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https://twitter.com/ebruenig/status/1462470657078435850
Quote from: steve dave on November 20, 2021, 02:29:41 PMQuote from: Spracne on November 20, 2021, 02:12:59 PMQuote from: steve dave on November 20, 2021, 12:34:52 PMthis tether stuff is scary to me. if it comes out as the smoke and mirrors thing everyone says it may be then the entire crypto industry may just collapse to crap. not forever, but there's a solid -75% bear case there.Tether stuff???!?tether/usdt is what everyone uses to trade into and out of other coins. if you hear "stablecoin" that's what it is. it's like the currency of the crypto world. usdc is another one but it has much less volume. it's supposed to have exactly $1 in value at all times and be backed by an actual dollar for every usdt ever created. like when we were on the gold standard and all money had to be backed with physical gold and you could trade it for gold at any time. it has a market cap of like $75b so that's a lot of dollars that are supposed to be out there. but, like, the people behind it are very secretive about it and even combative when approached to prove they have a dollar backing all of it. a lot of people think it's smoke and mirrors and they don't have any actual dollars (or at least a lot less than they claim) backing the stuff. so say this becomes known it's going to immediately become worth WAY less than $1 and there's going to be a massive bank run to get out of it. I am probably not explaining all of this correctly but it's my understanding of it based off just a couple investing guy podcasts I have listened to. You can’t convert USDT back to USD and that is a massive red flag
Quote from: Spracne on November 20, 2021, 02:12:59 PMQuote from: steve dave on November 20, 2021, 12:34:52 PMthis tether stuff is scary to me. if it comes out as the smoke and mirrors thing everyone says it may be then the entire crypto industry may just collapse to crap. not forever, but there's a solid -75% bear case there.Tether stuff???!?tether/usdt is what everyone uses to trade into and out of other coins. if you hear "stablecoin" that's what it is. it's like the currency of the crypto world. usdc is another one but it has much less volume. it's supposed to have exactly $1 in value at all times and be backed by an actual dollar for every usdt ever created. like when we were on the gold standard and all money had to be backed with physical gold and you could trade it for gold at any time. it has a market cap of like $75b so that's a lot of dollars that are supposed to be out there. but, like, the people behind it are very secretive about it and even combative when approached to prove they have a dollar backing all of it. a lot of people think it's smoke and mirrors and they don't have any actual dollars (or at least a lot less than they claim) backing the stuff. so say this becomes known it's going to immediately become worth WAY less than $1 and there's going to be a massive bank run to get out of it. I am probably not explaining all of this correctly but it's my understanding of it based off just a couple investing guy podcasts I have listened to.
Quote from: steve dave on November 20, 2021, 12:34:52 PMthis tether stuff is scary to me. if it comes out as the smoke and mirrors thing everyone says it may be then the entire crypto industry may just collapse to crap. not forever, but there's a solid -75% bear case there.Tether stuff???!?
this tether stuff is scary to me. if it comes out as the smoke and mirrors thing everyone says it may be then the entire crypto industry may just collapse to crap. not forever, but there's a solid -75% bear case there.
yeah, my understanding is that the volume isn't there
This Plan B is some bullshit man
Quote from: wetwillie on November 20, 2021, 03:29:45 PMQuote from: steve dave on November 20, 2021, 02:29:41 PMQuote from: Spracne on November 20, 2021, 02:12:59 PMQuote from: steve dave on November 20, 2021, 12:34:52 PMthis tether stuff is scary to me. if it comes out as the smoke and mirrors thing everyone says it may be then the entire crypto industry may just collapse to crap. not forever, but there's a solid -75% bear case there.Tether stuff???!?tether/usdt is what everyone uses to trade into and out of other coins. if you hear "stablecoin" that's what it is. it's like the currency of the crypto world. usdc is another one but it has much less volume. it's supposed to have exactly $1 in value at all times and be backed by an actual dollar for every usdt ever created. like when we were on the gold standard and all money had to be backed with physical gold and you could trade it for gold at any time. it has a market cap of like $75b so that's a lot of dollars that are supposed to be out there. but, like, the people behind it are very secretive about it and even combative when approached to prove they have a dollar backing all of it. a lot of people think it's smoke and mirrors and they don't have any actual dollars (or at least a lot less than they claim) backing the stuff. so say this becomes known it's going to immediately become worth WAY less than $1 and there's going to be a massive bank run to get out of it. I am probably not explaining all of this correctly but it's my understanding of it based off just a couple investing guy podcasts I have listened to. You can’t convert USDT back to USD and that is a massive red flagIt is a bit concerning. The big boys will prob survive after a huge hit, but it would rock any confidence and take a bit to recover. The part I don't get is why do firms use Tether if its so sketchy. Why not just use USDC or GUSD? I know GUSD is at least audited and Gemini has a bit license. That should mean at least something. Maybe there isn't enough of those 2?
Quote from: Stupid Fitz on November 22, 2021, 08:53:12 AMQuote from: wetwillie on November 20, 2021, 03:29:45 PMQuote from: steve dave on November 20, 2021, 02:29:41 PMQuote from: Spracne on November 20, 2021, 02:12:59 PMQuote from: steve dave on November 20, 2021, 12:34:52 PMthis tether stuff is scary to me. if it comes out as the smoke and mirrors thing everyone says it may be then the entire crypto industry may just collapse to crap. not forever, but there's a solid -75% bear case there.Tether stuff???!?tether/usdt is what everyone uses to trade into and out of other coins. if you hear "stablecoin" that's what it is. it's like the currency of the crypto world. usdc is another one but it has much less volume. it's supposed to have exactly $1 in value at all times and be backed by an actual dollar for every usdt ever created. like when we were on the gold standard and all money had to be backed with physical gold and you could trade it for gold at any time. it has a market cap of like $75b so that's a lot of dollars that are supposed to be out there. but, like, the people behind it are very secretive about it and even combative when approached to prove they have a dollar backing all of it. a lot of people think it's smoke and mirrors and they don't have any actual dollars (or at least a lot less than they claim) backing the stuff. so say this becomes known it's going to immediately become worth WAY less than $1 and there's going to be a massive bank run to get out of it. I am probably not explaining all of this correctly but it's my understanding of it based off just a couple investing guy podcasts I have listened to. You can’t convert USDT back to USD and that is a massive red flagIt is a bit concerning. The big boys will prob survive after a huge hit, but it would rock any confidence and take a bit to recover. The part I don't get is why do firms use Tether if its so sketchy. Why not just use USDC or GUSD? I know GUSD is at least audited and Gemini has a bit license. That should mean at least something. Maybe there isn't enough of those 2?https://www.brown.senate.gov/newsroom/press/release/brown-stablecoin-companies
Another good one
he knows shitloads about it and he hates its guts.
If I was JD, I'd try and kill crypto.
Quote from: Pete on November 24, 2021, 11:21:02 AMIf I was JD, I'd try and kill crypto.He’s trying his hardest!
Good morning to people who own SOL ONLY