141–150 of 465 posts
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Yeah, but notice, it isn't.
there is a crisis in the usd though. it is fast losing its status as world reserve currency and coincidentally today we are at a footstep of ww3 ;)
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None of these things matter at all. Thanks to the US military, USD as the reserve currency remains.
of course it matters. it devalues the us dollar as a stable reserve
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No, this is not a Taco Bell. This is HackerNews, and while it may not be exactly a graduate-level economics classroom, we do try to have serious discussions here. You are not adding to that in any way. If you think that something someone says is wrong, then address it (and/or downvote). If you think that something someone says is breaking the rules, flag it. Don't mock the very idea of meaningful discussion just beca…
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> You're complaining that dollars are created out of nothing - they're not, of course They’re not? > you cannot have a bank run anymore. It's not possible. Right, because the banking system can always create dollars out of nothing to satisfy any outstanding liabilities. > Banks are backed by the FDIC which in turn is backed by the Fed The Fed is a creature of Congress. It’s all sovereign currency issuance.
> Right, because the banking system can always create dollars out of nothing to satisfy any outstanding liabilities. Can they though? Don't they create new liablities with this? Effectively ending in "finance debt with more debt" scheme that has eventually got to collapse?
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This is honestly the most asinine remark. Tethers are supposed to be backed by $1 in assets. You're complaining that dollars are created out of nothing - they're not, of course, but even if they were: When Tether holds less than $1 of backing assets for each $1 of USDT in circulation it's worth strictly less than the $1 you're deriding. It is this gap we're talking about. So your comment isn't just wrong, it's comple…
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I have absolutely no way to substantiate this, but I feel like if you needed to be able to say that you technically had a few billion in reserves as cheaply as possible but didn't actually think you'd ever need to liquidate it, buying the riskiest debt you could might be a great way to do that.
I'm not following your logic. $1 worth of debt is worth $1 no matter how risky it is. The risk is built into how much it is worth. Risky debt is high risk high reward. Since these funds are backing a stablecoin it doesn't make sense to go for high risk plays with that much money.
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USDT is the fuel that powers a lot the crypto ecosystem. Good luck trying to move USD around between different places in the crypto ecosystem (especially outside office hours). While possible it's complicated, slow and has terrible uptime. The biggest crypto markets in the world are quoted in tether.
Fiat-backed, collaterized stable coins that are better than USDT - USDC (Circle USD) - GUSD (Gemini USD) - BUSD (Binance USD) - EURS (Stasis EUR) Crypto backed (overcollaterized) stable coins that are soft-pegged and better than USDT - DAI (MakerDAO) - sUSD (Synthetix USD) - sEUR (Synthetix EUR) No one needs USDT anymore. The fact that even Binance gets more credibility than Tether should tell you how scammy the peop…
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Fiat-backed, collaterized stable coins that are better than USDT - USDC (Circle USD) - GUSD (Gemini USD) - BUSD (Binance USD) - EURS (Stasis EUR) Crypto backed (overcollaterized) stable coins that are soft-pegged and better than USDT - DAI (MakerDAO) - sUSD (Synthetix USD) - sEUR (Synthetix EUR) No one needs USDT anymore. The fact that even Binance gets more credibility than Tether should tell you how scammy the peop…
I'd be careful about adding Stasis to this list. Discord users have been complaining about not being able to withdraw through their platform for some time now.
I will stop recommending it until I can make sure that it is easy to do on/off ramps with them.
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I'd be careful about adding Stasis to this list. Discord users have been complaining about not being able to withdraw through their platform for some time now.
Ok, that is good to know. I got in and out EURS only through Curve and Uniswap, so I don't know what is the process to redeem for fiat. I will stop recommending it until I can make sure that it is easy to do on/off ramps with them.
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It depends. Tether lies constantly, and has lied many times. We have NYAG and CFTC settlements to that effect. The point parent is making, AFAIK, is that without actual audits (that they have promised for years were only months away) we have no idea if they actually processed $10B of withdrawals. Or whether they simply nuked $10B of unbacked Tethers from orbit. Maybe they printed $10B, used it to buy Bitcoin, then so…
Important to note that they can only nuke that is under their control right now, and presumably Bitfinex' (and perhaps some other entities). Everything that is in wider circulation can only be removed through actual withdrawals.
An exchange could borrow the USDT, and when returned, they could be burned - with no dollars changing hands.