to oversimplify it to the extreme, we could say that UST was backed
by itself
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More legit stuff
https://twitter.com/watcherguru/status/1525112913656172545?s=21&t=WBe--lxplr37CBdXjl4JQg
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Theyâre saying to remove the ponzi part. Which means it wonât be popular, but thatâs what theyâre saying.
God help me if I have to go back to read this ruination of a thread but when did somebody here say âhave fun staying poorâ ever?
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I could see ângmiâ being interpreted as expressing sentiment along those lines.
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Lemme guess did Beetlejuice say that?
in general though thatâs steeped in layers of irony
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I think this is a conflation between âvolatile price actionâ and âbubbleâ.
After living through 2008, FullTilt/UltimateBet, and various shit in the Crypto space, I have very little faith that Tether is anywhere near as solvent as it claims to be
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but the parties that rely on tether as part of their business model are
And it claims to be wildly undercapitalized!
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Would it be the end of the world for Bitcoin if Tether went belly-up? Sure the price will plummet and it will fluctuate like mad, but thatâs nothing new for crypto. Just seems better to rip off the bandaid then have this Tether crisis looming over everyoneâs head.
There are posts from years ago itt, but people have been saying tether is a scam for basically a decade? Like Iâm barely in the space and first had people telling me in like 2014. And these people were crypto bros.
If tether went to 0 tomorrow bitcoin is back sub 10k easily.
Sorry if itâs a dumb question, Iâm only now really trying to grok this whole Tether thing and it seems kind of crazy.
I mean Tether is basically just waiting for a bank run at this point. The real danger for them comes when some of their âsecure assetsâ that theyâre backed by are no longer secure. If one of the banks they have securitized loans from has issues, or if Treasury Rates massively change or any other massive amount of financial problems arise, their situation can change very quickly.
The biggest problem i see is that a bank run type scenario is the biggest risk, and that type of issue is massively correlated with other market volatility. The logic that âTether hasnât collapsed yetâ therefore its solid is just something we have seen play out in so many different ways in different financial systems.
Had someone ask me in the poker room if Russia had anything to do with the crypto downswing. I didnât have a better answer than âI donât knowâ.
He also said he wanted to get into crypto but hadnât bought any because he wanted something truly anonymous. Heâs an anti-government guy and I could see him want it for illegal shit, but maybe all he cares about is tax evasion. Should I just tell him to look into Monero?
A year old but still relevant:
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You can just short Tether if you want to hedge your crypto portfolio or bet on its collapse.