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Author Topic: Is it possible to create a decentralized Stable Coin?  (Read 2228 times)

Logitech50

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Re: Is it possible to create a decentralized Stable Coin?
« Reply #15 on: July 08, 2021, 07:47:24 PM »
Stablecoins are cryptocurrencies that claim to be backed by fiat currencies at a 1:1 ratio and aim at overcoming the price volatility by maintaining a stable value in relation to a state-issued currency. They are often used as a store of value or units of account, with payments being another popular use case.

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Re: Is it possible to create a decentralized Stable Coin?
« Reply #15 on: July 08, 2021, 07:47:24 PM »


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Re: Is it possible to create a decentralized Stable Coin?
« Reply #16 on: August 03, 2021, 03:31:40 PM »
I think It is not possible to create a decentralized Stable Coin. Because decentralization and Stablecoin's are different thing i think.

Stablecoins are cryptocurrencies that claim to be backed by fiat currencies at a 1:1 ratio [...]

I think DAI is the most successful decentralized Stablecoin. It doesn't need to be backed by fiat currency, instead it is backed by a variable amount of Ether and some tokens like USDC, but mostly by Eth that is always worth at least 1.5 USD for each Dai that exists. This works and has survived lots of volatility in the crypto market, including Eth crashing 40 percent in one day, more than once.
 

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Re: Is it possible to create a decentralized Stable Coin?
« Reply #16 on: August 03, 2021, 03:31:40 PM »
:)

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Re: Is it possible to create a decentralized Stable Coin?
« Reply #17 on: October 13, 2021, 04:32:01 PM »
What can stabilize prices is the #DevelopmentTeam  and the #DevelopmentTeam  should have access to stabilize prices so that there is no such thing as an unpredictable Pump and Dump.
It is difficult to create a stable coin that is not centralized because all stable systems are usually centralized and even the Fiat money we have is owned by a centralized bank.
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Re: Is it possible to create a decentralized Stable Coin?
« Reply #18 on: October 16, 2021, 01:48:07 PM »
I don't think it's possible @0t3p0t. As we know, stablecoins were created to have a tool that would combat the volatility of cryptocurrencies, and those stable coins must be pegged to some value that is not volatile (or as less volatile as possible) for them to do their job. When a stable coin stops doing one of those two things, it will stop being stable.
I agree with your opinion. A stable coin will only have a relatively stable price if it is pegged to such a relatively stable currency in terms of price, which are the currencies of strong states or their unions, or is pegged to other values ​​and financial assets that also have a relatively stable price. Decentralization in cryptocurrency has high price volatility because it does not have a price regulator and is formed only on the basis of supply and demand. Therefore, there cannot be a decentralized stablecoin, this is contrary to the essence of a stablecoin.
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Sumi

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Re: Is it possible to create a decentralized Stable Coin?
« Reply #19 on: October 18, 2021, 04:23:20 PM »
I don't think it's possible @0t3p0t. As we know, stablecoins were created to have a tool that would combat the volatility of cryptocurrencies, and those stable coins must be pegged to some value that is not volatile (or as less volatile as possible) for them to do their job. When a stable coin stops doing one of those two things, it will stop being stable.
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Goldlife

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Re: Is it possible to create a decentralized Stable Coin?
« Reply #20 on: October 28, 2021, 04:48:45 PM »
Stablecoins and decentralization are, in principle, incompatible. The idea behind the release of a stablecoin was originally to be a connecting link between the currencies of states and a decentralized cryptocurrency. After that, states began to develop their national digitized central bank currencies in order to take advantage of blockchain technology and raise their national currencies to a new level.
I recently heard that there are also stablecoins that are backed by cryptocurrencies. I still have a poor idea of ​​how it works in practice. I admit that in this case, the basis of such a stable coin must still have some kind of state currency and can only partially be provided by a promising cryptocurrency.
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Re: Is it possible to create a decentralized Stable Coin?
« Reply #21 on: November 13, 2021, 06:29:15 AM »
I don't think you can create a decentralized stablecoin. The stability of the price of such coins is ensured by the currencies of states or other values that have a relatively stable price. Decentralization and price stability are mutually exclusive. So far nothing has been invented to upset this balance.
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Re: Is it possible to create a decentralized Stable Coin?
« Reply #22 on: November 14, 2021, 11:03:00 AM »
In any case, a stablecoin must be backed by some asset in order to actually have a stable rate. Today, even those cryptocurrencies that actively maintain a pool of liquidity are still subject to volatility, so there cannot be a decentralized stablecoin.
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Re: Is it possible to create a decentralized Stable Coin?
« Reply #23 on: December 19, 2021, 11:22:28 AM »
Decentralization and price stability are incompatible things. Therefore, from my point of view, there cannot be a decentralized stablecoin. Stable coins must be backed by real values that have a relatively stable price. It can be the national currency of states, gold and other precious metals and stones, securities and shares of enterprises. Cryptocurrencies cannot have a stable price.

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Re: Is it possible to create a decentralized Stable Coin?
« Reply #24 on: December 21, 2021, 11:20:58 AM »
I need to understand about the cryptos more after reading the convos  ::)

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Re: Is it possible to create a decentralized Stable Coin?
« Reply #25 on: June 10, 2022, 03:40:13 PM »
We already see what a decentralized stablecoin is with the example of the UST stablecoin scandal, which was backed by the Luna cryptocurrency. Such examples will cause governments to tightly regulate all stablecoins. I can’t even say if this is good or bad for the cryptocurrency market, because large-scale abuse and fraud are quite possible in this area.
A stablecoin, after all, must be backed by a stable financial asset - fiat, gold or other similar assets.
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Re: Is it possible to create a decentralized Stable Coin?
« Reply #26 on: June 10, 2022, 03:57:07 PM »
It's not possible with real asset pegged stable coins, but people currently experimenting with algorithmic stable coin.
Well, it's true that Terra-Luna is one big example of a failed algorithmic stable coin, but who knows someone could create the working, secure version of it.
In theory, it can be done, but in reality, governments and central banks won't allow this decentralized stable coin IMO.
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