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One for the crypto haters

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  1. #171

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    Quote Originally Posted by Gollygordon:
    So, you expect the heads of retailers in the most developed economy on earth to be bullish on integrating crypto but you personally remain unconvinced because your local vendor (who in your own words doesn't even accept credit/debit cards) isn't in the vanguard of adoption? Can't wrap my head around that one.
    It's not that complicated. Exit your crypto bubble and think it over

  2. #172

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    Quote Originally Posted by Gollygordon:
    Majority of the use cases I've discussed in this thread are best suited to stablecoins, which are pegged to USD or EUR.
    USDD "stablecoin" is still pissfarting around for 4 days now. Is it pegged to USD or not? What the hell is it doing? Is it going to go up to where it should be, or crash and burn to $0.0000001? Bloody hell hurry up I've been waiting for 4 days!!!

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  3. #173
    Quote Originally Posted by bdw:
    USDD "stablecoin" is still pissfarting around for 4 days now. Is it pegged to USD or not? What the hell is it doing? Is it going to go up to where it should be, or crash and burn to $0.0000001? Bloody hell hurry up I've been waiting for 4 days!!!

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    On the balance of probabilities, it will pissfart down to near zero eventually.

    There are good and reliable stablecoin and then there is crap like this. Can't be bothered to elaborate further, but rest assured I am not proposing we integrate USDD into our payments system.

  4. #174

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    Quote Originally Posted by Gollygordon:
    On the balance of probabilities, it will pissfart down to near zero eventually.

    There are good and reliable stablecoin and then there is crap like this. Can't be bothered to elaborate further, but rest assured I am not proposing we integrate USDD into our payments system.
    Is tether (USDT) a good and reliable stablecoin which will never have this problem like USDD and that other one Terra had last month?

  5. #175

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    The trouble is, while there are clear stablecoin scams like Tether, Terra and associated algo stablecoins it makes it harder for even genuine stablecoins to flourish. They are all interconnected in an unhealthy ecosystem of scams and pump/dump artists.. when you throw in leverage and collateral on top it starts to explain why they all come crashing down together.

    When Tether blows up, there might be some interesting bits of flotsam and jetsam in the wreckage.. until then best to stay the fuck away.


  6. #176

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    Quote Originally Posted by bdw:
    Is tether (USDT) a good and reliable stablecoin which will never have this problem like USDD and that other one Terra had last month?
    Tether is the biggest scam in crypto. There is no chance whatsoever their reserves match their liabilities IMHO.

  7. #177

    @bdw Good question. I'm inclined to think yes, but not totally confident tbh.

    Rest assured firstly that there are very reliable, well backed and transparent coins out there (USDC, GUSD, BUSD, Paxo etc) and secondly that the regulatory groundwork is currently being laid to ensure that if / when mass adoption arrives it arrives safely.

    @TheBrit, if Tether survives the catastrophic deleveraging and resultant insolvencies of some of the biggest institutions in crypto, would that be enough to convince you of Tether's backing? UST collapsed, Celcius is probably insolvent, 3AC is definately insolvent and spreading contagion... This is basically it, biggest stress test in cryptos history as we speak.


  8. #178

    Ironically, the biggest failures / collapses over the last 3 months that have ruined the price of crypto assets and reputation of the space as a credible asset class have all been a result of mismanagement by centralised actors.

    Terra was basically run by one man and was propped up by large market makers from traditional markets (Jump Capital etc), Celcius and 3AC collapsed due to opaque loans and OTC transactions combined with reckless leverage and risk management.

    All the decentralised platforms have been running smoothly, minimal bad debt, liquidations occurring as needed to avoid insolvency. The actual 'DeFi' in the system has done very well, better than I expected, while centralised parties are blowing up all over the place.


  9. #179

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    Quote Originally Posted by Gollygordon:

    @TheBrit, if Tether survives the catastrophic deleveraging and resultant insolvencies of some of the biggest institutions in crypto, would that be enough to convince you of Tether's backing? UST collapsed, Celcius is probably insolvent, 3AC is definately insolvent and spreading contagion... This is basically it, biggest stress test in cryptos history as we speak.
    Nope. It’s very likely they can survive a 50% drawdown, which has not happened yet. Maybe they could even survive a 75% drawdown. But the last holders out of the door would be left with nothing I’m sure.

    They could easily dispel this concern. It would be free, easy and trivial to do so. They choose not to.

  10. #180

    A nice thread contextualising how crypto has historically continued to move past events that at the time felt calamitous.

    https://twitter.com/LefterisJP/statu...JTEuioU0PSIGoQ


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