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[AudraMiller]

There are many concerns that people have when it comes to the cryptocurrency market and I think that the one that is most prominent is the fact that the market is so volatile and therefore there is a lot of fluctuation that happens in the price of any coin over any given period of time. Therefore it is a very good thing that there are stablecoins that are offered on exchange platforms because this allows us to try and secure the funds that we have. In a recent news article it seems that there is likely to be a new stable coin that is introduced into the market, however unlike other coins being backed by the dollar, this will be linked and backed with gold. What do you think about this?

 

[Wisdom01]

But the gold price is flucntuating and not fixed ,am surprised on how the stable coin would be created with gold fluctuating price value I think

 

[AudraMiller]

But the gold price is flucntuating and not fixed ,am surprised on how the stable coin would be created with gold fluctuating price value I think

That is a good point that you have raised here. I think that perhaps it will be more on the lines of a digital version of gold perhaps? That would make sense.

 

[AudraMiller]

Well, the instability in coins is what makes the crypto market interesting and enticing to people. But I think Usdt is ok to some extent if you are looking for a stable coin

USDT is a good stable coin and from what i have seen the small fluctuation in its price of a one percent change can be a good way to trade if you have a large investment as well. It is a low risk way of trading.

 

[Wisdom01]

That is a good point that you have raised here. I think that perhaps it will be more on the lines of a digital version of gold perhaps? That would make sense.

It would be in a digitized format ,but flunctuating since they would have to keep the digitized currency more current with the real prices of gold

 

[AudraMiller]

It would be in a digitized format ,but flunctuating since they would have to keep the digitized currency more current with the real prices of gold

Yes, they would have to find a way in order to link the two prices so that they are able to interact with each other and maintain the stable pricing of the coin. I think that will happen with some regulatory body

 

[Brain]

Well I'm all for whatever will be profitable and economical beneficial. If this coin would be stable so be it. But I wonder why it is backed by gold instead of the stable dollars at least

 

[a_jerobon]

But the gold price is flucntuating and not fixed ,am surprised on how the stable coin would be created with gold fluctuating price value I think

I am wondering about that too. I don't see how a stable coin can be formed out of gold yet its price keeps flactuating. The one formed based on a dollar is more understandable as a dollar is so stable.

 

[AudraMiller]

Well I'm all for whatever will be profitable and economical beneficial. If this coin would be stable so be it. But I wonder why it is backed by gold instead of the stable dollars at least

I think that they are trying to reinforce the gold standard by which most of the fiat currencies are based and perhaps this is the way that they are trying to move cryptocurrency to that standard as well.

 

[SCAMEXPOSER]

Well, additional stablecoins won't be a bad idea because the market is growing with transaction of which we have less than 10 stablecoins in the cryptocurrency market.

 

[AudraMiller]

Well, additional stablecoins won't be a bad idea because the market is growing with transaction of which we have less than 10 stablecoins in the cryptocurrency market.

That is a good point. The one that i use is the USD that is offered on the yobit exchange. It is directly linked to USD and therefore there is no change like USDT or USDC.

 

[Wisdom01]

Yes, they would have to find a way in order to link the two prices so that they are able to interact with each other and maintain the stable pricing of the coin. I think that will happen with some regulatory body

If they don't link it with the price of gold then they are creating a different coin like that ,and regulatory bodies would need to monitor their operation

 

[SCAMEXPOSER]

That is a good point. The one that i use is the USD that is offered on the yobit exchange. It is directly linked to USD and therefore there is no change like USDT or USDC.

That's a very good one it means yobit exchange platform supports your Local Bank direct link to debit or credit card right. So you don't need usdt.

 

[Marcelino1]

You also need to understand that gold is fluctuating just like bitcoin so there is no way it can be backed with a stablecoin.

Recently, we saw Terra Luna's stablecoin UST went from one US dollars to zero. this is an indication that it is not every stable coin that is actually stable.

BUSD is probably one of the best stablecoins you can use in order to secure your assets but then you need to understand that the crypto-currency market is very risky.

 

[Horia_10]

It definitely is risky when using any stablecoin and therefore you have to understand that the market can actually only be stable when we understand the dynamics of it and apply them properly so that we can fetch a profit out of the market in any condition .

 

[Wisdom01]

It definitely is risky when using any stablecoin and therefore you have to understand that the market can actually only be stable when we understand the dynamics of it and apply them properly so that we can fetch a profit out of the market in any condition .

yeah I think no matter the volatility of the market ,if we can trade properly ,am sure that we won't bother that much about market volatility ,we would only be optimistic about the trades we are placing , although trading comes with muh risk and we need to note that , particularly when we are trading

 

[Horia_10]

Exactly right , trading is a high profile activity and you have to be always on your feets to get benefit from this market , the trading allows you to actually , have a good profit from the market if you understand the dynamics and basics of the market , trading is fruitful for long term traders .

 

[Wisdom01]

Exactly right , trading is a high profile activity and you have to be always on your feets to get benefit from this market , the trading allows you to actually , have a good profit from the market if you understand the dynamics and basics of the market , trading is fruitful for long term traders .

although to me I prefer the short term trade or scalping modes , because I know that trading for long term comes with great risk , because in the process of trading anything can happen , bad news could actually come up that would affect the person trades negatively too

 

[Marcelino1]

It definitely is risky when using any stablecoin and therefore you have to understand that the market can actually only be stable when we understand the dynamics of it and apply them properly so that we can fetch a profit out of the market in any condition .

This is why it is very important and necessary for you to learn technical analysis if you want to make profit as a cryptocurrency trader.

People who are very good in technical analysis are those who are currently in the market making profit little by little. It is also a very important and necessary to have proper knowledge of fundamental analysis because in the bull market you can make a lot of profit with it.

 

[Horia_10]

Definitely you are right and it all depends on multiple factors you just have to be active and predicative in your activity so that the results can show in your trading activity indeed and you can have a decent profit from the market