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Tether starting to lose its peg too, after Terra did

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Re: Tether starting to lose its peg too, after Terra did

#571

Post by rtkwe »

corndoge wrote: post #105
someotherperson wrote: post #62

Earlier quoted context omitted.

> If you've been honestly working on the assumption that it is, then you deserve to lose your (real) money to some crypto VCs on an island somewhere This is victim blaming. Nobody deserves to be exploited, robbed or otherwise for any reason.

"Deserves" is a word with variable meanings. You learn early on not to touch hot stoves. Do you morally deserve to get burned if you touch the stove anyway? Arguably no, but in the other meaning of "you should've known better", you kinda do deserve it.

The big problem is Tether's minting has driven the market for crypto crazy so even if you've been avoiding holding Tether for longer than it takes to transfer your assets or to buy new assets your holdings are going to be inflated by the fake money injected by Tether's money printer.

Re: Tether starting to lose its peg too, after Terra did

#572

Post by bratwurst3000 »

Mvandenbergh wrote: post #472
jmyeet wrote: post #455

Earlier quoted context omitted.

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…

The reasons this is nonsense are twofold: First, I have never actually seen any comments here disavowing themselves of responsibility. It is always aimed at protecting others and this is rooted in the obvious fact that a very large number of people are not (and we do not expect them to be) experts in investment. That assets can go up or down is one thing, and nobody can be protected from that, but there is an extensi…

If people cant handle the basic of investing they shouldnt do it. If its too good to be true it mostly isnt.

Is it the casino foult that their customers loose money because the ambient is so inviting and screams wining?

Re: Tether starting to lose its peg too, after Terra did

#573

Post by jameshart »

greyhair wrote: post #506
stevekemp wrote: post #384

Earlier quoted context omitted.

Payments here in the EU, even between countries, are pretty straightforward. Transferring money from the EU to UK, or EU to USA, Peru, or Canada get more complicated and expensive though. Those are the kind of transfers I had in mind. There are transferwise, and similar services, but even so it's not as cheap as it should/could be.

The problem of transferring currencies is that you are always buying through currency traders, who are attempting to make a profit on knowing current exchange rates and predicting near and long term exchange rates. I was visiting Montreal from the US a couple decades ago, and I wanted to exchange some US dollars for Canadian, and in the financial center, I found five different exchanges with five different rates. I h…

The problem that international fund transfers require currency brokerage is not solved by introducing another currency.

Why do you need to convert currency when transferring to someone in another country in the first place? Because the banking infrastructure in that country is denominated in their currency. Because their bank account only permits them to hold balances in that currency. And because only funds in that currency are guaranteed by the banking laws in that country.

If it weren’t for that, currency conversions could be ignored! If everyone in the world had bank accounts that could handle euros, say, you could transfer funds globally; people could make purchases by transferring euros, etc etc.

In fact there’s not a lot stopping you from doing that. You can have an account denominated in whatever currency you like. Provided you don’t care about things like deposit protection.

And that’s all Bitcoin and other crypto really add to the mix - a uniformly available currency for denominating non-deposit-protected balances.

Re: Tether starting to lose its peg too, after Terra did

#574

Post by nkingsy »

greyhair wrote: post #482
mensetmanusman wrote: post #460

Earlier quoted context omitted.

This mentality of blaming the victim can muddy the waters and make it easier for criminals to get off the hook though.

Victim blaming is wrong, I agree with that completely. But a lot of 'coins' are just paper dreams, and live somewhere on the spectrum of the Nigerian Prince scam. (that, I realize, being the extreme example) I have a hard time feeling sorry for someone that wires $10,000 to a foreign country so that a wire transfer of $20,000,000 can be processed to their bank. People just don't go around handing out money. Early Bit…

I don’t understand your poker sentence.

Playing poker professionally is not a retirement, and no one really playing poker for income is addicted, I can assure you (at least not for long).

These days, playing live is the only way to get an edge (correct me? Been a while), and that would be a boring, nauseating job, right around the pay scale and routine of “club bouncer” if you’re good.

I played poker for my sole income for three years after college, traveling the world playing online. It was occasionally a lot of fun, morally painful, so stressful and not very well compensated. I would be rich now if I’d gone straight into programming instead of spending my 20s “avoiding work” by working my ass off to monetize my hobbies.

Re: Tether starting to lose its peg too, after Terra did

#575

Post by aeyes »

piva00 wrote: post #441
ulzeraj wrote: post #382

Earlier quoted context omitted.

That's a rare situation. The first thing a government does when their economy starts to colapse is to force the population to use and save in their dying currency while restricting access to foreign currency to prevent capital flight. Just look at Russia and Argentina.

Argentina has a pretty strong black market of USD, capital controls there didn't stop people from hoarding dollars as a stable currency.

But the black market has black market exchange rates. You can probably get something a little more reasonable on the open crypto market.

Re: Tether starting to lose its peg too, after Terra did

#576

Post by dagw »

bratwurst3000 wrote: post #572
Mvandenbergh wrote: post #472

Earlier quoted context omitted.

The reasons this is nonsense are twofold: First, I have never actually seen any comments here disavowing themselves of responsibility. It is always aimed at protecting others and this is rooted in the obvious fact that a very large number of people are not (and we do not expect them to be) experts in investment. That assets can go up or down is one thing, and nobody can be protected from that, but there is an extensi…

If people cant handle the basic of investing they shouldnt do it. If its too good to be true it mostly isnt. Is it the casino foult that their customers loose money because the ambient is so inviting and screams wining?

Is it the casino foult that their customers loose money

Casinos are very strictly regulated and must post the exact rules and probability of winning for all their games. If the casino lies about the rules of the game or your chances of winning, then yes it is absolutely their fault and they will be held liable.

Re: Tether starting to lose its peg too, after Terra did

#577

Post by ineedasername »

Let's put on some tinfoil hats & speculate a bit: What groups might have the resources to attack the peg on UST & USDT? Is anyone out there bragging about the $$ they're making by demonstrating that these coins aren't quite so stable? (Personally I have no idea, and wouldn't even know where to look to find chatter about it, hence the question)

Re: Tether starting to lose its peg too, after Terra did

#578

Post by bratwurst3000 »

sshine wrote: post #71
shafyy wrote: post #55

Earlier quoted context omitted.

> If you've been honestly working on the assumption that it is, then you deserve to lose your (real) money to some crypto VCs on an island somewhere. The sad reality is that many poorer and financially illeterate people have been tricked by VCs and other grifters into this with billions of dollars spent in advertising. So, no, they don't deserve to lose their money to these assholes. These assholes need to be prosecu…

> many poorer and financially illeterate people have been tricked I’m sorry, but it’s worse than that. Whenever I’ve said “Tether is a scam waiting to blow up, and the evidence is obvious”, none of my smart peers had anything to say, either. The BTC price is hells high by this fake USD money printer. At least people are collectively waking up. Brrrr.

Yes I thought that so many people that it’s so obvious but they didn’t believe it and still did Invest in crypto. Their FOMO had total control of them. They didn’t want to understand the concept they just wanted to be part of something bigger

Re: Tether starting to lose its peg too, after Terra did

#579

Post by encryptluks2 »

Traster wrote: post #558

The thing that I think some people miss about Tether is that it's not about whether it is backed enough it's either fully backed or it isn't. If it's not, it's not a question of whether it's back enough to weather this storm, it's about whether the people running it think they can weather this storm. If they think they can keep it running they'll sell whatever backing they have and keep the peg. But if they even thin…

That'd be great to watch. It is amazing how quick people turn on each other once shit hits the fan. They'll all be pointing fingers at each other full circle.
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