poll Bitcoin vs USD vs USD Stablecoins

[Woke Monkey]

Bitcoin vs USD vs USD Stablecoin

 

[HotKey]

Do you own any domains yourself, or did you join NP just to push a stable agenda?

 

[Woke Monkey]

Do you own any domains yourself, or did you join NP just to push a stable agenda?

StablecoinKing.com

 

[wurdd]

Why did you register that name?

 

[Woke Monkey]

Domainers are historically ahead of the curve when it comes to tech.

I do own several other Domains and it’s no secret I have an interest in Stablecoins.

I’m just curious to know where we’re up to as an industry in relation to payment.

 

[Woke Monkey]

Why did you register that name?

I like it and might build a site on it.

 

[D Haynes]

Personally as it stands I'd take a fiat currency over crypo all day.

 

[Internet.Domains]

Bitcoin. Payment must be made before the halving block.

 

[garptrader]

iMO Ethereum has a far greater use case than BTC yet a much lower market cap. However, most buyers are not going to offer crypto in exchange for a domain.

 

[Samer]

Why did you register that name?

He made compelling case Stablecoin thread. Sure, may be overzelous, but passion’s real, and i can relate with his love for crypto.

Anyway, tough to pick, but anything but Eth

 

[gabri3l]

iMO Ethereum has a far greater use case than BTC yet a much lower market cap

For use case you don't look at the market cap, volume is the key. Tether is #1 and you don't need to forget that 20% of bitcoin is forever lost.

 

[Pazu]

I’d rather be paid in bitcoin. It avoids the legal problems and fees of “on boarding” and BTC is hard money, like gold. It’s better to keep the hardest money - For example, spend airline points rather than dollars. Gold can’t be easily transferred though. BTC is hard money for the internet.

I would project the Federal Reserve / Congress to add 10 trillion of capital / debt to the economy this year. This will counter short term deflation but people will eventually realize when it comes to dollars we are playing with Monopoly money and that bitcoin and gold are true hard money. Bitcoin is deflationary, while the federal reserve tries to inflate the dollar at least 2% a year. I think it will be higher than that though. We are in a world war against the virus. War causes inflation.

That being said, I use credit cards for domain expenses because I can get a 1.5 to 4% rebate, and I need to pay my debts. It’s best to HODL BTC, so it would depend how many dollars I already have saved at the time. Bitcoin is better long term.

And yes, I have crypto names but I’m a teacher and stating this for educational purposes. I focus on end users sales, and don’t really consider selling to domainers.

 

[Mister Funsky]

USD

 

[Woke Monkey]

I’d rather be paid in bitcoin. It avoids the legal problems and fees of “on boarding” and BTC is hard money, like gold. It’s better to keep the hardest money - For example, spend airline points rather than dollars. Gold can’t be easily transferred though. BTC is hard money for the internet.

I would project the Federal Reserve / Congress to add 10 trillion of capital / debt to the economy this year. This will counter short term deflation but people will eventually realize when it comes to dollars we are playing with Monopoly money and that bitcoin and gold are true hard money. Bitcoin is deflationary, while the federal reserve tries to inflate the dollar at least 2% a year. I think it will be higher than that though. We are in a world war against the virus. War causes inflation.

That being said, I use credit cards for domain expenses because I can get a 1.5 to 4% rebate, and I need to pay my debts. It’s best to HODL BTC, so it would depend how many dollars I already have saved at the time. Bitcoin is better long term.

And yes, I have crypto names but I’m a teacher and stating this for educational purposes. I focus on end users sales, and don’t really consider selling to domainers.

I agree with you but the problem is the time it takes for a sale to complete.

How long does the average Domain sale take from agreeing on the price to completion? Could be weeks/months, in which time the value of Bitcoin can fluctuate massively.

I don’t want my USD in fractional reserve banks that are currently at risk of collapse.

I would rather the transaction be completed in a USD Stablecoin that is fully backed 1:1 with reserves. Then I can exchange for Bitcoin once the transfer is complete.

 

[Pazu]

Here comes a rant.

I think realistically, people aren’t buying domains with bitcoin for many reasons such as:

1) They want to keep their BTC
2) Once BTC is received, the payment is final and there is no way to guarantee delivery of the domain. It would require trust in the seller or buyer, whoever delivers first.
3) Third party brokers aren’t likely to accept it, though actually I know Epik will do this but they would still pay the seller in USD.

@Woke Monkey Regarding preferability of stable coins, I understand this argument. I think you can just agree with the buyer for the amount to be equivalent to so many dollars, or if you love bitcoin, just take the 1 bitcoin and don’t care about fluctuations.

There are problems with stable coins as well. There are many of them and the only real standard is tether. Tether is used mostly for moving money across borders or holding crypto funds when someone wants to liquidate holdings in a cryptocurrency without converting into dollars. Stablecoins are mostly good for buying/trading bitcoin and ethereum, though I could see benefit for people who live in countries with unstable currencies.

I know that at least in the past, Chinese sales people would go into Russia and use tether to get their money out of Russia and into Chinese accounts to avoid money laundering laws. The problem with tether and the like is there is no way to verify that the people who run tether actually have money in their accounts to back the currency. It’s much more likely they are holding a fractional reserve, like in the traditional banking system. Also governments can go after their banks and take any assets they do have. One day, Tether will bust. People who believe they are holding 1:1 reserves are delusional. There will be no audits, oversight, insurance or liability.

Algorithmic stablecoins based on ethereum might solve this problem, but there could be a bug, hack or oversight. Just look at the ethereum DAO hack which led to the creation of the current ethereum and ethereum classic. The ethereum community decided that the code is not law. Stablecoins are risky but in the short term, it’s an acceptable risk to move money around in a 48 hour window.

Don’t mean to purely poopoo your logic. In reality, it doesn’t matter because things like tether going to .85 usd rarely happen, but I certainly wouldn’t want to hold stablecoins. They are there for utility, and yes there are Ponzi schemes out there, like tether.

Why not just keep dollars? Because stablecoins can be easily transferred if someone is willing to take them and they can be used to buy other crypto easier than government currency. “Digital dollars” from the Fed will eventually take over some of this utility. People will decide then whether they prefer some shady third party that gives practical freedom or a government backed and highly monitored alternative.

Best solution is if someone believes in crypto, hold bitcoin and wait for layer 2 solutions.

 

[xynames]

WokeMonkey is posting (spamming) all over the internet at forums to promote this “new” cryptocurrency. That’s about it.

I’d avoid all cryptos but bitcoin. Bitcoin is the only one institutions are interested in.

 

[Woke Monkey]

@xynames

Like I’ve already said. This is unfounded, untrue, very unprofessional and bordering on harassment.

Please go and Troll elsewhere.

 

[xynames]

Bernie Madoff Move Over: 'Stablecoins' Have You Beat
https://www.google.com/amp/s/www.fo...doff-move-over-stablecoins-have-you-beat/amp/
“a new [ponzi] scam is rising to the top, like bits of toilet paper in sewage: stablecoins.

The stablecoin con begins with a simple value proposition. “[Stablecoins’] main use case is to provide cryptocurrency users with the ability to convert volatile crypto positions into anti-fragile or ‘stable’ alternatives,” explains Sam Ouimet, market analyst at CoinDesk.

In other words, if Bitcoin or some other crypto is too volatile for your liking, move your crypto investment into a stablecoin. Its value will go up or down with the value of the underlying asset, but will be far more stable than the crypto you had invested in before.

Just one problem: as with any Ponzi scheme, the value of your investment is stable until the bottom falls out, and it becomes worthless. Your money, meanwhile, is in the pockets of the scammers.

I am reminded of the scene in The Wizard of Lies where Robert DeNiro as Bernie Madoff receives redemption requests he can’t handle, signaling the unraveling of his massive Ponzi scheme.

Today, Madoff no longer lives in luxury – but I’m sure he’d welcome company. It looks like stablecoins will sooner or later grant that wish.”
Forbes

 

[Woke Monkey]

Latest news from the European Central Bank

A regulatory and financial stability perspective on global stablecoins

’Stablecoins provide an alternative to other, more volatile crypto-assets, but they can fall under very different regulatory regimes. Global stablecoins would need a robust regulatory framework as they could pose a risk to financial stability.’

https://www.ecb.europa.eu/pub/finan...html/ecb.mpbu202005_1~3e9ac10eb1.en.html#toc1

 

[xynames]

I gave you the opportunity to step up and be professional, but, you didn't rise to the occasion. As you know, stablecoins are a ponzi scam, and you are a spammer.

Stablecoins. A Ponzi scheme... but on the Blockchain!
https://www.reddit.com/r/Buttcoin/comments/9rb3ir/stablecoins_a_ponzi_scheme_but_on_the_blockchain/

That you didn't even back down from the false claim that that is my twitter account - it is not - is just more proof of that you're a ponzi scam backer, using any false info to try to shove your ponzi scheme. We'll take you seriously when you deserve respect.