91–100 of 492 posts
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So convert the USDC to dollars and withdraw the dollars. Done.
Like I said, USDC is not dollars. If you're betting on Tether collapsing you sure as hell aren't going to take payment on that bet in USDC.
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Re your first claim it just takes time. Re your second claim, that’s a common misconception. The price of bitcoin would skyrocket against USDT but pancake against USD. Who in their right mind would sell their (actually worth USD) Bitcoin for your worthless Bahamian IOUs? Absolutely nobody. So you’ll see a massive skyrocket against USDT and as soon as people realize what’s going on, it’ll go no-bid. RIP. Then the ensu…
You bring up a very important but often overlooked point about market panics: the problem is not really everyone rushing for the door, it is market makers pulling bid liquidity so that “normal” selling volumes tank the price (which triggers the avalanche).
I don’t know if this is /r/wsb leaking but markets do not tank because market makers pull back…that’s just not the business they are in.
Does crypto do anything but cause troubles? If it's not actively destroying the environment, then it's endangering financial stability. How does the government not step in here?
Ironic remark, as Bitcoin is invented in response to the instability of the traditional financial system.
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Dunno, I hear they're planning a big dilution soon. https://www.axios.com/trillion-dollar-platinum-coin-mint-jan...
The way it's supposed to work is you then fall back on the intrinsic value of the copper. That's the 'coin' part of what the 'Mint' does.
The biggest news, buried near the bottom: "After I returned to the U.S., I obtained a document showing a detailed account of Tether Holdings’ reserves. It said they include billions of dollars of short-term loans to large Chinese companies—something money-market funds avoid. And that was before one of the country’s largest property developers, China Evergrande Group, started to collapse. I also learned that Tether ha…
It's also very strange that he don't specify how many 'billions' - could be 2, or ... most probably 69 billions $.
[0] https://www.bloomberg.com/news/articles/2021-10-07/holders-o...
I don't understand how Tether has survived this long. Bitfinex and Tether sure look transparently like a fraud, all the way back to the "no really we have $1 in the bank for every Tether but you can't audit us" days. And yet it continues to occupy its role as the underpinning of most cryptocurrency markets. Why hasn't it blown up yet? My best guess is that it's useful to everyone taking in money from new retail inves…
It took Liberty Reserve 7 years and 17 countries cooperating to get nuked from orbit. Tether was founded as Realcoin in 2014 by a group including former child star and accused sex offender Brock Pierce, so while it’s technically just rounding the 7 year mark, it didn’t begin in earnest until it was taken over by Bitfinex towards 2015 and didn’t become majorly problematic until 2016/2017 according to the NYAG findings…
This makes your argument seem conspiracy-theory-esque, despite your links having some quality information. That quote is more akin to clickbait than it is a valid point in your argument.
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So convert the USDC to dollars and withdraw the dollars. Done.
Like I said, USDC is not dollars. If you're betting on Tether collapsing you sure as hell aren't going to take payment on that bet in USDC.
If this goes on for a few more years, with broader investment from traditional investors (ETF), when Tether collapse I half-suspect that the cryptocurrency markets will bring the NYSE down with it in the fall as people sell to cover losses
Bitcoin has a trillion dollar “market cap”. That’s about 4% of the US equity market cap. In reality bitcoin’s market cap is nonsense, the real float is much smaller, and the real market is much much smaller.
$GBTC has $35B aum, and that is mostly due to the massive bull market in the last 18 months (thanks to Tether). The amount of hard cash that has flowed in is a small fraction of that, perhaps something like $7B (and since done 5x in performance).
But $GBTC is OTC and so not everyone can invest, and a vanilla ETF would likely garner more interest. How much more I don’t know. But $NKLA was a $30B fraud at its peak and yet in terms of market health, it was hardly a blip on the radar.
I don't understand how Tether has survived this long. Bitfinex and Tether sure look transparently like a fraud, all the way back to the "no really we have $1 in the bank for every Tether but you can't audit us" days. And yet it continues to occupy its role as the underpinning of most cryptocurrency markets. Why hasn't it blown up yet? My best guess is that it's useful to everyone taking in money from new retail inves…
Earlier quoted context omitted.
Dunno, I hear they're planning a big dilution soon. https://www.axios.com/trillion-dollar-platinum-coin-mint-jan...
The way it's supposed to work is you then fall back on the intrinsic value of the copper. That's the 'coin' part of what the 'Mint' does.
https://en.wikipedia.org/wiki/Penny_(United_States_coin)#Num...