Hey all. When stablecoins started to emerge a few years ago, I looked at them sideways and couldn't grasp their value. I see some use cases now and I"m wondering about the rest of you. Where do you see value in stablecoins? Thanks!
Stablecoins are permissionless, borderless, digital US $ (mostly, there are some EUR and other fiat stablecoins) It's good for trading crypto assets on dexes or cexes as they can be transferred within a few minutes 24/7 instead of waiting for a wire transfer to clear It's good for anyone in the world to acquire and hold US $ on their phone or computer, i.e. someone in Lebanon, Turkey, Argentina, South Korea, Brazil, Canada, Dubai, Indonesia, Italy,... No signups or account required, an 8 year old can have 100,000 USDT on a phone just as well as an 80 year old can Can easily transfer $100,000 worth of stablecoins instantly from Dubai to South Korea for the cost of a few cents or even less depending on the blockchain
Easily move money from country to country. One question. How does a 8 or 80 yr old get 100k of stablecoin on their phone without an account? Somehow you need to buy the stable coin, you need a phone account, you need internet access and you need someway of paying for the stable coin.
There are places in the world, you can get no kyc phone with internet, not in Canada, though You just download the software and acquire stablecoins by any means, in many countries p2p Or you can be a software dev or crypto project team member, a 14yo crypto dev of 2omb had millions of $ worth of stablecoins and cryptos in his wallet, power of public ledger, visible to anyone
Walk us through the process of doing that please. What software do I need and where do I find it? I have 100k US dollars in a Canadian Bank. If nessessary I can have 100K US in cash. How do I get 100K in stablecoin? Where do I buy it and how do I pay for it?
Metamask is the software I use, it can be installed on a tablet, phone or computer as a chrome browser extension. Windows OS is not recommended, Chromebook probably 10x better There's also other software like Trust Wallet, best to do research on which one is the best fit for your situation Anonymously 100K in stablecoins in Canada or the US is very, very difficult, if not nearly impossible due to AML/KYC in place and tax evasion laws NFA, but you can look at p2p market places for cryptos, Western Union/Money Gram, very high friction costs Or you can travel to a country where cryptos are openly traded, I believe in Argentina, Turkey, Dubai, or Hong Kong (prolly not a good idea due to 0 Covid stuff by mother China) If you do not care about anonymity, just buy from regulated exchange like Kraken and withdraw to your wallet The fees may be "high" but they are very safe. It's still much less friction costs in and out compared to physical precious metals Any route you take, you should always acquire in sections, i.e. 1,000, 5,000 or 10,000 USDT/USDC/USDP at a time, don't risk everything in one transaction
They are perfect investment vehicles, since they started to outperform the average crypto. So if you don't want to lose money (only to inflation) in crypto, just buy them.
US $ is no longer cheap money USD might again start sexually abusing the global currencies, nfa, I'm not a forex trader Prolly nothing...
Stable coin idea is great. But most big ones are outright frauds. Tethers being the largest one. They claim that they are backed, but they are nor backed by real dollars( the original claim), and the best some crypto like doge or shiba backs them at the worst there is nothing backing them. essentially they just printing them out of thin air.
I've had this for years, but NEVER use it for serious amounts because it comes across as just too risky. I keep TEST cryptos in it, like those from the Ethereum test servers, and a few other micro holdings I got from faucets, which is just for little projects like minting NFTs, etc. BTW, I believe the Wolf of Wall Street lost 300K in crypto after a hacker on his computer took notice of his Metamask.