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Quote from: Torque on May 14, 2022, 06:54:53 PM

All this drama and garbage surrounding LUNA and TerraUST, meanwhile exactly zero people can explain to me the purpose, utility or usefulness of either one. Especially when other solutions already exist.

Waiting for Do Kwon himself to come in here and debate me on his garbage coins.

Because he would lose that debate soundly.

The emperor has no clothes, and his size is not size.

Personally I had never even heard of them until the crash. And I have looked at stablecoins recently to use in trading instead of fiat to simplify tax declarations. I chose USDC, seemed better than USDT. Both are backed by fiat on bank accounts (supposedly...).

An "algorithmic" stablecoin makes no sense, and one that is part of an "environment" with another coin that gives interest makes even less sense.

USDT = Tether

UST - Terracoin

Not sure if you were overlapping this matter?

No I'm clear on that. Except when the crash happened, at first I thought it was about USDT indeed, since I didn't know UST existed.

I chose USDC because I believed some of the FUD about USDT, I guess.

Fair enough.

We should realize that USDT has been the leader in the "stable coin" space since about 2014 because when it first started no other similar project existed, but it has been under various kinds of informational and even direct attack of one of the institutions stealing its money (perhaps even the USGovt involved), regulatory attack (that resulted in a pretty BIG settlement), and it seems to me that USDT has remained pretty damned resilient through all of these matters, yet surely it is not likely to be as much of a rebellious project as it had been in the beginning so they have been forced into a certain amount of compliance and maybe even compromise that allowed them to come to a settlement with the NY state prosecution.. likely the Feds have some involvement too... but who knows?

I would imagine that USDC and some of the other later copy cat stable coins started out with various kinds of US Govt blessings -including reporting requirements.. so don't be expecting hardly any privacy with that kind of a coin.. or even expectation that it might not get frozen... and surely, there can be questions regarding whether one project or another is solvent or not.. and you would think that the USDC has higher levels of solvency safeguards than something like the USDT that has a bit more of a renegade history.

I do understand that sometimes we might end up devolving into off-topicness when talking about some of these various stable coins, and they likely are not even necessarily long term holds for members but just ways to balance BTC versus USD exposures when trading for figuring out how much to allocate into BTC.. and whether some of the allocations might go up or down during BTC price moves - perhaps even with some guys wanting to ongoingly ensure that their BTC balance is going up, but once you get to a certain level of wealth (that might be measured in the dollar equivalencies even if a decent portion is held in BTC), then there might not be a need to continue to feel that your BTC amount has to keep going up on an ongoing basis.

Guys are at different points in this journey, but they also have differing philosophies as well. So, for example, Michael Saylor seems to have a philosophy to continue to increase his BTC holdings on an ongoing basis, and there are other guys who would consider that at a certain point, he should feel that he has enough BTC... so part of the reason that I am o.k. with the idea of making initial allocations into BTC that could range anywhere between 1% and 25%, and maybe in the early stages of investing it might not be any kind of problem to stay within an allocation that you have chosen within that range - but then there are certain points in time in which BTC prices do a kind of step up... and then all of a sudden your allocation into BTC might have gone up somewhere between 3x to 10x (as started in September 2020 whether measuring from a $3k to $6k base or a more conservative $10k base ), or 25x (as might be considered the overall BTC price move starting in 2013 that went up from a base of $10 more than 100x.. but then settled back down in the mid-$200s).. or 8x-12x (as might be considered the overall BTC price move starting in 2016 that went up from a base of $500-ish - or lower - and went up more than 40x.. but then settled back down in the $4k to $6k price arena).

Part of my point is that from time to time, the BTC does a kind of step up in price, that ends up positively affecting the amount of allocation that any mostly BTC HODLer has in his/her investment portfolio, and then s/he is faced with questions of both whether to reallocate, and if so how much to reallocate - and part of those considerations are going to be accounting for dollar value - or maybe whether a guys might have philosophies to just keep accumulating BTC... To me, it seems that it is more practical to balance concerns, and surely at a certain point there would not necessarily be needs to keep building BTC amounts.. but I concede that guys have differing ways to balance their motives and what makes them comfortable.

I have been in this since 2013 with large ups and downs in my holdings (I have always had some BTC, never a lot, never less than several) so now I'm not really looking at allocations compared to other assets nor changing it depending on the price, I want to accumulate more without spending too much, so I guess I'm doing an allocation for new available fiat (currently by mining ETH and getting paid in BTC, the fiat allocation being the computer hardware).

I have a number of BTC that I'd like to reach (or I guess several numbers, if the price were to drop a lot, or I would win the lottery), and most of my holdings are on cold wallets.

The USDC is for trading, I have very few at the moment as my lowest BTC buy order was 25K$ (I was looking for a way to add some more fiat without using my bank accounts, but I gave up), so now I have mostly sell orders (up to 100K$), in a ladder, and all these trades are made in USDC, that way I don't have to report them, only when I sell back USDC for fiat will I have to report it.

All of this is on an exchange, so on top of trusting USDC I'm trusting that exchange too, or rather I'm ready to lose what's on there.

I'd like to be rich enough to spread things over several exchanges, several stablecoins, and be able to benefit from people cratering the price or making it go up for a short time, and arbitraging, but that's not to be.