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I've held a short position on USDT through AAVE for a couple months now. USDT would have to go to ~2 to liquidate me.
by X6S1x6Okd1st 5y ago
I've held a short position on USDT through AAVE for a couple months now. USDT would have to go to ~2 to liquidate me.
- qeternity 5y agoIf USDT goes, so does AAVE and everything else. And as has been mentioned, the iFinex crew have squeezed USDT to $1,000 before.
- X6S1x6Okd1st 5y agoAAVE on polygon has 1B in ETH, 851M in Dai, 1B in USDC and only 215M in USDT. Why would AAVE blow up if USDT blows up?
- dustintrex 5y agoBecause the fiat valuations of ETH, DAI, USDC and all coins will tank if Tether implodes.
- anonymoushn 5y agoWhy? USDC is backed by dollars and treasuries...
- dustintrex 5y agoNot anymore it isn't, and they've admitted it: https://beincrypto.com/coinbase-drops-guarantee-of-usdc-stablecoin-to-dollar-backing/ https://beincrypto.com/coinbase-drops-guarantee-of-usdc-stab...
- anonymoushn 5y agoI wrote that it was backed by dollars and treasuries. You wrote that it wasn't backed solely by dollars. So we agree.
- dustintrex 5y agoNo, we don't, since USDC can now be backed by pretty much anything: > "the assets in fact include commercial paper, corporate bonds and other assets."
- anonymoushn 5y agoHello, You're right. Their latest attestation[0] does not yet reflect their move to only cash and treasuries[1]. 0: https://www.centre.io/hubfs/pdfs/attestation/2021%20Circle%20Examination%20Report%20August%202021%20Final.pdf?hsLang=en https://www.centre.io/hubfs/pdfs/attestation/2021%20Circle%2... 1: https://www.centre.io/blog/usdc-reserves-composition https://www.centre.io/blog/usdc-reserves-composition
- anonymoushn 5y agoCan you cite this? I have seen some pictures of Kraken wicks but not liquidations on Aave and not trades on FTX USDT quarterly futures above $1.10 or whatever.
- qeternity 5y agoYou’ve just cited it. I never said they squeezed in all places. They squeezed it where there was sufficient short interest: Kraken.
- anonymoushn 5y agoI haven't just cited it! I said I saw a screenshot. I don't have a date or whatever, but if someone has a date then I can download the ticks from that day and check it out. Without a date I can't compare the short interest at Kraken to e.g. the $100,000,000 OI in USD-settled USDT futures at FTX today.
- qeternity 5y agoMay 11, 2019 - https://trade.kraken.com/charts/KRAKEN:USDT-USD https://trade.kraken.com/charts/KRAKEN:USDT-USD Took me all of 10 seconds to find this.
- FatalLogic 5y agoAre you sure that actually happened? It should have been a huge story, but there seems nothing reported https://www.google.com/search?q=kraken+usdt&tbs=cdr:1,cd_min:may+1+2019,cd_max:may+25+2019 https://www.google.com/search?q=kraken+usdt&tbs=cdr:1,cd_min... If something that weird (a USDT price spike to $1000) really did happen, somehow nobody noticed and nobody was affected, in spite of millions of dollars of daily trades in that market at that time It's probably a glitch in Kraken's historical chart
- qeternity 5y agoMany people noticed. It’s not a big deal because the market is mostly wash trading. It’s not a glitch. How you can say it’s “probably” a glitch is beyond me, you have zero evidence to support that. There have been other instances of Tether spiking well above $1, that is simply the most egregious.
- SilasX 5y agoMentioned, yes. Cited (as happening on a decentralized exchange), no.
- ikeboy 5y agoWhat is the actual mechanism by which AAVE collapses if USDT nukes?