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.
The nice thing about Tether, is it’s propped up by bullshit.
They’re probably not gonna run out of bullshit.
I wonder if anyone bought ICP at ATH, then jumped ship at 90% loss, putting all their money into LUNA?
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
So this must be the end of crypto…
I’ll take 10K Bitcoin for 2 pizzas please
Luna is the new stablecoin, always hovering just around $1
# I Need Your Clothes, Your Boots, and Your Motorcycle
Listen, I dislike Tether as much as the next cryptobro.
But USDT has traded far farther than the peg than this before.
Imagine having CRO staked for 6 months on CDC but also loads of Tether for interest locked for 3 months too.
UST crashing was an absolute disaster but it’s just a drop in the bucket compared to USDT.
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.
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?
Stablecoins coins are not so **stable** after all.
Just keep your money in USD fuck all these stable coins
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.
Holy hell what a bloodbath. I am in awe.
98c now oh boy
Edit 97c
Edit 96.6c
The exposure Avax has and Luna only having Avax as backing is kind of insane. Especially with tether struggling to repegg for 6+ hours
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.
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.
Just buy BTC/ETH.
Arent you tired of being rugpulled from one amazing revolutionary project to the next?
I’ve always trusted Dai… Isn’t that the safer stablecoin?
I just converted everything to BTC. No problemo
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.
Crypto has never been through an economic recession. Everything up until this point was practice.
We are going to see 5k Bitcoin and 200 Ethereum. Bring it on.
That shit happens every major move. Tether will simply mint more and loan it to exchanges.
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
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?
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 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!!!!!
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
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.
People will jump into crypto, meaning bitcoin to $100k after lmao
That’s just a chart of somebody swapping a lot of tether for circle.
Tether hasn’t ‘depegged’.
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.
Why does nobody talk about USDC???
Wait what? Now tether? 🥹 oh hell no. But I wouldn’t be surprised
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.