"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-3b93b4f1ddc5I think its ironic to say, "necessary-evil" let us focus on saying, stable coins are savior in my opinion. Not considering the fact that these stable coins are better in business and investments. I am just using it to save my profit on a downfall of my altcoins. As simple as that.