"stable coin" is the "clean coal" of the crypto world.
Tether starting to lose its peg too, after Terra did
741–750 of 976 posts
Re: Tether starting to lose its peg too, after Terra did
#742Earlier quoted context omitted.
> Unless your bank kicks you out by some reason (incompetent compliance). Unless foreign bank refuses your transaction because the bank doesn’t like the color of your passport. Unless somehow banking system wants to cut extra from your transaction (2.5-4% for transaction) because of double currency conversion you didn’t ask for, because you didn’t specify correct correspondent bank and your bank didn’t tell you about…
I disagree. As someone from Argentina which has a high percentage of crypto owners I can say poor people in poor countries aren't literate enough or don't have the resources (ie: liquidity, bank account) to get cryptos. It's more of a middle class thing here. Real estate isn't cheap in the big cities if you take into consideration the average salary and barely any financial aid to buy property. Besides, being a landl…
IIUC, it's quite easy in Argentina to convert pesos to dollars and store them in an Argentine bank with a US correspondent bank - ditto for Euros and Yen.
There are many downsides to Tether. Why is it worth the risk in comparison?
Additionally, there's simply not enough money in Tether compared to the $80B to talk about. It's a distraction.
Re: Tether starting to lose its peg too, after Terra did
#743Come on guys, do some research, Tether now publishes audited reserve reports as part of the settlement with the US Department of Justice. ~70% of tether in circulation are backed by Treasury Bills and cash deposits, so immediately redeemable. The other ~30% in short term commercial paper can pose a bit of risk but unless they did something really stupid (and they are all but stupid) nothing to put the backing at risk.
Tether is here to stay and if you feel giddy at the idea of it going down ask yourself why you are rooting for someone to fail...
Re: Tether starting to lose its peg too, after Terra did
#744Earlier quoted context omitted.
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 inco…
While I’m sure there are live players that earn more than club bouncer levels of money, the only way to do this that I know of is to have access to really big games on an almost daily basis.
At peak covid, all the games dried up and even the pros went slumming. I personally saw Phil Ivey at a 2/5 game (!) at the Aria on a random Monday because that was the only game going and he hadn’t had any live practice in quite a long time.
Re: Tether starting to lose its peg too, after Terra did
#745Earlier 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…
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, ultimately, is the American Dream: to get rich by doing nothing other than getting lucky and being able to say how smart you are
AFAIK, the original American Dream was getting rich through smart work and entrepreneurship.
Not winning the lottery.
Re: Tether starting to lose its peg too, after Terra did
#746Earlier quoted context omitted.
It's like people have never heard of Dai? I don't get it.
Isn't Dai crypto-backed? That would give it a risk profile, but also not make it risk-free: Counterparty risk (Tether) vs. exchange rate risk of the backing assets (Dai).
It's multi-collateralized, so backed by crypto, but also backed by crypto that is backed by actual paper (ie. USDC counterparty risk) and is overcollateralized (so the backing is more than how much $ DAI there is by a substantial margin - ~166%). It has a number of additional clever tricks to keep the peg (burning MKR, etc.), but unlike Terra is not only clever tricks.
Re: Tether starting to lose its peg too, after Terra did
#747The 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…
If it is 20% backed, haven't they pocketed the other 80bill already anyway? Therefore the 20B left is just a lottery ticket you might as well pay to have a chance to klept some more hundreds of bills? What am I missing here? That the 80 bill has been badly spent on papering over some exchange losses?
IT's actually that the other 80% never existed at all.
Re: Tether starting to lose its peg too, after Terra did
#748Earlier quoted context omitted.
The American dream is to make it through hard work, what you are referring to is simple greed and laziness and it’s been around since humanity attained consciousness.
> The American dream is to make it through hard work Now that's the actual con, or at least a pipe dream. Hard work is never enough. Luck plays a huge factor but few who get lucky, and then rich, will ever admit to that part.
> Now that's the actual con, or at least a pipe dream. Hard work is never enough.
This seems like a bad faith, intentional misunderstanding of the concept of hard work. You're right, mindless hard work (with no proactive consideration for your own life trajectory) is not enough to "make it". If you take the first minimum wage job you find and you work hard at that job for 40 years, you're not going to make it. That doesn't invalidate the American Dream. The American Dream isn't "if you work hard, the American Dream fairy will appear and present you with a house, a car and a white picket fence", it's "if you work hard at making it, you can quite easily make it". This presupposes that a given worker will take responsibility for their ability to earn, and be willing to course correct if they are not on a good path toward "making it".
> Luck plays a huge factor but few who get lucky, and then rich, will ever admit to that part.
Nonsense. The goal of the American Dream was never to be Jeff Bezos. It was to live a comfortable life. In that sense, the American Dream is being realized by the vast majority of Americans every day. The median income of a middle-class household in this country is 78K,[0] which puts them in the ~94th percentile in global income.[1]
[0]https://www.pewresearch.org/fact-tank/2018/09/06/the-america... [1]https://www.washingtonpost.com/graphics/2018/business/global...
Re: Tether starting to lose its peg too, after Terra did
#749Earlier quoted context omitted.
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.
Yes and everyone warned everyone investing in crypto that it could go from hero to zero instantly. I cant believe anyone didnt know this risk.
> Yes and everyone warned everyone investing in crypto that it could go from hero to zero instantly. I cant believe anyone didnt know this risk.
Clearly not. There's a pretty clear pattern where many (most?) cryptocurrency enthusiasts avert their eyes from anything except the most transient and limited downsides and are can be quite hostile to anyone who's bearish on cryptocurrency. It's got a strong "power of positive thinking" vibe.
Re: Tether starting to lose its peg too, after Terra did
#750Earlier quoted context omitted.
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.
Where can I find my exact win rate at poker posted?