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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:
Gemini Dollar: https://gemini.com/dollar/
Havven Chart: https://coinmarketcap.com/currencies/havven/ Havven White paper: https://havven.io/uploads/havven_whitepaper.pdf
Crypto Q&A Episode 2: https://www.youtube.com/watch?v=S01N0gQe-lw
Crypto Cast Network: https://www.youtube.com/channel/UCHFL9uTsDbOuBtkhfabU38w?pbjreload=10
First up, let’s go ahead and take a peek at one of the new tokens that has been gaining a lot of media attention and that is the token brought to us thanks to the Winklevoss twins and the Ethereum blockchain: the Gemini Dollar (GUSD).
* The Gemini Dollar achieves their peg and price stability due to the tokens being “strictly” pegged to the reserves of USD held in a US bank. This USD deposit balance will be checked monthly with the results being made public as well.
* Gemini Dollars are the first stable coin to receive a form of regulatory backing thanks to the New York Department of Financial Services. The GUSD tokens are issued by the Gemini Trust Company
* Since these tokens are of the ERC20 variety, you can expect to trade them on any Ethereum based decentralized exchange, like IDEX for example as well as the Gemini exchange.
* With the kind of consistent and transparent auditing that this stable coin will undergo, it begs the question: As Gemini Dollars grow, how will Tether change or will it change at all to account for this difference in trust.
Next let’s take a look at another new token, this one is called Havven (HAV).
* Instead of going the regulated route like Gemini Dollars, Haaven issues tokens based on a distributed collateral pool. This pool is grown from the transaction fees. With a growing number of transactions brings the ability to issue more HAV tokens, this is what allows the token supply to increase as demand increases.
* Like Gemini Dollars, Havven is also an ERC20 token. As such, you can expect to be able to trade it on Ethereum based exchanges.
* It’s been in circulation for 6 months now and it’s worth it to note that this token has seen fluctuations that span from $0.77-$0.08.
I wanted to cover TrueUSD in this video as well, but it didn’t take me long to realize that this stable coin and the TrustToken platform itself warranted much more time spent explaining how it works and its benefits. So keep an eye out for that video coming in the next week or so.
Each Thursday evening (if you are in the U.S) I host a show on the YouTube channel: Crypto Cast Network, the show is called Crypto Q&A. It’s an hour long livestream show where I host two cryptocurrency or blockchain experts and we answer questions posed by the audience. It’s a great show if you’re looking for ways to voice your questions to experts. But I’m bringing this up because today Blake Anderson and Vortex spoke about pegged cryptocurrencies and explored why it’s realistic to view them more as tools that will help new users become familiar and comfortable with this concept of cryptocurrencies. Most likely these type of coins or tokens will be most beneficial to business to business transactions, and bringing new people into cryptocurrency, but after time, will there still be a demand for a cryptocurrency that is pegged to a fiat currency that has itself diminished in value, perhaps dramatically? I’d like to extend these questions to you the viewer, what do you think the future of stable coins will be and how do you see them being utilized best?
The irony here, is that cryptocurrencies like Bitcoin will one day prove to be quite a bit more valuable than the fiat currencies these stable coins are trying so desperately to saddle up to. That being said, for now, they can prove to be quite useful for those searching for some price action relief and for those who are timid to dip their toes into the ocean of cryptocurrency.
Maybe check back in ANOTHER 6 months. Lofl!!! Ok, so how’s that bitcoin going for ya? Oh, let me guess, it’s a buy opportunity. What a joke. You sure are setting a lot of folks up for a disappointing outcome. Crypto is just a sure way to lose your cash.
I first read about Bitcoin in a business insider magazine in August of 2010 and thought about investing 200 dollars. They made it sound like it was for the criminal black market and dark web and I also thought it was just a stable coin so I didn't invest. I think all the world's fiat system would have to fail in order to see crypto as a currency system an not a speculative investors market in which we will need to rely on stable coins until that time arrives. People may price a candy bar as 10 satoshis and once every market has adopted it, it will all seem stable. We just lack the non electric means of exchanging cryptos.
So on the question of the future of stable coins, I think we should consider them as transitionary coins. Lets face it FIAT isn't going away anytime soon, and most of the world doesn't follow Crypto the way this community does. Unfortunately, for certain use cases I think launching a new coin doesn't make sense because there just won't be enough liquidity to stop a whale or a pump and dump group from messing with the price far too easily. So if you have a serious project like for example a charity coin.. (Aid coin comes to mind) there is no way anyone in their right mind is going plan their charity around a currency where the price rises and falls massively on a daily basis. Thus a stable coin could really help here esp. if you want to take advantage of things like tracebility .. follow the money kinds of things. but don't want the volatility. As well with a volatile crypto currency you are going to be burdened with the investors who want to see the coin lambo and they'll be very angry when it falls. That said, what I think is a better proposition for some projects is a security token that gives investors a slice of the business... let them trade those, but for the ongoing functions of the currency of business often I think a stable coin would work really well.
I like the ability to switch to GUSD having a Gemini acc't, only concerned that a trade into them as a retail investor costs a 1% commission on each end. Please correct me if this is inaccurate. Trading with Gemini has become price prohibitive in the last 3 months with commissions increasing from 0.25% to 1%.
Well many projects out there. I have my concerns on Gemini and those twins guys, just seems to be a ploy to centralized and control the system, just make take, anyways good video as usual sincerely JR of Exciting World Cryptos
Heidi, I'm struggling to understand how a US pegged coin would benefit anyone outside the US. As you state if the dollar drops 10% to UK Sterling does the value of the Gemini coin go up for the UK owner and down for the US owner? If BTC goes up in value ( US ) at the same time ( as I would expect ) does the UK owner of Gemini now have more BTC buying powerr? I think I need a whiteboard and a math major to dumb this down for me.
Also anyone else worry about that monkey? :)
Thanks for the video as always ...I have more pondering to do.
The problem with actual stable coins is their will to keep being pegged to the future past financial system: FIAT or gold or something which demands a consensus. Why not a coin pegged directly on energy, electricity? Money could become energy and energy become money.
We could buy things with kWh. Today even an individual can produce electricity. A smart contract that allows you to have electricity in return for your coin.
Your so cute, wait wait don’t go! Seriously Stable Coins, What I’m excitedly looking forward to are ones that will grow in value BUT guaranteed “through advanced smart contract” not to go below a certain value. They will be pegged to the value of the assets backing it, then as more assets say “priceless works of art” are added value increases. It would be awesome if they owned a bank & crypto exchange too 😉 The futures so Bali
Stable coins seems to be a product for traders and not a means towards mass adoptions. It would seem giving quick haven to move crypto to a stable coin when the market goes south only increases overall crypto volatility. I’m trying to see the benefit to a non crypto trader in purchasing these assets.
Exactly right. If, and when, a cryptocurrency gains mass adoption, it will almost certainly be a stable token. For any crypto to become a universal medium of exchange, it first and foremost must have a stability of price. No significant merchant will accept a token which can lose 5% - 10% in value in a day's time, and no consumer should have to worry that the token he paid $1 for today may be worth 90 cents tomorrow. There are a number of other requirements a token will have to meet to gain universal acceptance, but stability of price is at, or near, the top of the list.
The critical part of this entire discussion is to answer the question on when will there be a widely used crytpocurrency whose primary purpose is to be used as a means of exchange for the daily purchase of goods and services and which is not primarily viewed as a means for speculative investment. Once such a coin becomes apparent and achieves mass adoption, then the entire argument for the need for a stable coin becomes superfluous and mute.
The stable coin I am looking for will have the following characteristics: 1) limited and capped supply, 2) mass adoption across the world, 3) is decentralized, 4) is used primarily as a means of exchange for the daily purchase of goods and services 5) is easily and highly scalable, 6) is fast, painless and easy for the general public to use, and 7) is not viewed as a speculative form of investment. Once a coin achieves these characteristics and becomes widely apparent, it will increase in value, but it should not experience the plunges of the rest of the market. And that is the stable coin I am looking for because it will be the coin by which all other coins will be measured.
Ralph, you are missing my point. The reason why people want a stable coin is that they want something that is safe and secure which is not susceptible to the huge downdrafts in the crypto market. If a specific crypto becomes accepted as a medium of exchange then it is the combination of its everyday use case as a medium of exchange and it's capped limited supply that will prevent it from experiencing those huge drops. Today no such coin exits but if and when it does that will be the true stable coin which all smart money people will run to. Think about it for a second. If you could hold your money in a coin which seldom decreases in value and most of the time goes up in value while at the same time can be readily used to purchase a cup of coffee wouldn't that be the ultimate coin that everyone would want to own and use? Today the USD is considered a stable currency which most people run to as a haven of protection because it only gradually decreases in value over time and is the most widely accepted medium of exchange. And yet the USD has lost 98% of its value over its time in existence. I would personally much rather have a coin that increases in value over time than one that slowly decays away. A coin that appears as a flat horizontal line on a graph is indeed a truly stable coin but it is not my first preference to hold if a coin would be available that is increasing in value as I hold it. The key to such a coin is how granular can you scale its divisibility so everyday people can readily use it for everyday transactions. The coin you are proposing as a stable coin is one which I would use as a great reference point for making purchases so I would know what the seller views as the relative value of his products, but it is not the coin I would use for making my purchases. I would use my version of a stable coin because over time it would become cheaper for me to purchase products when compared to your stable coin as the relative pricing mechanism for all purchases. I really don't think we are in disagreement here but are rather approaching the same truth from two different perspectives. I understand where you are coming from and I agree with you.
Well if it increases in price its not stable is it? Bitcoin will always jump about in value because as you say it is speculated on. Similar to gold and silver.
Bitcoin is an asset not real money. I haven't seen it used as a unit of account , one of the requirements for money. People who use bitcoin to buy stuff are converting it to fiat and actually buying in fiat.
You have crypto like Dash which was designed for money transfer but that at best, is like visa . The Lightning Network might speed up Bitcoin but its still a money transfer system.
Now a proper stable coin needs to be independent of fiat currency. If its pegged to that it will always be vulnerable to government inflation. You might want to start of with it pegged to USB but you want to move away from that eventually.
Bitcoin is a capped coin which is one of its reason for its current market dominance and its use as a store of value. However, the problem with bitcoin is not with its capped supply but is rather with the fact that it is not used as a true means of exchange. If bitcoin was fast enough, scalable enough and granular enough to be a true means of exchange and was used as such then it would be a great stable coin. It does not bother me if a currency becomes more and more valuable as time progresses. What bothers me is the huge drops in price because it is being used as a speculative vehicle rather than as an everyday means of exchange. Mass adoption as a means of exchange will eliminate the huge percentage drops and will cause it to be a flight to safety when other cryptocurrencies swoon within the current primarily speculative cryptocurrency market.
This is the true beauty of XRP! Less than 3 second transaction!
The fees are barely a nickel.
Then there are 1,000s of exchanges to cut the transactions time and take care of the demands .
That's why XRP are miles ahead of Btc . Just one example all XRP coins have been mined. There for the fees are pennies compared to BTC. XRP have 3rd party nodes to complete transactions ! Unlike Btc who is centralized by China mining team who controls 51% of the entire future of Btc.
So which is more stable XRP or Btc???? XRP that's right good job !!!
+aquapurity = why would a founder of his company want to own the most of his company........?
The reason why they own the 65 billion coins bc they are selling over the counter. Ripple is selling their coins to the banks and money exchanges and companies around the world . So FOMO will not start just yet and ripple wants their customers to get the VIP treatment! Lol hahahaha
Well.. your last video got me thinking. Because when u buy coffee with btc and sudenly btc drops you know its a problem. So i can see a future stable coin that can be used in real life. And what if fiat stops having vallue? How do we vallue things how do we measure it how do we dicide what price tag to use. Do i make sense?
Crypto potentially gives choices that maybe some people don't see. I was in Vietnam a few weeks ago. I have a USD atm card and a KRW (Korean Won) account. I used the one to get cash in Vietnamese dong that had the best exchange rate at that time. With bitcoin it's the same idea and people would just have another option. Fiat will be around for a while, but ideally over the next few years people will have a choice to buy that coffee with bitcoin, especially if they are up on their bitcoin holdings. If the price is down from what they bought at, they'd just use their fiat, so the price fluctuations really don't concern me. Haven't said that, I'm all for a stable coin because it's a great trading tool.
Crypto Tips yes i understand but now for example a loaf of bread is 1 euro. It doesn’t change much. Thats what i mean when i say that i think a stable coin would work in the real world. But... it can’t be backed by fiat. Thats why i also think that crypto started of the wrong way by giving it the vallue of fiat. Because we buy crypto with fiat so when fiat dies crypto dies don’t you think? Maybe a video about it? I don’t know.
Niels Molendijk Yes, this makes sense. It sounds like you are beginning your journey down one rabbit hole concerning what has value and why. One thing that you may realize is that it will always come down to sustenance. What will people accept for say a loaf of bread? A gallon of milk? If your national currency dies, value will be measured based on what you need to survive.
One of the basic intentions of the Crypto brigade is to decentralize currency itself and bring the central government currencies the so-called fiats to their knees. However due to the high volatility in the value of crypto currencies, the crypto world wants something to fall back and claim value hence the thought of 'stable coins'. Now the irony is when these so called stable coins are pegged on to fiats !
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As a child, there was a portrait in our family home in Paris that I always loved. Today, it’s known as Maya with Doll – but to me it was just a portrait of my mother, albeit a remarkable one. “Your grandfather was a painter,” she would say, whenever the subject of the canvas, one of many that hung around the house, came up in discussion. It was only when I began school, and whispers about my heritage started to follow me, that I realised what an understatement that was. My grandfather was far more than a painter. He was the defining figure of 20th-century art – and, as I would learn later from years of academic study, a true genius. It was a revelation that would shape the course of my life in many ways. When Picasso died – in 1973, the year before I was born – he left behind 45,000 works, not to mention personal objects and correspondence.