261–270 of 336 posts
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There is a decent circular economy growing around bitcoin, at the very least you can purchase gift cards with them which hold dollar amounts to get whichever services you'd like!
Is there though? Where can I use Bitcoin to buy gift cards redeemable for: milk, underwear, dentist, train tickets, a visit to the barber? ( These being the five everyday purchases I last made.)
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I had invested in liquidity pools (which collect fees for you for facilitating trades between tokens that you contribute), and some such pools had Tether. One downside of such pools is that, if any one of the assets in it goes to zero, all your invested capital goes to zero (though you keep the fees). It was therefore a Tether long. I had also held a small amount for online purchases. More generally, the reason to ho…
USDC has the exact same properties as USDT, but has no legal issue and is backed by an entity that is a infinitely more trustworthy. There is Gemini USD - similar story. There is DAI if you are long on ETH/BTC and still want/need liquidity. Curve has a pool without USDT (cDAI/cUSDC). Uniswap lets you make any type of pair. On its heyday (before v3), I was providing to DAI/USDC and I was getting 2% returns per month .…
https://news.ycombinator.com/item?id=31422545
https://news.ycombinator.com/item?id=31417134
https://news.ycombinator.com/item?id=31412835
My comment was answering a question about “why stablecoins at all”.
To answer your question, because some uniswap v3 pools with USDT offered competitive returns, like the 0.05% WETH/USDT one. That was one of many I used, which included those that paired DAI or USDC with ETH.
I considered the concerns overblown at the time and so was okay with making some the USDT pools a part of my LP portfolio.
I’m honest.
The most important point in this article is that whether Tether is fully collateralized ultimately doesn't matter. As long as there are well-capitalized parties (Bitfinex, other exchanges) that want to prop up Tether, it will be fine. Nobody should be under the illusion that Tether is decentralized or anything other than a bet on Bitfinex.
More examples: Metamask, Moralis, Blockchain.com, Kraken, Binance
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The difference is that USDC is run by a US-based public corporation and its managers are US citizens that live in the US. If USDC is a fraud (or even just materially misrepresented), they go to jail. Is that a guarantee? No, but I don't understand why anyone would use USDT instead of USDC. [edit: s/UST/USDT]
Maybe! First, they have to get caught; Bernie Madoff managed to run his ponzi for decades, running the value up to $65B. Jail for misrepresentation is pretty rare; IIRC only one person in the entire 2009 financial crisis wound up with jail time. > No, but I don't understand why anyone would use UST instead of USDC. That's fair, I just don't understand using either .
> As of this writing, on May 20th, it has yet to regain the peg This is misleading. Tether has consistently traded between $0.998 and $0.999 between May 13th and May 20th. See https://coinmarketcap.com/currencies/tether/ Is it trading at 0.1% lower than it was before the Terra USD collapse? Yes. Has it "lost its peg"? No.
I'm not an expert by any means on this topic, but for non-crypto assets that are pegged, going even 0.1% below the peg is a huge deal. A peg is a peg, it's supposed to be more or less certain.
> As of this writing, on May 20th, it has yet to regain the peg This is misleading. Tether has consistently traded between $0.998 and $0.999 between May 13th and May 20th. See https://coinmarketcap.com/currencies/tether/ Is it trading at 0.1% lower than it was before the Terra USD collapse? Yes. Has it "lost its peg"? No.
I'm not an expert by any means on this topic, but for non-crypto assets that are pegged, going even 0.1% below the peg is a huge deal. A peg is a peg, it's supposed to be more or less certain.
the 'fee per fiat withdrawal' is 'The greater of $1,000 or 0.1%'
so it would theoretically make sense for the peg to be 0.1% off as there is no more profit from redemptions at that level.
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It is one step closer to shutting the doors on Bitcoin as an isolated financial ecosystem. Bitcoin-to-actual-USD is a trackable / taxable event. Whales avoid it like the plague. By moving to a pseudo-dollar like Tether, market makers can hang out while they wait for a suspect better buy-in price in the future. Should pseudo-dollars go way, they actual-Dollar transactions get a taxable haircut. Additionally, the frict…
Aren't sales of Bitcoin for Tether taxable anyway?
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I'll take that bet. But you need to put up the $5,000 first. So you don't think you're just losing money, I'll issue you $5,000 worth of my personal stablecoin that you can redeem 1:1. If you win, I'll give you another $5,000 of my personal stablecoin to pay the bet. You can redeem them whenever you want, I'll be good for it. /s
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If you are so sure of this then let us make a Real bet. 50 million sounds good yes? And if you don't have 50 million we can simply bet your entire net worth.
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> Are any of you willing to back up any of these bold sentiments with actual money? Or are you just like the rest? All words, no soul? If you are so sure of this then let us make a Real bet. 50 million sounds good yes? And if you don't have 50 million we can simply bet your entire net worth.