4 ms·
While your concerns may have some merit, your take here is a bit lazy. There are certainly some things about tether that could be done better, but it is far fro
by crypt1d 4y ago
While your concerns may have some merit, your take here is a bit lazy. There are certainly some things about tether that could be done better, but it is far from the picture you are trying to paint here. They've been in the business since 8+ years, and have weathered many storms and done billions in redemptions. I don't know what kind of audit you are expecting, but they have certainly done a fair few[1]. They are also not related to Binance in any way.
But more importantly, talk is cheap. If you really believe in what you are saying, there are plenty of USDT futures available in crypto markets. Go ahead and short - if you are right, you'll win big, and the downside is fairly limited.
[1] https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports
- landemva 4y ago> downside is fairly limited. Since it's not going to $1.95 per Tether, the downside is just the cost of time. The poster can short it and blog about their journey while providing their pubkey to prove it.
- timbeccue 4y agoI’ve struggled to find a straightforward way to short tether for those who live in the US. Got any pointers?
- nerf0 4y agoNot financial advice. Numbers are just examples. 0: Buy 10000 USDC with $10000 1: Deposit 10000 USDC on AAVE 2: Borrow 5000 USDT 3: Sell 5000 USDT for 5000 USDC 4: Wait for USDT to drop to $0.5 5: Buy 5000 USDT with 2500 USDC 6: Repay 5000 USDT and get back 10000 USDC 7: Profit: $2500
- vizzah 4y agointerest on borrowing? How much it costs to keep the position per year?
- nerf0 4y agoDepends on market conditions and the lender you use. Currently around 4% on AAVE. If demand rises this can go up obviously. Note you do get interest on your deposit so that helps offset it a bit.
- mkj 4y agoThat won't work if USDC also drops?
- nerf0 4y agoCorrect. Here I'm assuming USDC is "stable". If USDC drops (or if USDT rises, for that matter), you might get liquidated.
- belltaco 4y agoThose are not audits, they're attestations. They've been resisting being audited. I wonder why. https://blockworks.co/tether-pushes-back-timeline-on-audit-report/ https://blockworks.co/tether-pushes-back-timeline-on-audit-r...
- xwolfi 4y agoRedemption with who, may I ask: Alameda received 40% of all Tether issued: https://protos.com/tether-papers-crypto-stablecoin-usdt-investigation-analysis/ https://protos.com/tether-papers-crypto-stablecoin-usdt-inve... Mind blown ?
- moralestapia 4y agoNice find, but wait, if they have/had 60B of Tether, how come they're bankrupt now?
- deleted 4y ago[deleted]
- xwolfi 4y agoIt's because Alameda played the wrong bet: they liked the degen yield farming, got caught with a big hole once the musical chairs stopped (400M loan to Voyager, for instance), printed fake assets to reshore their finances, got caught by CZ who said fuck it, burn, I sell everything you ever gave me, and now whatever USDT they had is slowly being redeemed, but I dont know how much deltec can process. Thank God, I guess, that they're neighbours in Nassau.
- crypt1d 4y agoWhats your point here, exactly?
- Silverback_VII 4y agothat the next domino that will fall is USDT?
- crypt1d 4y agoPretty much everyone in crypto has done business with Alameda. That doesn't automatically make them insolvent.
- Jommi 4y ago