121–130 of 492 posts
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> Well, like all crypto you can buy it and hope it goes up in value :) So, speculation. That's what all crypto is for.
And just like many stocks that don't plan to ever offer dividends.
Anyone Seen Fort Knox's Trillions?
I find it ironic that people seem intent on holding Tether to a much higher standard than banks. I know there are certain legal guarantees applied to banks along with regulations, but all evidence points to Tether being in a much safer position than banks with their tiny fractional reserves. People are dissatisfied with anything less than fully-backed when it comes to 'crypto'.
Tether says (or at least used to) that they have 1USD in the bank for every tether issued. They say they're fully-backed, so they better be.
Yeah, they've since walked away from that particular claim (which was a lie). They do not have 1USD in a bank account for every USDT issued.
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's trivially easy for anyone to short tether, simply take out a DeFi loan of tether backed by any other crypto collateral (including e.g. USDC so you don't have liquidation risk). It will just cost you a few % APR to keep the position open
You’re already short USDT anytime you buy crypto in USDT terms (i.e. BTC/USDT). But if Tether nukes, and you’re long BTC/USDT you will likely lose a lot of money, even if BTC/USDT goes to the moon. Why? Because BTC in terms of all other fiat (BTC/USD) will implode.
You must have a short crypto vs long fiat leg to net off and leave you with a true Tether vs fiat structure.
LOL ! "The chief financial officer is Giancarlo Devasini, a former plastic surgeon from Italy who was once described on Tether’s website as the founder of a successful electronics business. The only reference to him that turned up in a search of Italian newspapers showed he was once fined for selling counterfeit Microsoft software. Elsewhere on the website, there’s a letter from an accounting firm stating that Tether…
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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…
I think it would increase as tether would need to dump into btc on exchanges like bitfinex and most know this dynamic by now. But who even cares. If it craters like it did during covid from fear selling it just comes back in a month or so.
"Solana, up 9,801% in 2021 for seemingly no reason at all" No reason at all, huh? Anybody with even a remote interest in crypto knows why Solana has exploded. It's L1 season and Solana is a direct competitor to ETH, which suffers from high usage fees. Every other L1 has exploded in value. As said, L1 season. These kind of statements make me suspect the author never used crypto in their life. The cultural gap between…
> It's L1 season You say this as if it’s a valid thesis outside of CT. Solana has exploded because Alameda, Cumberland and related VCs have made it so. > Young people are locked out of any and all assets. They can't afford real estate or any meaningful amount of stock. Savings accounts have a negative yield. Casually ignores Robinhood and equity markets, where most of any under 50s should have most of their wealth. F…
It's super cool that their 5K turns into 6K in 10 years time, but that doesn't do anything. You might as well turn it into 100K. Or lose it all. Fuck it.
I don't think you understand the dire situation of younger generations. In my country, the AVERAGE home costs 485K USD.
The median salary is 36K. Young people have salaries lower than that. This allows for a mortgage of 166K.
So unless you're born rich, you won't ever get a house. Perhaps they can rent then, and meanwhile save up? No. Private rent eats up so much of their salary that there's no room to save. Which would be pointless anyway as real estate appreciates faster.
They can't move out, they can't start a family. These people have a life to live. My dad was 19 when he had a rental house, married, two kids, and 50% of disposable income on a job requiring no education. Now people are 35 and still don't have the basics in place.
Hence, crypto. Which is not just a bet. It's an expression of full distrust against the supposed "sane" traditional system.
Why not focus on the real issues? Because they are unsolvable. Wages cannot rise significantly as nations compete in global capitalism. Real estate won't become much cheaper. Jobs security will not increase and student debt is unlikely to be forgiven.
If a young person working full time cannot afford a roof over their head or start a family, is in perpetual debt, and has zero job security, perhaps some start to wonder what the point of it all is.
People have been yelling about Tether for years, myself included. But nothing seems to stop it. Not lawsuits, not major news articles. The conclusion I draw is that, yes, the game is rigged - AND EVERYONE IS OK WITH IT. As long as it's making everyone money, no one will really complain. What I also find interesting, is that if tether ever DOES crash, the result might be a big boost for Bitcoin. If you hold Tether, an…
"Solana, up 9,801% in 2021 for seemingly no reason at all" No reason at all, huh? Anybody with even a remote interest in crypto knows why Solana has exploded. It's L1 season and Solana is a direct competitor to ETH, which suffers from high usage fees. Every other L1 has exploded in value. As said, L1 season. These kind of statements make me suspect the author never used crypto in their life. The cultural gap between…
> It's L1 season You say this as if it’s a valid thesis outside of CT. Solana has exploded because Alameda, Cumberland and related VCs have made it so. > Young people are locked out of any and all assets. They can't afford real estate or any meaningful amount of stock. Savings accounts have a negative yield. Casually ignores Robinhood and equity markets, where most of any under 50s should have most of their wealth. F…