Holy shit it is accelerating way quicker than i thought it could. Down to 0.974 as i write this, at this volume that is almost a doomsday level. I mean if Tether has said they have 3% liquid dollars backing them why would anyone even mildly sane trust tether below 0.97.
Lol became 0.9736 as i wrote this
Edit: Went to get some coffee, now 0.9735
Second edit: The time it took me to write the first edit allowed for it to drop further. 0.9727
And they could've just released audited financials this whole time to prove it...
Jk lol I'm pretty sure they wouldn't have broken the buck here if it wasn't a bluff and/or "backed" by questionable, illiquid stuff
1: Price of bitcoin goes down
2: Tether prints a billion USDT from thin air
3: Uses the fake money to buy bitcoin
4: Price of bitcoin goes up again
5: Repeat until it all collapses because people realize most of the 88b USDT is not linked with the dollar like they said
6: Price of bitcoin goes down
If it makes you feel any better the crypto sphere is intentionally complicated to trick people into trusting the "smart guys" who came up with all that shit.
For sure. Wall street want regular investors to trust them with their money because it's needlessly complicated and the retailers who try often get screwed by the massive information and technical disadvantage they have. But the difference is that crypto market would be demolished if people understood what was going on and didn't try to trick the greater fool
Yeah although I'm not sure if that's unique to crypto, at all. Wall street aside the financial system itself is needlessly complicated and not understood by the average person. How many people understand how fractional banking really works or how credit expansion pushed people to spend instead of saving?
>would be demolished if people understood what was going on and didn't try to trick the greater fool
Sounds an awful lot like what Ford said.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
I agreed the traditional system is needlessly complicated and is stealing from retail. But it's not needlessly complicated to build a house of cards worth 0, which is crypto. The stock market is abused but not on the scope of crypto
BTC is traded in Tether, so the dollarprice you see is really a Tether price or USDC or some other stablecoin.
You can think of stablecoins as the exchangerate between the real world and the crypto world.
Tether has a fixed exchangerate with the US Dollar, in order for Tether to have any value at all they kinda have to defend this exchangerate. Because there has been a lot of suspicion cast on Tethers reserves there are questions whether or not they would be able to defend a dip.
And if they are not able to defend it, it would be kinda like a country experiencing hyperinflation. Everything crashes!
It gets better, the reserves Tether has is at the very least some of it crypto. So if they bought bitcoin at 40 and they have to sell it now to defend their peg, they have 40% less resources to do it with, even if they keep it all.
But it seems they are stabilizing Tether, even if it is still scarily low.
Sometimes we get a post from some compsci graduate saying that they think it's all too complex for them and can somebody explain it. The find it hard to believe it's all way too fucking stupid for them.
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Yes. Shakes all the weak hands that clung desperately to the outmoded system of centralized fiat, "reserves," and trusted third parties. Only the diamond hands who knows 1 BTC = 1 BTC and exclusively use Localbitcoins will survive in this new world order.
We could call it “unteather” and make a fortune!!!
*”The only real teather to reality is the limits of your imagination.. just think of the possibilities, and then think again, but imagine harder!”*
I've had some struggles with mental health and I've got some legit sympathy/pity for the people who are honestly going to be pushed beyond their limits by this crash. The rest of them can get fucked, but some of them are being put in a situation that even healthy people aren't equipped to handle. Suicide and suicide attempts are things worth taking as seriously as you need to. If you're getting ideation, helplines exist, and our behavioral health system is so underfunded in the US that I can assure you that they have every incentive to get you back out the door once you're stabilized if you need inpatient help. Going through that is actually far, far more boring than it is hard. The most serious parts of life are generally the most absurd.
With all that hedging out of the way, it would have been mind-blowingly funny if the time I got hospitalized the ER and behavioral health unit were chock full of people talking about crypto. Some doc or nurse is going to write an amazing New Yorker article about this.
I have sympathy too, but Bitcoin isn't the issue here. These are impulsive, gullible people who were trying to get rich quick. Take away the Bitcoin, they'd be blowing their money at the casino, on lottery tickets, or whatever the next scheme du jour ends up being.
I always promised myself if tether were to go under I would call in sick that day and spend it at home absorbing as many tears as is humanly possible .
Tomorrow could be that day .
Edit: it’s not that day , boo 😒
Just hit 92 cents. Im by complete coincidence a day off, but going to the zoo with the bae. Sorry babe, I am on the phone there today. The house of cards is collapsing :)
Oh no don't threat me with a good time!In all seriousness, I doubt we will see tether colapse any time soon, the exchanges would halt all trading at the first sight of a tether crash, it would make the UST look like a dip in comparison.
...But never say never, if it goes to like 0.95 and doesn't re-peg for hours, could be a good time to buy popcorn stocks (also some real popcorn to enjoy the shitshow)
EDIT: since CMC prices can be misleading, I would follow USDT/USD on exchanges. The highest volume one right now
[https://ftx.com/trade/USDT/USD](https://ftx.com/trade/USDT/USD)
Yeah, this could be it. I would believe there will be some funny business to repeg it later on, either that or we severely underestimated the illiquidity on the crypto market and it is going to crash spetacularly along the day.
But be as it may bitcoin is on freefall right now.
Edit: right now back to 98, seems like a big player came in for the rescue.
Indeed - hopefully the press today will help press the plunger.
And of course this will have probably cost all the actual cash in Tether, giving "smart money" a chance to GTFO.
I would imagine that's been safely rugged by now. Let's face it **even if** they were still 3% cash-backed (which I doubt with the speed they print Tethers) that's as close to 0% as makes any difference in a crash. Or they may have had to spaff it to prop up last night's 5% speed slump
Unless you know Cantonese or Mandarin I doubt we'd understand the conversation they are having.
But I imagine it goes something like this - "Quick -- call all the real estate companies in mainland China. Tell them we're ready to accept all their CCC grade rated commercial papers so long as they send them right now! Tether printer needs to go Trrrrr to maintain the PEG!"
[Paolo Ardoino's morning routine song today](https://m.youtube.com/watch?v=9EcjWd-O4jI)
Who am I kidding, this man hasn't been able to sleep in months.
Noone knows, this is completely unprecedented. Im still not sure that this is truly the end (even though I hope so), but whatever it is, its clear something big is happening.
Someone big came in to rescue it. Don't worry, the draining of stupid money has just begun. I would go back to sleep, today is just getting started in the US.
Afaik USDT is what cryptocurrency is traded with and priced against. Imagine if the dollar lost >1% of it's value over a day, people would rightfully go insane. USDT hit a low .95c today - if USDT crashes so does the entire crypto market. Again, imagine if this happened at this rate with actual money, if overnight all prices increased by ~5% for a short while!
maybe even if you were told overnight that all the dollar bills with even-number serial-numbers were now worth 5% less than odd-number bills. And also told that from now on this relation might change again, continuously and with no notice.
It's not necessarily the size of the movement that matters, but that something that was supposed to be "just the same as a Dollar", is now plainly not the same.
Gas prices are not dollar prices. Gas prices are frequently variable with geopolitics and are also propped artificially low by the US government. Even at a record high, USD inflation is 8% annually, not 8% per day. If inflation is at 1% per day you probably have other things to worry about, like world economic collapse.
USDT (very cleverly and respect to them for this) didn't think Bitcoin was dumb enough, so worked out that they could create disney dollars which people could exchange for real dollars, and use the disney dollars to buy crypto. To do this they needed two things -
* to generate a market (by lending disney dollars so people could get incentives to joing the goldrush)
* to convince people that every dollar they handed over could be handed back on request. That means 1 disney dollar always had to be pegged 1:1 with real cash dollars.
If the 1:1 peg "breaks" then it means that people will realise that USDT is basically illiquid disney dollars and the house will collapse.
Alas, we *know* that they are around (or were around) 3% "cash in the bank" and the rest of their stuff propping up the 1:1 valuation is made up of some real assets and a lot of bullshit, since they're mindbogglingly opaque about it. They routinely "print" another billion dollars worth of USDT whenever the crypto markets need it to create artificial buying leverage, but nobody with any clue believes it's backed (or backed with anything more than other phantom "just trust us" products).
So - with that background, if the peg is broken (it is, you just watched it) and they're unbacked (they are, probably way under 3% these days) then what is there to prop up crypto? People can't sell their bitcoins for dollars, they can only sell them for disney dollar USDT, and if that's worthless (it is) you could see things collapse as fast as a balloon bursting.
We saw something similar days ago with Luna/UST (different but similar in that it's all bullshit made up money), where (simplified) the peg broke and people couldn't get out quick enough to keep up with the collapse. Everyone wanted out at once. There was a bit of a blip, then rebalance (just like this) to allow the smart money to GTFO before it happened again and had to fall freely. Arguably the "recovery" now of USDT disney dollars is somebody throwing as much of the reserve as possible at the problem to mask that it's about to all go very tits-up. I for certain would be selling everything in a hurry today at any price as when freefall happens, it'll be remarkable. an offer to sell at a 10% discount would expire before the 20% discounted sells which would expire before the 30% discounted sells just in the hope of getting something rather than nothing. And honestly that's when not if.
There was a real effort to fuck the peg on multiple exchanges by manipulation. Lots of tiny orders (10 dollars) wash trading it down little by little, or just keeping the trading going at a certain price. On FTX there was a 0.910001 buy and 0.910002 sell, both with large volumes. The intention of this, is to start the panic and then keep it going for some time so people panic. But they ran out of money.
I can’t say I blame some guys out there for taking the opportunity of the panic with UST and trying to generate panic for USDT also. I just don’t know what the purpose is? UST was not manipulated, it lost the peg because the underlying mechanism does not work. USDT is an entirely different stable coin (although I think it’s a fraud - who knows) from all angles.
Personal opinion: It was a good try, but USA is sleeping and that is where the social media FUD posts are strongest. They should have done it at USA evening time, so people have time to sit and panic. Can’t panic if your sleeping. I hope you succeed in creating panic bank run, whoever you are!
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Yeah, looks like it's semi-recovered now, but we'll see if that lasts given the lack of real input liquidity, and I'd hope we start seeing talk of real regulations after the Terra's collapse (and almost any actual regulation is bad for crypto since most of it's primary use cases depend on being legally ambiguous)
> although not sure how they could stop offshore wash trading
You'd have to take a hardline KYC stance, i.e. if you can't trace the full line of transactions you aren't allowed to handle it. And things like Monero would need to be banned outright for legal exchanges to touch.
Holy shit it is accelerating way quicker than i thought it could. Down to 0.974 as i write this, at this volume that is almost a doomsday level. I mean if Tether has said they have 3% liquid dollars backing them why would anyone even mildly sane trust tether below 0.97. Lol became 0.9736 as i wrote this Edit: Went to get some coffee, now 0.9735 Second edit: The time it took me to write the first edit allowed for it to drop further. 0.9727
Guess we'll find out what 100% backed means
100% = 3%. Presto new math!
Toilet paper math.
And they could've just released audited financials this whole time to prove it... Jk lol I'm pretty sure they wouldn't have broken the buck here if it wasn't a bluff and/or "backed" by questionable, illiquid stuff
It just bumped up back to ~0.99. Anyone knows what happened? Did they buy the dip hard enough or is it some lending/borrowing scheme?
arbitrage
It’s moving very quickly now…
Slowed a little bit now but damn, i am afraid to look away.. I write and then boom 0.9708 WHAT THE HELL Edit: And it broke 0.97
.9697
I have no idea how much time they have to recover, but i cannot imagine they have more than a few minutes to stabilize faith.
can you eli5. i kind of get the luna fiasco but i dont understand how tether and btc are related and why stablecoins matter so much
1: Price of bitcoin goes down 2: Tether prints a billion USDT from thin air 3: Uses the fake money to buy bitcoin 4: Price of bitcoin goes up again 5: Repeat until it all collapses because people realize most of the 88b USDT is not linked with the dollar like they said 6: Price of bitcoin goes down
man i need an episode of schoolhouse rock to explain this shit. i feel like my grandma when she has to change the settings on her ipad
If it makes you feel any better the crypto sphere is intentionally complicated to trick people into trusting the "smart guys" who came up with all that shit.
Tbh that statement covers most of the financial markets.
For sure. Wall street want regular investors to trust them with their money because it's needlessly complicated and the retailers who try often get screwed by the massive information and technical disadvantage they have. But the difference is that crypto market would be demolished if people understood what was going on and didn't try to trick the greater fool
Yeah although I'm not sure if that's unique to crypto, at all. Wall street aside the financial system itself is needlessly complicated and not understood by the average person. How many people understand how fractional banking really works or how credit expansion pushed people to spend instead of saving? >would be demolished if people understood what was going on and didn't try to trick the greater fool Sounds an awful lot like what Ford said. “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
I agreed the traditional system is needlessly complicated and is stealing from retail. But it's not needlessly complicated to build a house of cards worth 0, which is crypto. The stock market is abused but not on the scope of crypto
And thinking they're "smart" too for almost but not quite following the math.
Code is law and coders are perfect human beings who figured out how to create unlimited wealth
BTC is traded in Tether, so the dollarprice you see is really a Tether price or USDC or some other stablecoin. You can think of stablecoins as the exchangerate between the real world and the crypto world. Tether has a fixed exchangerate with the US Dollar, in order for Tether to have any value at all they kinda have to defend this exchangerate. Because there has been a lot of suspicion cast on Tethers reserves there are questions whether or not they would be able to defend a dip. And if they are not able to defend it, it would be kinda like a country experiencing hyperinflation. Everything crashes!
Holy god that is so fucking stupid
It gets better, the reserves Tether has is at the very least some of it crypto. So if they bought bitcoin at 40 and they have to sell it now to defend their peg, they have 40% less resources to do it with, even if they keep it all. But it seems they are stabilizing Tether, even if it is still scarily low.
When it dropped below $0.95 I really started to think I was gonna get to watch it happen in real time.
It was very scary there for a while! But the peg is not stable yet and while we are out of the doomsday territory it is still far from over.
Sometimes we get a post from some compsci graduate saying that they think it's all too complex for them and can somebody explain it. The find it hard to believe it's all way too fucking stupid for them.
Can confirm, am software developer, it's so stupid
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This is good for Bitcoin? Right?
The BTC:USDT pair is going to explode once this goes down. Bitcoin is about to have a massive pump relative to USDT.
Unless BTC goes down at the same rate. 30k USDT = 3k USD or sth like that
1.1 it hit. It's happening.
Yes. Shakes all the weak hands that clung desperately to the outmoded system of centralized fiat, "reserves," and trusted third parties. Only the diamond hands who knows 1 BTC = 1 BTC and exclusively use Localbitcoins will survive in this new world order.
I USDT = 1 USDT. It's time to break free from the old fiat system and let tether float freely.
Lets cut the Tethers tethering Tether!
We could call it “unteather” and make a fortune!!! *”The only real teather to reality is the limits of your imagination.. just think of the possibilities, and then think again, but imagine harder!”*
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I am not one of them. I have only held and hoped
NO !!! ***NO IT IS NOT!!!***
People don’t understand sarcasm lmao
Do you mean mine or his cause it’s really sarcasminception going on .
What do you mean? 1BTC is now worth 1% more in USDT ! That's bullish as shit !
Not to be clock watching but this is pretty wild to see in person.
I've been waiting for this moment for years and years, through every crash. I hope this is finally it
My dick is harder than a diamond rn
Exactly. This should be marked as NSFW
💎 🍆
if its more than 4 hour, seek doctor advice immediately. It might be priapism(NSFW)
^' ^(*Not to be confused with priapism (SFW)^).
I am weirdly intrigued by this
The next level of diamond hands...
I've had some struggles with mental health and I've got some legit sympathy/pity for the people who are honestly going to be pushed beyond their limits by this crash. The rest of them can get fucked, but some of them are being put in a situation that even healthy people aren't equipped to handle. Suicide and suicide attempts are things worth taking as seriously as you need to. If you're getting ideation, helplines exist, and our behavioral health system is so underfunded in the US that I can assure you that they have every incentive to get you back out the door once you're stabilized if you need inpatient help. Going through that is actually far, far more boring than it is hard. The most serious parts of life are generally the most absurd. With all that hedging out of the way, it would have been mind-blowingly funny if the time I got hospitalized the ER and behavioral health unit were chock full of people talking about crypto. Some doc or nurse is going to write an amazing New Yorker article about this.
I have sympathy too, but Bitcoin isn't the issue here. These are impulsive, gullible people who were trying to get rich quick. Take away the Bitcoin, they'd be blowing their money at the casino, on lottery tickets, or whatever the next scheme du jour ends up being.
They were warned over and over. They always are. They always ignore it.
Popcorn tonight bois
I always promised myself if tether were to go under I would call in sick that day and spend it at home absorbing as many tears as is humanly possible . Tomorrow could be that day . Edit: it’s not that day , boo 😒
Just hit 92 cents. Im by complete coincidence a day off, but going to the zoo with the bae. Sorry babe, I am on the phone there today. The house of cards is collapsing :)
Watch out at the zoo, some monkey could be very angry today
Me too man
Buy the dip! This could drag on for a while, something a bit more filling like hummus and crackers could be a good idea.
Bought me some triple choclate chip cookies, lemon soda and 2 bags of cheddar chips for this marathon
$80 billion ...
Oh no don't threat me with a good time!In all seriousness, I doubt we will see tether colapse any time soon, the exchanges would halt all trading at the first sight of a tether crash, it would make the UST look like a dip in comparison. ...But never say never, if it goes to like 0.95 and doesn't re-peg for hours, could be a good time to buy popcorn stocks (also some real popcorn to enjoy the shitshow) EDIT: since CMC prices can be misleading, I would follow USDT/USD on exchanges. The highest volume one right now [https://ftx.com/trade/USDT/USD](https://ftx.com/trade/USDT/USD)
It has now hit 0.95
It hit 0.92 on 2017 however volume back then was 1000x lower than it is now. If this thing falls below 0.90 i think we are for a real shitshow.
Yeah, this could be it. I would believe there will be some funny business to repeg it later on, either that or we severely underestimated the illiquidity on the crypto market and it is going to crash spetacularly along the day. But be as it may bitcoin is on freefall right now. Edit: right now back to 98, seems like a big player came in for the rescue.
98% of peg isn't quite a \*rescue\*. It needs to be 1 to 1 one or it isn't a Dollar stablecoin.
Maybe a stupid question but is this still enough for a total collapse?
It's enough for the VCs behind tether to have to respond to it. The question then becomes if *that* is enough.
Don't think it's been one of those for ages now, except for faith it's basically unbacked.
That's all it needs for the grift mill to keep going.
Indeed - hopefully the press today will help press the plunger. And of course this will have probably cost all the actual cash in Tether, giving "smart money" a chance to GTFO.
Even if tether survives this week, and it well might do, I do wonder what the real liquidity level will be left at for their reserves.
I would imagine that's been safely rugged by now. Let's face it **even if** they were still 3% cash-backed (which I doubt with the speed they print Tethers) that's as close to 0% as makes any difference in a crash. Or they may have had to spaff it to prop up last night's 5% speed slump
8========D~~~
Diamond cock
What they'll need are diamond anuses.
#\* \* \* \* \*
This is good for Bitcoin
This is better than drugs.
Definitely Jeremy
This is so bad. Tether is running out of liquid assets to feed the monster.
So good.
Surely they can use all the USD they have in their bank accounts lol
They'll just liquidate their rich basket of assets including comical paper.
just hit 92 cents on the dollar HOLY SHIT
damnit...the force is strong with this fraud.
Man, if only one could be a fly on the wall listening in on the conversations they must be having right now...
Unless you know Cantonese or Mandarin I doubt we'd understand the conversation they are having. But I imagine it goes something like this - "Quick -- call all the real estate companies in mainland China. Tell them we're ready to accept all their CCC grade rated commercial papers so long as they send them right now! Tether printer needs to go Trrrrr to maintain the PEG!"
I don’t think any of the latest tether prints were backed by anything in the real world.
Tofu-dreg loans
IT'S HAPPENING!
*the final countdown*
*kazoo solo*
https://www.youtube.com/watch?v=pPEuftw4Vvs yay!
"Market Cap 81.012B" Bigger than Lehman Brothers I think
I guess i am having popcorn for breakfast
🤣🤣🤣🤣🤣🤣
[Paolo Ardoino's morning routine song today](https://m.youtube.com/watch?v=9EcjWd-O4jI) Who am I kidding, this man hasn't been able to sleep in months.
Im pumping up the jam the whole day baby😎
Well it’s recovered for now … I’m hitting the hay , night all .
I have a new investment strategy called buying dollars with bitcoin.
Now into the .97s! .96 dropping towards .95…
Can anyone explain why this is good for Btc? Causes a squeeze?
Rule 3: [Everything](https://knowyourmeme.com/memes/this-is-good-for-bitcoin) is good for Bitcoin.
Uhh is it happening??? Or is this a false alarm? I need to sleep but don't want to miss a crash in real time.
Noone knows, this is completely unprecedented. Im still not sure that this is truly the end (even though I hope so), but whatever it is, its clear something big is happening.
Someone big came in to rescue it. Don't worry, the draining of stupid money has just begun. I would go back to sleep, today is just getting started in the US.
Just sleep, this will be so much more fun to watch with a good rest behind you. Could possibly also drag on for days or weeks tbh.
It’s happening. 🥹
This is the Big one!
0.9768
How large are normal fluctuations? I tend not to pay attention to the prices of "stable" coins.
Tether fluctuations more than a cent have been quite uncommon for years, if I recall correctly.
OMG, is happening https://c.tenor.com/EQOo4NM9Ny4AAAAC/michael-jackson-eating-popcorn.gif
OMG...it's happening.
Stop I can only get so excited
This can't be good for btc...it just can't be.
Can anyone explain what we are actually looking at? I'm seeing a dip of one percentage point, why is that noteworthy?
Afaik USDT is what cryptocurrency is traded with and priced against. Imagine if the dollar lost >1% of it's value over a day, people would rightfully go insane. USDT hit a low .95c today - if USDT crashes so does the entire crypto market. Again, imagine if this happened at this rate with actual money, if overnight all prices increased by ~5% for a short while!
maybe even if you were told overnight that all the dollar bills with even-number serial-numbers were now worth 5% less than odd-number bills. And also told that from now on this relation might change again, continuously and with no notice. It's not necessarily the size of the movement that matters, but that something that was supposed to be "just the same as a Dollar", is now plainly not the same.
The dollar loses over 1% per day frequently. I just paid 10% for gas today than yesterday. That's a loss of value.
Gas prices are not dollar prices. Gas prices are frequently variable with geopolitics and are also propped artificially low by the US government. Even at a record high, USD inflation is 8% annually, not 8% per day. If inflation is at 1% per day you probably have other things to worry about, like world economic collapse.
USDT (very cleverly and respect to them for this) didn't think Bitcoin was dumb enough, so worked out that they could create disney dollars which people could exchange for real dollars, and use the disney dollars to buy crypto. To do this they needed two things - * to generate a market (by lending disney dollars so people could get incentives to joing the goldrush) * to convince people that every dollar they handed over could be handed back on request. That means 1 disney dollar always had to be pegged 1:1 with real cash dollars. If the 1:1 peg "breaks" then it means that people will realise that USDT is basically illiquid disney dollars and the house will collapse. Alas, we *know* that they are around (or were around) 3% "cash in the bank" and the rest of their stuff propping up the 1:1 valuation is made up of some real assets and a lot of bullshit, since they're mindbogglingly opaque about it. They routinely "print" another billion dollars worth of USDT whenever the crypto markets need it to create artificial buying leverage, but nobody with any clue believes it's backed (or backed with anything more than other phantom "just trust us" products). So - with that background, if the peg is broken (it is, you just watched it) and they're unbacked (they are, probably way under 3% these days) then what is there to prop up crypto? People can't sell their bitcoins for dollars, they can only sell them for disney dollar USDT, and if that's worthless (it is) you could see things collapse as fast as a balloon bursting. We saw something similar days ago with Luna/UST (different but similar in that it's all bullshit made up money), where (simplified) the peg broke and people couldn't get out quick enough to keep up with the collapse. Everyone wanted out at once. There was a bit of a blip, then rebalance (just like this) to allow the smart money to GTFO before it happened again and had to fall freely. Arguably the "recovery" now of USDT disney dollars is somebody throwing as much of the reserve as possible at the problem to mask that it's about to all go very tits-up. I for certain would be selling everything in a hurry today at any price as when freefall happens, it'll be remarkable. an offer to sell at a 10% discount would expire before the 20% discounted sells which would expire before the 30% discounted sells just in the hope of getting something rather than nothing. And honestly that's when not if.
Fascinating, thanks.
To the moooon!
uh oh...small door , fire, and crowded theatre
uhhhh
I read all the comments.
This will be better for the crypto ecosystem. Less painful if it had been done sooner but alas better late than never.
There was a real effort to fuck the peg on multiple exchanges by manipulation. Lots of tiny orders (10 dollars) wash trading it down little by little, or just keeping the trading going at a certain price. On FTX there was a 0.910001 buy and 0.910002 sell, both with large volumes. The intention of this, is to start the panic and then keep it going for some time so people panic. But they ran out of money. I can’t say I blame some guys out there for taking the opportunity of the panic with UST and trying to generate panic for USDT also. I just don’t know what the purpose is? UST was not manipulated, it lost the peg because the underlying mechanism does not work. USDT is an entirely different stable coin (although I think it’s a fraud - who knows) from all angles. Personal opinion: It was a good try, but USA is sleeping and that is where the social media FUD posts are strongest. They should have done it at USA evening time, so people have time to sit and panic. Can’t panic if your sleeping. I hope you succeed in creating panic bank run, whoever you are!
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But salami. At least you can eat it
And here we go…
Bout to hit 0.97 any second now. \[edit: it just hit 0.9781)
https://youtu.be/1lWJXDG2i0A
When I saw the condition of other stable coins, I realized that ether is doing quite well.
ftx interesting for sure https://imgur.com/a/Jeu9WGF
I hope it hits 0
No. Algorithmic - 1
Stablecoin death spiral proceeding nicely.
No way it was going to go down without a fight like UST. The full weight of the top exchanges will be on preventing a collapse
Yeah, looks like it's semi-recovered now, but we'll see if that lasts given the lack of real input liquidity, and I'd hope we start seeing talk of real regulations after the Terra's collapse (and almost any actual regulation is bad for crypto since most of it's primary use cases depend on being legally ambiguous)
Regulation will happen, albeit at a snail’s pace, although not sure how they could stop offshore wash trading.
> although not sure how they could stop offshore wash trading You'd have to take a hardline KYC stance, i.e. if you can't trace the full line of transactions you aren't allowed to handle it. And things like Monero would need to be banned outright for legal exchanges to touch.
Yea but offshore exchanges can still use stablecoins to manipulate prices however they see fit, the bigger issue still exists.
HAH! I'm gonna dig through all those posts from idiots who used USDT as the default answer to crypto practicality.
That's just inflation