4 ms·

This assumes the USD stays dominant indefinitely, right?

by reidjs 5y ago

WalterSear 5y ago
It assumes that the fraudulent stablecoin created by Binance, and involved in the vast majority of trades, (more 70%, a few days ago) unwinds. https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3 https://crypto-anonymous-2021.medium.com/the-bit-short-insid... https://bitfinexed.medium.com/tether-is-setting-a-new-standard-for-transparency-that-is-untethered-from-facts-deec42c473bb https://bitfinexed.medium.com/tether-is-setting-a-new-standa... USDC (the second largest stablecoin), isn't appreciably better.
- BLKNSLVR 5y ago
  Tether is associated with the Bitfinex exchange, not Binance. Binance has its own stablecoin: BUSD USDC is associated with Coinbase, the exchange that recently went public, so I'd assume it's far more trustworthy than Tether.
  - WalterSear 5y ago
    USDC is avoiding audits too.
  - grey-area 5y ago
    There are also deep and to my mind suspicious links between the two, this fraud is a shared endeavour. https://cointelegraph.com/news/a-by-the-minute-look-at-tether-s-1-billion-swap-from-bitfinex-to-binance https://cointelegraph.com/news/a-by-the-minute-look-at-tethe...
  - WalterSear 5y ago
    This Binance? https://wallet.tether.to/richlist https://wallet.tether.to/richlist
    - BLKNSLVR 5y ago
      Binance has holdings in all sorts of cryptocurrencies that it has no involvement in the creation or minting of. As a cryptocurrency exchange, Binance must hold Tether to operate. As the most popular cryptocurrency exchange on the planet, they're likely to be on the larger end of Tether (and various other cryptocurrencies) holdings. I'm not defending Binance here, I think there's fair potential that they're doing shady stuff, but they're not responsible, in any way, for the minting of billions of dollars of Tether, or involved in any of the dodgy accounting around Tether's backing. Same goes for Huobi, who are second on that list. They're an exchange. Holding Tether is an essential part of being in that business.
- deleted 5y ago
  [deleted]
nl 5y ago
No really. If you traded your BTC for some non USD currency the same point remains.
nemothekid 5y ago
I don't understand the implications of this assumption. Are you assuming that if the USD wasn't dominant then BTC would be better to hold? BTC is functionally a security. Under any duress of the USD I'd expect it to perform no different than AMZN stock.
grey-area 5y ago
Nobody is actually using Bitcoin to pay for things, because it is a terrible currency due to fundamental design flaws. At this point the narrative of Bitcoin the world currency is dead, it’s now a get rich quick scheme.

This assumes the USD stays dominant indefinitely, right?

by reidjs 5y ago

This assumes the USD stays dominant indefinitely, right?

It assumes that the fraudulent stablecoin created by Binance, and involved in the vast majority of trades, (more 70%, a few days ago) unwinds. https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3 https://crypto-anonymous-2021.medium.com/the-bit-short-insid... https://bitfinexed.medium.com/tether-is-setting-a-new-standard-for-transparency-that-is-untethered-from-facts-deec42c473bb https://bitfinexed.medium.com/tether-is-setting-a-new-standa... USDC (the second largest stablecoin), isn't appreciably better.

BLKNSLVR 5y ago
Tether is associated with the Bitfinex exchange, not Binance. Binance has its own stablecoin: BUSD USDC is associated with Coinbase, the exchange that recently went public, so I'd assume it's far more trustworthy than Tether.
- WalterSear 5y ago
  USDC is avoiding audits too.
- grey-area 5y ago
  There are also deep and to my mind suspicious links between the two, this fraud is a shared endeavour. https://cointelegraph.com/news/a-by-the-minute-look-at-tether-s-1-billion-swap-from-bitfinex-to-binance https://cointelegraph.com/news/a-by-the-minute-look-at-tethe...
- WalterSear 5y ago
  This Binance? https://wallet.tether.to/richlist https://wallet.tether.to/richlist
  - BLKNSLVR 5y ago
    Binance has holdings in all sorts of cryptocurrencies that it has no involvement in the creation or minting of. As a cryptocurrency exchange, Binance must hold Tether to operate. As the most popular cryptocurrency exchange on the planet, they're likely to be on the larger end of Tether (and various other cryptocurrencies) holdings. I'm not defending Binance here, I think there's fair potential that they're doing shady stuff, but they're not responsible, in any way, for the minting of billions of dollars of Tether, or involved in any of the dodgy accounting around Tether's backing. Same goes for Huobi, who are second on that list. They're an exchange. Holding Tether is an essential part of being in that business.
deleted 5y ago
[deleted]

nl 5y ago

No really. If you traded your BTC for some non USD currency the same point remains.

nemothekid 5y ago

I don't understand the implications of this assumption. Are you assuming that if the USD wasn't dominant then BTC would be better to hold? BTC is functionally a security. Under any duress of the USD I'd expect it to perform no different than AMZN stock.

grey-area 5y ago

Nobody is actually using Bitcoin to pay for things, because it is a terrible currency due to fundamental design flaws. At this point the narrative of Bitcoin the world currency is dead, it’s now a get rich quick scheme.