An important WARNING: keep your money safe for a few days. USDT also deppeged from 1-1 and there is EXTREME pressure on USDT and other stablecoins as people are trying to cash out.

Ladies and gentleman, please keep your money safe for a few days / weeks. Stop holding stablecoins if you can. USDT has been deppeged 1-1 for the last 7 hours, with the highest daily trade volumes ever:

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Other stablecoins are suffering the pressure as well as people try to cash out. This may be nothing really, and I hope it’s nothing. USDT has hold for so many years. But we better be safe than sorry. This is just a warning for people here and I hope everything goes smoothly for USDT and other stablecoins during the next few days where the pressure for cashing out will be kinda high. I’m sorry for everyone that lost on the Terra / Luna disaster, remember money is not everything and you learned an important lesson. Also, people with money on Celsius and other high APY “projects”, please think twice before going for a promise of double digits APY.

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44 thoughts on “An important WARNING: keep your money safe for a few days. USDT also deppeged from 1-1 and there is EXTREME pressure on USDT and other stablecoins as people are trying to cash out.”

  1. The nice thing about Tether, is it’s propped up by bullshit.

    They’re probably not gonna run out of bullshit.

    Reply
  2. 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

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  3. Listen, I dislike Tether as much as the next cryptobro.

    But USDT has traded far farther than the peg than this before.

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  4. 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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  5. 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?

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  6. 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.

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  7. The exposure Avax has and Luna only having Avax as backing is kind of insane. Especially with tether struggling to repegg for 6+ hours

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  8. 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.

    Reply
  9. 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.

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  10. 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.

    Reply
  11. 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.

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  12. 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?

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  13. 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.

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  14. 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.

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  15. 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

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  16. 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.

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  17. 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.

    Reply

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