Post
Topic
Board Bitcoin Discussion
Re: Bitcoin - the future stable coin
by
Xising
on 23/11/2018, 07:18:09 UTC
~ 10/15 accident of USDT, which caused a sudden & incredible price increase of bitcoin/eth,
there was no bitcoin price increase! you were mistakenly looking at Tether/Btc and thought that is bitcoin price. instead you should have checked USD/bitcoin to see the price did not change.

Quote
at the same time, many investors dumped their USDT & bought bitcoin instead - hence in fact, bitcoin took the responsibility of acting as a stablecoin, which is very interesting.
that is not what happened and that is not what a stablecoin means!
a stable coin is a term that is used for coins that are pegged to another currency so that they are always having the same value as that other currency. for instance Tether (USDT) is supposed to be pegged with USD and 1 USDT should be equal to 1 USD.
there are other stable coins that are pegged to gold, other fiat,...


That's right; however, before Bitcoin can actually achieve that level of stability, it must first undergo so many different changes, evolution, and all other aspects that stable currencies like the dollar or similar investment mediums like the stock market have undergone in the previous years before they were able to achieve their status now. A decade, the period of existence of Bitcoin, may be a long time already, but in the line of currencies, it's still a juvenile asset that could still go so many changes over the years to come. Also, before it can be stable, there should first be a convergence of many aspects that would help it achieve such status.