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Earlier quoted context omitted.
"LOL, FTX fail? Sam Bankman-Fried is a genius, you think you know better than him?"
This is the most infuriating attitude, and the reason you can't reason cryptobros out of their delusion.
Earlier quoted context omitted.
IIRC, the NYAG/JPM report from a few years back almost explicitly said "this is totally criminal and entirely fraudulent, but it's too late to stop, because if we do, the entire global financial system will explode"
Sorry to be a finance idiot, but why would the entire global financial system explode?
if balance sheets and collateral for loans for big businesses were all in tether it stopped being redeemable or traded at $0, the businesses would have nothing on their balance sheet and all their lenders would realize the collateral was also missing, and the lenders also would realize they wouldn't get paid and had lent on bad assurances. The lenders would also lose money on all those loans, and their capital partners would lose money (private equity firms and their limited partners) and everyone that relied on payouts from the PE firms would have to change their forecasting, and the PE firm would not be investing in the economy anymore, making a hole in that market. Depending on how many PE firms were doing this it could grind a significant part of the economy to a halt.
good news is that typically the government fills in the gap. but people don't like that.
Within the crypto space, these exchanges are extortionate to project communities and the project founders, and a lot of it can't be talked about because that ensures no listing on Binance, and thats just the tip of the iceberg of what people have to put up with, all of the eastern exchanges have similar practices. eastern europe too, but and to a much lesser extent the US exchanges but to the point that it’s impossible to get listed unless all the VCs backed you.
Outside the crypto space, its pretty obvious that the discussion is much more juvenile, any distress with any crypto exchange represents "crypto" as a whole, and validates whatever people already believe. So the sooner these mismanaged companies go away, the sooner that conversation can mature.
Unpermissioned market making onchain has been a major boon to the crypto space, and so these exchanges like Binance are not necessary. Most of the major wallets have ways of getting fiat into the crypto space, and they can become the primary users of onramps. Both Block and Paypal are crypto exchanges, all that infrastructure is there by better managed companies, and trading of more esoteric asset pairs can be done onchain, as it already is.
I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?
You might just as well wait for the 'obvious scam of the FED printing fake money' to implode. The thing with fiat money is, fake or not, as long as enough people believe in it, it functions well.
It's been clearly and obviously explained to death for crypto people where the value of fiat comes from and it's not a "debate" I'm interested in rehashing.
I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?
IIRC, the NYAG/JPM report from a few years back almost explicitly said "this is totally criminal and entirely fraudulent, but it's too late to stop, because if we do, the entire global financial system will explode"
I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?
You might just as well wait for the 'obvious scam of the FED printing fake money' to implode. The thing with fiat money is, fake or not, as long as enough people believe in it, it functions well.
Ever since MtGox, a familiar headline, reusable every year or so, with only the specific identity of the biggest crypto firm needing be changed. (Though, who's next? Not that many still standing, really.)
The thing to remember about Bitcoin, et al, is that it's decentralized. Sure, the code base may be gate-kept by a small clique of developers, sure, the mining may be largely done by a handful of coordinating mining pools, sure, you may need specialized hardware only manufactured by a couple of shady foundries, sure, all of the money may enter and exit through one or two exchanges pretending to comply with various mon…
I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?
Matt Levine has an article on Tether and how tether is the perfect business except for them loaning crypto to customers. https://www.bloomberg.com/opinion/articles/2023-09-21/tether...
I'm still waiting for the "obvious scam that Tether is which is printing fake dollars as everybody knows" to implode. Any moment now. BTW, wasn't the narrative that crypto goes up because it's bought with printed Tethers? Why aren't they printing some now to start another bull market?
Matt Levine has an article on Tether and how tether is the perfect business except for them loaning crypto to customers. https://www.bloomberg.com/opinion/articles/2023-09-21/tether...
Well, and assuming they have any significant fraction of the assets they claim to have.