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RE: Bitcoin appears to be Flagging
ETH-BTC has been so low that I have been converting almost all of my BTC to ETH in anticipation of it eventually going back up to 0.09 BTC.
ETH-BTC has been so low that I have been converting almost all of my BTC to ETH in anticipation of it eventually going back up to 0.09 BTC.
Yea ether likely represents somewhat of a leveraged bet on bitcoin turning around. If bitcoin turns, ether likely goes up even more.
Whenever Ripple flips Ethereum it always seems like a good time to buy.
What did you make of the JPM coin and its impact on xrp?
A stable coin can't compete with XRP. Especially a private one. As much as I hate XRP and know the banks can undercut that project, a stable coin is not the way to go.
These corporate stable coins will eventually remove their peg from the dollar just like USD removed its peg to gold. That's when they can compete with Ripple. However, Ripple is way ahead of the game. In order to remove the peg from USD crypto has to be mainsteam AND likely USD is no longer the world reserve currency as it begins to destabilize. This is the only scenario I can imagine where removing the peg could be justified while retaining the user base.
https://steemit.com/informationwar/@edicted/could-stable-coins-crash-the-economy
Wouldn't a stable coin work better for moving money around?
A stable coin, in effect, is still controlled by the Federal Reserve. A stable coin is just an extension of USD. There is nothing stopping a cryptocurrency from issuing similar monetary policy compared to fiat and issuing their own "stable coin" that isn't pegged to anything but its own monetary policy. Nothing about USD is intrinsically better than cryptocurrency.
When it really comes down to it, XRP and JPM are controlled centrally, fully negating their long-term value. Why would anyone use these services when they can just use a decentralized stable coin like Dai? Dai can't be regulated. Accounts can't be haircut or shut down or denied access.
When shit hits the fan all these centralized projects will reveal their worthlessness. Why get a loan from the bank when you can give a loan to yourself at 0.5% interest? But now I'm just being uber bullish on Maker again.
Back to the main question. No, a stable coin isn't better at being transferred, it's just better at being stable, assuming USD will remain stable, which I don't assume at all.
It has a decent track record of being stable, especially compared to crypto. If I am moving millions or billions of dollars, I don't want to take on the risk of any volatility in whatever I am using to transfer said funds, ya know?
I foresee most banks doing what JPM did, then eventually one system will be used predominately within the banking sector. Though using one with a coin that is volatile probably isn't appealing to most?
I won't lie. I've been talking about how XRP doesn't make any sense for a while now.
It seemed too obvious, and now people are only talking about it when JPM comes to town? It seems like a severe lack of foresight.
At the same time, nothing stops XRP from creating a stable coin backed by XRP, assuming that is even necessary. The ease at which these assets can be traded means you can use XRP to transfer funds but still be immune to volatility.
Unfortunately, it has zero track record of being stable during a recession in which crypto exists. This is the only track record that matters, and there is none. We are entering uncharted territory. We can't look to the past for answers.
I use this same logic in a lot of my posts. Crypto is not comparable to dot com or corporate entities. The Halo Effect and projection of the past into the future is now our enemy.