4 ms·

Yikes. This could be the first inning of the Tether bubble deflating, and by extension half the crypto market.

rapsey 4y ago
Just like the last 10 times
mjr00 4y ago
Half is optimistic. Tether destabilizing probably drops all crypto over 90%. Don't think it will happen, necessarily, but it's largely the only thing keeping crypto together at this point, price-wise.
- yladiz 4y ago
  Do you mean it's the only thing... tethering crypto together?
paulpauper 4y ago
We will have to wait and see all the major stable coins still holding pegs
- hef19898 4y ago
  Didn't something similar happen in 2008 as well? When mortgage backed securities dropped but the opposite default swaps (?, I'd have to look it up), didn't move?
- JumpCrisscross 4y ago
  > the major stable coins still holding pegs How? In what assets? Even in Treasuries, tens of billions of unexpected sales in an off run will depress prices. If deposited in a podunk bank, it might literally go under.
  - oneoff786 4y ago
    Still refers to the present. You are referring to a hypothetical future.
    - JumpCrisscross 4y ago
      > yoh are referring to a hypothetical future I’m referring to the present state of their reserves. A present state which almost deterministically implies a future state under certain conditions.
      - oneoff786 4y ago
        You’re still wrong though. Do these companies likely have reserves to back their coins? No. Are the pegs currently holding just fine? Yes. Will the pegs fall at some point in the future? Maybe? Hopefully? But this statement is irrelevant to observing the current state of the pegs.
        JumpCrisscross 4y ago
        > Do these companies likely have reserves to back their coins? No. Are the pegs currently holding just fine? Yes. Fair enough. (Though I’m unconvinced of the value of a peg that can’t be redeemed against, à la Tether.)
    - spookthesunset 4y ago
      That hypothetical is reality. And sometime today, tomorrow or 10 years from now it’s gonna finally collapse. Crypto was and always will be a giant scam.
      - oneoff786 4y ago
        Sure, it’s a scam. But the pegs are easily observed to be holding at the moment. There is no doubt about this. One’s beliefs need not detract from basic reading comprehension.

Just like the last 10 times

Half is optimistic. Tether destabilizing probably drops all crypto over 90%. Don't think it will happen, necessarily, but it's largely the only thing keeping crypto together at this point, price-wise.

yladiz 4y ago
Do you mean it's the only thing... tethering crypto together?

paulpauper 4y ago

We will have to wait and see all the major stable coins still holding pegs

hef19898 4y ago
Didn't something similar happen in 2008 as well? When mortgage backed securities dropped but the opposite default swaps (?, I'd have to look it up), didn't move?
JumpCrisscross 4y ago
> the major stable coins still holding pegs How? In what assets? Even in Treasuries, tens of billions of unexpected sales in an off run will depress prices. If deposited in a podunk bank, it might literally go under.
- oneoff786 4y ago
  Still refers to the present. You are referring to a hypothetical future.
  - JumpCrisscross 4y ago
    > yoh are referring to a hypothetical future I’m referring to the present state of their reserves. A present state which almost deterministically implies a future state under certain conditions.
    - oneoff786 4y ago
      You’re still wrong though. Do these companies likely have reserves to back their coins? No. Are the pegs currently holding just fine? Yes. Will the pegs fall at some point in the future? Maybe? Hopefully? But this statement is irrelevant to observing the current state of the pegs.
      - JumpCrisscross 4y ago
        > Do these companies likely have reserves to back their coins? No. Are the pegs currently holding just fine? Yes. Fair enough. (Though I’m unconvinced of the value of a peg that can’t be redeemed against, à la Tether.)
  - spookthesunset 4y ago
    That hypothetical is reality. And sometime today, tomorrow or 10 years from now it’s gonna finally collapse. Crypto was and always will be a giant scam.
    - oneoff786 4y ago
      Sure, it’s a scam. But the pegs are easily observed to be holding at the moment. There is no doubt about this. One’s beliefs need not detract from basic reading comprehension.