PoolMinor
Legendary
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Activity: 1843
Merit: 1338
XXXVII Fnord is toast without bread
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:23:07 AM |
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so lemme get this straight. They make a "stablecoin" pegged 1:1 USD:token. Then they "raise" money, or sell it and use those funds to "back it". They make money from all investment income from that like tether investing in commercial paper in china and stuff. adds up quickly when you have billions outstanding. but in this case instead of USD they bought BTC, but still pegged 1:1 USD:token. right ? but this makes no logical sense at all. Here is a deeper dive. Say one wants to buy Tether. Tether issues their token based on conversion of fiat/papergold/crypto/etc.... $100k in gold give $100k in Tether....Tether mints $100k out of thin air.... What happens when the value of the converted asset loses value, does Tether make the party that converted their assets to Tether cover the difference? I doubt it... Therefore Tether's reserves are currently only backed by ~5% actual USD deposits, the other 95% is other slightly volatile asset classes.
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Torque
Legendary
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Activity: 3668
Merit: 5233
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Terrawhat?
Seriously, if it hadn't been mentioned, I never would have known it existed.
Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?
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Gachapin
Legendary
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Activity: 1022
Merit: 2051
bitcoin retard
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:26:07 AM |
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Welcome to the 20s ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Funny how the dips always occur almost exactly one year after every cycle peak
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Biodom
Legendary
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Activity: 3864
Merit: 4269
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:26:45 AM |
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Terrawhat?
Seriously, if it hadn't been mentioned, I never would have known it existed.
Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?
well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme. nobody (or almost nobody) was complaining.
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Wexlike
Legendary
Offline
Activity: 1473
Merit: 1086
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Terrawhat?
Seriously, if it hadn't been mentioned, I never would have known it existed.
Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?
well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme. nobody (or almost nobody) was complaining. That's the best joke. Buying BTC for advertisement and then being forced to sell it at a loss 1 month later. These guys get the award for the most gigantic paper hands ever, trading like a noob.
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Gachapin
Legendary
Offline
Activity: 1022
Merit: 2051
bitcoin retard
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:32:30 AM |
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Did they already sell? ...If not, we probably will see 25k and lower very soon
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1miau
Legendary
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Activity: 2226
Merit: 6973
Currently not much available - see my websitelink
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:34:05 AM |
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It's Shitcoin implosion 💯 Terra Luna, where Terra USD is based on, loses 27% in one hour... ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FVWgQy3r.png&t=665&c=7KUCUrUghzG9PA) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FCjNE64i.png&t=665&c=IxhVEiatjVkQfw) Bitcoin at 30k now...
Well, what did we expect from Shitcoins...
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LFC_Bitcoin
Legendary
Offline
Activity: 3640
Merit: 10099
#1 VIP Crypto Casino
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:36:56 AM |
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Torque
Legendary
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Activity: 3668
Merit: 5233
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:39:49 AM |
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Parts of the DeFi Eco system are a true joke.
All of the DeFi Eco system is a true joke. It's amazing to me that people think these schemes to give people a return far greater than what Bitcoin can itself are real. It's all Ponzi rube goldberg smoke and mirrors, and none of it is sustainable. You can't create "gains" or "returns" out of thin air.
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jojo69
Legendary
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Activity: 3276
Merit: 4522
diamond-handed zealot
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:39:51 AM |
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ImThour
Copper Member
Legendary
Offline
Activity: 1442
Merit: 1522
Bitcoin Bottom was at $15.4k
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:40:05 AM |
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29800, 30800, 31800, 32800. All my orders got filled in 1 single day.
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Apocollapse
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:41:24 AM |
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Who on earth has any idea how an algorithmic stable coin might/can work. This one is apparently not working anymore yet still dumping the treasury on the market.
Just lost another 15% in a couple of minutes, lol.
That's why I never trust so called decentralized shitcoins and so called stable coin
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Biodom
Legendary
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Activity: 3864
Merit: 4269
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:41:33 AM |
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Terrawhat?
Seriously, if it hadn't been mentioned, I never would have known it existed.
Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?
well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme. nobody (or almost nobody) was complaining. That's the best joke. Buying BTC for advertisement and then being forced to sell it at a loss 1 month later. These guys get the award for the most gigantic paper hands ever, trading like a noob. I give at least 60/40 chance that we should expect the same from Saylor (that he might sell into a margin call this year). It seems that EVERYONE who either buys bitcoin on margin OR does some bitcoin-unrelated stuff, is being shaken off eventually. Bitcoin is like a wild stallion that does not allow anyone to saddle it.
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Wexlike
Legendary
Offline
Activity: 1473
Merit: 1086
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:43:37 AM |
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Terrawhat?
Seriously, if it hadn't been mentioned, I never would have known it existed.
Who cranks out all these garbage "stablecoins" anyway? And why would anyone trust them?
well, bitcoin peeps were applauding them buying $3 bil in btc to support their scheme. nobody (or almost nobody) was complaining. That's the best joke. Buying BTC for advertisement and then being forced to sell it at a loss 1 month later. These guys get the award for the most gigantic paper hands ever, trading like a noob. I give at least 60/40 chance that we should expect the same from Saylor (that he might sell into a margin call this year). It seems that EVERYONE who either buys bitcoin on margin OR to do some bitcoin-unrelated stuff, is being shaken off eventually. Bitcoin is like a wild stallion that does not allow anyone to saddle it. That's true. You could call it "The ultimate whale-hunt"
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Wexlike
Legendary
Offline
Activity: 1473
Merit: 1086
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 12:57:07 AM |
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Parts of the DeFi Eco system are a true joke.
All of the DeFi Eco system is a true joke. It's amazing to me that people think these schemes to give people a return far greater than what Bitcoin can itself are real. It's all Ponzi rube goldberg smoke and mirrors, and none of it is sustainable. You can't create "gains" or "returns" out of thin air. I wouldn't call all of them a joke. I use and like some where I use wBTC as collateral to get fiat exposure without selling. So there's demand for the service and I'm willing to pay for it in a decentralized manner. Something you can't yet do on Bitcoins L1 or L2. Only on some sidechains like RSK, but the onboarding experience is a pain. And then there are some algorithmic "stable coins" without full collateralization... ![Huh](https://bitcointalk.org/Smileys/default/huh.gif)
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ChartBuddy
Legendary
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Activity: 2282
Merit: 1801
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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May 10, 2022, 01:04:54 AM |
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PoolMinor
Legendary
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Activity: 1843
Merit: 1338
XXXVII Fnord is toast without bread
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 01:08:25 AM Merited by JayJuanGee (1) |
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ImThour
Copper Member
Legendary
Offline
Activity: 1442
Merit: 1522
Bitcoin Bottom was at $15.4k
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
May 10, 2022, 01:09:32 AM |
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