Is there a good primer on stablecoins which includes an explanation of why some people consider Tether to be sketchy?
Pretty sure USDC is audited and you can find audit online. Edit: here you go:
Agree that Tether is a concern.
here 'ya go:
It isn’t a huge systemic problem so long as people who use those coins continue to believe it isn’t a huge systemic problem. I mean it’s already pretty well known that many (most? all?) of them aren’t fully backed by real assets. Nevertheless, their values rarely deviate very far from peg.
Like I said to cytri, I can’t pretend it makes much sense to me either. At some point you just have to accept that if everybody else says it’s worth $1 then it’s worth $1. And if eventually something happens to change everybody’s opinion, then it’s not worth $1 anymore.
I’m confused why crypto guys would want to peg their assists to US dollars if they believe USD is all a PRINTER GO BRRRR scam.
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Is this a reasonable summary of the issues some people have with Tether?
And what are the feelings on central bank digital currencies?
This is not an audit. It’s an attestation. With zero detail. This isn’t transparency, it’s a fucking joke. Sure, less of a joke than Tether but still.
a token pegged to usd makes decentralized token swaps work fluidly. short-term traders will jump into usdt if they think crypto is gonna go into a down cycle, and they’ll hold usdt because they’re just waiting for the right moment to jump back in.
if tether only holds 10% or 20% of circulating usdt at a time i’m not that concerned. modern banks are like under 5% i think. and i’m not expecting a ton of usdt holders running to exchanges to trade for cash. i feel like if you’re in usdt you’re not holding it for the dollar value, you’re holding for the buy crypto opportunity, so even if crypto is totally crashing, i think usdt holders would hold tighter because that’s what they’re waiting for. like if they wanted the cash they could make it cash at any time.
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Prretty much. This is clearer imo:
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It’s funny I remember being told all this tether stuff in ~2016 or 2017. It’s probably been around even longer because I’m not active in the space.
i’ve been hearing about tether imploding and the crypto crashing since 2014. wen burst?
Until they can’t because there isn’t any cash left is the risk. Bank deposits are insured now because bank runs used to be a thing.
Maybe never? Idk. Arbitrage bots may be able to support the peg indefinitely. I guess I’m more bothered that they’re obviously operating a scam and we’re all on the wrong side of it.
To be fair, my entire life I’ve heard Libertarians of versions stripes tell me there’s going to be a hyperinflation crisis and that hasn’t happened.
but i want crypto to crash and beetlejuice to be poor again 
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You can use me as a surrogate. I’m still poor.
i dunno man, you sure seem to know a lot about those rich people thingies
Looks like I’m not the only one that thinks Jewel is a Ponzi.
https://twitter.com/strassa2/status/1477734391598178304?s=21
https://twitter.com/strassa2/status/1477731778299322374?s=21
https://twitter.com/strassa2/status/1477734655688380427?s=21
https://twitter.com/strassa2/status/1477732834748022791?s=21
Lol i’m somehow blocked on twitter by @cnew27 and i don’t know who that is