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 isnāt a huge systemic problem so long as people who use those coins continue to believe it isnāt a huge systemic problem. I mean itās already pretty well known that many (most? all?) of them arenāt fully backed by real assets. Nevertheless, their values rarely deviate very far from peg.
Like I said to cytri, I canāt pretend it makes much sense to me either. At some point you just have to accept that if everybody else says itās worth $1 then itās worth $1. And if eventually something happens to change everybodyās opinion, then itās not worth $1 anymore.
Iām 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. Itās an attestation. With zero detail. This isnāt transparency, itās 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 theyāll hold usdt because theyāre just waiting for the right moment to jump back in.
if tether only holds 10% or 20% of circulating usdt at a time iām not that concerned. modern banks are like under 5% i think. and iām not expecting a ton of usdt holders running to exchanges to trade for cash. i feel like if youāre in usdt youāre not holding it for the dollar value, youāre holding for the buy crypto opportunity, so even if crypto is totally crashing, i think usdt holders would hold tighter because thatās what theyāre 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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Itās funny I remember being told all this tether stuff in ~2016 or 2017. Itās probably been around even longer because Iām not active in the space.
iāve been hearing about tether imploding and the crypto crashing since 2014. wen burst?
Until they canāt because there isnāt 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 Iām more bothered that theyāre obviously operating a scam and weāre all on the wrong side of it.
To be fair, my entire life Iāve heard Libertarians of versions stripes tell me thereās going to be a hyperinflation crisis and that hasnāt happened.
but i want crypto to crash and beetlejuice to be poor again 
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You can use me as a surrogate. Iām still poor.
i dunno man, you sure seem to know a lot about those rich people thingies
Looks like Iām 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 iām somehow blocked on twitter by @cnew27 and i donāt know who that is