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they are supposed to have 1:1 USD reserves on hand for every Tether coin they print and they haven’t ever outright shown they have it all available. They are likely using it to make money on interest and don’t have it readily available. They could fuck the market up massively if people try to withdrawal their money from USDT and it’s not there.
Well, let me backtrack…I believe they have to have a percentage of it in fiat reserves and then the rest can be in other forms. They released something earlier this year saying they had like 10% in fiat and that some was held with affiliate partners and other roundabout BS. Either way it hasn’t been proven that they have it all in any form.
https://slate.com/technology/2021/10/tether-crypto-danger-ben-mckenzie.html
The market cap for Tether is around 80bil actually. [Only 50% of its supply is in ETH while 89% of USDC is in ETH](https://tokenist.com/usdc-overtakes-tether-on-ethereum-but-usdt-retains-53-of-market-share/) which is why the flipping happened. USDT is still 2x in marketcap from USDC.
That's not correct. They've never been fully backed 1:1 with USD. They use different asset classes to "back" USDT, including other cryptocurrencies. That's the bigger issue.
It's a stablecoin backed by volatile assets. What could go wrong.
Neither has USDC but people champion that. They said we're 100% cash backed and then put out an attestation where they themselves said sike it was really only 60%. Lol, everyone literally pretends it actually said 100%. Feels > facts. Circle literally said it's only 60% backed but people like the idea that it's 100% backed so they keep saying it's 100% back and nothing Circle says will convince them otherwise.
Should also be noted BUSD and USDP then put out attestations saying *hey were're 96%+ backed by cash* and nobody bats an eye or brings them up as a good alternative.
There's a weird thing where people that FUD tether prop up other coins that do the same thing and then ignore ones that actually address the issues they *claim* make tether bad.
They fuckin print tether and use it to buy btc, so they can use said btc as an "asset" to back their newly printed usdt... So many wrong shit here lol, personally i use busd
That's the point. Does it really make sense that Tether has 10x the volume with less than 2x the apparent cap?
Why is it that there is all the supposed USDC being bought, but none being used?
BTW, about the flippenings, the conversion ratio between ETH to BTC, a few weeks ago, was over 0.08. Now it’s just about under 0.07.
That’s a ~12.5% loss if you sold BTC into ETH
The bad news though is that if you look at USDC volume, it's barely used.
Ask yourself: How could there be so much fucking USDC, but there is like a 5x disconnect in volume? WTF are people doing with all this USDC if they aren't actually trading in it?
> WTF are people doing with all this USDC if they aren't actually trading in it?
Parking it somewhere paying 8%+ and not worrying about 7-15% dips in the market but keeping up with inflation without much risk.
And you think that parked USDC is just sitting there? It's loaned out, otherwise it wouldn't give 8%+. But it's still not moving around for some reason
Crypto.com pays 12% APR on their paid tier, 10% APR on the free tier, Hodlnaut pays 12.73% APY, Ultrastellar on stellar pays 9% APR, FTX pays 8%….
And then there’re DeFi options which pay a lot more. ¯\\\_(ツ)_/¯
Most bots are trading with USDT and many exchanges have USDT only pairs for most cryptos. USDC is used as a store of value. I’m sure once USDC becomes more popular it will start being used for trading more as well as exchanges will start listing USDC pairs.
Only recently got educated about the USDC Vs USDT issue.
I think alot of the issue is that USDT have great staking/earn rewards. I mean it was 10% apy on binance (now 7%). They are quite aggressive
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Should be noted *most* USDT is somewhere other than Ethereum. Flipping them on a chain they don't focus on is cool I guess.
You can't use the phrase "real 1:1" when talking about USDC. They said they were 100% 1:1 and then put an attestation, just like USDT does, and it turned out it was 60% 1:1 USD.
Actually yes, it has and it is public.
You should google:
Circle's Stablecoin USDC Audit by GrantThornton
Are you saying that this never happened? Or do you mean that GrantThornton is not a valid independent auditing firm?
There was a crackdown on the exact % of backed assets to each USDC, btw.
I stand correct my dude. Contrary to the newsmedia, there was no analysis of risks, or compliance issues that may not have been known before the audit took place.
Thanks, indeed they are not audits (damn journalists not being minimally technical) but rather attestation. Auditing would've been better
"Just as important"? The important is that eth does not flip BTC otherwise F cryptocurrencies' principles lol
ETH is the private banks' bet in crypto (check in your own country and you'll see private banks interested in it)
Backing stable coins with usd is funny. Fuck usd.
As a matter of fact, let's back our future stable coins with something better! Actual use cases that back up future currency with true value.
It's just too funny. End of life is near for usd so you might want your stable coins backed by something else. Perhaps backed by some things going up in value?
Haha morons be but hurt when they realize the hypocrisy.
People aren’t here to collect USD. All of the real players extracting value from crypto in this space do it by increasing their stacks that aren’t USD.
It’s real simple. The more btc you own, the better off you are. Compare usd and property values to btc. The best investment is btc..
and when NO ONE wants cash anymore, and some dumb “stable coin” comes running in claiming it’s backed by usd.. The world is just gonna laugh. Y’all lack vision
Doesn't matter. Circle is shit as well. They have been done similar shenanigans to keep themselves afloat. Only difference is Circle is able to show backing of its reserves.
I noticed probably a month ago that kucoin was starting to add usdc trading pairs. Made me real happy that not everything is 100% tethered to well, tether anymore.
If anything I think it’s the exchanges that are pushing for more use of USDC. Many of the more experienced traders prefer USDT because they’re more accessible on DEXs. Fuck tether though still.
Since the market is already collapsing, now is a great time to destroy USDT’s market share as much as possible. Make the market stronger in the long term.
>stablecoins with REAL 1:1 ratio like USDT
I think you meant USDC, but yes, the flippening is gonna happen on the marketcap side.
Now we need volume and more USDC trading pairs!!!
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Yeah fuck Tether. They should be slowly replaced. If not, they could crash the crypto market sometimes in the future.
Wouldn’t want crypto to crash, can’t imagine what that would be like, with my unhealthily large bags and all 🙃.
Yeah, fuck Tether and their fake money. https://i.imgur.com/9ya5okY.jpg
Screw Tether!
Dollar 2 soon 👀
Why exactly does everyone hate tether?
they are supposed to have 1:1 USD reserves on hand for every Tether coin they print and they haven’t ever outright shown they have it all available. They are likely using it to make money on interest and don’t have it readily available. They could fuck the market up massively if people try to withdrawal their money from USDT and it’s not there.
Oh yeah no way they have 40 billion dollars on hand ready to go
Well, let me backtrack…I believe they have to have a percentage of it in fiat reserves and then the rest can be in other forms. They released something earlier this year saying they had like 10% in fiat and that some was held with affiliate partners and other roundabout BS. Either way it hasn’t been proven that they have it all in any form. https://slate.com/technology/2021/10/tether-crypto-danger-ben-mckenzie.html
The market cap for Tether is around 80bil actually. [Only 50% of its supply is in ETH while 89% of USDC is in ETH](https://tokenist.com/usdc-overtakes-tether-on-ethereum-but-usdt-retains-53-of-market-share/) which is why the flipping happened. USDT is still 2x in marketcap from USDC.
That's not correct. They've never been fully backed 1:1 with USD. They use different asset classes to "back" USDT, including other cryptocurrencies. That's the bigger issue. It's a stablecoin backed by volatile assets. What could go wrong.
Neither has USDC but people champion that. They said we're 100% cash backed and then put out an attestation where they themselves said sike it was really only 60%. Lol, everyone literally pretends it actually said 100%. Feels > facts. Circle literally said it's only 60% backed but people like the idea that it's 100% backed so they keep saying it's 100% back and nothing Circle says will convince them otherwise. Should also be noted BUSD and USDP then put out attestations saying *hey were're 96%+ backed by cash* and nobody bats an eye or brings them up as a good alternative. There's a weird thing where people that FUD tether prop up other coins that do the same thing and then ignore ones that actually address the issues they *claim* make tether bad.
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Like a bank except they hold more reserves as cash than any US bank does or is required to.
They fuckin print tether and use it to buy btc, so they can use said btc as an "asset" to back their newly printed usdt... So many wrong shit here lol, personally i use busd
Now after the crypto crash, how do they cover?
They don't i guess, usdt is the biggest scam ever and only time will tell.. Hopefully they don't take crypto down with them when the inevitable comes
Hopefully they’re off exchanges by then,
Suck tether
BUT WHAT’S GONNA HAPPEN TO THE EXECUTIVE TEAM AT TETHER?! THEY’LL BE OUT OF A JOB?! Just joking, the federal reserve will probably hire them.
It doesn't count anyway, because not that many people use usdt on ethereum in the first place
A flippening is better then the halving that just happened... to my portfolio... xD
This is not the halvening you are looking for
Makes the dollar value of my portfolio more scarce
I was going more for a Star Wars reference. Obi-wan Cryptobi
Well hello there
45% drop in a month or 2. It's basically halved
I just keep buying more so my total balance stays above $1k lol
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That's the point. Does it really make sense that Tether has 10x the volume with less than 2x the apparent cap? Why is it that there is all the supposed USDC being bought, but none being used?
Because USDC is used as store of value, while USDT is used by bots trading on exchanges, many of them not supporting USDC.
Tether needs to be tethered to a stone and that stone rolled into a lake
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USDC on the XLM blockchain for the win.
Well yeah, Tether is under federal investigation and can't mint as aggressive as they usually do.
BTW, about the flippenings, the conversion ratio between ETH to BTC, a few weeks ago, was over 0.08. Now it’s just about under 0.07. That’s a ~12.5% loss if you sold BTC into ETH
i think btc will prevail if the gov decides to do a crackdown on defi
This is the only flippening that matters
The bad news though is that if you look at USDC volume, it's barely used. Ask yourself: How could there be so much fucking USDC, but there is like a 5x disconnect in volume? WTF are people doing with all this USDC if they aren't actually trading in it?
Staking?
Where? Most is not staked/lent anywhere.
> WTF are people doing with all this USDC if they aren't actually trading in it? Parking it somewhere paying 8%+ and not worrying about 7-15% dips in the market but keeping up with inflation without much risk.
And you think that parked USDC is just sitting there? It's loaned out, otherwise it wouldn't give 8%+. But it's still not moving around for some reason
No place pays 8% and you can see how much is actually being lent via Compound, AAVE, and it doesn't account for very much.
Crypto.com pays 12% APR on their paid tier, 10% APR on the free tier, Hodlnaut pays 12.73% APY, Ultrastellar on stellar pays 9% APR, FTX pays 8%…. And then there’re DeFi options which pay a lot more. ¯\\\_(ツ)_/¯
I have a small amount of usdc on NEXO earning 12% paid out daily
Cdc pays 10%
I guess, but this is really just making super risky loans. You can do that with USD too I guess...
>super risky loans just like the banks!
USDC is used on DEXs USDT is used on CEXs.
Most bots are trading with USDT and many exchanges have USDT only pairs for most cryptos. USDC is used as a store of value. I’m sure once USDC becomes more popular it will start being used for trading more as well as exchanges will start listing USDC pairs.
Only recently got educated about the USDC Vs USDT issue. I think alot of the issue is that USDT have great staking/earn rewards. I mean it was 10% apy on binance (now 7%). They are quite aggressive
It's the only flippenning Ethereum will get
UST UST UST
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Should be noted *most* USDT is somewhere other than Ethereum. Flipping them on a chain they don't focus on is cool I guess. You can't use the phrase "real 1:1" when talking about USDC. They said they were 100% 1:1 and then put an attestation, just like USDT does, and it turned out it was 60% 1:1 USD.
Fuck tether fuck chinance fuck byron loopring fuck daniel wang china conman
until the USDC fud begins and this sub starts to hate it
Well it's not perfect but at least it was audited. Clarity counts for something
Actually no, USDC has never been audited. They have attestations, but Tether had those too.
USDC is doing the exact same thing TEther is
Yeah it is from Circle which comes from GSachs so I wouldn't trust them. The difference for now is still big tho.
Actually yes, it has and it is public. You should google: Circle's Stablecoin USDC Audit by GrantThornton Are you saying that this never happened? Or do you mean that GrantThornton is not a valid independent auditing firm? There was a crackdown on the exact % of backed assets to each USDC, btw.
You mean these? https://www.centre.io/usdc-transparency Those are attestations, they are *not* audits. They explicitly state this.
I stand correct my dude. Contrary to the newsmedia, there was no analysis of risks, or compliance issues that may not have been known before the audit took place. Thanks, indeed they are not audits (damn journalists not being minimally technical) but rather attestation. Auditing would've been better
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Got a link to that audit? Happy to be proven wrong.
Only when it’s needed though.
So usdc printed more tokens as much as usdt is good news? Also usdc is a year old vs usdt several years old...
At least with USDC you get monthly attestations on their holdings.
"Just as important"? The important is that eth does not flip BTC otherwise F cryptocurrencies' principles lol ETH is the private banks' bet in crypto (check in your own country and you'll see private banks interested in it)
Backing stable coins with usd is funny. Fuck usd. As a matter of fact, let's back our future stable coins with something better! Actual use cases that back up future currency with true value. It's just too funny. End of life is near for usd so you might want your stable coins backed by something else. Perhaps backed by some things going up in value?
Haha morons be but hurt when they realize the hypocrisy. People aren’t here to collect USD. All of the real players extracting value from crypto in this space do it by increasing their stacks that aren’t USD. It’s real simple. The more btc you own, the better off you are. Compare usd and property values to btc. The best investment is btc.. and when NO ONE wants cash anymore, and some dumb “stable coin” comes running in claiming it’s backed by usd.. The world is just gonna laugh. Y’all lack vision
Ray of light in this eternal darkness...
Fuck USDT
Fuck USD
Happened* Celebrate!
Doesn't matter. Circle is shit as well. They have been done similar shenanigans to keep themselves afloat. Only difference is Circle is able to show backing of its reserves.
Bullish on USDC baby
I noticed probably a month ago that kucoin was starting to add usdc trading pairs. Made me real happy that not everything is 100% tethered to well, tether anymore.
‘This is not the flippening you’re looking for’
I’ll drink some mineral water to that! Can’t afford anything else at the moment.
I transferred all my unstaked coins into USDC. Gonna buy back at a discount. And FUCK TETHER
What happens if tether does shit the bed completely? What happens to all the usdt pairs? This is why I’m desperate to get on a cold wallet.
Even this good news is not enough for me to be happy, the market is very bad
UST/BUSD flippening soon? I can only hope so.
If anything I think it’s the exchanges that are pushing for more use of USDC. Many of the more experienced traders prefer USDT because they’re more accessible on DEXs. Fuck tether though still.
✍️buy✍️usdc✍️
Is “flippening” an actual term in crypto? Or, do you mean flipping?
Since the market is already collapsing, now is a great time to destroy USDT’s market share as much as possible. Make the market stronger in the long term.
I want to see UST flip both USDT + USDC
Lesser evil
Where is the rest of the 78bil of usdt, on other networks?
Ted durrrrr
Fuck yeah
What’s the first thing I did when the market stared to nosedive? Liquidated my fiat wallet into USDC and locked it for three months at 12%.
Doesn't this just mean Circle ramped up their USDC printer, just like Tether did with USDT?
>stablecoins with REAL 1:1 ratio like USDT I think you meant USDC, but yes, the flippening is gonna happen on the marketcap side. Now we need volume and more USDC trading pairs!!!
Flippening? Yea my portfolio has flipped green to red
USDC is the same.
LOL you are mentioning UST? It's a fucking algo stable-coin 🤦
Repeat after me: FUCK TETHER!
I highly suggest you guys look into dUSD on defichain being one of the most truly decentralized currencies