Ok, bro, you are correct I jumped into the conclusion that you refuse to use stablecoins not just Usdt Let me press a little on this Usdt vs Usdc As traders, we always adhere to the market principles to listen to what the market is telling us Usdc has crashed in market cap, while Usdt has soared. If I remember correctly, they were about even a few months ago and now Usdt is more than triple the market cap of Usdc With this recent very impressive earnings statement from Usdt, have you ever wondered if Usdc is doing just as well or something comparable? I saw an analysis that Usdc is actually losing money, shocking but the breakdown was pretty simple, something about all the incentives promotions agreement of Usdc has been burning cash from investors Usdc is a consortium of rent-seekers, Circle/Goldman Sachs, Coinbase, it's not a surprise to me that they are losing money and to that point, they are easily at risk of TradFi failures being that they still trust that old system, case in point, over $3B exposure to banking failures recently And to everyone demanding all kinds of audited financial stuff from Usdt can go fuck themselves. Tether is not a publicly listed company nor is it even a US company, they do not owe anybody shit. Be happy Tether is providing these detailed balance sheet statements, earnings announcements, financial disclosures, attestation, BDO Italia among others Usdt is the trusted global stablecoin by the cryptos ecosystem, and is the anchor to the real world fiat ecosystem via the global reserve currency USD
funny you mentioned BDO Italia. They have been hired last august and had 1 year to produce audit, yet there is none. If this is not a red flag, not sure what is. The blow up will be like nothing the world has ever seen. Biggest bubble and fraud unfortunately
After working in an MNC, I decided - not to read financial reports - to listen to the CEOs with my ears closed - to read the financial analyst reports with my eyes closed - to focus on the charts only Happy reading balance shits.
Out of curiosity, if you think this will happen, what will be the effect on bitcoin? I would think if it collapses over hours or days, there will be a mad rush into bitcoin. Its not like people can take their USDT to the bank and get cash. If I recall, only certain institutions can actually withdraw to USD. If the collapse is fast, like over minutes, then how would this affect the price of bitcoin? Will people start selling bitcoin over the coming days and weeks just because USDT implodes? I honestly doubt it happens, but if it does, I err on the side of it being bullish for bitcoin.
A long time ago, before the stablecoins and before the smart contract blockchains like Ethereum, the reserve asset and currency of the cryptos ecosystem was bitcoin, and btc was the main trading pair in exchanges If Tether implodes, bitcoin could very well become that again pushing the price of bitcoin much higher in fiat terms
This is probably the fundamental thing that I disagree with when people are tether truthers, or don’t invest in crypto bc of tether. Why exactly would an implosion from tether, as unlikely as it seems, cause bitcoin to crash too? I literally don’t understand the mechanics there. I think the general simplistic thought goes like this - tether prints fake coins backed by nothing, which then drive fake demand for BItcoin, which increases its price. If that dynamic changes than the opposite would happened a.k.a. bitcoin would go down in price. But if you pulling that string tho it doesn’t really make any sense. If a person used tether to buy bitcoin, then they already sold their tether and bought the bitcoin. So if tether is then found out to be fraudulent and depegs, this theoretical person wouldn’t really care since they are already in BItcoin anyway and tether declining has no impact on them. They already sold their tether and bought their bitcoin. What am I missing here?
But the question is, does @RedDuke see it? I find it impossible to believe that even without tether, the shrimp army, as you mentioned in an article you linked weeks ago, will be a very powerful force to gobble up all available sats. So even if USDT was responsible for a certain percentage of getting bitcoin to where it is today, future price increases can easily be 100% organic and fully via USD purchase (or other fiat currencies)
Initially there can be selling from people just being scared and leaving the whole crypto space. I'm personally waiting for some type of credit event to hit the markets, thereby causing a crash, just like 2020, and dragging bitcoin down with it. I want more sats for every dollar! We saw a lovely pump today after the downgrading of US debt, so bitcoin pumped as markets dumped, but this has been more or less retraced now. But at some point, the selling from a USDT collapse, if it even happens, would stop, and then its gonna rally again. A dump would be a blessing!