They can’t. I mean they can but it’s a lie. Anyone leaving long term funds in centralized exchanges is going to loose hard. Maybe that’s needed so there’s a washout and we can recover from much lower levels and let the bad projects die. The good ones will come back stronger then ever.
But there’s so much garbage out here a washout is definitely needed. Coinbase and other centralized exchanges own what we hold there, especially if in interest earning accounts. Not to mention governments can come in with heavy power especially with “dollar pegged coins”.
The saving grace of a stablecoin-- any of them-- is the ability to be purchased at a centralized exchange with fiat money and then to be withdrawn at the off-ramp to wallets in our control. At that point (or later), the stablecoin is used at some DEX to buy what we really care about (BTC, LTC, HIVE, CUB, DOGE, LGB, etc.)
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.
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.
“ 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.
My experience with stablecoins is very limited, so I'm not as familiar with the tips, tricks, and traps as you are. What you say rings true, and I've seen others say similar things.
Maybe there needs to be a stablecoin that's a hybrid of currency/commoditiy-backed and algorithmic? Although algorithmic stablecoins are known for how often they break their pegs, maybe a hypothetical hybrid stablecoin can solve that problem? Even if it can solve that problem, how easy would it be for developers to code such a thing? At best it wouldn't be easy, and at worst it would be a nightmare to code the thing.
Coinbase being anything besides a centralized exchange that owes u nothing legally if they go under is just not part of it unless I’m missing something
Yea I think it's just a record and you probably won't even be able to withdraw the crypto either. If you do and they let you, then it will have a ton of fees.
Won’t be able to withdraw?
Meaning in a collapse of confidence situation?
Could be one day for sure.
I don’t think they can charge crazy higher then normal fees without having legal problems but not getting it out regardless a much bigger issue. Hopefully more people who are in the space casually are getting educated fast on proper storage
There are many rules for the approved centralized exchanges. The centralized end isn’t much like the Wild West at all in my opinion.
But generally I see ur point overall.
So Coinbase wants control of our keys. I don't like that at all. I prefer to have control over my keys.
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How can they call it Web 3.0 if they control the keys? 😆
They can’t. I mean they can but it’s a lie. Anyone leaving long term funds in centralized exchanges is going to loose hard. Maybe that’s needed so there’s a washout and we can recover from much lower levels and let the bad projects die. The good ones will come back stronger then ever.
But there’s so much garbage out here a washout is definitely needed. Coinbase and other centralized exchanges own what we hold there, especially if in interest earning accounts. Not to mention governments can come in with heavy power especially with “dollar pegged coins”.
Yeah, that's what I fear most in centralized exchanges, the heavy hand of the government.
The saving grace of a stablecoin-- any of them-- is the ability to be purchased at a centralized exchange with fiat money and then to be withdrawn at the off-ramp to wallets in our control. At that point (or later), the stablecoin is used at some DEX to buy what we really care about (BTC, LTC, HIVE, CUB, DOGE, LGB, etc.)
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When the stable coin isn’t reliable that changes everything. Just my opinion more will fail and soon
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.
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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.
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.
“ 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.
But none of these will put a stable coin that regularly goes below by 10% on there exchange. They have others that never drop below .99 cents
My experience with stablecoins is very limited, so I'm not as familiar with the tips, tricks, and traps as you are. What you say rings true, and I've seen others say similar things.
Maybe there needs to be a stablecoin that's a hybrid of currency/commoditiy-backed and algorithmic? Although algorithmic stablecoins are known for how often they break their pegs, maybe a hypothetical hybrid stablecoin can solve that problem? Even if it can solve that problem, how easy would it be for developers to code such a thing? At best it wouldn't be easy, and at worst it would be a nightmare to code the thing.
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U don’t even have keys there. It’s just a record of how much u have. They don’t have 100% of deposits most likely.
Using Web 3.0, therefore, is just a marketing ploy? Oh my! 😆
Web 3.0 is real
Coinbase being anything besides a centralized exchange that owes u nothing legally if they go under is just not part of it unless I’m missing something
I know it's real, but how about the way Coinbase uses the term? Is that also for real? Or just a marketing tactic?
I assume marketing
At least I have seen nothing telling me otherwise
Yea I think it's just a record and you probably won't even be able to withdraw the crypto either. If you do and they let you, then it will have a ton of fees.
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Won’t be able to withdraw?
Meaning in a collapse of confidence situation?
Could be one day for sure.
I don’t think they can charge crazy higher then normal fees without having legal problems but not getting it out regardless a much bigger issue. Hopefully more people who are in the space casually are getting educated fast on proper storage
There are no problems because there aren't any rules in the crypto space. As they say, crypto is the wild west.
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There are many rules for the approved centralized exchanges. The centralized end isn’t much like the Wild West at all in my opinion.
But generally I see ur point overall.
Interesting :) Gonna go read hehe. Thanks for sharing
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Some details are not easy to follow. 😄
Now I lost track of it, lol! Too much distraction in front of my eyes haha
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