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Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

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Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#191

Post by slenk »

qeternity wrote: post #187
greyface- wrote: post #184

Earlier quoted context omitted.

> Why is A ranked below B even though A has more points and is newer? > You can't derive rank from votes and time alone. See "How are stories ranked?" above. > How are stories ranked? > The basic algorithm divides points by a power of the time since a story was submitted. Comments in threads are ranked the same way. > Other factors affecting rank include user flags, anti-abuse software, software which demotes overhea…

Thanks for this. I've not seen this before. It would appear to be a bit of YC ass covering to keep truly controversial content off the homepage.

It's to prevent vote manipulation

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#192

Post by xur17 »

rglullis wrote: post #177
otoburb wrote: post #173

Earlier quoted context omitted.

What purpose would somebody have to keep a significant percentage of their savings in USDC, which isn't subject to FDIC protections? The same logic would extend to anything else that is a similar digital cash-equivalent. Given the purported 1:1 peg with the USD, there is no advantage to holding any cash savings in USD[C|T] form.

Because my main strategy for DeFI has been to (a) provide liquidity in Uniswap pools with tokens paired against USDC and (b) liquidity on Curve, where you stake USDC and DAI. I have had returns that are simply unmatched by any savings account, the liquidity pools with stabletokens help to reduce a lot of the volatility while generating some income from the collected fees, and if I there is any big downswings, I don't…

> Because my main strategy for DeFI has been to (a) provide liquidity in Uniswap pools with tokens paired against USDC and (b) liquidity on Curve, where you stake USDC and DAI.

It's worth pointing out that most pools with USDC on curve also expose you to USDT.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#193

Post by seibelj »

rglullis wrote: post #188
seibelj wrote: post #180

Earlier quoted context omitted.

The risk is not that Circle would lose your money, I am extremely confident in their security and key management. The risk would be that you yourself would lose your key somehow. You are also open to smart contract risk in Uniswap from your other comment, but they also have been around a very long time. I wouldn’t worry about USDC, I would worry about everything surrounding it in the defi ecosystem.

I am not asking about the technical risks, those I am already aware and are factored in. The question is about how much you would trust Circle's claims about what they have in their reserves.

110%, would stake my name on it JamesSeibel.com

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#194

Post by pornel »

wmf wrote: post #126
superjan wrote: post #31

Earlier quoted context omitted.

Beyond the fraud allegations, the idea that an organisation can just print extra money as they see fit, doesn’t that go against the principles of crypto finance? I am genuinely curious why people think that is a sustainable idea.

Tether claims that they are not printing money. Whether they follow their own rules is disputed, but there are rules.

"Trust us". That's super decentralized and trustless.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#195

Post by rout39574 »

SantalBlush wrote: post #60
opinion-is-bad wrote: post #50

Earlier quoted context omitted.

That’s not free money; it’s money taken from people under threat of violence.

Not agreeing with the parent comment, but I fail to see how printing money and distributing it involves violence.

If you don't intend to be hyperinflationary, the printing of money has to be associated with the acquisition of value or the assumption of debt. The debt is repaid through taxation.

Grandparent comment is referring to the position that taxes are extracted via threat of force. This is an extremely emotionally fraught position, and it's difficult to discuss rationally.

So, the reasoning goes, if you have to tax to print money, it is done by resort to force or threat thereof.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#196

Post by rglullis »

xur17 wrote: post #192
rglullis wrote: post #177

Earlier quoted context omitted.

Because my main strategy for DeFI has been to (a) provide liquidity in Uniswap pools with tokens paired against USDC and (b) liquidity on Curve, where you stake USDC and DAI. I have had returns that are simply unmatched by any savings account, the liquidity pools with stabletokens help to reduce a lot of the volatility while generating some income from the collected fees, and if I there is any big downswings, I don't…

> Because my main strategy for DeFI has been to (a) provide liquidity in Uniswap pools with tokens paired against USDC and (b) liquidity on Curve, where you stake USDC and DAI. It's worth pointing out that most pools with USDC on curve also expose you to USDT.

Not the one from Compound. It is cDAI + cUSDC only.

But to be completely honest, I am not on this anymore. I moved to the EURS/sEURS based one, as the CRV incentives are very good at the moment. Seeing how I was wrong about Circle status regarding audits, I need to do some more checks about the bank behind EURS.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#197

Post by BrissyCoder »

qeternity wrote: post #114
BrissyCoder wrote: post #105

Earlier quoted context omitted.

Most of the crypto heads on Twitter actually seem to believe that it is properly backed. But you know, you're judging the opinion of people who invest in cartoon apes.

> Most of the crypto heads on Twitter actually seem to believe that it is properly backed. I don't think anyone genuinely believes this. But as long as everyone knows the game, but the peg holds and their bags are pumped, then nobody cares.

Yeah, I actually probably lean towards following the nuttier ones for my own entertainment.

Just had a look on r/crytpocurrency and they all seem to realise it's BS and a huge risk to the market.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#199

Post by FDSGSG »

qeternity wrote: post #186
FDSGSG wrote: post #171

Earlier quoted context omitted.

Tether is obviously the kind of business the government fundamentally doesn't like. Whether or not what they're doing violates any current laws doesn't matter, they are yet another Liberty Reserve enabling large scale money laundering. Even in an imaginary world where Tether is a completely legitimate business not operating in violation of any existing laws, there would be no way for them to make government investiga…

> they are yet another Liberty Reserve enabling large scale money laundering. > there would be no way for them to make government investigations go away within any reasonable timeframe. Yes, this is usually the problem with breaking the law (such as facilitating large scale money laundering). You seem to believe this is a bug, while every other citizen views this as a feature. People breaking the law cannot making in…

Sorry, I'm not interested in taking part in your weird struggle against Tether.

I am obviously not defending Tether, I do not have a single good thing to say about Tether. But unlike you seem to be, I'm not emotionally invested in what happens to Tether.

I was simply calling out the obvious bad faith argument presented by wmf. Even if Tether isn't violating any laws, the US government is going to go out of their way to get them.

>You seem to believe this is a bug, while every other citizen views this as a feature.

I have said precisely nothing that could be interpreted by a person of ordinary intelligence to suggest such a belief. This is something you have created inside your own head. I wonder why?

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#200

Post by qeternity »

seibelj wrote: post #182
qeternity wrote: post #146

Earlier quoted context omitted.

> I worked at Circle. If you think that Jeremy Allaire is going to go to federal prison, you are out of your mind. You're making massive leap in logic. I completely agree with you. Regulators have been absurdly slow to react, and I think that both Circle and Tether will probably end up just fine, at least legally. There may be a cataclysmic breaking of the peg but ultimately it will be retail that gets slaughtered. T…

How it is a massive leap when you are insinuating that the attestation means Circle is doing something shady? You are trying to have it both ways. Circle is not a sketchy Eastern European or Caribbean operation. They have a big office in Boston across the street from the Federal Bank of Boston and employ highly paid people who wouldn’t jeopardize their careers. The FUD is just ludicrous.

> How it is a massive leap when you are insinuating that the attestation means Circle is doing something shady?

Because being shady isn't illegal? You're the one suggesting this might amount to something felonious, which is perhaps telling.

> They have a big office in Boston across the street from the Federal Bank of Boston and employ highly paid people who wouldn’t jeopardize their careers.

This is a terrible argument. I have worked with people who were highly paid people working for well connected shops in fancy offices (Enron, Lehman, etc).

> The FUD is just ludicrous.

What FUD? Point to a single thing I've said that isn't purely factual.

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