Does a significant decline in value have any effects on the crypto ecosystem?
Probably - USDT if pretty big, so lots of people invested in crypto would lose lots of money. Plus lots of other platforms use USDT/hold USDT as collateral, etc., so those platforms would suffer or go under. Would likely cause people to question other stablecoins as well. It’s sort of like if a big bank fails, there would be repercussions throughout the financial industry. Think of the scene in the Big Short where the two college bros are celebrating that their MBS shorts are worth tons of money, but also realize that it means the economy is fucked.
That said, there have been some big cryptos that crashed, without destroying the entire market (although I’m pretty sure USDT failing would be the biggest).
1 Like
Yeah if USDT collapses it would be a generational buying event, the question is where is the bottom.
Started reading the article, two paragraphs in:
Onion
1 Like
The collapse of Tether is a commonly suggested disaster scenario for crypto, but I don’t know exactly what the fallout would be. Somewhere in between “bad” and “total crypto apocalypse”.
Any thoughts on probability of collapse.
Looking to enter market but idk .
No idea.
1 Like
0.0%
1 Like
People have mused about the collapse of Tether, calling it a pyramid scheme for nearly a decade.
1 Like
I haven’t had a chance to read it yet, but I assume this will be making the rounds
This paragraph jumps out to me as voicing some of my concerns. It would be interesting to apply critical race theory to crypto.
Inequities have crept into crypto in other ways, including a stark lack of gender and racial diversity. “It hasn’t been among the things I’ve put a lot of intellectual effort into,” Buterin admits of gender parity. “The ecosystem does need to improve there.” He’s scornful of the dominance of coin voting, a voting process for DAOs that Buterin feels is just a new version of plutocracy, one in which wealthy venture capitalists can make self-interested decisions with little resistance. “It’s become a de facto standard, which is a dystopia I’ve been seeing unfolding over the last few years,” he says.
Shocking to see a libertarian project turn into a capitalist dystopia.
Just like the USA lol
Sounds like the crypto presence at SXSW could use better messaging
This guy isn’t helping:
“The biggest opportunity of the metaverse: it’s actually just the ability to unlock people’s creativity again. I think everyone is born creative, but current educational structures just squeezes that out of most people pretty quickly,” Smeele said. “So it’s about how we can rethink how we learn how we play, how we work in ways that feed back to the society as a whole and empower the individual.”
What? I guess it’s hard to disagree with those goals, but how is his NFT project contributing to that? I was going to point out that you can’t just describe a reformed, improved society where individuals are more fulfilled and also focused on the greater good, and then add, “that’s what we’re about!” but that’s all marketing today.
It worked for tech companys for 2-3 decades. We’re disrupting and we’re all about saving the world. We “don’t be evil”. Just ignore those pesky genocides and the odd teen suicide epidemic. And people did.
Click a mouse, lose a house jpeg
1 Like
1 Like