481–490 of 976 posts
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It was hardly "hard money" in 1922, as the Fed was created in 1913, and the dollar started plummeting. If you want to see what a hard money world looks like, look at the 40 years or so prior to 1913, when most civilized nations were on a gold standard.
>look at the 40 years or so prior to 1913 Constant booms, busts, and panics. The period of the most financial instability in history occurred under the gold standard.
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I actually hate people disavowing themselves of responsibility here. While there is definitely some shady stuff in Crypto (particularly NFTs, which seem to be 99% scams), there's a certain level of personal responsibility required here. People saw the meteoric rise of Bitcoin and got a serious case of FOMO. Everyone wanted to be on the next Bitcoin. This, ultimately, is the American Dream: to get rich by doing nothin…
This mentality of blaming the victim can muddy the waters and make it easier for criminals to get off the hook though.
People just don't go around handing out money. Early Bitcoin miners went through the effort of setting up mining rigs (which is no longer practical for an individual). They actually did something, and had some skin in the game. Did they hang on to those early coins until this year? I have no idea.
But people that just buy into coins because OMG its the next big thing, are purely speculating, which is nothing more than a form of gambling. Do I feel sorry for people with a gambling addiction? Yes I do, and I know someone that 'retired early (35)' to play poker professionally.
To much of the coin and NFT space to me smells of a combination of pyramid scheme and MLM. By its very nature it rejects regulation, it is decentralized. Which is one of the reasons, to me, that it is suspect.
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> Remember, with a stablecoin, there is no upside to holding. As always people around here tend to see the world from their point of privilege. If you are in Turkey, Sudan or Venezuela right now there is a huge upside in holding a stable coin pegged to the dollar. Only 13% of the world population is lucky enough to live on a stable democracy with a stable economic system.
Yup. I live in Turkey, and don't trust the local currency (Lira) and the government's power over banks to keep my dollars too. Crypto is the safest in that sense for me, and a stablecoin is ironically more trustworthy than my country's currency in general. Yet I don't trust USDT or UST so I'm on relatively more trustable USDC or BUSD.
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risk exposure to that not being honored and tether crashing.
Is there evidence that it's currently not being honored?
The risk mitigation is that you can always sell back into the market, assuming Tether holds its value (I’m very cynical about Tether but I doubt it’ll break its peg in the next few weeks because they’ve become experts at manipulating it in a way that UST was not) which I think is a fairly safe bet (in the context of “bets on crypto” not general financial bets, compared to real financial bets this is batshit crazy).
So… relying on Tether to redeem is a terrible idea, but if you are confident the market value will hold, it’s not a bad bet to make as the downside is… a small percentage loss on selling back into the market. Not a bet I would make though, I wouldn’t touch tether with my worst enemies money.
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>So why would one want to have Luna when you got Terra? There are 3 different things: Governance related, market module related, and staking related. You can spend 50 LUNA to submit a governance proposal. The second is to stake your LUNA. When your LUNA is staked the first benefit is that you can vote on governance proposals. Proposals can be onchain changes such as modifying a parameter or an offchain change which p…
> an offchain change which people should respect even if there is nothing technically forcing them to follow it Ah, the good old trust-less blockchain. Proved by maths, not by trust and decency and conventions like traditional finance.
The entire concept of a "stablecoin" reminds me a lot of something from SIGBOVIK 2014. Keep in mind, this was written in 2014, before any stablecoins actually existed, and that SIGBOVIK is supposed to be a joke conference where people present extremely silly ideas as if they were real breakthroughs. > DollarCoin: We propose skipping the middleman and providing direct proof-of-dollar with a blockchain that consists of…
Here's a question for tether "investors": why are you investing in something whose stated goal is to maintain a peg to the USD instead of, you know, just holding money in US dollars? You're adding a bunch of risk for literally no upside. The only thing you gain is to to trade that on the blockchain, which is really a response to the oracle problem. So you've greatly increased your risk with no upside to slightly incr…
I think the "investing" in tether is really only the best match to "Let me see, where can I park my money in the least volatile way on this crypto exchange".
EDIT: Interestingly, if tether breaks, then USDC is the last man standing and will have to work hard to maintain the peg. Under such circumstances it's quite possible that BTC is the next best "stable" coin.
The entire concept of a "stablecoin" reminds me a lot of something from SIGBOVIK 2014. Keep in mind, this was written in 2014, before any stablecoins actually existed, and that SIGBOVIK is supposed to be a joke conference where people present extremely silly ideas as if they were real breakthroughs. > DollarCoin: We propose skipping the middleman and providing direct proof-of-dollar with a blockchain that consists of…
Here's a question for tether "investors": why are you investing in something whose stated goal is to maintain a peg to the USD instead of, you know, just holding money in US dollars? You're adding a bunch of risk for literally no upside. The only thing you gain is to to trade that on the blockchain, which is really a response to the oracle problem. So you've greatly increased your risk with no upside to slightly incr…
Stable coins can be exchanged against other crypto currencies on chain. So if you are willing to trade crypto currencies, stable coins are more practical than USD.
There are also tax implications: Depending on where you live, crypto-to-crypto profits are not taxable. You will be taxed if you sell crypto currencies for USD, but not if you sell crypto currencies for a stable coin.
The entire concept of a "stablecoin" reminds me a lot of something from SIGBOVIK 2014. Keep in mind, this was written in 2014, before any stablecoins actually existed, and that SIGBOVIK is supposed to be a joke conference where people present extremely silly ideas as if they were real breakthroughs. > DollarCoin: We propose skipping the middleman and providing direct proof-of-dollar with a blockchain that consists of…