4 ms·

Trading. Quick arbitrage, day trading, pump and dumps, leverage. The same thing you can do by having dollars on your stock trading account you usually need coin

Trading. Quick arbitrage, day trading, pump and dumps, leverage. The same thing you can do by having dollars on your stock trading account you usually need coins on your crypto account and it would be crazy to have the volatile ones.

TekMol 4y ago
So crypto traders hold $150B of dollar denominated stable coins at the moment?
- tornato7 4y ago
  With the crypto market cap at $1300B that sounds pretty reasonable to have 11-12% cash on hand
  - FireBeyond 4y ago
    If only Tether and similar could show something, anything, an audit, that shows anything close to this. I almost typed audit-like. But I remembered they've pulled that shit before. "Attestations of balances" mean fuck-all when even back when they were denying the links between Bitfinex and Tether, the same people were countersigning loans between the two for both parties. Oh, they did claim that they had had an audit done. But they couldn't release it to the public "because it was in Mandarin". I very very very much doubt that 11-12% cash is in anyone's hand.
    - xur17 4y ago
      > If only Tether and similar could show something, anything, an audit, that shows anything close to this. Tether isn't the only stablecoin. USDC, GUSD, DAI, LUSD, etc all have either attestations / audit reports (that are actually legitimate) or are overcollateralized with assets that can be seen on chain.
- nostrademons 4y ago
  Not that unreasonable. The total number of crypto traders globally is estimated at between 300M [1][2] (note: close to the population of the U.S.) $150B is an average of $500/user held as stablecoins, which doesn't seem that far off. [1] https://triple-a.io/crypto-ownership/ https://triple-a.io/crypto-ownership/ [2] https://fortunly.com/statistics/cryptocurrency-statistics/#gref https://fortunly.com/statistics/cryptocurrency-statistics/#g...

4 ms·

Trading. Quick arbitrage, day trading, pump and dumps, leverage. The same thing you can do by having dollars on your stock trading account you usually need coin

by pvarangot 4y ago

TekMol 4y ago
So crypto traders hold $150B of dollar denominated stable coins at the moment?
- tornato7 4y ago
  With the crypto market cap at $1300B that sounds pretty reasonable to have 11-12% cash on hand
  - FireBeyond 4y ago
    If only Tether and similar could show something, anything, an audit, that shows anything close to this. I almost typed audit-like. But I remembered they've pulled that shit before. "Attestations of balances" mean fuck-all when even back when they were denying the links between Bitfinex and Tether, the same people were countersigning loans between the two for both parties. Oh, they did claim that they had had an audit done. But they couldn't release it to the public "because it was in Mandarin". I very very very much doubt that 11-12% cash is in anyone's hand.
    - xur17 4y ago
      > If only Tether and similar could show something, anything, an audit, that shows anything close to this. Tether isn't the only stablecoin. USDC, GUSD, DAI, LUSD, etc all have either attestations / audit reports (that are actually legitimate) or are overcollateralized with assets that can be seen on chain.
- nostrademons 4y ago
  Not that unreasonable. The total number of crypto traders globally is estimated at between 300M [1][2] (note: close to the population of the U.S.) $150B is an average of $500/user held as stablecoins, which doesn't seem that far off. [1] https://triple-a.io/crypto-ownership/ https://triple-a.io/crypto-ownership/ [2] https://fortunly.com/statistics/cryptocurrency-statistics/#gref https://fortunly.com/statistics/cryptocurrency-statistics/#g...