Maybe Binance USD is the answer? I read that Binance USD resulted from a joint partnership between Binance and Paxos. Paxos is supposedly quite trustworthy, right? What are your thoughts on the trustworthiness of Binance USD vs. Tether and Circle?
Mt Gox is probably an apt analogy. The knock-on effects this time around will be much greater, though, given the much greater size of the market now. Which might make it harder to bounce back, both because more people will remember being burned and because there will be plenty of stories of widows and orphans with their life savings lost to encourage passage of legislation.
Coinbase is playing the same games with USDC as Tether has been with USDT. I doubt Binance & BUSD is much better. I would lean toward USDC due to the fact that Coinbase has JP Morgan behind them. You can consider DAI, which a "decentralized" stablecoin with a pretty unique overcollateralization mechanism that quite a few small stablecoins have copied. I used quotation marks cause MakerDAO has been compromised by whales and is kinda centralized by now. Still, it is the preferred stablecoin in DeFi for those who want to avoid centralized entities. Beyond that, you are entering algorithmic stablecoin ecosystems, that are still evolving. UST has really been growing (Terra's stablecoin). Great ecosystem also. Few things you need realize & accept: 1) Half, if not most, of the power behind USDT & Tether is the infrastructure. USDT is the primary vehicle of moving money in crypto. 2) USDT minting out of thin air has been known for a long time. Everyone just kinda accepts it and plays along, because it pumps the BTC price. Noone really cares, till they are forced to. 3) At the end of the day, it's all just magic internet money. It's not real till you make it real. To calm your fears, make some of it real, then accept the risk, then set up your own mitigation process.
Can anybody advice please about Binance trading? Can USDT and BUSD be combined to trade? Let's say I have 100 USDT and 100 BUSD. Can I place and order BTC/USDT worth of 200? Or do I need to always convert 100 BUSD to USDT? Thx
You'll need to put in 2 separate orders 100 for each stablecoin Also, you need to see what crypto asset pair is available for trading for BUSD and USDT, respectively, i.e. USDT/BTC or BUSD/BNB