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Anyone Seen Tether’s Billions?

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Re: Anyone Seen Tether’s Billions?

#201

Post by quickthrowman »

qeternity wrote: post #197
quickthrowman wrote: post #190

Earlier quoted context omitted.

> What? This doesn’t make any sense. 0dte options are often some of the most actively traded. But I’m not really sure you get this stuff. Did you miss the “far out of the money” part of my comment? What’s the bid/ask on the Oct 8 SPX 4550C going to be at open tomorrow, assuming SPX opens around 4400? Bid 0.00, Ask 0.05 I also understand there is resting (and possibly hidden, depending on the order types allowed by th…

> What’s the bid/ask on the Oct 8 SPX 4550C going to be at open tomorrow, assuming SPX opens around 4400? Bid 0.00, Ask 0.05 Minimum price tick == 0.05 on ES options. I would sell you some for 0.01 but Globex won’t let me.

I’m not buying any 4550Cs.

You do understand my original comment chain was talking about a complete tether collapse where it has 0 value and not just a temporary dip in price.. right? Go read arcticbull’s comment about 6 levels up, that’s the scenario I was referring to in my comment.

I’ve traded both ES and SPX options so you can stop quizzing me about them. By the way, minimum price tick on ES options is .25 (which is $12.50) lmao. If you don’t believe me, look at the option chain, mr career hedge fund options trader guy (your words, not mine).

Re: Anyone Seen Tether’s Billions?

#202

Post by quantified »

unyttigfjelltol wrote: post #41
h2odragon wrote: post #17

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.

Older US pennies (pre-1982) have copper worth much more than 1 cent now, newer ones are basically zinc.

On the flip side, a US mint $50 piece is actually well over $2000 of gold [https://catalog.usmint.gov/american-eagle-2021-one-ounce-gol...]

The imprimature of the US mint is what makes these coins now.

Re: Anyone Seen Tether’s Billions?

#204

Post by zz865 »

I dont understand why this is so big though. Surely few people own tether long term. Ie you use it to buy crypto, not sell your crypto and hold thether. I can imagine traders buy and sell a lot but that wouldn't add to tens of billions.

Re: Anyone Seen Tether’s Billions?

#205

Post by mekster »

impostervt wrote: post #31

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…

What kind of hopium is that? Once Tether collapses, the entire crypto market loses its faith as they've been trading against fraud and the market structure was as imaginative as it could be.

Re: Anyone Seen Tether’s Billions?

#206

Post by TedDoesntTalk »

zz865 wrote: post #204

I dont understand why this is so big though. Surely few people own tether long term. Ie you use it to buy crypto, not sell your crypto and hold thether. I can imagine traders buy and sell a lot but that wouldn't add to tens of billions.

> but that wouldn't add to tens of billions

Why not?

Re: Anyone Seen Tether’s Billions?

#207

Post by wpietri »

FireBeyond wrote: post #160
Ice_cream_suit wrote: post #120

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…

Well, Bitfinex uses Deltec as their bank. A bank that claimed at the start of this year that they were "55 years old and whose customers were predominantly asset managers and high net worth individuals", until they did a website redesign (more on that below) and overnight were "70 years old". A bank that had a 33 year old "Deputy CEO" who gave interviews from his gaming rig. Who claimed to have graduated from HEC Lau…

> I keep waiting for Yakety Sax to start playing, but to the true believers, it never does, and apparently all us nay-sayers are just neanderthal and don't see "the vision".

It reminds me of the initial dot-com bubble, where anybody who asked questions was also painted as not getting it. Ditto the mortgage bubble, come to think of it.

Then when the inevitable crash comes, nobody apologizes. It's either "who could have known" or just moving on to the next grift and never saying another word.

Re: Anyone Seen Tether’s Billions?

#208

Post by ur-whale »

graeme wrote: post #60
ajkdhcb2 wrote: post #44

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 is more like a money market fund. It has much worse disclosure and much less stringent regulations than money market funds. Money market funds are 100% backed

> Money market funds are 100% backed

This is a meaningless statement unless they have actual, physical dollar bills stacked in a warehouse backing the fund.

And even then, it would be a lie: counter-party risk even applies to physical stacks of dollar bills (they can be stolen).

Re: Anyone Seen Tether’s Billions?

#209

Post by dboreham »

jkhdigital wrote: post #145
NelsonMinar wrote: post #72

Earlier quoted context omitted.

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.

…okay, so if I deposit USDC at Coinbase, I can instantly convert the entire balance into USD, and then withdraw that USD to my bank account. The statement that “USDC is not USD” means nothing to anyone who has access to instant and reliable conversion between the two.

"instant" really doesn't exist in cryptocurrencies.

Re: Anyone Seen Tether’s Billions?

#210

Post by dboreham »

aqme28 wrote: post #91
NelsonMinar wrote: post #72

Earlier quoted context omitted.

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.

Coinbase will swap your USDC for dollars. It's pretty painless.

Today they will, for a few people, for small amounts. The problem being discussed here is that they can't every day for arbitrary numbers of people and amounts, because they don't have enough USD on hand.
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