I love tether
Tether's Troubles in November 2022
31–40 of 126 posts
Re: Tether's Troubles in November 2022
#32> The risk-on assets are 12.86% of the reserves, via simple division. Their equity is 0.36% of assets. If their risk-on assets were impaired by more than about 2.86%, Tether must have (by their own numbers) needed recapitalization. It is not credible that they suffered no serious impairment. Bitcoin, the blue chip cryptocurrency, is down by more than 10%. > I challenge anyone to find a portfolio construction for digi…
Yes tether is an obvious lie, and it’s now just a question of when, not if, they collapse.
Also curious if it happens instantaneously or somehow drags on.
Re: Tether's Troubles in November 2022
#33Earlier quoted context omitted.
Bitfinex (B) sees orders incoming for BTC or other currency. Then B acquires for $X. Then B fills the order to clients at $X.03 Boom, $0.03 free money. Multiply by scale of their client base.
Even more profitable is printing their own currency with nothing backing it, then lying about having it fully backed to set the value at or just below $1. Each USDT printed and sold to a sucker = $1 USD free money.
You're describing post-1971 USD. It's getting difficult to tell which currency is the bigger scam at this point.
Re: Tether's Troubles in November 2022
#34> [Even] in [our] darkest days, Tether has never once failed to honor a redemption request from any of [our] verified customers.
Bold statement by tether given that they, if I recall correctly had a very extended period in their past (months) where they were not allowing withdrawals. Wether they openly stated that or not is irrelevant, plenty of people could not get money out.
Re: Tether's Troubles in November 2022
#35I just hope that this is the beginning of the end for the whole crypto space. Good riddance. This fraud galore has no legal basis for existing.
Don't forget the utterly insane amounts of both financial and human capital that have been invested in this space with virtually nothing to show for it. The whole thing is an infinite sinkhole. Cryptocurrency kind of reminds me of that Star Trek episode where they were going to destroy the Borg by giving them this impossible n-dimensional object to ponder. It had no solution but was infinitely interesting so they wou…
This comment hits the nail on the head. Just this morning when I saw FTX and BlockFi's news I thought to myself "yeah all the electricity spent on this is bad, but the real problem is how many hours of human thought have been spent on coming up with these schemes just for them to blow up on our faces".
Crypto is like the mental virus in the movie "Pontypool" [0] - people are infected by it and cannot think about anything else.
Re: Tether's Troubles in November 2022
#36I'm a huge crypto bear, but the Fed Balance sheet is still way to big for the entire space to go to zero. Where would all the money go? SPX X 2, hyperinflation? https://www.federalreserve.gov/monetarypolicy/bst_recenttren...
Nowhere. Just like Sequoia's $240m investment - it's just marked down to $0.
Re: Tether's Troubles in November 2022
#37It's depressing to me that there is such a vocal group of people cheerleading the demise of an industry that seeks to improve the financial system on a global scale. Truly disheartening are the financially disenfranchised (and what I believe) young voices for whom any system would be better than the current. It's to the extent that many think that attacking capitalism itself is the answer.
There is an incredible amount of fraud in crypto and it should be identified, stamped out and vigorously prosecuted. But there is also genuine genius at work solving difficult problems for everyone's benefit. It is terrible that people are losing money so easily and is a reminder that crypto isn't solving the problem of fools being parted from their money. Presumably that's what laws and regulations do.
Re: Tether's Troubles in November 2022
#38Earlier quoted context omitted.
Even more profitable is printing their own currency with nothing backing it, then lying about having it fully backed to set the value at or just below $1. Each USDT printed and sold to a sucker = $1 USD free money.
You're describing post-1971 USD. It's getting difficult to tell which currency is the bigger scam at this point.
Except the latter is backed by an army and you can actually buy stuff with it. The former is so volatile that you don’t know if it’ll exist next year or not
Re: Tether's Troubles in November 2022
#39I just hope that this is the beginning of the end for the whole crypto space. Good riddance. This fraud galore has no legal basis for existing.
Don't forget the utterly insane amounts of both financial and human capital that have been invested in this space with virtually nothing to show for it. The whole thing is an infinite sinkhole. Cryptocurrency kind of reminds me of that Star Trek episode where they were going to destroy the Borg by giving them this impossible n-dimensional object to ponder. It had no solution but was infinitely interesting so they wou…
If crypto didn't exist, these people would either go to wallstreet, or play poker.
Re: Tether's Troubles in November 2022
#40It's depressing to me that there is such a vocal group of people cheerleading the demise of an industry that seeks to improve the financial system on a global scale. Truly disheartening are the financially disenfranchised (and what I believe) young voices for whom any system would be better than the current. It's to the extent that many think that attacking capitalism itself is the answer. There is an incredible amou…
People are cheerleading the ponzi-scheme part of it.