I’ll speculate abs trade but I don’t believe any will be around in day 20 years/. Governments are going full fascist in most of the world. Owning a stable coin who’s assets are in a nation almost any in the west or east are not safe. Bitcoin world because u own ur keys. A gold backed crypto who’s gold the government can take is pointless.
Stablecoins under governmental control is a mistake. It defeats the purpose of decentralized cryptocurrency. For that, just wait for the CBDC to come online. If control over stablecoins has to be centralized, we can find non-governmental ways of doing that. This is where trial-and-error enter the picture.
There are private companies around the world whose business it is to store the gold owned by their customers. Typical locations include Switzerland and Singapore. Perhaps one of these companies can release a cryptocurrency backed by the gold in their vaults. Of necessity, quantities would be limited, and most likely offered as a service to their customers.
Swiss gold was left untouched by both Allied and Axis powers during World War II thanks to Switzerland's historical stance on maintaining neutrality. Sadly, this is going out the window, and for what? Should there be World War 3, Swiss gold will be up for grabs.
Posted Using LeoFinance Beta
I agree, but they all are under government control if they have third party risk ( such as bank accounts in dollars or a commodity) governments are as corrupt as ever. They will go after anything that claims to be dollar backed whenever they wanna or a third party commodity.
Yup ur spot on here “ Swiss gold was left untouched by both Allied and Axis powers during World War II thanks to Switzerland's historical stance on maintaining neutrality. Sadly, this is going out the window, and for what? Should there be World War 3, Swiss gold will be up for grabs.“
Swiss already no longer neutral in regarding NATO & Russia. There is no neutrality unless u hand a item with no third party risk.