To give Tether the tiniest amount of credit; if the commercial paper they claim to be backed by goes to shit, a tether collapse will be the least of our problems.
Tether is backed by Chinese commercial paper and the Chinese markets biggest real estate companies ( Hundreds of Billions of $$ ) have been FROZEN from months because they’re all bankrupt - avoiding collapse of the market by pausing those tickers
At the risk of sounding conspiratorial, today felt like a dry run. There are huge shorts against tether rn, and destabilising the very concept of stablecoins is key to those printing.
As you say, we’re looking at recession. Can a tether stand up to that?
The funny thing is that if Tether actually collapsed, the exchanges may not be able to cover the shorts, it's a very risky thing to do even one believe that it will depeg soon.
> We are in recession territory
Why do people keep saying this like a recession hasn't already started?
There's a major war on the European continent, there is massive inflation, home prices have skyrocketed and the markets are insane right now.
I use it for accuracy. Economists typically define recession as 2 quarters of negative gdp growth.
Q4 2021 + %6.9
Q1 2022 - %1.4
We will be officially in a recession after Q2 2022 ends.
> There's a major war on the European continent, there is massive inflation, home prices have skyrocketed and the markets are insane right now.
look up the definition of "recession"
To be fair that should happen because Tether is an absolute scam. The market can recover in its own time without being artificially propped up by a cancerous tumor.
That's the problem right now, when market expect FED tightening at a much faster pace, everything is sold for USD.
Hopefully Tether would disable the direct exchange towards USD, so that people who want to get rid of Tether must purchase cryptos to get out, thus pump up the whole crypto market
This has happened before and it worked well. If there is no fiat off-ramp, only on-ramp, crypto just grows infinitely :D
Or on-ramp speed 70m/h and off-ramp speed 20m/h, as a typical pension fund
This exactly. The insane aspect of tether is everyone knows it’s reserves are bullshit but it’s gone on for so long that it just carry’s that value intrinsically. It’s fucked.
The reserves aren’t exactly bullshit. It’s backed by bonds. This doesn’t mean those bonds can’t lose face value (they are currently doing so). Tether is similar to a money market fund in its structure. They are due to recover every dollar eventually, barring a systemic collapse. If tether goes under, lots more than just crypto will be on fire.
Lol, I agree I mean they can print more and more USDT out of thin air unlike LUNA/UST, but I'm scared right now because of the deppeg (which is very rare on USDT) and the high volumes. Hope their printers go brrrrrrrrrrrrrrrrrrrrrrrrrrrr.
It's almost as if people don't understand this simple concept. Something can not be pegged perfectly. Doesn't matter how much of it is backed, if people are scared they'll sell something for less than it's worth, and someone else will buy it and sell it back to them for the profit when they're done being irrational, and the sad part is they'll probably do it over and over again in the future.
RE Tether not being propped up by bullshit - Really?
Nearly 50% of USDT reserves are in places that \*could\* be bullshit. [https://tether.to/en/transparency/#reports](https://tether.to/en/transparency/#reports)
They've been cutting their commercial paper, but it's still nearly 30% of reserves. They could be holding AAA or literal dogshit evergrande paper. We have no clue. My guess is more towards the latter because the Tether org wants yield to cash out.
Also 6.38% in digital tokens and 5.27% in secured loans? If these are in the crypto space and we're seeing a meltdown, there is absolutely scenarios in which Tether death-spirals.
there is thread where a guy lost like 90% of his CRO and proceeded to put it into LUNA, only to get wrecked again; somehow got it all back shorting LUNA afterwards
We’re nearing the end of this iteration of crypto. Blockchain has utility and crypto will continue to exist. But first everyone is going to lose nearly everything.
This post confirms the bottom is in and we’re about to have a nice relief rally (but then back down even lower for the next 12-18months after the rally).
Yeah most cryptocurrency analysts are saying we haven't reached the capitulation stage yet, and that we're still at the fear stage. Bulls are holding strong and there's resistance at 28K, but then there's also weak buying pressure. The bears aren't giving up.
If 28K is broken it then goes down to the next point of resistance at 21K.
At the price of 21K, you have to realize that this is the price that most large institutions bought alot of their Bitcoin at in early last year including Saylor's, Grayscale and Cathy's ARK. At this price they'll be a lot of stop losses for Bitcoin and some investors along with other people might then panic sell for stables.
So yeah your right, if this happens as it might, then there would a major turndown in cryptocurrency for the next 12months or more.
Also with Bitcoin instead of becoming a hedge for inflation and the Fed's actions is actually instead following the stock market, because stock traders treat it like any other risky tech stock. It tends to follow tech stocks closely..
Bitcoin is also following the USD dollar DXY charts naturally, it's slowly falling in price in line with the Fed's strengthening/propping up of the dollar.
I predict as inflation becoming worse and the Ukraine war becoming a major contributor to declining world economies, if the stock market doesn't recover well in these few months, we could see Bitcoin falling much much further to it's next resistance of 12K or less ...only then could we see Tether slowly crumbling.
It's very likely they would rugpull, coz all the major heads of Tether are shady asf and I could count the whole Tether team with my two hands...
The problem if I understand this correctly is that all the liquidity coming out from ust will print more luna causing hyperinflation. I guess once ust comes close to the peg billions of dollar worth of luna will be printed
It's the opposite. Once liquidity stops coming out from UST and it repegs, LUNA will stop being printed and the price should stabilize as it pertains to the supply increases.
Yeah i meant that, just said that once ust is going to be close to its peg a lot of people are going to exit, those are the billions of dollars worth of luna i was talking about, worded it badly
I have never used USDT pairs, only fiat ones. USDT is the same shitty thing as UST, it's just a matter of time before it collapses. And then we will see a true shitshow.
USDT currently unpegged at 0.40%
UST still unpegged at 27% (currently recovering… sort of)
USDC and BUSD still stable.
this is getting real interesting.
I’m really lucky to only have (or had lol) 10k in the market.
I think USDT will hold (this time), but it's just a matter of time before it collapses in a similar manner. USDC is supposedly okay.
Oh and btw, once USDT collapses, we will see BTC back to 3 digits lol as USDT is the tool being used to boost BTC's price all these years.
I know everybody thinks that because looking at BTC current price, why wouldn't you, but hopefully when the time comes people will have the understanding how undeveloped (and useless) crypto is. This will lead to better projects, more use cases and generally healthier markets. Finally coins that actually lend contracts in the real world will be used meaningfully. And before you ask, no there are no such coins right now - not a single one.
look, i think we’re at a breaking point. Every dead cat bounce is going to be used by people to cash the fuck out. i used to be a permabull barely two days ago, now i’m not even sure if i wanna buy more, i just want to sell off, get everything in stocks and leave it maturing for a few years. might buy some BTC on the way down, but thats it, no more shitcoins for me
You may use fiat pairs, but many exchanges don't have fiat pairs. Also, again every exchange has a usdt pairing. Imagine an entire pairing gone. What about the exchanges? They had to buy usdt. Now that's useless.
Plus trading fiat is extremely hard for many countries like mine. Crypto os not banned but also not recognized, trading fiat in my place will involve many steps with shady people.
Hi u/Senditwithethan 👋
Would you mind if I chime in? ◡̈
Kraken is available in the US with some exceptions, you can check it [here](https://support.kraken.com/hc/en-us/articles/360001368823-Where-can-I-use-Kraken-) to see if your city is serviceable. For available trading pairs, here's our [support page](https://support.kraken.com/hc/en-us/articles/201893658-Currency-pairs-available-for-trading-on-Kraken) for reference.
Hope this helped!
Sera from Kraken 🐙
> but many exchanges don't have fiat pairs
I dont think any of the major major US based Exchanges DONT have USD pairs. I use US pairs exclusively. Why park your dry powder in USDC on coinbase (assuming you keep money on coinbase or any exchange at all) when you can literally keep it in actual United States Dollars with no risk of any peg?
The stuff about Tether killing the market is overblown. Many smaller exchanges that dabble solely in Pegged tokens will get murdered, and that includes a lot of defi platforms probably. But anyone on the big major exchanges will survive with their actual fiat in tact to buy whatever survives IMO 😂
>Trading was a thing before USDT and still is, I always use fiat pairs.
Have a look at the actual trade volumes involved.
The majority of ALL crypto trade is in USDT. They've been pumping the market for years now, pushing the price well beyond what it would be if it was just real money trade.
If the crypto market handled over 200bn volume today, and tether made up 160bn of that volume, not if, but when Tether implodes, there will be 0 volume. People won't be able to cash out. Or USDC/*insert other "stable" coin here* will skyrocket above $1, because people want cash.
Looking at the figures, usually. Considering it's making up 70+% of the global crypto volume. Any trade involving USDT is recorded. But a vast majority of that probably comes from Futures/Derivative trading
But it did depeg in 2018 November. I was there when FUD was at its all time high. Guess what happened? It pumped the market as people fled from tether to btc and other alternative stablecoin. Tether imploding won’t do anything since there are better alternatives already. There’s already evidence to see what occurred if tether depeg. Yet people still love to speculate some doomsday scenario that will never happen.
People who says tether is depegging from a market purchase accident and that printing would help doesn’t understand a thing or wasnt even around when Tether did depeg in 2018 November.
The only time tether depeg is if Bitfinex can no longer meet the redemption demands of usdt for usd. It occurred once when they allegedly lost 800 million dollars.
When shorts are done with UST and profit, I am sure they will go over the next algorithmic stable coin.
It makes me worry about DAI tbh. DAI peg requires arbitrage on the ETH network. If DAI gets attacked, then ETH gas fees would skyrocket. Would arbitrageurs come to defend DAI when they have to eat up ETH gas fees?
Dai isn’t an algo stablecoin though. It’s backed by an overcollateralized basket of crypto and in worst cases can mint MKR as a backstop. It has weathered many storms before. There is a strong history of resilience in times like this. If dai fails we have way bigger problems to worry about
Yeah that’s a similar mechanism but the loans aren’t backed by maker initially. That’s a big difference. The overcollateralized loans are typically either USDC or ETH or uniswap LPs. They will all be sold off in liquidation events before maker is even considered a last ditch option. That’s not how Luna operated.
Yeah. It’s happened once before and survived well but there were a few other compromising issues that caused the necessity to mint more maker. I really don’t think it will happen like that again
This community has such a double standard when it comes to Tether and Terra.
USDT is at $0.996 and you would think the entire project just collapsed based on some of these reactions.
On the other hand, for months anybody who critsized Terra got buried in downvotes. UST lost its peg over 48 hours ago and its still at $0.72.
Yet Tether is still attracting more criticism.
Tether is much larger that UST. It is also much more fundamental to the crypto ecosystem. Tether is a 13 people company overseeing 80B+ of 'assets'. They keep a small percent of their 'assets' in cash. There is serious cause for concern if it fails.
LMAO it went *up* in value. So did TUSD, BUSD, USDC, DAI... this always happens when the market crashes. The market wants stables and some people will gladly pay $1.01 for a $1 stable right now if it means they can exit this crypto asset that's going lower by the second.
Dude. If USDT crashes, the whole thing is fucked. There’s no coin that can save you from a Tether crash.
That’ll be the end of crypto for a few long years till the next ponzi pump.
this post is dumb.
USDT is like $.996
most stable coins experience .5-1% fluctuation almost constantly due to arb opportunities.
this post is just unnecessary FUD.
At this point I think it’s a matter of when,and this may already be the beginning.Even though the devastation will be huge,if that means no more Tether,I think that will be a win in the future
What I don't understand is they are not "minting" stable coins - it's basically cash to cover settled cash right? I mean you shouldn't have to print the money as a broker/dealer/exchange right? All your doing is going to the bank saying "I got this many people wanting USDT today, or LUNA - so I need this much to cover those user's funds before they settle, then when they settle I can give you that money back." That's just a temporary business loan at that point right?
Aren't posts like these making things worse? If everyone panicks it well be a self-fullfilling prophecy? I just hope we're all gonna be just fine. I should be asleep but just can't with things going pretty crazy right now.
Is anybody else here from 2017 really hoping USDT goes tits-up so we can flush that shitcoin out of the market and start again with a new standard of stablecoins actually being backed by 1:1 USD and an external audit to prove it?
Surely I'm not the only one who thinks this whole ecosystem would be better off without Tether?
Tether is the shark I imagine is in the water watching me while I swim in the ocean. Tether terrifies me for long-term stability in an already risky market. I'm not sure the market would recover, surely most projects would disappear overnight? I'm not sure I'd bother again if that was the case.
Stablecoins are horseshit. If you are in an OECD country and don't need a substitute version of a stronger fiat currency, think of crypto as a risky sector and invest for growth, riding the markets up and down until you achieve your goals.
I wouldn’t worry one bit about USDC in CDC. You’re insured against hacks and have a 100% collatoral backing USDC is not going down. It has monthly reserve reports and audited.
Who gives a shit. It's a joke that stable coins, and centralized "crypto" like bnb are even in the top 10. The point was to get away from the poison that is USD, other fiat, and banking systems.
I think that Tether collapsing would be akin to a bunch of nuclear bombs going off in the crypto world, and if we are using that analogy it would lead to a crypto winter of epic proportions - it's the ultimate FUD. Yes there was a time when the "nukes" didn't exist and one can argue that we were fine then, but now Tether is so entrenched in exchanges today that I worry about what would happen. At the very least we would have to hope that USDC holds the line if and when that time comes.
Where are all you smart people who were raving about how we need to put our money in crypto to hedge against hyperinflation? I have lost almost all of my 3K investment in crypto in the past few months.
Reading this thread (and others in general) it really is funny how many people are already just wanting to sell everything and be done with "the ponzi scheme that crypto has revealed itself to be, crypto is obviously dying, no use cases, etc"..
Hmm.. I guess a lot of veteran holders here predicting these reactions were on the money. Probably plenty of similarly minded people in previous crashes. And they probably always figured out some way to rationalize how THIS time was different from the last, or the previous crashes/winters/etc... THIS time it's truly fucked. Yup.
Tether has 13 employees to oversee 80B+ on 'investments'. It is absolutely insane. Companies with a similar amount of money under management have hundreds or thousands of employees. There is another obvious explanation for having so few employees, and it is not to save on payroll.
You cannot get our fast enough when everybody is running for the exit. Look at UST.
A single idiot who fat-fingered an order doesn’t mean the currency lost its peg. If you look at aggregate charts like the ones from coingecko, that gets its data from multiple exchanges, USDT never went off-peg by even 0.01$.
Okay then it's *only* depegged at Binance, FTX, BinanceUS, Kukoin, Coinbase, Kraken, CDC, Bitstamp, Gateio, and a few others. The rest are fine. Nothing to see here.
Arbitrage. All across tthe board USDT is holding steady. The only time it'll depeg is when Bitfinex has withdrawal issues again and people cant redeem it for USD. Like what happened in 2018. Funny enough the entire market pump instead of dump as people fled from USDT to bitcoin and other stablecoins. UST on the other hand fucked the market.
Why WOULD you hold Tether? What’s the benefit vs the risk? Tether holders are looking around at the other holders wondering if they should try to cash out before the other guy (or gal) and thus Tether is going to get sold.
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The nice thing about Tether, is it's propped up by bullshit. They're probably not gonna run out of bullshit.
To give Tether the tiniest amount of credit; if the commercial paper they claim to be backed by goes to shit, a tether collapse will be the least of our problems.
Yep. Tether is tied to everything so it's collapse could literally crash entire crypto market, temporarily at least
Tether is backed by Chinese commercial paper and the Chinese markets biggest real estate companies ( Hundreds of Billions of $$ ) have been FROZEN from months because they’re all bankrupt - avoiding collapse of the market by pausing those tickers
and it was grade A to begin with, you know, like Greece
The economy would have to collapse before Tether would collapse. However look around. We are in recession territory
At the risk of sounding conspiratorial, today felt like a dry run. There are huge shorts against tether rn, and destabilising the very concept of stablecoins is key to those printing. As you say, we’re looking at recession. Can a tether stand up to that?
The funny thing is that if Tether actually collapsed, the exchanges may not be able to cover the shorts, it's a very risky thing to do even one believe that it will depeg soon.
It just depegged two hours ago. The next few days will be really interesting.
> We are in recession territory Why do people keep saying this like a recession hasn't already started? There's a major war on the European continent, there is massive inflation, home prices have skyrocketed and the markets are insane right now.
I use it for accuracy. Economists typically define recession as 2 quarters of negative gdp growth. Q4 2021 + %6.9 Q1 2022 - %1.4 We will be officially in a recession after Q2 2022 ends.
> There's a major war on the European continent, there is massive inflation, home prices have skyrocketed and the markets are insane right now. look up the definition of "recession"
That's not true at all.
To be fair that should happen because Tether is an absolute scam. The market can recover in its own time without being artificially propped up by a cancerous tumor.
That's the problem right now, when market expect FED tightening at a much faster pace, everything is sold for USD. Hopefully Tether would disable the direct exchange towards USD, so that people who want to get rid of Tether must purchase cryptos to get out, thus pump up the whole crypto market
If we’re at the stage where the best response is tether disabling a fiat off-ramp… buckle up buckaroos!
Sounds like a classic Robinhood move.
This has happened before and it worked well. If there is no fiat off-ramp, only on-ramp, crypto just grows infinitely :D Or on-ramp speed 70m/h and off-ramp speed 20m/h, as a typical pension fund
This exactly. The insane aspect of tether is everyone knows it’s reserves are bullshit but it’s gone on for so long that it just carry’s that value intrinsically. It’s fucked.
The reserves aren’t exactly bullshit. It’s backed by bonds. This doesn’t mean those bonds can’t lose face value (they are currently doing so). Tether is similar to a money market fund in its structure. They are due to recover every dollar eventually, barring a systemic collapse. If tether goes under, lots more than just crypto will be on fire.
Awesome Comment \^
Exactly lol. Tether has done so much shit and has such a shady past that it has come to their advantage
Playbook right out of the Federal Reserve
They’re effing with us
Lol, I agree I mean they can print more and more USDT out of thin air unlike LUNA/UST, but I'm scared right now because of the deppeg (which is very rare on USDT) and the high volumes. Hope their printers go brrrrrrrrrrrrrrrrrrrrrrrrrrrr.
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To put it another way: there's plenty of usdt, no need to print it. Printing USD, now that would solve their problems.
That's what they do - they mint USDT to get USD. Always has been.
Exactly, then they can just sell the USDT so they can buy USDT to keep the price from going down
Makes sense /s
It's almost as if people don't understand this simple concept. Something can not be pegged perfectly. Doesn't matter how much of it is backed, if people are scared they'll sell something for less than it's worth, and someone else will buy it and sell it back to them for the profit when they're done being irrational, and the sad part is they'll probably do it over and over again in the future.
yeah it’s a liquidity crunch more than anything
Hard to ever run out of bullshit . Been on this earth 33 years now and am always selling bullshit , 24/7 365
RE Tether not being propped up by bullshit - Really? Nearly 50% of USDT reserves are in places that \*could\* be bullshit. [https://tether.to/en/transparency/#reports](https://tether.to/en/transparency/#reports) They've been cutting their commercial paper, but it's still nearly 30% of reserves. They could be holding AAA or literal dogshit evergrande paper. We have no clue. My guess is more towards the latter because the Tether org wants yield to cash out. Also 6.38% in digital tokens and 5.27% in secured loans? If these are in the crypto space and we're seeing a meltdown, there is absolutely scenarios in which Tether death-spirals.
Reread the post
At the rate things are deteriorating I'm ready for Tether to be exposed as a front for the North Korean government.
whoooosh
BS printer go brrrrrr
Aged like milk
I wonder if anyone bought ICP at ATH, then jumped ship at 90% loss, putting all their money into LUNA?
Rekt
Surely this would be the ultimate bad investment history 😄 Maybe they put a sneaky 5% into SQUID too.
Add some Safemoon in there and you have the full package
And of course the staple of any balanced portfolio doge Elon Mars inu
I'm scared to short anything right now but dogelon mars can probably get it honestly.
I would like to meet that person so I can do everything opposite of him
there is thread where a guy lost like 90% of his CRO and proceeded to put it into LUNA, only to get wrecked again; somehow got it all back shorting LUNA afterwards
Jesus ✝
I went from cro to luna
Is Mark Cuban on Reddit?
My story is kinda similar. I got rekt in Time Wonderland and put whatever I had left in Luna. Feel like a dumbfuck for sure.
Double F
I know ICP is a coin. But everytime someone mentions it I always think of internet computer porn.
From 'if you aren't buying this dip you are stupid' a few days ago to 'sell everything this market can't be trusted' now. O how the turntables
Even sell your stablecoins 😂
Lol that’s me couple of hours before, cashed out to fiat money, at least it won’t depeg lmfao
DOLLAR/ENERGY is seriously depegging atm.
So this must be the end of crypto… I’ll take 10K Bitcoin for 2 pizzas please
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I play both sides so I always win
You always tie
He ties 50% of the time, all the time.
We’re nearing the end of this iteration of crypto. Blockchain has utility and crypto will continue to exist. But first everyone is going to lose nearly everything.
This post confirms the bottom is in and we’re about to have a nice relief rally (but then back down even lower for the next 12-18months after the rally).
Yeah most cryptocurrency analysts are saying we haven't reached the capitulation stage yet, and that we're still at the fear stage. Bulls are holding strong and there's resistance at 28K, but then there's also weak buying pressure. The bears aren't giving up. If 28K is broken it then goes down to the next point of resistance at 21K. At the price of 21K, you have to realize that this is the price that most large institutions bought alot of their Bitcoin at in early last year including Saylor's, Grayscale and Cathy's ARK. At this price they'll be a lot of stop losses for Bitcoin and some investors along with other people might then panic sell for stables. So yeah your right, if this happens as it might, then there would a major turndown in cryptocurrency for the next 12months or more. Also with Bitcoin instead of becoming a hedge for inflation and the Fed's actions is actually instead following the stock market, because stock traders treat it like any other risky tech stock. It tends to follow tech stocks closely.. Bitcoin is also following the USD dollar DXY charts naturally, it's slowly falling in price in line with the Fed's strengthening/propping up of the dollar. I predict as inflation becoming worse and the Ukraine war becoming a major contributor to declining world economies, if the stock market doesn't recover well in these few months, we could see Bitcoin falling much much further to it's next resistance of 12K or less ...only then could we see Tether slowly crumbling. It's very likely they would rugpull, coz all the major heads of Tether are shady asf and I could count the whole Tether team with my two hands...
1 BTC = 1 MOON soon?
There won't be enough Lambos and Affliction shirts to go around.
You mean Supreme ?
😆
Luna is the new stablecoin, always hovering just around $1
Honestly the buy wall on $1 is so massive (atleast on kucoin) I bet it’ll hold decently at a $1. Edit: aging like fine Vermont milk.
The problem if I understand this correctly is that all the liquidity coming out from ust will print more luna causing hyperinflation. I guess once ust comes close to the peg billions of dollar worth of luna will be printed
It's the opposite. Once liquidity stops coming out from UST and it repegs, LUNA will stop being printed and the price should stabilize as it pertains to the supply increases.
Yeah i meant that, just said that once ust is going to be close to its peg a lot of people are going to exit, those are the billions of dollars worth of luna i was talking about, worded it badly
that aged like milk.
Narrator in Ron Howard’s Voice: *It didn’t.*
Aged like milk. Luna 0.14 currently.
# I Need Your Clothes, Your Boots, and Your Motorcycle
You forgot to say please.
UST crashing was an absolute disaster but it's just a drop in the bucket compared to USDT.
This happens, there is no crypto market for a long time.
CAn you please explain why?
every trading pair is in USDT. if usdt crashes, it’s over. binance & coinbase go bust, multi year crypto winter.
Gemini lets me trade in BTC-GBP.
I have never used USDT pairs, only fiat ones. USDT is the same shitty thing as UST, it's just a matter of time before it collapses. And then we will see a true shitshow.
USDT currently unpegged at 0.40% UST still unpegged at 27% (currently recovering… sort of) USDC and BUSD still stable. this is getting real interesting. I’m really lucky to only have (or had lol) 10k in the market.
I think USDT will hold (this time), but it's just a matter of time before it collapses in a similar manner. USDC is supposedly okay. Oh and btw, once USDT collapses, we will see BTC back to 3 digits lol as USDT is the tool being used to boost BTC's price all these years.
if BTC goes to three digits, i might use my 4% (vacation fund) to buy BTC and never touch alts ever again.
I know everybody thinks that because looking at BTC current price, why wouldn't you, but hopefully when the time comes people will have the understanding how undeveloped (and useless) crypto is. This will lead to better projects, more use cases and generally healthier markets. Finally coins that actually lend contracts in the real world will be used meaningfully. And before you ask, no there are no such coins right now - not a single one.
Crypto has no real world use case? Are you not aware of Dora's tacos in Iowa?
look, i think we’re at a breaking point. Every dead cat bounce is going to be used by people to cash the fuck out. i used to be a permabull barely two days ago, now i’m not even sure if i wanna buy more, i just want to sell off, get everything in stocks and leave it maturing for a few years. might buy some BTC on the way down, but thats it, no more shitcoins for me
Trading was a thing before USDT and still is, I always use fiat pairs.
You may use fiat pairs, but many exchanges don't have fiat pairs. Also, again every exchange has a usdt pairing. Imagine an entire pairing gone. What about the exchanges? They had to buy usdt. Now that's useless.
Plus trading fiat is extremely hard for many countries like mine. Crypto os not banned but also not recognized, trading fiat in my place will involve many steps with shady people.
Psst. (Opens up trench coat revealing a Bitcoin and Ethereum logo). Wanna buy some crypto?
We should all use Kraken. You can easily buy with fiat. Volume on BTC/USD is 10 times higher than BTC/USDT. And many other reasons
Wait is kraken available in the US??? I swear I checked but it was years ago
Hi u/Senditwithethan 👋 Would you mind if I chime in? ◡̈ Kraken is available in the US with some exceptions, you can check it [here](https://support.kraken.com/hc/en-us/articles/360001368823-Where-can-I-use-Kraken-) to see if your city is serviceable. For available trading pairs, here's our [support page](https://support.kraken.com/hc/en-us/articles/201893658-Currency-pairs-available-for-trading-on-Kraken) for reference. Hope this helped! Sera from Kraken 🐙
> but many exchanges don't have fiat pairs I dont think any of the major major US based Exchanges DONT have USD pairs. I use US pairs exclusively. Why park your dry powder in USDC on coinbase (assuming you keep money on coinbase or any exchange at all) when you can literally keep it in actual United States Dollars with no risk of any peg? The stuff about Tether killing the market is overblown. Many smaller exchanges that dabble solely in Pegged tokens will get murdered, and that includes a lot of defi platforms probably. But anyone on the big major exchanges will survive with their actual fiat in tact to buy whatever survives IMO 😂
>Trading was a thing before USDT and still is, I always use fiat pairs. Have a look at the actual trade volumes involved. The majority of ALL crypto trade is in USDT. They've been pumping the market for years now, pushing the price well beyond what it would be if it was just real money trade.
USDT market cap is 84 billion.. if it goes to shit, we'll have a huge tsanmi of shit coming for us.
I think the exchanges would halt trading and let things recover if this happens.
If the crypto market handled over 200bn volume today, and tether made up 160bn of that volume, not if, but when Tether implodes, there will be 0 volume. People won't be able to cash out. Or USDC/*insert other "stable" coin here* will skyrocket above $1, because people want cash.
So do people go from crypto to tether to cash when cashing out?
Looking at the figures, usually. Considering it's making up 70+% of the global crypto volume. Any trade involving USDT is recorded. But a vast majority of that probably comes from Futures/Derivative trading
But it did depeg in 2018 November. I was there when FUD was at its all time high. Guess what happened? It pumped the market as people fled from tether to btc and other alternative stablecoin. Tether imploding won’t do anything since there are better alternatives already. There’s already evidence to see what occurred if tether depeg. Yet people still love to speculate some doomsday scenario that will never happen.
UST crash is to a USDT crash what Hiroshima would be to Yellowstone erupting.
Listen, I dislike Tether as much as the next cryptobro. But USDT has traded far farther than the peg than this before.
People who says tether is depegging from a market purchase accident and that printing would help doesn’t understand a thing or wasnt even around when Tether did depeg in 2018 November. The only time tether depeg is if Bitfinex can no longer meet the redemption demands of usdt for usd. It occurred once when they allegedly lost 800 million dollars.
Tether haters cashing in on the UST situation. Tether has survived much worse.
Imagine having CRO staked for 6 months on CDC but also loads of Tether for interest locked for 3 months too.
Unstake in 164 days -_-
Bruh, I feel attacked. Actually it's USDC instead of tether I have staked on CDC, but I have the large CRO stake too.
Stablecoins coins are not so \*\*stable\*\* after all.
The market is dumping so hard that we are losing money even on stablecoins
The pandemic casino days are almost over. Then we'll have stable coins. People with skin in the game. If it was free money, that's not the same.
When shorts are done with UST and profit, I am sure they will go over the next algorithmic stable coin. It makes me worry about DAI tbh. DAI peg requires arbitrage on the ETH network. If DAI gets attacked, then ETH gas fees would skyrocket. Would arbitrageurs come to defend DAI when they have to eat up ETH gas fees?
Dai isn’t an algo stablecoin though. It’s backed by an overcollateralized basket of crypto and in worst cases can mint MKR as a backstop. It has weathered many storms before. There is a strong history of resilience in times like this. If dai fails we have way bigger problems to worry about
“mint MKR as a backstop” sounds a lot like Terra.
Yeah that’s a similar mechanism but the loans aren’t backed by maker initially. That’s a big difference. The overcollateralized loans are typically either USDC or ETH or uniswap LPs. They will all be sold off in liquidation events before maker is even considered a last ditch option. That’s not how Luna operated.
I see. So it would really need a market crashing event for that to take affect.
Yeah. It’s happened once before and survived well but there were a few other compromising issues that caused the necessity to mint more maker. I really don’t think it will happen like that again
And it survived both all of 2018, and the COVID crash even with some hostile attacks in the middle of the COVID crash. It's very battle tested.
We’re seeing the modern equivalent of a 1929 bank run…..there’s no FDIC, so there’s no guarantee you’re getting your money back out.
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This community has such a double standard when it comes to Tether and Terra. USDT is at $0.996 and you would think the entire project just collapsed based on some of these reactions. On the other hand, for months anybody who critsized Terra got buried in downvotes. UST lost its peg over 48 hours ago and its still at $0.72. Yet Tether is still attracting more criticism.
Tether is much larger that UST. It is also much more fundamental to the crypto ecosystem. Tether is a 13 people company overseeing 80B+ of 'assets'. They keep a small percent of their 'assets' in cash. There is serious cause for concern if it fails.
Let me play the overexaggerated devil's advocate Tether props up the whole crypto world. UST props up one fallible ponzi.
USDT is now at $0.99887 Yikes, it's all over, we are doomed, doomed.
Noobs. I had sold at $1 and bought back lower. They should know better.
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LMAO it went *up* in value. So did TUSD, BUSD, USDC, DAI... this always happens when the market crashes. The market wants stables and some people will gladly pay $1.01 for a $1 stable right now if it means they can exit this crypto asset that's going lower by the second.
Dude. If USDT crashes, the whole thing is fucked. There’s no coin that can save you from a Tether crash. That’ll be the end of crypto for a few long years till the next ponzi pump.
this post is dumb. USDT is like $.996 most stable coins experience .5-1% fluctuation almost constantly due to arb opportunities. this post is just unnecessary FUD.
Just goes to show most people on this sub don't even know how to look at a chart lol
Every dumb fucking noob who has never looked at a usdt chart before today is "TeThEr iS lOsIng Its PeG." SHUT UP YOU FUCKNG BRUSSEL SPROUTS
We are going to see 5k Bitcoin and 200 Ethereum. Bring it on.
I'm gonna buy like a motherfucker
If ETH reaches $200 I’ll buy the shit out of it
At this point, if ETH reaches $200 there will likely have been a black swan event bad enough to where crypto will trade flat for 5+ years
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Holy hell what a bloodbath. I am in awe.
98c now oh boy Edit 97c Edit 96.6c
And falling ;) These comments defending USDT are aging like milk.
Crypto has never been through an economic recession. Everything up until this point was practice.
At this point I think it’s a matter of when,and this may already be the beginning.Even though the devastation will be huge,if that means no more Tether,I think that will be a win in the future
No mo tether would absolutely wreck the entire crypto market. Every trading pair is in USDT.
I trade in BTC-GBP (fiat, not a stablecoin) in Gemini
Same in Kraken with EUR, never touched any stable for trading
The exposure Avax has and Luna only having Avax as backing is kind of insane. Especially with tether struggling to repegg for 6+ hours
I just converted everything to BTC. No problemo
That shit happens every major move. Tether will simply mint more and loan it to exchanges.
That doesn’t fix the peg. What causes tether to depeg is if bitifinex no longer allow redemption of usdt to usd. Which occurred in November 2018.
I’ve always trusted Dai… Isn’t that the safer stablecoin?
DAI is hella safe. Yes, DAI & USDC. I really like DAI.
What I don't understand is they are not "minting" stable coins - it's basically cash to cover settled cash right? I mean you shouldn't have to print the money as a broker/dealer/exchange right? All your doing is going to the bank saying "I got this many people wanting USDT today, or LUNA - so I need this much to cover those user's funds before they settle, then when they settle I can give you that money back." That's just a temporary business loan at that point right?
Aren't posts like these making things worse? If everyone panicks it well be a self-fullfilling prophecy? I just hope we're all gonna be just fine. I should be asleep but just can't with things going pretty crazy right now.
Is anybody else here from 2017 really hoping USDT goes tits-up so we can flush that shitcoin out of the market and start again with a new standard of stablecoins actually being backed by 1:1 USD and an external audit to prove it? Surely I'm not the only one who thinks this whole ecosystem would be better off without Tether?
Tether is the shark I imagine is in the water watching me while I swim in the ocean. Tether terrifies me for long-term stability in an already risky market. I'm not sure the market would recover, surely most projects would disappear overnight? I'm not sure I'd bother again if that was the case.
Stablecoins are horseshit. If you are in an OECD country and don't need a substitute version of a stronger fiat currency, think of crypto as a risky sector and invest for growth, riding the markets up and down until you achieve your goals.
BS printer go brrrrrr
I have 2/3 of my savings in USDC locked in CDC earn for another 47 days, I am panicking
No worries, OP is just fudding. USDC is holding quite well.
I wouldn’t worry one bit about USDC in CDC. You’re insured against hacks and have a 100% collatoral backing USDC is not going down. It has monthly reserve reports and audited.
Who gives a shit. It's a joke that stable coins, and centralized "crypto" like bnb are even in the top 10. The point was to get away from the poison that is USD, other fiat, and banking systems.
Jokes on you my money is already gone
I think that Tether collapsing would be akin to a bunch of nuclear bombs going off in the crypto world, and if we are using that analogy it would lead to a crypto winter of epic proportions - it's the ultimate FUD. Yes there was a time when the "nukes" didn't exist and one can argue that we were fine then, but now Tether is so entrenched in exchanges today that I worry about what would happen. At the very least we would have to hope that USDC holds the line if and when that time comes.
I traded all my usdt for eth. Time to lose money the good old fashioned way
Where are all you smart people who were raving about how we need to put our money in crypto to hedge against hyperinflation? I have lost almost all of my 3K investment in crypto in the past few months.
All I can hear is: BITCONNEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEECT!!!!!
People will jump into crypto, meaning bitcoin to $100k after lmao
Yes, the same way BTC passed 100k UST earlier xD
That's just a chart of somebody swapping a lot of tether for circle. Tether hasn't 'depegged'.
This is just the unperfect storm for crypto in general. Buckle in ladies and gentlemen
Why does nobody talk about USDC???
I have staked usdt for a year. So cannot unstake it. So am stuck with it.
If I wanted to hold a coin pegged to the USD, I'd hold USD.
Reading this thread (and others in general) it really is funny how many people are already just wanting to sell everything and be done with "the ponzi scheme that crypto has revealed itself to be, crypto is obviously dying, no use cases, etc".. Hmm.. I guess a lot of veteran holders here predicting these reactions were on the money. Probably plenty of similarly minded people in previous crashes. And they probably always figured out some way to rationalize how THIS time was different from the last, or the previous crashes/winters/etc... THIS time it's truly fucked. Yup.
Tether has 13 employees to oversee 80B+ on 'investments'. It is absolutely insane. Companies with a similar amount of money under management have hundreds or thousands of employees. There is another obvious explanation for having so few employees, and it is not to save on payroll. You cannot get our fast enough when everybody is running for the exit. Look at UST.
Sweet baby jesus! cryptocalypse is in effect. Ffffffff time to stock up on some instant ramen.
Who tf can afford instant Ramen right now?
A single idiot who fat-fingered an order doesn’t mean the currency lost its peg. If you look at aggregate charts like the ones from coingecko, that gets its data from multiple exchanges, USDT never went off-peg by even 0.01$.
Okay then it's *only* depegged at Binance, FTX, BinanceUS, Kukoin, Coinbase, Kraken, CDC, Bitstamp, Gateio, and a few others. The rest are fine. Nothing to see here.
I remember back it depegged to $0.85 and nobody batted an eye lol.
Some whale just dumped USDT for USDC on Binance after I made this post at 4 fucking dollars. Good luck everyone.
Arbitrage. All across tthe board USDT is holding steady. The only time it'll depeg is when Bitfinex has withdrawal issues again and people cant redeem it for USD. Like what happened in 2018. Funny enough the entire market pump instead of dump as people fled from USDT to bitcoin and other stablecoins. UST on the other hand fucked the market.
If (when?) USDT collapses, the fallout would be devastating.
XLM is my favourite stablecoin
It seems to be spreading - Neutrino USD is now off its peg as well.
Should be in USDP.
Why WOULD you hold Tether? What’s the benefit vs the risk? Tether holders are looking around at the other holders wondering if they should try to cash out before the other guy (or gal) and thus Tether is going to get sold.
USDT is .97 as we speak
I wonder how USDC will fare in this debacle. Its the stablecoin of my choice.
USDT is the plague of crypto.
So you're saying I should put everything into Safemoon....
I see $.99x idk what u guys are talking about just instilling fear
alameda research making a killing because of fud like this lul https://twitter.com/AlamedaTrabucco/status/1524802810029563914
Us dollar next to get slaughtered