691–700 of 976 posts
It’s just nuts.
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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…
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…
Trusting such claims without proof is stupid/financial illiteracy/YOLO investing (pick your preferred term).
The speculation in this thread is silly. While Tether is certainly opaque (you could say shady), it's incredibly doubtful that it's unbacked to a significant extent. Even if it's only backed at 50% (which would be really shocking to me), it would take 39B$ to flow through the system to actually cause a depeg. That's very unlikely, and just the logistics of it means it would leave a lot of time to Tether to clear the…
> Even if it's only backed at 50% (which would be really shocking to me) Is it shocking? Aren't traditional banks only backed by a tiny fraction of what they give out?
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Our society has made a different call. We have decided that without being restricted investment cons will cause massive harm to society. We decided this because it happened over and over and over and over again.
We did not decide this. You are just pretending that this has been decided the way you like. FDR is long dead.
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Well now you're getting into what 'worth' means. As a kid I had a bunch of baseball cards that Becketts said were 'worth' $X. I took them to the local shop and they would only pay some value NFTs are a bit like celebrity signatures. They are worth what someone will pay. If a celebrity verifiably digitally signs something and they only do it once, that is worth something to some people as a collectible. It is not wort…
You are aware that nft are a link stored in a database and not the picture or whatever. The picture is on a server and can be deleted.. btw did happen en mass.
NFTs are worth nothing to me, but so are celebrity signatures. That doesn't mean they are generally worthless b/c people collect all sorts of stuff.
I'm feeling pretty smug right now, not gonna lie. I have tried to keep an open mind about crypto, but generally the arguments I've encountered for crypto have boiled down to "you just don't get it" and said by people with a huge vested interest in crypto.
And I don't even think Tether is a particularly good idea/stablecoin, something like Dai is much more trusted, has an incentive scheme that makes sense (ie. not Terra/Luna) and doesn't rely on a central authority
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> First, I have never actually seen any comments here disavowing themselves of responsibility. Pulling from the comment I was replying to: > ... many poorer and financially illeterate people have been tricked ... That's quite literally disavowing responsibility. > ... but there is an extensive body of law intended to protect people from outright falsehoods This is true and the law hasn't quite caught up to crypto sca…
> That's quite literally disavowing responsibility. Unsure how you failed to read the emphasis on " themselves " in the comment you're replying to, and the line about protecting others.
Half of this thread believes we should protect people from themselves.
The other half believes people should have the freedom to screw themselves over.
Not sure there's much ground for compromise, given the contradictory nature of those positions.
Stablecoins must be the must crazy investment in the modern era, right after NFTs: by buying them, you’re essentially betting that the stablecoin can maintain its peg. By not buying them and keeping dollars, you get the same outcome except safer. It’s just nuts.
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It's a stablecoin. It's not supposed to move at all !
Yes - it is... It's stable - not fixed. The stability of the coin allows for minor flucuation in price - these are then arbitraged out. Today's drop is clearly an indicator of market moves, cash-outs, etc.
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It was at 95 cents about six hours ago. Not entirely unexpected to see a dip of that magnitude due to limited liquidity at nighttime when most USD payment rails are offline (market makers don't have infinitely deep pockets), but also not exactly confidence-inspiring.
For the record, USDT was at its lowest point ~$0.91, sometime in April 2017, and seems to have recovered after that as well. I'd never touch USDT for other reasons (why not use Dai?), but I won't say it doesn't seem like the money printer will go on for just a bit more.