Do we really need stable coins?

[Hongy]

yes of course for me also need to have really stable coins, because for me stable coins will also easily get good profits in the future. because stable coins also have a long future

[maro101]

In my opinion on the cryptocurrency market there is a need for stable coins for the safety of investment and profit-taking when trading on exchanges. Now there are more and more such coins, but I see no need for such a variety of stable coins.

[aiviaa485]

So because they already have that lot of money what they only need now is just some kind of mark on the crypto world?

More precisely, Facebook is expanding its business in a new world (cryptocurrency).
Facebook does not want to experience losses overnight due to the effects of its unstable coin price.
So, Facebook only attaches itself to the Libra cryptocurrency to continue raising its search rating or not wanting to miss the news in the cryptocurrency business that has been widely adopted in daily life throughout the world.

BTW: I'm not "sir" but "mistress".

[Delgboke]

I think stable coins are still good in his own way for those that need it, but my concern here is how profitable is stable coins does it increase in price value, if it does grow in times of value, that means stable coins is actually needed based on individual choice and interests to invest in stable coins.

[debra]

I think we need stable coins. They are the coins that can gain profits as well although the possibility is not really high like BTC or other top altcoins. But to save our money is safer in stable coins since the values are rather stagnant and not move high in drops or increases.

[corr]

This is a discussion issue. There can not be an unequivocal answer.If it will be stablecoins that are really backed up by the dollar then this is a very needed thing and if it's stablecoins which are not backed up by the dollar then it is a risk to you if you keep your money in stablecoins.Is any of you sure that the USDT is really backed up by the dollar? I'm not.

[dekafee79]

if we look at 5 years back, cryptocurrency can still run and develop even though at that time stable coins did not exist,
but now stable coins have appeared and many of them,
I sometimes ask, do we really need to have a stable coin?
because I feel stable coins are made one of them to enrich the team and dev,
because if they sell coins it won't affect the market because it's a stable coin,
this is only my opinion,
so give your opinion so that I have a lot of insight.

Yes I see the crypto market  is unstable and unpredictable.  But It is good for day trading. For long term investment,  I think  we need stable coin.  Because I have loss my money,  the crypto price  is going down  and down.

[Niteroy]

The number of stable coins will soon increase, because each country will create its own state coins, which will be backed by national currencies. But this will bring the acceptance of cryptocurrencies closer and will expand the ability to convert different national currencies into cryptocurrencies.

[Peter90]

In my opinion on the cryptocurrency market there is a need for stable coins for the safety of investment and profit-taking when trading on exchanges.

Right.
Quoted from #64: "Cryptocurrency traders can reduce their exposure to Bitcoin by selling their Bitcoin for stablecoins. This allows traders to keep their wealth on an exchange without converting back into fiat. This is useful for two reasons.
First, many exchanges take days to convert fiat into crypto, which means investors must wait to trade.
Second, converting back into fiat means a tax bill is coming soon, since most exchange on- and off-ramps now require KYC-AML."

The number of stable coins will soon increase, because each country will create its own state coins, which will be backed by national currencies.

Indeed.
All cryptocurrencies issued by Govs will be Stablecoins, as they will be backed by the national currency.
But also all cryptos issued by the big financial corporations in order to settle their transactions between each other, are all Stablecoins:
"Interbank settlement is a trillion-US dollar industry, as discussed in the chapter on Ripple in the June 2019 edition of the Crypto Research Report published by Incrementum.
Instead of giving away billions in revenue to Ripple, companies such as J.P. Morgan are releasing their own centralized stablecoins backed by fiat in order to settle transactions globally on a permissioned blockchain instead of legacy banking software." (#64)


Shops can't use currencies that are too volatile.
This problem was mentioned talking about Facebook's Libra.

Facebook does not want to experience losses overnight due to the effects of its unstable coin price.

That's why, if businesses will start using cryptocurrencies on a large scale, it will be Stablecoins.


Finally, people looking for an alternative currency because their national currency is subject to fast depreciation (high inflation), these people can't keep their savings into cryptocurrencies which are volatile.
They can't afford to lose 50% of their savings due to the volatility of the cryptos they converted their savings in.
"People in countries with high inflation and hyperinflation can hold on to stablecoins in order to preserve their savings. Bitcoin is too volatile for most people in Venezuela. Instead, they would prefer to hold onto cryptocurrencies backed by gold or Swiss francs." (#64)

[Keenly]

In my opinion on the cryptocurrency market there is a need for stable coins for the safety of investment and profit-taking when trading on exchanges.

Right.
Quoted from #64: "Cryptocurrency traders can reduce their exposure to Bitcoin by selling their Bitcoin for stablecoins. This allows traders to keep their wealth on an exchange without converting back into fiat. This is useful for two reasons.
First, many exchanges take days to convert fiat into crypto, which means investors must wait to trade.
Second, converting back into fiat means a tax bill is coming soon, since most exchange on- and off-ramps now require KYC-AML."

The number of stable coins will soon increase, because each country will create its own state coins, which will be backed by national currencies.

Indeed.
All cryptocurrencies issued by Govs will be Stablecoins, as they will be backed by the national currency.
But also all cryptos issued by the big financial corporations in order to settle their transactions between each other, are all Stablecoins:
"Interbank settlement is a trillion-US dollar industry, as discussed in the chapter on Ripple in the June 2019 edition of the Crypto Research Report published by Incrementum.
Instead of giving away billions in revenue to Ripple, companies such as J.P. Morgan are releasing their own centralized stablecoins backed by fiat in order to settle transactions globally on a permissioned blockchain instead of legacy banking software." (#64)


Shops can't use currencies that are too volatile.
This problem was mentioned talking about Facebook's Libra.

Facebook does not want to experience losses overnight due to the effects of its unstable coin price.

That's why, if businesses will start using cryptocurrencies on a large scale, it will be Stablecoins.


Finally, people looking for an alternative currency because their national currency is subject to fast depreciation (high inflation), these people can't keep their savings into cryptocurrencies which are volatile.
They can't afford to lose 50% of their savings due to the volatility of the cryptos they converted their savings in.
"People in countries with high inflation and hyperinflation can hold on to stablecoins in order to preserve their savings. Bitcoin is too volatile for most people in Venezuela. Instead, they would prefer to hold onto cryptocurrencies backed by gold or Swiss francs." (#64)

It would be better for Venisuelans to either invest in a crypto or invest in a currency tied to something (gold and so on)

[micjoh]

I think we need stable coins because stable coins are really a very useful coins at that time the cryptomarket is falling down.Tether(USDT),USDCoin(USDC),PAX these are stable coins.

[Jokers]

I think we need stable coins because stable coins are really a very useful coins at that time the cryptomarket is falling down.Tether(USDT),USDCoin(USDC),PAX these are stable coins.

It could be so, but how can we be sure, that all those "stable coins" would stay stable? That they would not say oneday, that they are bankrupts and that's the end? Everyone can say, that his token is a stablecoin, but most can not work stable forever.

[Knaw]

yes of course I also need coins that have a bright future, so I'm sure I will also get better profits in the future, seeing the growth in the price of bitcoin and the price of altcoin now also increasing.

[Somyt]

for me stable coins are also a good thing for us to hold now, because for me stable coins will also provide better value going forward, seeing the current price movements of the altcoin market are also increasing

[Hanhobi]

Decentralized stablecoin like Dai is actually helpful to develop a decentralized finance network (DeFi). So I think that we do need them to get to that phase. Coins that are pegged to US Dollar but are globally used without restrictions.