So it begins

Let the horn blow one last time in the deep!

Hope you didn’t forget to pack extra underwear. Once this baby goes below $0.90 we going to see some real shit

Get you funds out of CEXs while you can and prey to Satoshi for forgiveness for our sins and those that sin against us

Stablecoins will be remembered as one of the worst ideas ever!

A USD derivative that you can’t buy anything with and had a infinate haircut rating by international rating agencies. Yet was the backbone of a $2 trillion industry. WTF where they thinking

Please make a mega thread now and lock down the posts

Shit about to hit the fan!

View Source

22 thoughts on “So it begins”

  1. If Tether turns out to be a ponzi scheme, it reinforces speculations that past crypto booms were largely fueled by printing unbacked Tether and buying crypto? This could be a huge long term blow for crypto market and peoples attitude towards crypto currency in general.

    Reply
  2. Its crazy right now. Stablecoin don’t work etc etc..

    The global currency is going crazy at the moment. Look at EUR/USD. EUR is almost 1:1 USD. Look at JPY Yen/USD. Things are very weird at the moment.

    Reply
  3. Just because some stable coins were badly designed, does not mean all of them are. It’s the same as Just because one car manufacturer makes bad cars doesn’t mean we should abandon the idea of cars altogether.

    DAI kept it’s peg in 2018 even after ETH lost 90% of its value.

    As always there are a few good projects and many bad ones. The challenge is to find the good ones and stick to them, even though a shiny new thing appears at the horizon.

    Reply
  4. The fact that people ever thought an ecosystem whose main incentive has become to make money with no underlying assets but hopium will be decentralized shows that the crypto community is completely delusional.

    Cryptos stood a chance at being something revolutionary when the main idea was to create a decentralized currency. The minute the goal shifted to “put money in to make more money,” it automatically created a system that centralizes economic power, as the more money you have the more power you have.

    Such systems absolutely need government regulation because absolute power corrupts absolutely. You create an interesting token and a massive financial block doesn’t like you as competition? Boom you get fucked because there’s no protection.

    The crypto community is literally speedrunning the history of financial regulation.

    Reply
  5. First they ignore you. Then they laugh at you. Then they fight you. Then you win. Here comes the fight. You didn’t think they were going to let their mega trillion dollar banking enterprise go down the drain? While all their branches meet the same fate as Blockbuster? How can a countries bond market survive when every big money investor is making 6.5 percent with yield? Things will change and we will win. The question is, will we be alive to see it happen? I would just about bet this tether issue will not come out the way we would like. I’m guessing in the next couple of months while we are still stinging from this dump. This could get even worse. Yet my degenerate mind says what a great time to buy more.

    Reply
  6. I think you’re being a bit premature.

    I think there is lots of use cases for stable coins and they have done well in the past.

    I dont think tether is going to unpeg

    Reply
  7. Am I understanding this correctly:

    Tether/probably some other stablecoins have been artificially inflating their price to maintain the $1 mark. They have had to do this because, surprise, they don’t have billions in dollars lying around to actually 1:1 back the token.

    You can get your 1:1 back per the ToS, but only if you’re a ‘special person’ (these persons likely don’t exist?).

    So traders have been slinging these casino chips around on the false premise that they should be worth $1 (As opposed to most regular Crypto which has no tangible value).

    This false promise of tangible value has created all sorts of issues and has artificially inflated the entire crypto market, and now confidence is being lost and we’re imploding.

    ​

    Many follow-up questions:

    So does this mean that the market was in-fact overvalued? Could we consider this a major correction?

    Are there other stablecoins ‘playing by the rules’? If so, why does it matter *this much* that Tether/Terra are imploding, surely other stablecoins fill the void?

    Why is there discussion of brokers failing? E.G. Coinbase? A ‘run on the brokers’ surely just means more money moving around, more fees. AUM might go down but… oh well you’re still one of the faces of Crypto brokers?

    Reply

Leave a Comment