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This is almost certainly tied to what appears to be Celsius's imminent failure, since earlier today they announced that they're stopping withdrawals: https://n

This is almost certainly tied to what appears to be Celsius's imminent failure, since earlier today they announced that they're stopping withdrawals: https://news.ycombinator.com/item?id=31720277 https://news.ycombinator.com/item?id=31720277 Tether is known to have lent Celsius at least $1 billion last year: https://www.coindesk.com/business/2021/10/07/tether-has-lent-1b-to-celsius-network-report/ https://www.coindesk.com/business/2021/10/07/tether-has-lent...

patio11 4y ago
Reportedly they repaid $500M in May.
- dubswithus 4y ago
  https://mobile.twitter.com/patio11/status/1536307404249436160?s=20&t=k3qchcPpbHeEJzQCr3ToxA https://mobile.twitter.com/patio11/status/153630740424943616... It's great that you relish other people losing money. Sort of like how you tried to relish being right about Covid-19 with your hashing scam.
- slpsys 4y ago
  a friend found this thread last night, which is basically a continuation of the analysis you put on your blog a few months ago about tether's crypto assets having made them insolvent, but looking at the way their foreign exchange problem has also made them insolvent: https://twitter.com/Cryptadamist/status/1536119735053697024 https://twitter.com/Cryptadamist/status/1536119735053697024 you might have seen it already, seeing as you're tagged, but thought it was worth mentioning
JohnJamesRambo 4y ago
The thing that frustrates me the most about crypto is that we tried to replace the traditional financial system of fractional reserve, predatory lending, excessive leverage and we recreated the entire thing again. I just assume this is a natural tendency for human beings at this point.
- maxerickson 4y ago
  I think your premise is mistaken. The "we" is clearly mistaken. Grifters certainly jumped on a hype cycle, which shouldn't be a surprise. Be interesting to see what is still going when the hype cycle dies.
  - coldpie 4y ago
    Yeah once you had millionaires buying superbowl ads selling crypto pump-n-dump schemes, it was pretty clear the hype was at its peak. I'm also curious to see what lies on the other side of the crash. My guess is another hype cycle. Crypto tech has no value beyond finding a bigger sucker to hold the bag.
- elliekelly 4y ago
  Crypto really is just a giant experiment in re-learning all of the lessons we’ve already learned the hard way.
  - roenxi 4y ago
    No, crypto is a giant experiment with making the regulatory response to all those lessons infeasible. Something like Monero is the tipping point - once there is plausible deniability over all aspects of the transaction I really don't see how a regulatory system could be implemented. Did I buy? Did I sell? Did I trade? Do I own any? These are questions that any chump can now cheaply avoid answering in ways that are extremely expensive to resolve for a government bureaucrat. Whether you agree with the regulatory state then colours whether this is probably the dawn or end of civilisation.
    - lucozade 4y ago
      > I really don't see how a regulatory system could be implemented I think that may be more a failure of imagination than a likely failure of the regulatory environment. For example, cash transactions are largely anonymous. Financial regulation seems to cope ok by focusing on the points it interacts with the rest of the financial system and controlling it in the large. I can easily imagine it doing the same with the likes of Monero if it so desired.
SMVS 4y ago
The irony of this depeg news coming from FTX, after the weekend of damage that Alameda did to Celsius, is mind-blowing.

patio11 4y ago

Reportedly they repaid $500M in May.

dubswithus 4y ago
https://mobile.twitter.com/patio11/status/1536307404249436160?s=20&t=k3qchcPpbHeEJzQCr3ToxA https://mobile.twitter.com/patio11/status/153630740424943616... It's great that you relish other people losing money. Sort of like how you tried to relish being right about Covid-19 with your hashing scam.
slpsys 4y ago
a friend found this thread last night, which is basically a continuation of the analysis you put on your blog a few months ago about tether's crypto assets having made them insolvent, but looking at the way their foreign exchange problem has also made them insolvent: https://twitter.com/Cryptadamist/status/1536119735053697024 https://twitter.com/Cryptadamist/status/1536119735053697024 you might have seen it already, seeing as you're tagged, but thought it was worth mentioning

JohnJamesRambo 4y ago

The thing that frustrates me the most about crypto is that we tried to replace the traditional financial system of fractional reserve, predatory lending, excessive leverage and we recreated the entire thing again. I just assume this is a natural tendency for human beings at this point.

maxerickson 4y ago
I think your premise is mistaken. The "we" is clearly mistaken. Grifters certainly jumped on a hype cycle, which shouldn't be a surprise. Be interesting to see what is still going when the hype cycle dies.
- coldpie 4y ago
  Yeah once you had millionaires buying superbowl ads selling crypto pump-n-dump schemes, it was pretty clear the hype was at its peak. I'm also curious to see what lies on the other side of the crash. My guess is another hype cycle. Crypto tech has no value beyond finding a bigger sucker to hold the bag.
elliekelly 4y ago
Crypto really is just a giant experiment in re-learning all of the lessons we’ve already learned the hard way.
- roenxi 4y ago
  No, crypto is a giant experiment with making the regulatory response to all those lessons infeasible. Something like Monero is the tipping point - once there is plausible deniability over all aspects of the transaction I really don't see how a regulatory system could be implemented. Did I buy? Did I sell? Did I trade? Do I own any? These are questions that any chump can now cheaply avoid answering in ways that are extremely expensive to resolve for a government bureaucrat. Whether you agree with the regulatory state then colours whether this is probably the dawn or end of civilisation.
  - lucozade 4y ago
    > I really don't see how a regulatory system could be implemented I think that may be more a failure of imagination than a likely failure of the regulatory environment. For example, cash transactions are largely anonymous. Financial regulation seems to cope ok by focusing on the points it interacts with the rest of the financial system and controlling it in the large. I can easily imagine it doing the same with the likes of Monero if it so desired.

SMVS 4y ago

The irony of this depeg news coming from FTX, after the weekend of damage that Alameda did to Celsius, is mind-blowing.