$ (USDT) USD Tether - fake USDs, now worth $0.98

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mindlessobserver said:
Red alert!

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Not quite the same token, but that's still pretty funny. The way that Terra in particular has been bleeding is fucking unprecedented and I have no idea how this could have possibly happened.

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:story:
 
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💗Freddie Freaker💗 said:
If you want something that will fluctuate in value, go with BTC or ETH. If you want a stablecoin, there's plenty that aren't USDT. USDC seems alright.
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If you want something that is pegged 1:1 to the dollar and guaranteed not to drop, have a bank account at an FDIC-insured bank. Bank deposit notes have proven to be much more reliable stablecoins than the new blockchain-based ones.
 
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mindlessobserver said:
As much as I despise reddit, I genuinely feel for these guys. It was such a spectacular meltdown. It happened so fast some of them probably didn't even notice until it was too late. Never keep all your eggs in one basket.
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At least they'll take solace in the fact that they can have fun when they're poor like they advised so many other people skeptical of this shit
This is the only thing these idiots have to back to with their "trading experience"

Imagine 1 Trillion dollars just disappearing from what are usually the more degenerate members of society, who don't have 1 Trillion to "invest"

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What ever happened with the original USDT anyway? There was all that noise about how their "Scrooge McDuck Vault" wasn't actually full of dollar bills and it was a big scandal, but then nobody cared.
 
Even the ones that got "luck
Kosher Dill said:
What ever happened with the original USDT anyway? There was all that noise about how their "Scrooge McDuck Vault" wasn't actually full of dollar bills and it was a big scandal, but then nobody cared.
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That was just FUD and was dealt with accordingly by the powers that be and were replaced by the appropriate shill
Hence, the 1 Trillion Dollar losses we(they)'re seeing this last week

Every lie is a debt to the truth and eventually it's repaid yadda yadda

Even the traders on CRO that managed to squeeze some kind of gain or minor loss during the bloodbath are getting a nice big bowl of shit to dine on because those are being reversed

 
Kosher Dill said:
What ever happened with the original USDT anyway? There was all that noise about how their "Scrooge McDuck Vault" wasn't actually full of dollar bills and it was a big scandal, but then nobody cared.
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A lawsuit forced them to reveal in court that they only had around 3% cash reserves. The crypto trading scene responded with...a big yawn, probably because by then, gray-market exchanged like Binance and Bitfinex had become the largest crypto trading platforms by far, and they continued to stand by Tether as their solution to losing banking access. And what are you gonna do, just not trade crypto options with 100x leverage? As long as the number kept going up, nobody cared.
 
The Ugly One said:
A lawsuit forced them to reveal in court that they only had around 3% cash reserves.
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Was that from the SEC lawsuit? I remember when he XRP got popped, there was talk about an even bigger case being leveraged against Tether that no one seemed to care about.
 
The Ugly One said:
A lawsuit forced them to reveal in court that they only had around 3% cash reserves. The crypto trading scene responded with...a big yawn, probably because by then, gray-market exchanged like Binance and Bitfinex had become the largest crypto trading platforms by far, and they continued to stand by Tether as their solution to losing banking access. And what are you gonna do, just not trade crypto options with 100x leverage? As long as the number kept going up, nobody cared.
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Bitfinex would make sense considering that they themselves control the company in charge of issuing Tether. Binance, on the other hand, have had BUSD et al as their own stablecoins in collaboration with Paxos.
 
419 said:
Bitfinex would make sense considering that they themselves control the company in charge of issuing Tether. Binance, on the other hand, have had BUSD et al as their own stablecoins in collaboration with Paxos.
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I think BUSD was introduced after the suit.

Tether Ltd just burned another 1 billion USDT early this morning. This means they've liquidated 9% of their "reserves" in the past few days. Supposedly $7b of USTs and commercial paper should be reentering the market...on a weekend. Somehow.
 
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