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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

#61

Post by EB-Barrington »

ShivShankaran wrote: post #45
giantrobot wrote: post #30

Earlier quoted context omitted.

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.

Quoted post unavailable.

Russia is committing to a genocidal war, this is why they have sanctions against them.

They are literally state-sponsors of terrorism and they're funding privately operated terrorist groups.

Rapes, murders, destruction of civilian infrastructure, it's all well documented.

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

#62

Post by arcticbull »

Don't count on it. If I recall correctly USDD still doesn't have a redemption mechanism. USDD is just Justin Sun messing around with folks to get a rise out of them. He can restore the peg at his discretion for a few bucks.

Sun was on twitter a few months ago shitposting about "steady lads deploying capital" (referring to Do Kwon's infamous Terra posts) as it lost the peg before, and nothing came of it then either.

USDD isn't a 1:1 asset backed coin, and it's not a properly algorithmic coin. Also Justin Sun is a piece of work. It's all just a weird mess. Moreso than usual for crypto.

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

#64

Post by usr1106 »

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.

Not sure whether it is illegal. I certainly don't like the imperialistic US view that their sanctions are globally binding. Citizens and businesses from other countries should not be bound by US laws while not being on US ground.

But I think that these sanctions against Russia are ethically justified. So circumventing them is unethical for me, whether illegal or not.

Edit: Saying that these sanctions are ethically justified does not imply that they would be the most efficient or effective way to stop the war.

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

#65

Post by MomoXenosaga »

ls15 wrote: post #59

Tron was the most obvious shitcoin in 2017 already. Justin Sun announcing announcements was a common meme back then. John McAfee was promoting it. It is astounding that some people still take this obvious joke serious.

I have the feeling that as more people find out crypto is not a way to get rich quick the interest from mainstream society will dwindle.

Cryptocurrency was and still is being shilled everywhere and FOMO is real.

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

#66

Post by [deleted] »

nprateem wrote: post #42
_pc3z wrote: post #40

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 crypt…

Now exchangeable without fees on the Basicswap DEX. https://basicswapdex.com/ https://particl.news/basicswap-open-beta-is-now-live/

[deleted]

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

#67

Post by maria2 »

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.

Crypto is programmable money. However, if you use non-stable coins then you open yourself up to exchange rate risk, especially given how volatile the price can be. Stable coins are an attempt to create programmable dollars, essentially.

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

#68

Post by usr1106 »

xiphias2 wrote: post #58
usr1106 wrote: post #27

Earlier quoted context omitted.

So you close Putin's and a couple of other credit cards and let everyone else continue a normal life? Maybe fairer to some individuals (like those already acting in opposition), but certainly a completely ineffective sanction.

This is the first time in the history of humanity that the country leaders can be bypassed and money could be sent peer-to-peer between geographies. There is just no precedent to this (you can't send gold / USD bills on the borders, and when there are banks involved, the leaders could always stop it).

This might be a nice property in some cases.

However, the massive speculation and pollution caused by crypto make the overall balance look strongly negative to me.

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

#69

Post by Zanfa »

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.

> What is the purpose of “stable” coins? If you want a thing that is worth a dollar, why not just use dollars?

Random exchanges can‘t print dollars, but they can print stablecoins to prop up other crypto prices.

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

#70

Post by Veen »

usr1106 wrote: post #64
reallydontask wrote: post #34

Earlier quoted context omitted.

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.

Not sure whether it is illegal. I certainly don't like the imperialistic US view that their sanctions are globally binding. Citizens and businesses from other countries should not be bound by US laws while not being on US ground. But I think that these sanctions against Russia are ethically justified. So circumventing them is unethical for me, whether illegal or not. Edit: Saying that these sanctions are ethically ju…

A currency exchange recently got a substantial fine for allowing users to circumvent sanctions.

https://www.reuters.com/business/finance/crypto-exchange-bit...

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