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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

#81

Post by louwrentius »

throw6383878 wrote: post #8
louwrentius wrote: post #5

I would actually be surprised if the whole crypto ecosystem isn’t going to implode soon. The thing is that it doesn’t create any value, it’s all a game of musical chairs. I don’t care VCs holding the bags, but I do care about the retail “investors” that were naive. (I don’t care about the hfsp bros). In a few years we will look back at the crypto space and we wonder why nobody intervened like nobody intervened with M…

Crypto is the only reliable way to pay contractors in Russia now. Saying "no real value" is quite stretch!

Crypto is the only reliable way to do crime is what you are arguing it seems.

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

#82

Post by louwrentius »

charlieyu1 wrote: post #80
jmartin2683 wrote: post #77

Cryptocurrency, as a thing, just needs to go away. How many people have to lose their life savings before we admit a bad idea? All so that NK can pay for nukes, people can buy drugs and extort people on the internet. We’re not making the world a better place here, folks. Good effort, but no. Let’s stop now.

So traditional banking systems are good now? Depends being very invasive to privacy and being a tool of mass surveillance?

Whataboutism isn’t an argument, it’s just a silent admission of guilt, trying to make people look the other way.

Criticism of our existing financial systems is valid but it’s a different topic, it does make society happen and has tremendous value.

Crypto has negative value. It undermines society, and it actively facilitates crime.

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

#83

Post by louwrentius »

ls15 wrote: post #79
jmartin2683 wrote: post #77

Cryptocurrency, as a thing, just needs to go away. How many people have to lose their life savings before we admit a bad idea? All so that NK can pay for nukes, people can buy drugs and extort people on the internet. We’re not making the world a better place here, folks. Good effort, but no. Let’s stop now.

How is Justin Sun's fraud Monero's or Bitcoin's fault?

It enables fraud.

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

#84

Post by louwrentius »

mrtksn wrote: post #19
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.

The US dollar is regulated and it’s use and transfer creates all kind of legal issues and as a result institutions that handle its storage and transfer run heavy KYC and reject unconventional use cases. When you turn it into a stablecoin you no longer have to deal with all that, you can easily trade unregistered securities and engage in ponzis without an oversight. Okay this sounds a bit too cynical but each crypto b…

I love the “unconventional use cases” as an euphemism for “crime”.

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

#85

Post by simple-thoughts »

jpgvm wrote: post #41

Remember folks stablecoins have exactly 2 stable states, 1 and 0.

Baloney. Many stablecoins are not pegged 1:1 to USD, for a strict example see Rai. If a stablecoin has enough collateral, then the managers (human or algorithmic) can let the peg loosen in order to purchase and burn the coin at a discount or mint and sell the coin at a premium.

That said I’m being a bit pedantic as the specific design of USDD (as well as UST) has that property since the collateral is correlated to the stablecoins peg. So you’re correct in this specific case though not in general.

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

#86

Post by jfk13 »

Zanfa wrote: post #69
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.

On the other hand, if random exchanges can print them, there's little to guarantee their stability.

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

#88

Post by matheusmoreira »

_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…

Yeah. The saddest thing about the cryptocurrency space is how actual good projects remain marginalized despite their value. Monero is what cryptocurrency was supposed to have been like since the start.

Holding XMR means losing money because it doesn't increase in value proportionally to BTC and gets absolutely destroyed even in minor market crashes. It would be so nice if Monero turned into the de facto stable coin of the cryptocurrency world but it's still way too volatile with all the drawbacks and none of the benefits.

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

#89

Post by npc12345 »

louwrentius wrote: post #84
mrtksn wrote: post #19

Earlier quoted context omitted.

The US dollar is regulated and it’s use and transfer creates all kind of legal issues and as a result institutions that handle its storage and transfer run heavy KYC and reject unconventional use cases. When you turn it into a stablecoin you no longer have to deal with all that, you can easily trade unregistered securities and engage in ponzis without an oversight. Okay this sounds a bit too cynical but each crypto b…

I love the “unconventional use cases” as an euphemism for “crime”.

No post body was provided.

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

#90

Post by sampa »

WeylandYutani wrote: post #78
throw6383878 wrote: post #8

Earlier quoted context omitted.

Crypto is the only reliable way to pay contractors in Russia now. Saying "no real value" is quite stretch!

The only value Russia has is what's underneath the ground. Such a cruel joke from mother Nature putting all those natural resources in the hands of a nation and people so unworthy.

Nature didn't do anything. It was all Russians who discovered and conquered that land.

Read some history. "unworthy", yeah, sure.

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