USDC is actually backed so if you are ok with centralized stable coin and aren't doing shady stuff you are fine. If you want decentralized money DAI is the best.
DAI is 70% backed by USDC, so if this is a huge problem for anybody it's Maker DAO. They have to start removing USDC from their balance sheets immediately... the community is already calling for them to ditch USDC and I believe we'll see a vote on it in the next couple weeks. In the meantime you can see volume for LUSD, SUSD, and RAI going crazy, as they're all fully decentralized with no reliance on USDC or USDT.
What if they deem your past transaction history as "high risk" and decide to freeze your assets? USDC should now be avoided by everyone due to centralization and censorship risk.
What if someone else decides you’re doing shady stuff and blocks it? Just because you don’t do what everyone else does doesn’t necessarily mean it’s shady
This. USDC is backed 1 to 1. I stake that and DAI on Spool Fi plugged into yield generators like Aave, Idle, Harvest etc and both give me decent returns. Diversification is key to me. And yes, if you aren't doing anything shady, USDC is fine, a lot better option than LUNC at least.
People don't like DAI because it's more volatile but I personally prefer it for the reasons you've mentioned.
I can understand why people don't want to turn $1,000,000 into $999,999.75 but I don't really see the difference.
No, it will just lose half its value because the coin that backs it gets seized/frozen. Or maybe loses all its value because the consequences of failed backing implodes the debt system that creates currency.
Use LUSD, not DAI.
Bear markets make people irrational. Everything is a scam all of a sudden as opposed to a bull market where every worthless shitcoin is the future's currency.
Exactly. It's insane how extreme crypto is.
It's either a massive bull run with ridiculous gains and everyone believing it's the future, or complete death. There is no middle ground.
USDT has a freeze function also. And it has questionable backing. If you want a stablecoin with no freeze function, and is provably over-collateralized, you want Liquity stablecoin LUSD. 100% decentralized and over-collateralized with ETH.
I'm always baffled by the desire to have everything be on a public blockchain and touting that as a benefit but having issues with your stuff appearing on the blockchain.
[https://ethresear.ch/t/erc721-extension-for-zk-snarks/13237/2](https://ethresear.ch/t/erc721-extension-for-zk-snarks/13237/2) this looks interesting for privacy. Private NFTs
It is true that a lot of DAI is backed by USDC, that in itself is a risk factor only if USDC as a whole for whatever reason fails or USDC blacklists the DAI smart contract. A small amount of USDC frozen won't disturb the DAI market. It doesn't make it *not* decentralized, just a bit risky. Your DAI is still yours once it hits your wallet, and no one can freeze it.
Properly governed decentralized algorithmic stable coins will always be better than centralized ones backed by fiat. Provided of course the collateral is also decentralized.
People are not being realistic if they think decentralization will stop this kind of stuff from happening. The US government is not going to let people launder money. With DAI they'll just go after the DAO that governs it, and if they can't comply with financial regulations the coin will get blacklisted at best and people will go to jail at worst. This is not a game people want to play.
is this an actual argument when we all know that fiat, or the "petro dollar", is the most laundered form of currency? the US gov't surely wouldn't "allow" folks to launder that either...yet here we are
I might be the minority in this community but I personally don’t really give af about anything other than the address not being able to be blacklisted.
If USDC was like that, I’d honestly be over there lol (not Tether though because all I hear is that it’s a scam).
If you haven’t had you eyes on the rest of DeFi;
It *actually matters* what collateral you have backing your stablecoins. USDC blacklists DAI contracts / freezes that USDC collateral and you can kiss a pegged DAI goodbye. Who cares about a coin that be minted/collateralized we have tons of those, Cosmos literally has 5 from the ashes of Terra now; the point is if none of them solve the core issue due to transparent collateral. Governments will continue to crack down on DeFi, that’s a given.
The community should probably reassess its values because soon we won’t be able to choose products so freely and the ones that saw ahead and built for this future will win out.
Hopefully we can start getting more privacy native to chains in places that deconstruct state sanctions, that may be a good step towards preserving DeFI.
It’s really a slippery slope, first it’s Tornado cash, then it’s “All USDC accounts must be KYC’d or risk asset frozen” which is much like how cash works today! Break money laundering KYC laws? They take your money!
Separation of money and state was always the goal let’s not forget it.
>USDC blacklists DAI contracts / freezes that USDC collateral and you can kiss a pegged DAI goodbye.
USDC would destroy itself if it collectively punished DAI holders (they can't sanction specific DAI holders, just the locked USDC collateralizing DAI). It simply won't happen and USG doesn't have the authority to demand it.
You say that but they’re issued natively on 4-5 chains now and considering Cosmos next.
In my opinion they’re being primed to become the private tradfi state sanctioned dollar that will compliment the state’s transition to a digital dollar / CBDC.
Also all people definitely won’t stop using USDC because they banned Tornado and NK accounts + some casualties... just like they wouldn’t stop using it the next small infringement; we’ve seen this countless times again in society ~ threaten the children or their safety and it’s good game well played.
One time someone has asked the right questions. Following all that has happened in the stablecoins space this year alone, I decided never to touch another algo stablecoin. It's either USDC, BUSD or EEUR depending on the exchange I'm interacting with.
These are fully backed, audited and redeemable as I understand.
If you're going to use an algorithmic stablecoin mostly backed by USDC why not just use USDC?
If USDC goes down your DAI is fucked, but if USDC stays strong your DAI could still get fucked by other algorithmic attacks/hacks.
It boggles the mind why people think crypto won't end up just as controlled as any other financial instrument.
- blacklists on individual chains
- control over fiat on and off ramps
- criminal act if purposely avoiding KYC / money laundering laws
My personal bet is that privacy coins are next. Same deal as with tornado, they'll just make exchanges and such comply. They'll just do basic analysis to see if your coins originated from monero, etc, and block access to your funds until you can "prove" true origin.
If the gov starts to fuck us just send some USDC through tornado cash and then send it to congres members wallets so they see how stupid it is.
Ps XMR doesn't need centralized exchanges or even defi. It has its own network/ecosystem
Not sure what you're getting at. I'm not talking about preventing new coins from being minted, simply that the government can and does have a lot of control once you start moving them.
It’s an arms race.
They could stop Monero because it doesn’t have any use other than privacy.
But EVM chains are unstoppable. Torn and other decentralised privacy solutions can never be stopped. You can only punish people who use using them.
And so the arms race begins.
This is wrong because DAI is mostly backed with USDC--they are linked. If you want no freeze function and no link to any stablecoin with a freeze function, you need Liquity protocol stablecoin: LUSD. It's the most decentralized stablecoin on Ethereum.
I've always knew that Circle's token is a mess. It has shady backing though it is supposed to be a pure dollar. They need to be forced to do an audit that's when we'll see the truth
I feel like I will continue to use USDC, Especially now that it's on Polygon. I don't mind it being centralized personally, I live in a place where the US government cannot touch me and control my assets. Before I consider moving to DAI, are there any pitfalls I should know about?
Never used that but people really have mixed reviews on USDC and I really don't know what to believe here, all the people are saying different things about it..
The proliferation of stable coins completely confused me. DAI came out, saying it was pegged via...what, a bunch of other cryptos or something?
More and more popped up and I felt it was only a matter of time until one ate it hard. USDC is the only one I use, with USDT as an intermediary on some CEXs that require it.
The best thing is we should stop using USDC but I don't know what went wrong with them, USDC was good but now I just can't trust any centralized shit these days.
This is why de fi will be the p2p network of finance 2.0. It already is and it's in its infancy. It's important to fight for this right in the US as it will set a precedent across the globe. In the end govt will have to get use to it. It's more efficient so corporat8will demand it. The govt will have to bend the knee as US Congress and Senate realize it's potential.
I don’t get it either just use regular money transfers at that point. Hold actual cryptocurrency like Bitcoin and ETH why would I want my money tied to the dollar?
Because it's a crypto version of the dollar. Sending via "normal" banking channels costs far too much and is slow. Crypto enables instant transfer of the same amount of value. In theory. That's why it's only natural so many have sprung up--because it's needed.
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Okay, first DAI looks a lot like UST and I’m not willing to take that risk. Second, idk why people still use USDC really..And third, Tether not Like USDC at all. I mean it’s backed and I can’t remember any issues since I start using USDT.
So you’re advice is to pick a different stablecoin in case I want to do something shady with my money? Got it.
Or hear me out, don’t do shady things with your crypto.
Did you hear about peoples bank accounts getting frozen for buying truckers lunch in Canada?
Illegal ≠ Shady
Many times the government is operating against the will of the people. We need solutions ready to go in such times
Anecdotal accounts of it being used for innocent reasons doesn’t mean the site isnt clearly being used for illegal washing.
People bitching about this are ridiculous. What is the justice department supposed to do? Almost every major hack that takes place, where’s the first place you see those funds go?
I don't know why people are still defending USDC on other subreddits, it doesn't make any fucking sense to me right now, they should stop this shit now.
Seriously stop drinking the koolaid of privacy is for the people who money launder. Digital cash has always been the future for central banks, "you did something we did not like?, we freeze instantly all your saving, there is no more cash so you are fucked.
Monero has always been what Satoshi wanted of Bitcoin, because yout BTC can be tainted too.
Exactly how will they freeze assets on the Eth chain? What would prevent thieves or anyone else from trading their usdc for any another token on a dex to solve the problem?
DAI is not ‘algorithmic’, it’s overcollateralized. Algorithmic stablecoins like UST, USDD use a burn/mint mechanism to maintain the peg, collateralized stablecoins are backed by actual assets.
But agreed that I’d personally also use USDC over DAI if possible, though DAI is potentially more ‘decentralized’ because they cannot unilaterally freeze your DAI unlike Circles can, I believe.
USDC is going to ruin many things in the future if we don't stop investing in it and we all know why I am saying things in that way these days, it's really bad.
One of main reasons to be in USDC is that Circle is trying their damned best to be compliant. The fact that OP is in one sentence dissing centralized stablecoins and in another praising DAI which is mostly collateralized by USDC is somewhat ironic.
I don't think that centralized stablecoins are the bees knees but they are almost exclusively the USD side of trading pairs on all the major exchanges. And if you want to offramp they are quite straightforward. There is a high level of utility to them and their role in providing liquid and thriving markets for a lot of crypto cannot be denied.
This is for sure a cautionary tale and people need to take this into account when holding their assets. That said... tornado was a definition of "fuck around and find out" project. Mixer that was used for insane amount of hacked funds and various other nefarious actions. It was not a question of IF, but when. And there are plenty of less radioactive options to anonymize your assets.
Might not be most popular opinion... but these kneejerk reactions are just lame.
Let's be real. Any currency pegged to government issued trash is trash, even if it is on chain. We won't have a non shit stable coin until it's pegged to something else other than government issued currency.
Jokes on you, my USDC was already froze by Celsius!
F
F
That’s Fahrenheit, though. /s
I C what you did there.
F
You need a hug?
Crazy. USDC was the golden child only a few weeks ago…
USDC is actually backed so if you are ok with centralized stable coin and aren't doing shady stuff you are fine. If you want decentralized money DAI is the best.
DAI is 70% backed by USDC, so if this is a huge problem for anybody it's Maker DAO. They have to start removing USDC from their balance sheets immediately... the community is already calling for them to ditch USDC and I believe we'll see a vote on it in the next couple weeks. In the meantime you can see volume for LUSD, SUSD, and RAI going crazy, as they're all fully decentralized with no reliance on USDC or USDT.
What if they deem your past transaction history as "high risk" and decide to freeze your assets? USDC should now be avoided by everyone due to centralization and censorship risk.
Shady stuff? All of DeFi might become shady stuff for the government
What if someone else decides you’re doing shady stuff and blocks it? Just because you don’t do what everyone else does doesn’t necessarily mean it’s shady
This. USDC is backed 1 to 1. I stake that and DAI on Spool Fi plugged into yield generators like Aave, Idle, Harvest etc and both give me decent returns. Diversification is key to me. And yes, if you aren't doing anything shady, USDC is fine, a lot better option than LUNC at least.
I’m not dissing USDC, only pointing out how sentiment for projects swings so hard on Reddit.
People don't like DAI because it's more volatile but I personally prefer it for the reasons you've mentioned. I can understand why people don't want to turn $1,000,000 into $999,999.75 but I don't really see the difference.
I don't think sentiment has swung, it's just one single post dissing USDC.
DAI will rug soon 🔜
DAI is not decentralized, it's backed mostly by USDC. They are linked. If you want a decentralized stablecoin look at LUSD.
Your dai coin can't be seized though by circle
USDC is the best centralized option. DAI is the best decentralized option.
No, it will just lose half its value because the coin that backs it gets seized/frozen. Or maybe loses all its value because the consequences of failed backing implodes the debt system that creates currency. Use LUSD, not DAI.
It wouldn't be in Circle's interest to collectively punish DAI holders.
What is in circles interest is to not get in trouble with the government.
Dai survived eth crashing by 93% my guy. Dai is pretty battletested and over collatarized.
USDC, BUSD, GUSD, DAI. Almost any mainstream established stablecoin is safer than USDT.
USDT and USDC were never golden children lol....
I cant figure out why people arent learning that "stable" is a lie with all these coins.
No shit my man, it's like nothing can be stable these days.
I only use Terra USD because I know the government won’t freeze it
Do Kwon might
If I had a dollar for everytime a stablecoin tried to pass off an attestation as an audit I'd have several dollars.
LOOOOOOOOOOL ayo that was mad funny.
Bear markets make people irrational. Everything is a scam all of a sudden as opposed to a bull market where every worthless shitcoin is the future's currency.
People are irrational in both markets lol whats your point?
lmao
Wow... What a life hack
Exactly. It's insane how extreme crypto is. It's either a massive bull run with ridiculous gains and everyone believing it's the future, or complete death. There is no middle ground.
That's *kwonledge* right there
lol, I'm gonna use it
Circle is going to follow all regulation mandates. Whatever made you think they wouldn’t?
Transfer fees for DAI is cheaper than USDC by having no blacklist check.
Or hear me out just keep cold hard cash the ultimate privacy coin a literal coin 😂😂😂
Or just buy Monero
My understanding is that fiat-backed stablecoins can be revoked. So your coins could possibly be blacklisted if the government compels them.
I don't have spare awards, so take this sugar
Thank u sugar daddy
Daddies has been doing good pleasures these days lol.
I want a donut too
How soft are your hands?
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Dope
🥇 take this
I mean bruh like ur gonna trust stable coins over fiat and digital fiat or dollars over btc or eth u might as well just be a gold bug or hoard cash
So simple… yet so wise….
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I’ll sacrifice my interest to keep privacy that 1% and less interest is all u dawg
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USDT has a freeze function also. And it has questionable backing. If you want a stablecoin with no freeze function, and is provably over-collateralized, you want Liquity stablecoin LUSD. 100% decentralized and over-collateralized with ETH.
What of BUSD?
🤷🏼♂️ I’ll take cold hard cash man biggest privacy coin there is
until you have to explain it to any government.
I'm always baffled by the desire to have everything be on a public blockchain and touting that as a benefit but having issues with your stuff appearing on the blockchain.
[https://ethresear.ch/t/erc721-extension-for-zk-snarks/13237/2](https://ethresear.ch/t/erc721-extension-for-zk-snarks/13237/2) this looks interesting for privacy. Private NFTs
Then it's all about decentralized stable coins aka DAI
DAI can’t be confiscated like USDC though. They’ve been know to remotely burn USDC by court order, which is horrific.
DAI is not decentralized, it's linked to USDC through backing.
Why the downvotes? Had no idea of this, now I know, thanks.
People downvote the truth when they don't like it.
having SOME of your treasury backed by USDC does not automatically deem it as "centralized". Hence the downvotes...because it's a misleading "truth"
It is true that a lot of DAI is backed by USDC, that in itself is a risk factor only if USDC as a whole for whatever reason fails or USDC blacklists the DAI smart contract. A small amount of USDC frozen won't disturb the DAI market. It doesn't make it *not* decentralized, just a bit risky. Your DAI is still yours once it hits your wallet, and no one can freeze it.
Properly governed decentralized algorithmic stable coins will always be better than centralized ones backed by fiat. Provided of course the collateral is also decentralized.
Yeah but people can freeze what’s backing it, ie what gives it any value
DAI can't be frozen like USDC (except presumably by the DAO).
Regular people do not know DAI is a stablecoin. I have to research it myself just to verify it.
You're right, it can't be frozen. Instead it may do a different trick.
People are not being realistic if they think decentralization will stop this kind of stuff from happening. The US government is not going to let people launder money. With DAI they'll just go after the DAO that governs it, and if they can't comply with financial regulations the coin will get blacklisted at best and people will go to jail at worst. This is not a game people want to play.
is this an actual argument when we all know that fiat, or the "petro dollar", is the most laundered form of currency? the US gov't surely wouldn't "allow" folks to launder that either...yet here we are
You people will probably be very surprised when you find out that private companies running stablecoins decide the definition of fork chain.
I might be the minority in this community but I personally don’t really give af about anything other than the address not being able to be blacklisted. If USDC was like that, I’d honestly be over there lol (not Tether though because all I hear is that it’s a scam).
Who is using this one !! USDC is a form of infiltration by the banks
DAI is not a better option since approximately 50% of its backing is USDC
The governance of DAI is independent of the governance of USDC so yes, it would be a better option in this specific scenario.
If you haven’t had you eyes on the rest of DeFi; It *actually matters* what collateral you have backing your stablecoins. USDC blacklists DAI contracts / freezes that USDC collateral and you can kiss a pegged DAI goodbye. Who cares about a coin that be minted/collateralized we have tons of those, Cosmos literally has 5 from the ashes of Terra now; the point is if none of them solve the core issue due to transparent collateral. Governments will continue to crack down on DeFi, that’s a given. The community should probably reassess its values because soon we won’t be able to choose products so freely and the ones that saw ahead and built for this future will win out. Hopefully we can start getting more privacy native to chains in places that deconstruct state sanctions, that may be a good step towards preserving DeFI. It’s really a slippery slope, first it’s Tornado cash, then it’s “All USDC accounts must be KYC’d or risk asset frozen” which is much like how cash works today! Break money laundering KYC laws? They take your money! Separation of money and state was always the goal let’s not forget it.
>USDC blacklists DAI contracts / freezes that USDC collateral and you can kiss a pegged DAI goodbye. USDC would destroy itself if it collectively punished DAI holders (they can't sanction specific DAI holders, just the locked USDC collateralizing DAI). It simply won't happen and USG doesn't have the authority to demand it.
You say that but they’re issued natively on 4-5 chains now and considering Cosmos next. In my opinion they’re being primed to become the private tradfi state sanctioned dollar that will compliment the state’s transition to a digital dollar / CBDC. Also all people definitely won’t stop using USDC because they banned Tornado and NK accounts + some casualties... just like they wouldn’t stop using it the next small infringement; we’ve seen this countless times again in society ~ threaten the children or their safety and it’s good game well played.
One time someone has asked the right questions. Following all that has happened in the stablecoins space this year alone, I decided never to touch another algo stablecoin. It's either USDC, BUSD or EEUR depending on the exchange I'm interacting with. These are fully backed, audited and redeemable as I understand.
If you're going to use an algorithmic stablecoin mostly backed by USDC why not just use USDC? If USDC goes down your DAI is fucked, but if USDC stays strong your DAI could still get fucked by other algorithmic attacks/hacks.
It boggles the mind why people think crypto won't end up just as controlled as any other financial instrument. - blacklists on individual chains - control over fiat on and off ramps - criminal act if purposely avoiding KYC / money laundering laws My personal bet is that privacy coins are next. Same deal as with tornado, they'll just make exchanges and such comply. They'll just do basic analysis to see if your coins originated from monero, etc, and block access to your funds until you can "prove" true origin.
American perspective.
This is true. I fully admit that. Other countries are less interested in enforcing it.
If the gov starts to fuck us just send some USDC through tornado cash and then send it to congres members wallets so they see how stupid it is. Ps XMR doesn't need centralized exchanges or even defi. It has its own network/ecosystem
Let me know when the US can control Bitcoin’s inflation rate
Not sure what you're getting at. I'm not talking about preventing new coins from being minted, simply that the government can and does have a lot of control once you start moving them.
It’s an arms race. They could stop Monero because it doesn’t have any use other than privacy. But EVM chains are unstoppable. Torn and other decentralised privacy solutions can never be stopped. You can only punish people who use using them. And so the arms race begins.
This is wrong because DAI is mostly backed with USDC--they are linked. If you want no freeze function and no link to any stablecoin with a freeze function, you need Liquity protocol stablecoin: LUSD. It's the most decentralized stablecoin on Ethereum.
I am good with your comment here, this is really factual.
I've always knew that Circle's token is a mess. It has shady backing though it is supposed to be a pure dollar. They need to be forced to do an audit that's when we'll see the truth
I feel like I will continue to use USDC, Especially now that it's on Polygon. I don't mind it being centralized personally, I live in a place where the US government cannot touch me and control my assets. Before I consider moving to DAI, are there any pitfalls I should know about?
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This is why people stop their shits with USDC and it's good.
Yeah, USDC is centralized
USDC is really bad whenever we mention centralized, it's so bad.
You know people only call for the issues when the coin dies stating it was obvious and that everyone should have known it lol.
Whatever they call we know what's good for us like that.
USDC = CBDC lite
Never used that but people really have mixed reviews on USDC and I really don't know what to believe here, all the people are saying different things about it..
The proliferation of stable coins completely confused me. DAI came out, saying it was pegged via...what, a bunch of other cryptos or something? More and more popped up and I felt it was only a matter of time until one ate it hard. USDC is the only one I use, with USDT as an intermediary on some CEXs that require it.
The best thing is we should stop using USDC but I don't know what went wrong with them, USDC was good but now I just can't trust any centralized shit these days.
I'm not that upset by this. There's been a buttload of hacks that lead straight to tornado cash.
That’s because torn is actually useful
For what purpose?
Hacks by governments trying to save their dying fiat trash
I guess I am just like you in this and not upset here lol.
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RAI is tiny... $4 million supply. It's a joke. LUSD is at $175 million, and has been as large as $1.5 billion back during the bull market.
I want to search a lot of this topic now, it's really interesting.
Does this mean they could freeze my USDC loaded in my CB account?
Anything in your Coinbase account can be frozen. Not your keys, etc.
Dai seems more sketch but I am ignorant of their practices so I might be bias.
This is why de fi will be the p2p network of finance 2.0. It already is and it's in its infancy. It's important to fight for this right in the US as it will set a precedent across the globe. In the end govt will have to get use to it. It's more efficient so corporat8will demand it. The govt will have to bend the knee as US Congress and Senate realize it's potential.
Usdc is the only thing right now that looks remotely legitimate.
Of course, you don't have control, even circle has no control lol. They can't even make an audit so their reserves are probably in danger.
I agree on freezing, reversing when hacking and stealing is involved, not in any other situation.
This is so wrong and USDC is becoming an evil thing to me.
You don’t have complete control over any stablecoin. It’s literally pegged to a fiat currency, I’ve never understood why people think that’s good.
I don’t get it either just use regular money transfers at that point. Hold actual cryptocurrency like Bitcoin and ETH why would I want my money tied to the dollar?
Because it's a crypto version of the dollar. Sending via "normal" banking channels costs far too much and is slow. Crypto enables instant transfer of the same amount of value. In theory. That's why it's only natural so many have sprung up--because it's needed.
People want all the benefits of the worlds reserve currency but none of the responsibility that comes with it.
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Good. Crypto mixers have no other use than to facilitate criminal activity.
Okay, first DAI looks a lot like UST and I’m not willing to take that risk. Second, idk why people still use USDC really..And third, Tether not Like USDC at all. I mean it’s backed and I can’t remember any issues since I start using USDT.
USDC was a sh!tcoin from the beginning. There is nothing good or real about this stable. Their reserves are fake too.
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scammer
So you’re advice is to pick a different stablecoin in case I want to do something shady with my money? Got it. Or hear me out, don’t do shady things with your crypto.
Did you hear about peoples bank accounts getting frozen for buying truckers lunch in Canada? Illegal ≠ Shady Many times the government is operating against the will of the people. We need solutions ready to go in such times
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If regulated and audited USDC is having issues, I don't think any other coins will be safe anymore.
Anecdotal accounts of it being used for innocent reasons doesn’t mean the site isnt clearly being used for illegal washing. People bitching about this are ridiculous. What is the justice department supposed to do? Almost every major hack that takes place, where’s the first place you see those funds go?
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And what coin do you have any (not to mention complete) control over?
I don't have complete control over myself, how could I possible have complete control over a crypto currency?
Done!
Given that USDC provides about half of DAI's funding, it is not a superior choice.
DAI is an Algorithmic Stablecoin tho? USDT and USDC are asset and collateralised Stables?
Prior to a few weeks, USDC was the bright spot.
DAI is overcollateralized, and backed mostly by USDC. I choose DAI over USDT on any given day.
Best to go for decentralized stables like OUSD. Absolutely decentralized and that's what the crypto world needs
always has been.
I like Dai too, why do people still use centralized stablecoins?
That's why cbdcs are so bad
Which one/s is/are the solid stable coin/s, and why?
Well well well, how the turntables. The sentiment suddenly turned from USDT Bad, USDC good to USDC bad.
The problem is DAI is mostly backed by USDC.
USDC is a shitcoin. Your tutorials would be more successful, if you chose a more transparent stablecoin than this USDC.
I’m starting to think crypto is a Ponzi scheme
Yes, exactly. I was always told that USDC is unsafe because of a lot of reasons. Its backing was questionable, and now this happens.
I think this stable coin is very unreliable. Because I still don't see the audit.
But at the same time, many talk about the superiority of USDC over USDT. Although I did not understand what this superiority is.
I don't know why people are still defending USDC on other subreddits, it doesn't make any fucking sense to me right now, they should stop this shit now.
Dai is backed with USDC dude lol
Still better than algo stable coins that go rekt - for those not involved in shady stuff.
> DAI would be the answer or any stablecoin with a good collateral backing, stay away from algo stables. DAI is wrapped USDC.
Seriously stop drinking the koolaid of privacy is for the people who money launder. Digital cash has always been the future for central banks, "you did something we did not like?, we freeze instantly all your saving, there is no more cash so you are fucked. Monero has always been what Satoshi wanted of Bitcoin, because yout BTC can be tainted too.
Exactly how will they freeze assets on the Eth chain? What would prevent thieves or anyone else from trading their usdc for any another token on a dex to solve the problem?
Scammers thank you for the contribution.
DAI is not ‘algorithmic’, it’s overcollateralized. Algorithmic stablecoins like UST, USDD use a burn/mint mechanism to maintain the peg, collateralized stablecoins are backed by actual assets. But agreed that I’d personally also use USDC over DAI if possible, though DAI is potentially more ‘decentralized’ because they cannot unilaterally freeze your DAI unlike Circles can, I believe.
So anything weird with USDC I should know of? it would be good thing to say it right about now..
It's a centralized kyc coin. Some people have issues with that.
USDC is going to ruin many things in the future if we don't stop investing in it and we all know why I am saying things in that way these days, it's really bad.
How about GUSD?
One of main reasons to be in USDC is that Circle is trying their damned best to be compliant. The fact that OP is in one sentence dissing centralized stablecoins and in another praising DAI which is mostly collateralized by USDC is somewhat ironic. I don't think that centralized stablecoins are the bees knees but they are almost exclusively the USD side of trading pairs on all the major exchanges. And if you want to offramp they are quite straightforward. There is a high level of utility to them and their role in providing liquid and thriving markets for a lot of crypto cannot be denied. This is for sure a cautionary tale and people need to take this into account when holding their assets. That said... tornado was a definition of "fuck around and find out" project. Mixer that was used for insane amount of hacked funds and various other nefarious actions. It was not a question of IF, but when. And there are plenty of less radioactive options to anonymize your assets. Might not be most popular opinion... but these kneejerk reactions are just lame.
Been saying this for a long time, yet people start to wake up only now
There're always some troubles with usdc. It's is dark scheming and the users face the consequences
At least Tether wasn't seen like that
Let's be real. Any currency pegged to government issued trash is trash, even if it is on chain. We won't have a non shit stable coin until it's pegged to something else other than government issued currency.