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+--- Thread: Stable currencies to store money? (/showthread.php?tid=6210033)
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Stable currencies to store money? - Tersaik - Jun 19, 2022
Hello friends, I was wondering what currencies that have parity with the dollar are currently "safe" to simply keep money in
Im currently using USDT and BUSD
RE: Stable currencies to store money? - ___GS___ - Jun 19, 2022
(Jun 19, 2022 10:30 AM)Tersaik Wrote: Hello friends, I was wondering what currencies that have parity with the dollar are currently "safe" to simply keep money in
Im currently using USDT and BUSD
USDT and USDC (maybe DAI) for saving.
RE: Stable currencies to store money? - Kitaz - Jun 19, 2022
(Jun 19, 2022 10:30 AM)Tersaik Wrote: Hello friends, I was wondering what currencies that have parity with the dollar are currently "safe" to simply keep money in
Im currently using USDT and BUSD
Always a risk but the way I see it if any of those 2 pegs collapse your stored Bitcoin will lose 90% of its value so it's worth locking in the price, not sure about locking it in now but few months back it was certainly worth it
RE: Stable currencies to store money? - Upgrader - Jun 19, 2022
BUSD is probably the safest bet as far as stablecoins go.
Don't go for anything that promises over 5% APY.
RE: Stable currencies to store money? - MavenGradle - Jun 19, 2022
(Jun 19, 2022 03:28 PM)YouTube. Wrote: BUSD is probably the safest bet as far as stablecoins go.
Don't go for anything that promises over 5% APY.
That's funny because BUSD is currently offering 10% APY in flexible savings.
RE: Stable currencies to store money? - Upgrader - Jun 19, 2022
(Jun 19, 2022 07:01 PM)MavenGradle Wrote: That's funny because BUSD is currently offering 10% APY in flexible savings.
Was referring to elsewhere, Binance is trustable imo.
RE: Stable currencies to store money? - Tersaik - Jun 19, 2022
(Jun 19, 2022 07:01 PM)MavenGradle Wrote: That's funny because BUSD is currently offering 10% APY in flexible savings.
then it is not safe?
Jesus I just want to save my money and try to be safe :(
RE: Stable currencies to store money? - Truth - Jun 19, 2022
There is a saying, not your keys, not your crypto
These stable coins are pretty strange, some can be frozen.
If you want USD as stable, just hold the real thing imo in a insured bank/brokerage
RE: Stable currencies to store money? - Tersaik - Jun 19, 2022
(Jun 19, 2022 07:34 PM)Truth Wrote: There is a saying, not your keys, not your crypto
These stable coins are pretty strange, some can be frozen.
If you want USD as stable, just hold the real thing imo in a insured bank/brokerage
I cant, my country does not allow usd and the currency on my country is sh!t with inflation :(
RE: Stable currencies to store money? - Truth - Jun 19, 2022
(Jun 19, 2022 08:06 PM)Tersaik Wrote: I cant, my country does not allow usd and the currency on my country is sh!t with inflation :(
alright, well my tip is diversify
USDC, USDB, DAI, etc
So if one fails you dont lose 100%
GL
RE: Stable currencies to store money? - shreder - Jun 19, 2022
(Jun 19, 2022 08:12 PM)Truth Wrote: alright, well my tip is diversify
USDC, USDB, DAI, etc
So if one fails you dont lose 100%
GL
What if they all fail? 😥
RE: Stable currencies to store money? - EziNet - Jun 19, 2022
BUSD and USDC safe for now.
RE: Stable currencies to store money? - Raymond Reddington - Jun 19, 2022
(Jun 19, 2022 07:01 PM)MavenGradle Wrote: That's funny because BUSD is currently offering 10% APY in flexible savings.
It does offer 10% but only on the first 2k. So it isn't really akin to UST/USDD's 20%+ APY.
If you're looking to stake six figures, you'll only get an average of 1.3% APY and even some banks (non-US) offer better yields than 1.3% on savings banks/term deposits.
On-topic, I would recommend OP to hold a combination of a few stablecoins, including USDT, BUSD, USDC.
RE: Stable currencies to store money? - xVulnerable - Jun 20, 2022
I don't like the idea of holding stable coins long term after the UST disaster.
BUSD and USDC seem to be the safest stable coins but what if one of them depegs? What if Binance fails as an exchange due to one reason or another? Is our money still SAFU? What if USDC is not actually backed? There are a lot of things that can bring any stable coin down. For now if I want fiat, I'd rather hold the big bucks in the bank, and use stable coins as a temporary solution.
RE: Stable currencies to store money? - SUI-3183372 - Jun 20, 2022
Just use USDC if you're not after incentives or anything.
They're the only stable that's properly backed in a manner where if shit hits the fan, you're still getting your money out.
(Jun 20, 2022 06:03 AM)xVulnerable Wrote: What is USDC is not actually backed?
USDC verifies reserves weekly and only keeps very liquid reserves. Cash and "Short-duration U.S. Treasuries".
You can choose to not to believe them, but they're the only stable that does this.
(BUSD is very liquid too, just not as transparent with reserves afaik)