"Fiat-backed stablecoins are therefore rarely actual cryptocurrencies, which causes them to inherit their main characteristics and shortcomings from the centralised banking system. Ultimately, they function in the same manner as fiat, backed by what amounts to an IOU."
Danial Daychopan wrote a short article linked below that has got me thinking. Are stablecoins bad for the cryptocurrency ecosystem because they are essentially fiat in digital form, or are they beneficial as they provide stability in an extremely volatile market? Curious to hear your thoughts, give it a read and let me know your angle on it.
https://medium.com/@DDhopn/stablecoins-3b93b4f1ddc5In the beginning there was only Tether. And it was enough for everyone. As you already know, the bull from 2017 was also very effective. But the obvious mistakes they made came here. Today, the number of stablecoins on the market is increasing day by day and I am not sure how much they are necessary anymore.
Tether is already enough and considerable but when another stablecoins out in the market it already pisses me and questioning why these coins popping out yet
it isnt really necessary for them to be used. One stable coin is enough but more than that has no sense at all.Stable coins might oppose or fully contradict crypto system but we cant
deny on the fact that this coins are useful for fast conversion to secure out or save out yourself from volatility.