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USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

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Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#31

Post by usr1106 »

throw6383878 wrote: post #26
usr1106 wrote: post #18

Earlier quoted context omitted.

The question is whether paying contractors in Russia is ethically any better than paying illegal drugs. Not that the contractors would all be bad people. But sanctions are there to force change. The easier it is to make sanctions ineffective the longer change will take.

US imports of Russian enriched uranium, platina, cobalt... are now highest in history. Please leave empty moralising out of this. I am paying for programming services. Traditional banking system is unreliable, so I use crypto. Nothing illegal or unethical!

I claim even driving a car is unethical. Russia earns more money from energy imports now than before the war. Price is a function of supply and demand. Supply is difficult to change and certainly not in an ethical way. So everone maintaining demand supports the war, whether they want or not.

An action does not get ethical because others are worse. It's good for your conscience noting others are worse, I don't deny that.

(And I did not say that I don't do the same. I recently had to take a plane. It was unethical to make Russia's war budget grow a tiny bit by doing so, but I thought staying at home would have had other morally unpleasant consequences.)

Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#32

Post by vgatherps »

nickez wrote: post #29
janalsncm wrote: post #11

What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.

Tax, if your country has capital gain tax you need to declare every single trade to real USD. When you are trading between crypto pairs you are not realizing any gain, thus you don't need to declare it. Until you eventually sell of course.

99.999% sure the IRS is not going to accept "but it was technically USDC not USD".

The main reason was that historically, crypto institutions tended to be no-questions-asked blacklisted from any real bank, so those who could get banking made stablecoins. Circle, who runs USDC, got banking access from some favorable VC connections iirc, and Tether .... who knows.

Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#33

Post by twelve40 »

throw6383878 wrote: post #26
usr1106 wrote: post #18

Earlier quoted context omitted.

The question is whether paying contractors in Russia is ethically any better than paying illegal drugs. Not that the contractors would all be bad people. But sanctions are there to force change. The easier it is to make sanctions ineffective the longer change will take.

US imports of Russian enriched uranium, platina, cobalt... are now highest in history. Please leave empty moralising out of this. I am paying for programming services. Traditional banking system is unreliable, so I use crypto. Nothing illegal or unethical!

> Traditional banking system is unreliable

Chase lets you send wires online for 40 bucks still to all but half a dozen banks there. There might be cheaper ways to wire, too. Not sure what's so unreliable about that, worked all of this year so far.

Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#34

Post by reallydontask »

throw6383878 wrote: post #26
usr1106 wrote: post #18

Earlier quoted context omitted.

The question is whether paying contractors in Russia is ethically any better than paying illegal drugs. Not that the contractors would all be bad people. But sanctions are there to force change. The easier it is to make sanctions ineffective the longer change will take.

US imports of Russian enriched uranium, platina, cobalt... are now highest in history. Please leave empty moralising out of this. I am paying for programming services. Traditional banking system is unreliable, so I use crypto. Nothing illegal or unethical!

If the unreliability of the traditional banking system is due to sanctions, then that would suggest that what you are doing is circumventing sanctions and thus quite likely illegal.

Lots of caveats as I don't have enough information, happy to be corrected though.

Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#35

Post by ackbar03 »

Reason077 wrote: post #10
justahuman74 wrote: post #2

I'm sure the relevant central bank will step in to prop up the currency

Plot twist: The Federal Reserve devalues the USD in order to maintain parity with TRON.

Cause jpow was long crypto this whole time

Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#36

Post by ne0flex »

nickez wrote: post #29
janalsncm wrote: post #11

What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.

Tax, if your country has capital gain tax you need to declare every single trade to real USD. When you are trading between crypto pairs you are not realizing any gain, thus you don't need to declare it. Until you eventually sell of course.

If you're trading crypto pairs then that is considered a taxable event.[0] Many people owed taxes in 2017 because of that rule. It's not considered a like-to-like exchange.

[0] https://www.coindesk.com/learn/crypto-capital-gains-and-tax-...

Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#37

Post by twelve40 »

reallydontask wrote: post #34
throw6383878 wrote: post #26

Earlier quoted context omitted.

US imports of Russian enriched uranium, platina, cobalt... are now highest in history. Please leave empty moralising out of this. I am paying for programming services. Traditional banking system is unreliable, so I use crypto. Nothing illegal or unethical!

If the unreliability of the traditional banking system is due to sanctions, then that would suggest that what you are doing is circumventing sanctions and thus quite likely illegal. Lots of caveats as I don't have enough information, happy to be corrected though.

Unless they are dead set on specifically sending money to the 7 sanctioned institutions, there is absolutely nothing illegal or unstable about this. Source: me wiring modest amounts regularly to my own accounts there to pay local taxes and other things from my regular US bank accounts.

Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#38

Post by jefftk »

nickez wrote: post #29
janalsncm wrote: post #11

What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars? Or use Belize dollars. They’re worth $0.50 by law and have no instability issues.

Tax, if your country has capital gain tax you need to declare every single trade to real USD. When you are trading between crypto pairs you are not realizing any gain, thus you don't need to declare it. Until you eventually sell of course.

Are you sure? What I've read is that every cryptocurrency transaction realizes the gain/loss, including trading one currency for another. See https://www.irs.gov/individuals/international-taxpayers/freq...

Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#39

Post by usr1106 »

giantrobot wrote: post #30
xiphias2 wrote: post #23

Earlier quoted context omitted.

Sanctioning a government fighting a war is very different from sanctioning people who want to engage in the economy without violence. I would argue the more the economic exchange to violence ratio is between two groups, the better it is for both groups (maybe not the leaders)

Except the government fighting a war is getting taxes from those people that just want to engage in the economy to fund its war effort. Sanctions are not perfect but they're a better tool than a shooting war.

Not only directly supporting the government by paying taxes, but also implicitly keeping the current dictator in power. I don't say everyone should be active opposition, it's dangerous in that morally rotten state with its criminal government.

But there is a tipping poing when a dictator and his elite falls. Nobody thought the Soviet Union or the GDR would fall in 1989/90. But they did, at some point the lying just did not work anymore. As long as average peaceful people can make a good living this is much less likely to happen.

Re: USDD/Tron near collapse: USDD stablecoin below $0.97, reserve collateral drained

#40

Post by _pc3z »

Sad nobody talks about Monero when cryptocurrency is mentioned. It is pretty much the only viable cryptocurrency. There are no wild promises of getting rich quick, just technology. There are hundreds of cryptocurrencies and Monero stands out like a sore thumb, trying to deliver nothing else other than privacy, security, and stability. It's what Bitcoin should have been. I am seriously not all that interested in cryptocurrency. For the most part, it's all just nonsense and a waste of electricity, but Monero actually delivers.
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