71–80 of 133 posts
Earlier quoted context omitted.
Why would bitcoin spike?
Since it's very difficult to convert USDT into real USD, if people were desperately trying to exit their Tether positions, they'd likely do it by changing for other cryptocurrencies like bitcoin.
USDT has a strong following in APAC countries. Also for some crypto users part of its allure is that it’s vaguely sketchy - it means they are less likely to have their funds blacklisted, a feature which Tether maintains the ability to do but has never enforced as far as I’m aware. If you are getting into the space now USDC is an audited stablecoin backed by Coinbase and Circle which has the second highest issuance af…
Do you want to disclose that work for Circle? So maybe your opinion might be as like, more than a little biased?
Why would that make his opinion any less bias based? Most opinions tend to be like that.
Is there any specific opinion in his comment you object to?
I've dissected the comment below, it should be easy to point out the specific part that bothers you.
-
Opinions where the employer seems completely irrelevant:
> USDT has a strong following in APAC countries
> Also for some crypto users part of its allure is that it’s vaguely sketchy - it means they are less likely to have their funds blacklisted,
-
Simple statements of fact:
>a feature which Tether maintains the ability to do but has never enforced as far as I’m aware
>USDC is an audited stablecoin backed by Coinbase and Circle which has the second highest issuance after Tether
-
A possibly biased opinion, (But really just a fact, USDC is far less likely to disappear overnight than USDT. Anyone familiar with both will agree.)
>Most likely you would prefer USDC over tether.
Earlier quoted context omitted.
There is no chance it is 100% backed like they claim. I would happily wager $10000 on it if a framework for such a wager existed.
The majority of markets don't care if it is 100% backed, like they don't care when their bank does fractional reserve. They care about whether the USD peg will last within their timespan they plan to use tether. One of the most common advertised applications for tether is arbitrage between exchanges. There it hardly matters whether tether has 100% reserves, what matters if the peg stays within the days that you are d…
Banks are insured, and in general they haven't failed for the last like 100+ years.
I do think what you are saying about usdt is mostly true though, however if(when) usdt does fail the entire market will take a dive off a cliff. So even if your assets are in other cryptos it still represents a systemic risk to the entire system.
Earlier quoted context omitted.
If you look at market data, it looks like tether has managed to keep the peg of the asset quite well along the years. So if you have parked some of your assets to tether, you have had very good possibility to change it back to other crypto-assets any time. I don't want to promote tether and I have never touched it myself, but when it seems to be working and liquid for many exchanged world-wide, your statements seem a…
The main issue is what will happen when holders of USDT try to redeem them. Tether says it's immune to a bank run, because they have the entire outstanding amount of USDT (3.83B at time of writing) is backed 74% with USD. If you believe that a company without access to banking actually has 2.8B USD available for disbursement, then you are more optimistic than I am.
As I said I haven't used tether and highly probably will never use it - I don't have any use case, bitcoin is enough for me. However if I had some use-case for moderate amount and months of timespan, I would probably use it (depending of course on other alternatives - AFAIK USDT is de facto "USD coin" on many exchanges).
USDT has a strong following in APAC countries. Also for some crypto users part of its allure is that it’s vaguely sketchy - it means they are less likely to have their funds blacklisted, a feature which Tether maintains the ability to do but has never enforced as far as I’m aware. If you are getting into the space now USDC is an audited stablecoin backed by Coinbase and Circle which has the second highest issuance af…
Tether is technologically superior and has 90% of marketshare compared to any other stable coin. If FUD scares you then crypto trading is not for you
Earlier quoted context omitted.
The main issue is what will happen when holders of USDT try to redeem them. Tether says it's immune to a bank run, because they have the entire outstanding amount of USDT (3.83B at time of writing) is backed 74% with USD. If you believe that a company without access to banking actually has 2.8B USD available for disbursement, then you are more optimistic than I am.
I'm just saying that tether has worked for years, and the peg seems to be still there. All those years also people have been saying that tether will lose its liquidity any moment. Might be but tha market data says what it says. As I said I haven't used tether and highly probably will never use it - I don't have any use case, bitcoin is enough for me. However if I had some use-case for moderate amount and months of ti…
But traditionally in finance, when things go wrong everything is fine for a few years then everyone loses all their money.
Earlier quoted context omitted.
Tether is technologically superior and has 90% of marketshare compared to any other stable coin. If FUD scares you then crypto trading is not for you
Technologically superior? The Omni implementation is being dropped by binance because it's so slow and expensive and they're using the erc20 token instead - exactly what USDC uses
Earlier quoted context omitted.
If you look at market data, it looks like tether has managed to keep the peg of the asset quite well along the years. So if you have parked some of your assets to tether, you have had very good possibility to change it back to other crypto-assets any time. I don't want to promote tether and I have never touched it myself, but when it seems to be working and liquid for many exchanged world-wide, your statements seem a…
The main issue is what will happen when holders of USDT try to redeem them. Tether says it's immune to a bank run, because they have the entire outstanding amount of USDT (3.83B at time of writing) is backed 74% with USD. If you believe that a company without access to banking actually has 2.8B USD available for disbursement, then you are more optimistic than I am.
Earlier quoted context omitted.
The majority of markets don't care if it is 100% backed, like they don't care when their bank does fractional reserve. They care about whether the USD peg will last within their timespan they plan to use tether. One of the most common advertised applications for tether is arbitrage between exchanges. There it hardly matters whether tether has 100% reserves, what matters if the peg stays within the days that you are d…
>The majority of markets don't care if it is 100% backed, like they don't care when their bank does fractional reserve. Banks are insured, and in general they haven't failed for the last like 100+ years. I do think what you are saying about usdt is mostly true though, however if(when) usdt does fail the entire market will take a dive off a cliff. So even if your assets are in other cryptos it still represents a syste…
Not sure what you're trying to say here, given Bear Stearns and Lehman just failed ~11yrs ago, and the entire banking system would have imploded if not for trillions in Fed lending support and govt stimulus.
Earlier quoted context omitted.
I think it means seibelj works for Circle and is shilling their stablecoin. The irony is that the entirety of "crypto" outside of the people doing the academic work for it is not just vaguely sketchy, but extremely sketchy.
Well, don't know for these stablecoins but to me the "normal crypto" meaning bitcoin is very easy to understand and use. It is like commodity nowadays - it is up to the user whether to use it for scetchy things or for normal things.
Are you serious? You need to establish presence at an exchange meaning you need to scan and send your ID to a company which more likely than not -- does QuadrigaCX ring a bell -- is run by scammers. Then you need to buy bitcoin and store it somewhere... and then send it to someone. The sending costs an unknown amount, takes an unknwon amount of time, the receiver gets something but none of you can predict how much that is actually worth by the time they receive it. If they want to do something with it they need to go through the exchange rigmarole. And you call this very easy to use.
Bitcoin was, is always will be nothing more than a novel scam. It's not a Ponzi... it's a novel form of scam. https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/