5 ms·

If you believe usdc will recover isn’t this free money? Where else can you buy usdc other than Coinbase?

by endisneigh 4y ago

sebzim4500 4y ago
Just bought a bunch of Kraken
- codetrotter 4y ago
  I would too, but my tradbank where I have my fiat does not process transfers on weekends :( So the money I want to send from my bank to Kraken, will not arrive until Monday. By that time this whole thing could already be over and USDC could be back at a dollar per pop. Well, probably it is for the best anyway. I will spend my fiat to buy more Bitcoin instead. It is cheap too, currently. If I were to spend my fiat on underpriced USDC, there is no telling how long I would have to hold those USDC before the situation is resolved and USDC gets back to its $1 peg.
lozenge 4y ago
One shouldn't believe anything in finance with 100% certainty. If you think you do you are mis estimating it.
koolba 4y ago
Other way around. You’d be selling (or redeeming) the USDC to Coinbase. You’d have to have assets on chain to buy them on a dex.
rvz 4y ago
It is free money, even Vitalik is in on it: https://etherscan.io/tx/0x4d38e765f7cee35e84d4535d3a1f40ad451096c28c79231c1cd8e8593608247d https://etherscan.io/tx/0x4d38e765f7cee35e84d4535d3a1f40ad45... USDC will repeg back to $1. If it rapidly falls below 0.8, the better buy in opportunity.
- sumeno 4y ago
  Same with Terra, as soon as it repegs I'll be RICH! Free money!
  - rvz 4y ago
    Except that USDC != Terra UST. Nor is it even remotely the same.
ryanjshaw 4y ago
They paused USDC to USD conversions until Monday. At that point the arbitrageurs will determine the truth.
capableweb 4y ago
If you have other cryptocurrencies, you can use a bunch of different DEXes to purchase USDC right now. A popular one is Uniswap, here is USDC: https://app.uniswap.org/#/tokens/ethereum/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 https://app.uniswap.org/#/tokens/ethereum/0xa0b86991c6218b36... (currently trading at 1.000 USD at Uniswap)
- meltedcapacitor 4y ago
  Don't know what this 1.000 is supposed to mean, but Uniswap is never trading dollars anyway: they do not exist in defi. One can calculate the implied USDC/USDT rate from that very page by pricing a swap for 1 ETH or BTC for USDT vs same for USDC. The USDT quote is similar to CEXes for dollars, and the USDC is substantially higher, aka value of 1 USDC is well below 1, on Uniswap itself.
  - capableweb 4y ago
    1.000 is the implied rate. Uniswap does it for you.
swalsh 4y ago
I believe this is more a bet on the FDIC, than circle.

If you believe usdc will recover isn’t this free money? Where else can you buy usdc other than Coinbase?

sebzim4500 4y ago

Just bought a bunch of Kraken

codetrotter 4y ago
I would too, but my tradbank where I have my fiat does not process transfers on weekends :( So the money I want to send from my bank to Kraken, will not arrive until Monday. By that time this whole thing could already be over and USDC could be back at a dollar per pop. Well, probably it is for the best anyway. I will spend my fiat to buy more Bitcoin instead. It is cheap too, currently. If I were to spend my fiat on underpriced USDC, there is no telling how long I would have to hold those USDC before the situation is resolved and USDC gets back to its $1 peg.

lozenge 4y ago

One shouldn't believe anything in finance with 100% certainty. If you think you do you are mis estimating it.

koolba 4y ago

Other way around. You’d be selling (or redeeming) the USDC to Coinbase. You’d have to have assets on chain to buy them on a dex.

rvz 4y ago

It is free money, even Vitalik is in on it: https://etherscan.io/tx/0x4d38e765f7cee35e84d4535d3a1f40ad451096c28c79231c1cd8e8593608247d https://etherscan.io/tx/0x4d38e765f7cee35e84d4535d3a1f40ad45... USDC will repeg back to $1. If it rapidly falls below 0.8, the better buy in opportunity.

sumeno 4y ago
Same with Terra, as soon as it repegs I'll be RICH! Free money!
- rvz 4y ago
  Except that USDC != Terra UST. Nor is it even remotely the same.

ryanjshaw 4y ago

They paused USDC to USD conversions until Monday. At that point the arbitrageurs will determine the truth.

capableweb 4y ago

If you have other cryptocurrencies, you can use a bunch of different DEXes to purchase USDC right now. A popular one is Uniswap, here is USDC: https://app.uniswap.org/#/tokens/ethereum/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 https://app.uniswap.org/#/tokens/ethereum/0xa0b86991c6218b36... (currently trading at 1.000 USD at Uniswap)

meltedcapacitor 4y ago
Don't know what this 1.000 is supposed to mean, but Uniswap is never trading dollars anyway: they do not exist in defi. One can calculate the implied USDC/USDT rate from that very page by pricing a swap for 1 ETH or BTC for USDT vs same for USDC. The USDT quote is similar to CEXes for dollars, and the USDC is substantially higher, aka value of 1 USDC is well below 1, on Uniswap itself.
- capableweb 4y ago
  1.000 is the implied rate. Uniswap does it for you.

swalsh 4y ago

I believe this is more a bet on the FDIC, than circle.