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USDC has already depegged. Game over for USDC. We won't know what happens in the real world until next week, but this weekend is going to be interesting for cry

USDC has already depegged. Game over for USDC. We won't know what happens in the real world until next week, but this weekend is going to be interesting for crypto. Bets on which crypto exchange is going to shutter next?

xtracto 4y ago
DAI also depegged. Apparently DAI has 40% of its reserves in USDC... stupid kids.
- SilasX 4y ago
  While also being ~160% collateralized. I’d link more specific figures but the makerdao site, like most crypto projects, doesn’t make those figures easy to find. Edit: There you go: https://daistats.com/#/ https://daistats.com/#/ Disclaimer: somewhat motivated reasoning since I’ve left a standing order for DAI at 0.995 on an exchange, which was just filled this evening, in the expectation that DAI always returns to parity.
- lottin 4y ago
  Which goes to show there's no such thing as a decentralised stablecoin, since they're all backed with other stablecoins that aren't decentralised.
  - dylkil 4y ago
    LUSD and RAI are fully decentralised (no centralised backing), though they are not quite as stable are their centralised counterparts (yet)
    - lottin 4y ago
      Both rely on an "oracle" so probably not decentralised at all.
petesergeant 4y ago
Assuming USDC is backed by the money it says it is, then it going to zero is incredible news for anyone who buys it post de-peg right? If the assets are there, and you buy USDC at 5c on the dollar, you’ll make 95c even if USDC has to entirely liquidate? I guess, assuming the assets are there, I don’t see why/how it would drop below that, or be finished, other than some volatility due to panic
- chx 4y ago
  [flagged]
evdubs 4y ago
This is a USDC buying opportunity.
- spiderice 4y ago
  Ponzi stamps were also a great deal anytime they went on sale too.. until suddenly they weren't.
  - evdubs 4y ago
    So buy USDC (with an amount you're comfortable with losing) until the price is above $0.97 and then sell.
    - hef19898 4y ago
      Personally, I prefer Roulette if I want to gamble with my money.
      - evdubs 4y ago
        This was a chance for you to play roulette as the house. Sucks to miss it.
  - PretzelPirate 4y ago
    This feels like you're trying to compare USDC with a Ponzi, when it's clearly not a Ponzi at all.
deleted 4y ago
[deleted]
edem 4y ago
stETH also depegged at some point, and I made thousands of dollars by buying it at a deep discount. Then the peg was restored even though there was nothing backing it apart from locked ETH in staking pools. The USDC de-peg is pretty similar.

xtracto 4y ago

DAI also depegged. Apparently DAI has 40% of its reserves in USDC... stupid kids.

SilasX 4y ago
While also being ~160% collateralized. I’d link more specific figures but the makerdao site, like most crypto projects, doesn’t make those figures easy to find. Edit: There you go: https://daistats.com/#/ https://daistats.com/#/ Disclaimer: somewhat motivated reasoning since I’ve left a standing order for DAI at 0.995 on an exchange, which was just filled this evening, in the expectation that DAI always returns to parity.
lottin 4y ago
Which goes to show there's no such thing as a decentralised stablecoin, since they're all backed with other stablecoins that aren't decentralised.
- dylkil 4y ago
  LUSD and RAI are fully decentralised (no centralised backing), though they are not quite as stable are their centralised counterparts (yet)
  - lottin 4y ago
    Both rely on an "oracle" so probably not decentralised at all.

petesergeant 4y ago

Assuming USDC is backed by the money it says it is, then it going to zero is incredible news for anyone who buys it post de-peg right? If the assets are there, and you buy USDC at 5c on the dollar, you’ll make 95c even if USDC has to entirely liquidate? I guess, assuming the assets are there, I don’t see why/how it would drop below that, or be finished, other than some volatility due to panic

chx 4y ago
[flagged]

evdubs 4y ago

This is a USDC buying opportunity.

spiderice 4y ago
Ponzi stamps were also a great deal anytime they went on sale too.. until suddenly they weren't.
- evdubs 4y ago
  So buy USDC (with an amount you're comfortable with losing) until the price is above $0.97 and then sell.
  - hef19898 4y ago
    Personally, I prefer Roulette if I want to gamble with my money.
    - evdubs 4y ago
      This was a chance for you to play roulette as the house. Sucks to miss it.
- PretzelPirate 4y ago
  This feels like you're trying to compare USDC with a Ponzi, when it's clearly not a Ponzi at all.

deleted 4y ago

[deleted]

edem 4y ago

stETH also depegged at some point, and I made thousands of dollars by buying it at a deep discount. Then the peg was restored even though there was nothing backing it apart from locked ETH in staking pools. The USDC de-peg is pretty similar.