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When Tether Blows Up

paranoidenough.com

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Re: When Tether Blows Up

#21

Post by seibelj »

fourstar wrote: post #3

Looking at your Twitter, it seems a more apt article would be covering Solana's failure to function as a decentralized blockchain, rather than the same tired re-hashed Tether fud that most new crypto participants parrot. https://www.coindesk.com/tech/2020/12/04/solana-devs-call-al... https://solana.com/news/04-30-22-solana-mainnet-beta-outage-...

VC bag holders trying to make the 7 block eth2 reorg some sort of existential threat, while Solana shuts down for a day and they act like it’s no biggie. Absolutely hilarious.

Re: When Tether Blows Up

#22

Post by joe_the_user »

bulbosaur123 wrote: post #2

Disagree. Everyone already knows about the Tether scam, so the risk is priced in. Nobody will really lose confidence as everyone expects it to blow up for a decade now. Secondly, people will just switch to USDC.

I think every single large bubble (2008 notably) has used the argument that "since the possibility of this being a fraud been discussed, that possibility is being priced-in by the markets" and yet still the bubbles collapse.

Re: When Tether Blows Up

#23

Post by bushbaba »

jackblemming wrote: post #7

Does anyone else not care about cold takes like this? Even if you know something is going to crash, the important bit is knowing when. Guess what, Google, Facebook, and Netflix aren’t going to be around in a trillion years. Shocking, I know.

Well to be fair. The earth itself is only 4.5 Billion years old. Some experts expect our Sun will transition to a Red Giant in ~5 Billion years and stop generating heat.

/sarcasm

A trillion years is a long time. :D

Re: When Tether Blows Up

#25

Post by MichaelBurge »

mattzito wrote: post #14
zamadatix wrote: post #8

As much as I have always had zero faith in Tether since the beginning I've also been reading about how it's going to blow up for about just as long. Here is an article from 5 years ago https://hackernoon.com/what-will-happen-when-the-shit-hits-t...

“The markets can stay irrational longer than you can stay solvent” It’s hard to predict when things are going to fall apart. Archegos capital worked for quite a while until one day it didn’t.

> “The markets can stay irrational longer than you can stay solvent”

I'm pretty sure if they had damning evidence, a single hedge fund could single-handedly force the market to collapse in a couple weeks.

Keep in mind hedge funds can manage billions of dollars, cryptocurrency market caps are manipulated and the true order book depth is much smaller, and many cryptocurrency people are trading 100x leveraged perpetual futures on dodgy exchanges.

At some point it's disrespectful to even allow the market to exist.

Re: When Tether Blows Up

#26

Post by acchow »

I feel like Tether wanted to prove, once again, that the entire system is illusory anyway just like how the Bretton Woods system ended in 1971 (no more convertibility of USD into gold).

As long as people use USD effectively, who cares whether or not it is backed by actual gold?

Re: When Tether Blows Up

#27

Post by ldjkfkdsjnv »

mattzito wrote: post #17
ldjkfkdsjnv wrote: post #11

No way it blows up. Too many people have a vested interest in keeping it alive. Tether probably could have blown up years ago. At this point, there are definitely unseen and unknown backers who would prevent it.

I think that’s probably true for some amount of correction, but presumably there’s some amount where the juice just isn’t worth the squeeze anymore, right? A quick google search says there’s 14b tether in circulation - if that’s true and it falls 50%, who is going to put in multiple billions to try to prop it up?

If tether goes down, so does bitcoin. This post may as well be about bitcxoin going to zero then

Re: When Tether Blows Up

#28

Post by sdfhdhjdw3 »

MichaelBurge wrote: post #25
mattzito wrote: post #14

Earlier quoted context omitted.

“The markets can stay irrational longer than you can stay solvent” It’s hard to predict when things are going to fall apart. Archegos capital worked for quite a while until one day it didn’t.

> “The markets can stay irrational longer than you can stay solvent” I'm pretty sure if they had damning evidence, a single hedge fund could single-handedly force the market to collapse in a couple weeks. Keep in mind hedge funds can manage billions of dollars, cryptocurrency market caps are manipulated and the true order book depth is much smaller, and many cryptocurrency people are trading 100x leveraged perpetual…

> I'm pretty sure if they had damning evidence, a single hedge fund could single-handedly force the market to collapse in a couple weeks.

Exactly, like they did with GME.

Oh wait.

Re: When Tether Blows Up

#29

Post by SilasX »

NeutralForest wrote: post #13

No issue with the author but I wish I could filter HN to not have crypto related news here. It's really polluting my tech related feeds.

Same, but I also want to toggle it so that I specifically see the stories that are crypto related. Best I can do is search comments several keywords and then sift through batches of them that come from the same story.

Re: When Tether Blows Up

#30

Post by Tenoke »

HN posters have successfully predicted 9 out of the last 0 Tether blow ups.

More seriously, it's mostly seething while reposting the same stuff with this article potentially holding the record for being short enough to not even repeat most of the usual let alone add anything compared to the pages and pages of previous posts on the topic[0]. Which doesn't mean it won't blow up, just that those discussions are particularly motivated and low quality.

0. https://hn.algolia.com/?q=tether

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