Binance freezes withdrawals of stablecoin USDC as investors pull $2B

Post by dwighttk » Tue, Dec 13, 2022, 4:37 PM UTC

Post by JumpCrisscross » Tue, Dec 13, 2022, 4:37 PM UTC

oneoff786 wrote: post #34

JumpCrisscross wrote: post #29

Earlier quoted context omitted.

> the major stable coins still holding pegs How? In what assets? Even in Treasuries, tens of billions of unexpected sales in an off run will depress prices. If deposited in a podunk bank, it might literally go under.

Still refers to the present. You are referring to a hypothetical future.

Post by latchkey » Tue, Dec 13, 2022, 4:38 PM UTC

4pkjai wrote: post #16

This might be why BTC is shooting up at the moment. If you can't withdraw your stable coins you might as well buy Bitcoin and withdraw that.

Post by jbverschoor » Tue, Dec 13, 2022, 4:41 PM UTC

JumpCrisscross wrote: post #24

tnel77 wrote: post #23

“Crypto sucks. This is proof.” Exchanges going under proves that people are greedy and/or stupid, but it doesn’t inherently mean every crypto project is bad. It doesn’t seem like people holding their own keys are having a bad time right now. Sure, prices of these assets are down, but a hardware wallet is an easy way to make sure your assets don’t end up being given away during a bankruptcy proceeding.

> doesn’t inherently mean every crypto project is bad No, but it’s lost the benefit of doubt. Starting from the position that crypto is likely fraud, and those participating in it are facilitating (wittingly or not) money laundering, is spreading from financial peripheries to money centre economies.

Post by oneoff786 » Tue, Dec 13, 2022, 4:41 PM UTC

JumpCrisscross wrote: post #43

oneoff786 wrote: post #34

Earlier quoted context omitted.

Still refers to the present. You are referring to a hypothetical future.

> yoh are referring to a hypothetical future I’m referring to the present state of their reserves. A present state which almost deterministically implies a future state under certain conditions.