Stablecoins: Why This Hot Cryptocurrency Faces Challenges | WSJ
2021 ж. 29 Нау.
167 169 Рет қаралды
Bitcoin’s volatility has limited its adoption for payments, so entrepreneurs created stablecoins: cryptocurrencies pegged to assets such as the U.S. dollar. But the recent settlement of a probe into the most popular stablecoin, tether, shows the need for transparency in the growing industry. Photo illustration: Sharon Shi/WSJ
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#WSJ #Stablecoins #Bitcoin
Facebook and crypto is an oxymoron.
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Lol exactly
So there was no terrorism before bitcoin...i see.... learned something new today 🙏
Im super curious where in the video that was said.
Banks 🏦 don’t want to interact with crypto because they are worry about money laundry 🤣🤣🤣🤣 LOL 🤣🤣🤣🥲
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The narrative was too focused on tether, but fails to mention all of the algo/collateralized USD-pegged coins. DAI, created by maker, is minted after overcollateralized crypto is deposited, meaning the reserve always has a higher market value than outstanding DAI.
DAI still has a long way to go imo. It can still have more undercollaterization problems and as it can be minted using USDC, it has centralization problems too. Too many points of failure. A promising project, just not ready for mainstream yet.
@Wallstreet Journal get out scammer
Agreed, the amount of usdt fud is astonishing lately
Funny how the whole point of bitcoin like cryptos was to eliminate the need for trust of a 3rd party while this is just returning it to status quo
Where
The worst part is that the world is designed like that and it's hard to change. If you move one thing as decentralized, you will find new centralized companies coming forward. As no one manages decentralized stuff, it's easy to kill and make it centralized again by the companies.
What will you do if you do not use the banking system, keep all your funds on BTC, and the market turns into a bearish one? It is in such cases that stablecoins such as USDT save you.
Its super ironic that crypto is essentially just reimaging the status quo with extra steps and with even worse problems.
Exactly. Stablecoins are a joke. Literally just a way for the fiat currency world to take control of the market. Without decentralization, none of this matters.
5:32 - Bit-Finex, WSJ - Bif finex ...
“Beef-Inex”
@@chtur1449 This!
The title is incorrect and misleading, stable coins are not crypto currencies, they are normal currencies which are exclusively online. For a currency to be a crypto currency it has to work with encryption on a decentralized infrastructure.
It is ...
stable coin is a crypto. for example, USD Coin runs on Ethereum blockchain.
So aren’t stablecoins just cash with extra steps? From what I’ve heard here it’s just a hip Bank but I’m obviously not an expert
Pretty much.
Its faster and privatr
You can earn 12% on stablecoins
It’s good for countries with limited access to US dollars.
Stablecoin has the convenience of digital currency but the anonymity of hard cash.
I think that’s it’s too focused on tether specifically. Tether is basically PayPal but “crypto”. Crytpo is great because it’s decentralized. For this reason I consider that tether is good because it is easier to swap with traditional blockchain coins but as an alternative to real crypto I don’t believe it to be the right solution. All that is happening is that it’s moving control of the currency from the government to corporations (with a little more control to people). We need to move to fully decentralized currency’s not this mess that is tether.
@Keith Irwin luna stablecoin is something I've heard can really be good for fully decentralized stablecoins.... Although dai is cool too
@@nightfall5879 oof
Beetfinex eh? Is that related to Beetcoin?
I just use stable coins to cash out other cripto before a drop to avoid the withdrawal fee if I did it back to my currency 😅
stable coin is risky cause it is linked into commodities which means if that specific commodity plummet the stable coin will follow suite unlike regular crypto that are arent controlled or linked into amy commodity company nor government which are safe when a economic down fall comes
Cant imagine swinging crypto before stablecoins, phew!
Same
Same haha always to BUSD
@@meow-ic6gz exactly so isn't stable coins the same as dollar with a little bit more efficiency
the irony of govmt agencies calling out tether for not having proper dollar backing...
difficult to say why it's like that but the existence of stablecoins itself show this is the new era of crypto
"That's just Paypal with extra steps."
Sums it all
Too bad PayPal is quite ban-happy, so it's inaccessible to a lot of people.
Paypal with low fees
With lower fees. And if you also know how to use crypto tools and stablecoins (USDT) correctly, then the crypto market is becoming more and more attractive.
I’m sticking with monopoly, worth the same today as it was when the game was created.
I have been using Tether for 2 years - this stablecoin never let me down and actually I'm not going through all the scandals which always happen in crypto world Challenges always will be but don't rely on scam information ;) btw thank you for the video!
Did you ever research Unified Payment Interface/RTGS in India? As combination, they provide instantaneous money transfer between bank accounts without need for converting into a alternate form.
Haa but uska isse koi relation nahi hai wo Venmo wagera pehle hi kar chuke hai
@@arpitjain7860 They mention speed of transactions of stablecoin as a big draw. If you take it out, what benefit is there in holding a stable coin which is linked to a currency? It's value will be same as that of currency and you are tied down a particular type of coin which everyone might not accept. No additional benefit for loss of flexibility.
@@arpitjain7860 Venmo or Zelle is nowhere near as open and standardized as UPI. UPI isn’t one app , its a standard.
Develop a trading plan and always adhere to it. Set stop-losses for every trade.. Don't risk more than 2% of your margin per single trade keep your emotions separate from trading. Never trade to compensate for your losses only trade when you feel it's the right moment....
Depending on one stream of income had never made any millionaire and earning check's don't put you on Forbes.
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I heard her strategies are really good?
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If I wanted to invest in a stable coin and waste my time I would... But I don’t...
OMG how many cryto are their in the market now it's a friking sea out their they are coming out faster then my hair
Stable coins been around for awhile
@Zero "...how many cryto [crypto] are their [there] in the market now[? I]t's a friking [fricking] sea out their [there; ]they are coming out faster then [than] my hair[!]" It is rare to see a comment getting both there/their and than/then wrong, not to mention two spelling mistakes to boot!
😭😭😭
3000+ don't forget it's based on an open source software. Anyone with good software knowledge can develop its own crypto.
more than 8k coins
2:50 Wait, it takes three days to wire money in US or are we talking international transfers? because if that's within US that's criminally slow, if I give a transfer order in the morning within my country but different banks, with most banks the money will be there by the afternoon, next day tops...
They are talking about domestic inter bank transfers. Same bank transfers are done within a day in the US.
@@WellBattle6 I scrolled down the comments to find the answer. 3 days for domestic inter bank transfer within a country is still criminally slow. I live in a developing country, we can have it within seconds.
Yes it can take 3 days to move money between bank accounts in the US. For example, if I wanted to "cash out" of my cash app account, it's technically a bank account provided by Sutton Bank, it can take up to 3 days for the money to appear in my Chime, Chase, or other US bank account if I use the standard option. Other apps and companies have created other ways to move money faster by charging extra for instant or holding the money in an account operated by the company.
After living in a few other countries, I have to agree that banking transfers are absurdly slow in the US. In many parts of the world a bank transfer is easy, secure, and you see the funds transferred instantly unless it's a very large sum...it makes things like paying a friend way simpler - you don't need a gimmicky third-party app like PayPal or Venmo.
@@WellBattle6 what ? We here in India can transfer any amount of money in minutes through our RTGS system . This would be such a downgrade
Tether is on 4th place on Market cap, which other stable USD coin it is recommended?
Dai is a decentralized stablecoin. Supposed to be better. You should look into it.
Dai is pegging to $1 by collateralized cryptocurrencies, tether paxos, usdc is minted by company by depositing real $1
DAI makes the most sense in the space IMO
Haven stable coins are all private. xUSD, xEUR, xOIL, xSIL etc
Isn't the purpose of crypto to be decentralized? Why would anyone use a currency controlled by a single company?
Yes it is. Trading Tether is a fully decentralized process (which you can do on ethereum blockchain for example) but what is centralized is withdraws dollar from it. Usually it never happen because you can used other third party or buy bitcoin or even other stable coin (more regulated). However DAI is a stable coin tracking usd which is 100% decentralized. It's a pretty complex process using collateralized dept position in order to make sure that behind every single dai you have 1 usd worth of something (could be ethereum, bitcoin or any other assets).
@@julienblanchon6082 I wouldn't touch that with a ten foot pole
@@johncharles3907 Sure it's risky but everythings is risky. In fact DAI or SNX related token are over-collateralized (more than 800% at the time). You just can't mint any new DAI without puting that much worth. In traditional finance most time you just don't have access to the underlying asset, and most time it's just thin air (remember subprime mbs ?). Here it's fully transparent, you perfectly know what you get.
I love fractional reserve banking.
Tether has been in the market for years. I switched to it and it was the best decision of my life.
Nice video.
Centralized Stablecoins go against the whole reason crypto coins were created
🙌🏽🙌🏽🙌🏽
Great video! Very informative! Very interesting! 😊
What is the point of the stable coin? How is it any different from any other wire transfers or online transactions?
@@Shanockdotcom oh no!!!! The gubmint!!!!!!!
Avoiding tax fees by not cashing out. And you can store earn 12% interest by staking
@@mindgamewords Laymans will never get that
You can sell some other crypto and save profits in stable coins, or immediately invest into somethig else. Also earn x24 times more for staking it than you would in a bank.
You can use it for many reasons. I mostly use it as a bank when I make profits trading.
usdc vs tetheruad or gusd - Which one is best
Tether doesn't run its own infrastructure. They run on multiple blockchains like ethereum, binance smart chain, tron etc. They are just in charge of minting new tokens.
but isn't the whole purpose of crypto to not have a centralized body or have I misunderstood this? Why else would we switch from the traditional currency? You don't need crypto for instant transactions or for 24/7 tradesupport.
Bears, Battlestar Galactica, Beetfenex
Just as financial advisors recommend taking positions in multiple types of stocks and other investments, diversification is also essential for any healthy cryptocurrency portfolio.
It’s a gamble not investment yet
2:57 no, most stablecoins are on the Ethereum platform, so the speed depends on the Ethereum network (how high the transaction fee you are setting or how congested the network is). The transaction is also decentralized. The only thing which is centralized is the minting of new stablecoins
Haha... Minting the new coin is the only thing that matters everything
I'm definitely not trusting Mark!
Tether is a token on ethereum thus relies upon ethereum miners in order for transactions to commit.
Investing in crypto is the only big chance of making money
Bitcoin is the future, lnvesting in it now will be the wisest thing to do especially with the current rise
How does this whole bitcoin thing work, I'm interested in it and I'm willing and ready to invest heavily in it but I'm gonna need an assistant from any trusted and productive professional
You don't really need someone to tell you how to invest your coins, you make a research on your own and also try doing it yourself first.
Wilhelm Dennis trading services is just the best platform.
@@fostertorres5928 Wow I'm just shocked you mentioned and recommended Wilhelm Dennis Trading services, I thought people don't know them... they're really awesome!
"Beetfinex" 🤣
There are also stable coins that are decentralised, such as AurusGold
every stablecoin is decentralized. USDT is just a Ethereum token. Ethereum is decentralized. Unless you're talking about the backing - in that case, look at DAI
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My question is “ if I make a captial gain on bitcoin via usdt and don’t realize my gains via cash am I applicable to be taxed on it or is my transaction undeclared hence no tax
1. How can a system run without taxation in the mix. 2. What if I never realize my gains in cash to avoid taxation. 3. What if my gains or my transactions are connected with an unknown person who’s wanted on a global stage is it legal. 4. Crypto is defined as an asset stablecoins are usd backed currencies developed by exchanges who do not represent an economy but are basing their trust on a countries economy to secure their hedge what if the U.S. the biggest debtor in the world crashes what will be the implication on their reserves. 5. For me to open an account in any country in the world besides the one Iam a citizen of is quiet rigorous aml kyc reason of deposit source of deposite with this kind of a currency a stablecoin I don’t need to follow any rules laws buy from iran sell to Russians buy from North Korea sell to Americans all this while the deposites are securely sitting in some bank in the usa basically the holding bank is letting their client ( the exchange ) act as a third party to lend to all these unknown actors across the world basically a unregulated bank within a regulated bank it just doesn’t make sense who’s letting this scams run what happened to all of us who work very hard to keep ourselves clear and our books white of these illegal activities is there going to be no enforcement against these illegal activities. 6. I have nothing against trading in assets and commodities crypto is great tech and if some people believe it to be an asset well more power to you but why can’t we just deposit our money to a specified bank of the exchange and instruct the bank to buy the asset for us and leave it for our discretion to place the asset with the exchange or the wallet why do we need to buy the exchanges coin in order to buy the asset the answer is simple cu the exchanges wants to play with the money from their clients and try their luck at investing in real world assets like the ones you just mentioned backing usdt I mean how stupid is everyone we are paying for others gamble and it’s become so big that it seems real to the holders always remm nothing is to big to fail Caesar, Pharaoh, Persians, Soviet Union, Enron, Lehman, etc etc.
Haven (XHV) is the only private decentralized stable coin
Dai is decentralised is it not?
@@earthone4939 it is decentralized and bigger than Haven and Haven(XHV) isn't even a stable coin. It's like ethereum or bitcoin.
Since I have started with stablecoins, to be more precise - with Tether i hadn't seen any challenges
looks like we really need stable coins specially tether which is performing very well
doesn't that defeat the whole purpose of crypto currency? isn't the whole point that they're a decentralized currency? if u peg it to an existing currency doesn't that just defeat the whole purpose
You are clearly not into crypto. Stablecoins are often used to move profits to. Many platforms offer the ability to stake stablecoins in pools at yearly returns way over what a bank offers. Use case : you invested in bitcoin and have a 100% return, to avoid volatility you decide to move half of your profits to USDT (Tether, the stablecoin talked about in the video) and you stake that Tether on a platform like PCS or Blockfi at a yearly return anywhere between 8% - 25% depending on what liquidity pool you decide to stake your money in. Most people like yourself don’t understand this process, which is why there is still such a big window of opportunity. If you want to have a financially stable future, you should get informed on this.
@@jc2168 is blocki "defi"
@@knockhello2604 no it’s the company BlockFi
@@jc2168 categorized as defi?
@@knockhello2604 No, did you read what I wrote? I said PCS or BlockFi are decent options to stake your stablecoins. I wasn’t talking about DeFi. I wouldn’t consider BlockFi a DeFi platform.
You lost all credibility saying "Bee" finex it's Bit finex
If you hold BTC or ETH✓
"Beet-finex"
We're in the middle (or even beginning) of a transition period, so volatility in respect to fiat currencies is inevitable. After blockchain finally fully replaces fiats the problem will become essentially non-existent IMO.
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Is gusd good?
What? Tether move through BTC/ETH. A Tether transaction is a Bitcoin transaction..
yeah, it's a great future for stablecoins like tether!
Who is the narrator for this? She should be credited.
interesting video ;) challenges don't scare me I'm still using stablecoins such as Tether - and I trust them
Oof. OOF.
Where as your local banksters only have to keep 10% of their deposits in reserve. Tether is still a better deal actually
Exactly, and the video places way too much emphasis on just Tether, failing to even mention overcollateralized and decentralized stablecoins like DAI
Shouldn't this have been released on April 1st?
I do not know what the author of the video wants to say ,I use Tether myself and do not face any problems, maybe other stable coins have problems, I do not know!
"stable coins" goes against the very nature of what bitcoin was created to save.
Stablecoins are the only cryptos that make sense to me
Such stablecoins defeat the purpose of cryptocurrencies😂
I thought about this when I heard "stable coin transactions are centralized and managed by the company that created them". Then that is not crypto
what about usdc?
That was fast work. WSJ wasted no time making this video
7:13 "being controlled by central banks" That goes against the entire purpose of crypto currency.
I saw so many negative comments about stablecoins can not agree with them stables are the most safe way to trade and that's a thing that hasn't changed for quite a long time my choice is still Tether ;)
The best way to trade is to consolidate your success using stable coins. So I will continue to use usdt for this purpose.
so many challenges because there are not enough professionals in this sphere as for me stablecoins are the best for now, especially usdt
No coiners catching on to tether pumps :/
yea i won't use any centralized crypto...
Tether still has no problems and its price is still equal to $1.
If the government does not understand how usdt or other stablecoins work, this is their problem.
Questioning whether they have sufficient reserves isn't "does not understand how stablecoins work" lol
Calling a stablecoin a cryptocurrency is not only misleading, it's completely disingenuous. It also goes against the entire ethos of crypto in that value shouldn't be derived by any central entity which is why the crypto space is so adamantly against fiat currencies. A stablecoin is just a digitalized fiat currency put on a blockchain. It's not a real cryptocurrency. Without decentralization, none of this matters. Without decentralization, you might as well stick with fiat.
Hmmm.... is Tether the next domino to fall? Will it be good for BTC? I guess it depends who you ask these days.
Certainly, tools like USDT make trading much easier. And without them, the industry would fall behind
I thought I would see a video on stablecoins, not another tether-oriented fud. Didn't expect anything more from WSJ though
FUD? Tether needs to be rooted out from Crypto
Crypto coins are being slowly changed back into fiat 😂 first there was pure crypto which is decentralised, then stable coin which is pegged to a currency but isn’t controlled by a central bank... now they’re expecting a stable coin pegged to currency controlled by a central bank?? How is that not just the underlying currency? 😂😂 doesn’t it completely undermine the whole point of what the decentralised idea was?!
Let them keep dreaming 😪😪
Then we should switch to a decentralized stable coin right? *UST*
Man if only there were decentralized stable coins. Oh wait, there are!
It is thanks to the usdt and stablecoin trading pairs that many were able to fully trade and make money on this. That's all you need to know
Stablecoins like tether is the next real-deal thing to Bitcoin! :)
But, as we know now, tether have recently won the case
Beat-finex???
"Beef-in-ex" hahah
I don't get why wire transfers take so long on the US. Mexican pesos are transfered in mere minutes!!
Crypto was the solution to fiat currencies. Calling fiat currencies an asset and then attaching it with the stablecoin is no different. It ain't the solution.
The issue of stable coins is its lack of volatility, it is virtually useless to trade since it is not volatile enough to make money
that's what I thought too, until I found out that you can lend tether for APY of more than 50% in kucoin exchange. That is crazy.
N•i•c•e M•A•K•E•a N•O•T•E•to•M•y•T•r•a•d•e• P•r•o•f•e••s•s•i•o•n•a•l• ....... .... . W•H•A•T•S•A•P•P + •1•7•7•4•3•2•0•4•3•1•4 I•n•v•e•s•t•inC•r•y•p••t•oA•N•DE•T•H..... .. .... . T•o•G•e•tM•o•r•e••T•i•p•s onD•i•g••i•t•a•la•s•s•e•t•s.. ... T•r•a•d•eG•u•i•d•a•n•c•e... . ... . .
@@cryptofin5684 He's top notch. I have never heard his client or investors complain. He never fails and he gives 100 percent satisfaction to his Clients and new investors
The amount of scammers in the comments is staggering. How is KZhead turning a blind eye to this?
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@@cryptofin5684 ironic
Don't care I guess
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I'm new to trading and I don't understand how it really works. Can someone guide me on the right approach to investing and making good profit from bitcoin trading?
the mistake most newbies make is rushing into trading without adequate knowledge of professional guide
Personally with $15000 i have been able to earn well $41,000 in my last three weeks of trading with her
14days of focus and hardwork can put you many years ahead ... I just got into bitcoin trading and investment and I made my profits wish I knew about this earlier, bitcoin is truly a life changer
I made an investment of £ 37000 into Crypto trading. To my utmost surprise my ROI has be generated by over 45% everyweek. It's nice to see such competences
If you haven't invested into Crypt0 already you are late but its better late than never
Why would I buy a crypto coin backed by something. When I can just buy the commodity itself? I'd rather have SOLID gold in my pocket than a digital coin in which you have to jump through hoops to redeem the gold Seems like a middle man is being added to the process...
N•i•c•e M•A•K•E•a N•O•T•E•to•M•y•T•r•a•d•• P•r•o•f•e••s•s•i•o•n•a•l• ....... .... . W•H•A•T•S•A•P•P + •1•7•7•4•3•2•0•4•3•1•4 I•n•v•e•s•t•inC•r•y•p••t•oA•N•DE•T•H..... .. .... . T•o•G•e•tM•o•r•e••T•i•p•s&< >E•n•l•i•g•h••t•e•n•m•e•n•t
Vs physical gold sure keep it in your house but should you want to transfer it or even pay to purchase items with it you can't really break it up or transport it easily or without high costs
All stablecoins and especially Tether are accused of not being backed by dollars. Companies go through many checks and audits that do not find any violations in their activities. But everyone still blames the big crypto companies for not disclosing confidential information.
Coin Bureau!
Tether is ready for regulation, no problem.
If you're concerned that a stablecoin based on USD may not have an actual dollar backing it, man have I got some bad news for you.
They should mention Basel III, allowing banks to the lend out everything down to a little 8% of their equity. THAT is how banks end up burning consumers‘ money
'Binance asks users to follow local laws...' - what could possibly go wrong I wonder?
at the moment, for me, stablecoins like tether are a salvation from inflation and from a bear market
Here's a tip for anyone who wants to listen. Anytime a mainstream source with ties to traditional finance (WSJ, Forbes, any bank) starts to talk about cryptocurrencies, just ignore it. They are ALL interested only in continuing to push existing finance. Banks have no right at all to talk about the potential for criminal activity on blockchains - Wells Fargo, Deutsche Bank, I could go on.
centralized currency completely spits in the face if crypto like BTC it's interesting how MSM borrowing from independent content creators too, are those creators credited?
i thought bitcoin was supposed to be alternative to paper currency that is controlled by banking system including the fed. So doesnt it defeat the purpose if you will peg it at the currency, it now becomes vulnerable to the feds monetary policy. And so much for the term stability especially if a currency is prone to inflation from fed printing during crisis situations. Also US dollar pegging will favor one country US because they would will be a ressrve currency. If i have a stable coin in the Philippines and i want to transct with someone in India, both our crypto would be in USD which would just be the same we are doing now, transacting internationally in one currency that is controlled by one country. Deafets the purposes, crypto should democratize exposure from US Economy and control of govt, it operates under free market purely and yes its value fluxtuates because it is being traded like a stock
How do I get my USDC $81 out without paying so much in Eth fees?
Is it on erc20 network
Well, that didn't age well... Did WSJ also give Bernie a glowing review back in his day?
If a stable coin us pegged to the US dollar and the dollar crashes and burns you get burned too.