StonksStonksStonks (OP)
Jr. Member
Offline
Activity: 50
Merit: 14
|
|
July 06, 2020, 02:06:01 AM |
|
https://en.wikipedia.org/wiki/Zimbabwean_bondsAfter hyperinflation, Zimbabwe created a new currency that's pegged to the US dollar. It works the same as a stablecoin, they hold reserves of us dollars and print their own currency backed by it. Why don't they just use the US dollars instead then, why print paper backed by paper? I'm betting there are more Zimbabwe notes printed than there are us dollars in their reserves, duh. So tether is a pegged to the US dollar, we know orginal the creator said they own 1 dollar for every tether and then they changed it to something like they only own 70% in reserves, and then they changed it and we have no clue what reserves tether holds. Theres some gov cases against tether by the DOJ and the new york attorney general. So when Tether gets exposed as a pegged currency lacking reserves, it could finally wake up the people of zimbabwe in the same situtation. There are 66 countries that peg their own currency to the US dollar. All of those countries could start to panic. Tether collapse, could cause the collapse of pegged currencies, not just stablecoins. IT will be the most bullish thing for Bitcoin and precious metals.
|
|
|
|
jackg
Copper Member
Legendary
Offline
Activity: 2856
Merit: 3071
https://bit.ly/387FXHi lightning theory
|
|
July 06, 2020, 02:19:21 AM |
|
I mean when you've got no alternative then you're still probably going to accept it...
You could also peg a currency to the dollar so that in 30 years, it becomes a separate currency once you're more financially stable?
Also, I thought usdc was fully backed they have about half the issued usdc already redeemed that have beem minted? I wouldn't touch tether at all... I mean if the company is greedy enough to hold 70% in reserves and not just invest the other 30% but keep it as a reserve then WTF are people using them.
|
|
|
|
StonksStonksStonks (OP)
Jr. Member
Offline
Activity: 50
Merit: 14
|
|
July 06, 2020, 02:28:28 AM |
|
I wouldn't touch tether at all... I mean if the company is greedy enough to hold 70% in reserves and not just invest the other 30% but keep it as a reserve then WTF are people using them.
I think they got hacked, some funds were stolen and some funds were frozen by banks or something. So they lowered the backing rate to 70%(?) but eventually they just changed it to not being backed at all lol. They learned every trick in the book from the federal reserve history.
|
|
|
|
alani123
Legendary
Offline
Activity: 2618
Merit: 1514
|
|
July 06, 2020, 02:30:41 AM |
|
Pegged currencies are still based on trust. For a nation state with a bad record and no trust from international markets, a pegged currency is more useful than outright FIAT. Even if the peg breaks, they still have some reserves to at least partly pay back debts etc.
Tether is the worst of both worlds. It's centralized, not backed by anything. No even an institution, government or trust based system backing it. It's just a few exchanges and some people at the center. Tether also won't allow US citizens to us tUSD.
It really could collapse any minute now. But this would take require support to it being lifted also. Not sure when that's going to happen. There surely is a place for stablecoins in crypto. But so far less centralized and more trustless stable-coins are not nearly as liquid. Although they're rising fast. I'm not sure if tUSD collapsing would have a positive impact on BTC's price, but surely it'd be a boost of morale for real crypto.
|
| Duelbits | ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ | | TRY OUR UNIQUE GAMES! ◥ DICE ◥ MINES ◥ PLINKO ◥ DUEL POKER ◥ DICE DUELS | | | | █▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ KENONEW ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄█ | | 10,000x MULTIPLIER | | ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ | | ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ |
[/tabl
|
|
|
grolsch
Newbie
Offline
Activity: 6
Merit: 0
|
|
July 06, 2020, 02:37:51 AM |
|
Pegged currencies are still based on trust. For a nation state with a bad record and no trust from international markets, a pegged currency is more useful than outright FIAT. Even if the peg breaks, they still have some reserves to at least partly pay back debts etc.
Tether is the worst of both worlds. It's centralized, not backed by anything. No even an institution, government or trust based system backing it. It's just a few exchanges and some people at the center. Tether also won't allow US citizens to us tUSD.
It really could collapse any minute now. But this would take require support to it being lifted also. Not sure when that's going to happen. There surely is a place for stablecoins in crypto. But so far less centralized and more trustless stable-coins are not nearly as liquid. Although they're rising fast. I'm not sure if tUSD collapsing would have a positive impact on BTC's price, but surely it'd be a boost of morale for real crypto.
Agreed. Tether could in theory destroy the entire crypto currency market. I mean, literally burn it all down.. I have yet to see a single shred of proof that they hold as much USD as they claim, and they can't even get an auditor to verify their books. If Tether collapsed, it would wreak havoc on the BTC price. The prices would jump by thousands of percent as people try to liquidate their worthless "dollars" into BTC. Simply because there's no way to buy USD with tUSD. Arbitrage bots would stop working as networks get clogged up and people panic.. That panic in turn will inevitably crush the price of BTC.. It would be like March 2020 on steroids
|
|
|
|
StonksStonksStonks (OP)
Jr. Member
Offline
Activity: 50
Merit: 14
|
|
July 06, 2020, 02:49:18 AM |
|
Agreed. Tether could in theory destroy the entire crypto currency market. I mean, literally burn it all down.. I have yet to see a single shred of proof that they hold as much USD as they claim, and they can't even get an auditor to verify their books. If Tether collapsed, it would wreak havoc on the BTC price. The prices would jump by thousands of percent as people try to liquidate their worthless "dollars" into BTC. Simply because there's no way to buy USD with tUSD. Arbitrage bots would stop working as networks get clogged up and people panic.. That panic in turn will inevitably crush the price of BTC.. It would be like March 2020 on steroids you seem to contract yourself. You say tether collpase would cause panic buying of bitcoin leading to new highs. But you also say it would cause bitcoin to crash... I think collapse of tether is good for long term price of bitcoin. The media publicity might even take us to new highs, similar to how when the silk road collpased bitcoin went up. Any news is good news because bitcoin is solid investment, just gives its more attention
|
|
|
|
BTC_Today
Newbie
Offline
Activity: 5
Merit: 5
|
|
July 06, 2020, 02:49:42 AM |
|
Can we remember to look back at this topic in one year, to be amazed at how much the markets were affected? Yes, I agree crypto markets have big trouble ahead with a Tether collapse. (Also) No, the widely anticipated explosion of a major crypto scam will probably not affect various flavors of "pegged" fiat money globally.
|
|
|
|
Darker45
Legendary
Offline
Activity: 2800
Merit: 1947
|
|
July 06, 2020, 03:18:48 AM |
|
There was a time when the preferred currency in Zimbabwe was the USD itself. This was the immediate result of the country's hyperinflation. However, in trying to establish their own domestic sovereign currency, the use of USD was actually outlawed along with other foreign currencies. This was supposed to strengthen their own fledgling currency.
The point, however, is that a change of currency doesn't matter. The currency and its value, trust, preference, and so on are actually reflective of the economy. If the economy's performance remains the same, no amount of currency change will improve it. And business or commerce would still prefer to use USD or other foreign currencies.
If the goal or the actual use of stablecoins is exactly the same to that of the fiat they represent, they are basically useless.
|
|
|
|
exstasie
Legendary
Offline
Activity: 1806
Merit: 1521
|
|
July 06, 2020, 06:08:57 AM |
|
After hyperinflation, Zimbabwe created a new currency that's pegged to the US dollar. It works the same as a stablecoin, they hold reserves of us dollars and print their own currency backed by it. Why don't they just use the US dollars instead then, why print paper backed by paper? From 2009-2019 that's what they did. They legalized the use of foreign currencies and the economy ran on USD and other reserve currencies. I assume this was always meant to achieve interim stability. The intention was not to prevent the central bank from ever again issuing a national currency. I'm betting there are more Zimbabwe notes printed than there are us dollars in their reserves, duh. A fixed exchange rate doesn't imply a 1:1 supply ratio. It just means the central bank has enough dollars in its reserves to sell US treasuries and buy local currency as needed to maintain the peg. There are 66 countries that peg their own currency to the US dollar. All of those countries could start to panic. Tether collapse, could cause the collapse of pegged currencies, not just stablecoins.
Why? There are only $9 billion worth of Tether out there. It's a drop in the bucket. The crypto markets would freak out (because they are illiquid and Tether pairs represent a huge chunk of the market) but the rest of the world wouldn't care. I don't understand the connection you're making between Tether and USD-pegged fiat currencies.
|
|
|
|
South Park
|
|
July 06, 2020, 03:34:58 PM Last edit: July 06, 2020, 03:45:31 PM by South Park |
|
https://en.wikipedia.org/wiki/Zimbabwean_bondsAfter hyperinflation, Zimbabwe created a new currency that's pegged to the US dollar. It works the same as a stablecoin, they hold reserves of us dollars and print their own currency backed by it. Why don't they just use the US dollars instead then, why print paper backed by paper? I'm betting there are more Zimbabwe notes printed than there are us dollars in their reserves, duh. So tether is a pegged to the US dollar, we know orginal the creator said they own 1 dollar for every tether and then they changed it to something like they only own 70% in reserves, and then they changed it and we have no clue what reserves tether holds. Theres some gov cases against tether by the DOJ and the new york attorney general. So when Tether gets exposed as a pegged currency lacking reserves, it could finally wake up the people of zimbabwe in the same situtation. There are 66 countries that peg their own currency to the US dollar. All of those countries could start to panic. Tether collapse, could cause the collapse of pegged currencies, not just stablecoins. IT will be the most bullish thing for Bitcoin and precious metals. It is obvious why countries that peg their currencies to the dollar prefer to do this than to use dollars directly and it is because of the same reason they began to implement gold backed currencies instead of using gold directly, they want to deceive their population. The situation in Zimbabwe was so desperate that in 2009 the government had to admit defeat and stopped printing their own currency. But they did not understood their lesson and tried to bring back their currency once again a few years later and they brought hyperinflation once again as well. I do not think tether has the size to move the traditional markets but it will surely make this market crash if it disappears, but if the dollar collapses not only those countries with their currencies pegged to the dollar will suffer, all the countries will suffer as many of them have their reserves in dollars.
|
|
|
|
jackg
Copper Member
Legendary
Offline
Activity: 2856
Merit: 3071
https://bit.ly/387FXHi lightning theory
|
|
July 06, 2020, 03:43:40 PM |
|
I wouldn't touch tether at all... I mean if the company is greedy enough to hold 70% in reserves and not just invest the other 30% but keep it as a reserve then WTF are people using them.
I think they got hacked, some funds were stolen and some funds were frozen by banks or something. So they lowered the backing rate to 70%(?) but eventually they just changed it to not being backed at all lol. They learned every trick in the book from the federal reserve history. Probably more of a reason not to trust them if they don't even have some sort of insurance on the funds... How do dollars actually get hacked though too, that sounds kinda impossible unless they didn't bother to peruse the "hacker". I think the fed at least print money in good faith/with strict conditions.... Not to mention the time when it DROPPED TO 86 CENTS on bitfinex afaik (it might have been lowr but I think I remember it falling)... Although according to Google it had an ath at $1.21 too so...
|
|
|
|
hulla
|
The Zimbabwean government and the rest that issued the US dollars backed/peg current definitely follow the steps of Tether but issuing a currency backed with Fiat currency is a lame decision because fiat currency are not hedge to inflation which is the reason why some Stablecoin project we have in the cryptosphere are following the step led by Gold stablecoin. I wouldn't touch tether at all... I mean if the company is greedy enough to hold 70% in reserves and not just invest the other 30% but keep it as a reserve then WTF are people using them.
I think they got hacked, some funds were stolen and some funds were frozen by banks or something. So they lowered the backing rate to 70%(?) but eventually they just changed it to not being backed at all lol. They learned every trick in the book from the federal reserve history. The last time i checked they got hacked long ago before they were sued by NYC attorney general. Is this by any chance a new case which I'm yet to be aware. With that been said, we know that Tether teams are liar which the reason why i never support them but they never change their claim to not being backed at all.
|
| . .Duelbits. | | | ▄████▄▄ ▄█████████▄ ▄█████████████▄ ▄██████████████████▄ ▄████▄▄▄█████████▄▄▄███▄ ▄████▐▀▄▄▀▌██▄█▄██▐▀▄▄▀▌███ ██████▀▀▀▀████▀███▀▀▀▀█████ ▐████████████■▄▄▄■██████████▀ ▐██████████████████████████▀ ██████████████████████████▀ ▀███████████████████████▀ ▀███████████████████▀ ▀███████████████▀ | | | | | | ▄▀▄ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █▀▀▀▀▀█ ▀█▀█▀ █▄█ █▄█ | | ▄▀▄ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █ █▀▀▀▀▀█ ▀█▀█▀ █▄█ █▄█ | | | . ▄ ▄▄▀▀▀▀▄▄ ▄▀▀▄ █ █ ▀▄ █ ▄█▄ ▀▄ █ ▄▀ ▀▄ ▀█▀ ▄▀ ▀█▄▄▄▀▀ ▀ ▄▀ ▄▀ ▄▀ ▀▄ ▄▀▀ Live Games | | ▄▄▀▀▀▀▀▀▀▄▄ ▄▀ ▄▄▀▀▀▀▀▄▄ ▀▄ ▄▀ █ ▄ █ ▄ █ ▀▄ █ █ ▀ ▀ █ █ ▄▄▄ █ ▀▀▀▀▀▀▀▀▀▀▀▀▀ █ █ █ █▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀█ █▄█ █ ▀▀█ ▀▀█ ▀▀█ █ █▄█ █ █ █ █ █ █ █ Slots | | . ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▄ █ ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ █ ▄▄ █ █ █ █ █ █ ▄▀▀▄▀▀▄ █ █ █ ▀▄ ▄▀ █ █ █ ▀▄▀ █ ▀▀ █ Blackjack | | . ▄▄▀█████▀▄▄ ▄▀▀ █████ ▄▄▀▀▄ ███▄ ▄█████▄▀▀▄███ ██████▀▀ ▀▀██████ █ ▀▀██▀ ▀▄ ▄▀ ▀██▀▀ █ █ █ ███ █ █ █ ▄▄██▄ ▄▀ ▀▄ ▄██▄▄ █ ██████▄▄ ▄▄██████ Roulette | | . █▀▀▀▄ ▄▀▀▀█ █ ▀▄ ▀▄ ▄▀ ▄▀ █ ▀▄ ▀▄ ▀▄ ▄▀ ▄▀ ▄▀ ▀▄ ▀▄ ▀▄ ▀ ▄▀ ▄▀ ▀▄ ▀▄ ▀▄ ▀ ▄▀ ▄ ▀▄ ▀▄ ▀▄ ▄ █ ▀▄ ▀▄ ▀ ▄▀ █ ▄▀▄ ▀▄ ▀ ▄▀ ▄▀▄ Dice Duels |
|
|
|
Kakmakr
Legendary
Offline
Activity: 3542
Merit: 1966
Leading Crypto Sports Betting & Casino Platform
|
|
July 06, 2020, 07:33:24 PM |
|
Tether was controversial from the start and when people started asking questions.. money was quickly moved to give the perception that every Tether was backed by a Dollar. I do not believe that for one moment and the hacking thing was just a smokescreen to hide the fact that they are manipulating things behind the scene. Your answer to your question... "When will Tether collapse... " ....well that remains to be seen, because as long as the regulators are looking the other way, nothing will happen to it.
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
Harlot
|
|
July 06, 2020, 07:50:30 PM |
|
Now that's a very big allegation to make that even governments of countries are issuing more compared to what they are really holding, they aren't like Tether where their main purpose is to be stablecoin in the cryptomarket these US dollar backed fiat currencies and bank notes are here to solve their country's economy not to become one of the problems for it, so if they are just issuing more compared to what they really have they are just screwing themselves over. Definitely this will be another big scandal of corrupt practices reaching all the way to the top of the hierarchy
|
|
|
|
deisik
Legendary
Offline
Activity: 3542
Merit: 1280
English ⬄ Russian Translation Services
|
|
July 06, 2020, 07:56:36 PM Last edit: July 06, 2020, 08:10:44 PM by deisik |
|
So tether is a pegged to the US dollar, we know orginal the creator said they own 1 dollar for every tether and then they changed it to something like they only own 70% in reserves, and then they changed it and we have no clue what reserves tether holds As far as I remember, it is more complicated than that If I'm not mistaken (correct me on this one), Bitfinex borrowed money from the company behind Tether (yeah, we all know that they are essentially the same birds), and that led to tethers being only partially backed up by their fiat currency reserves (i.e. US dollars). So it is not like they printed 30% of the total supply out of thin air (read, we don't know how much). And this loan has already been paid back by Bitfinex anyway (or some part of it, dunno)
|
|
|
|
exstasie
Legendary
Offline
Activity: 1806
Merit: 1521
|
|
July 07, 2020, 03:13:15 AM |
|
I think they got hacked, some funds were stolen and some funds were frozen by banks or something. So they lowered the backing rate to 70%(?) but eventually they just changed it to not being backed at all lol. They learned every trick in the book from the federal reserve history.
Probably more of a reason not to trust them if they don't even have some sort of insurance on the funds... How do dollars actually get hacked though too, that sounds kinda impossible unless they didn't bother to peruse the "hacker". Tether uses public/private key cryptography just like BTC so it can be hacked and stolen the same way. This has happened before: https://www.coindesk.com/tether-claims-30-million-stable-token-stolen-attackerBeing so centralized, they were able to coordinate with exchanges to fork the chain so they could freeze the funds. The losses causing the drop to ~70% cash backing were due to a law enforcement seizure. Tether apparently gave close to a billion dollars to Crypto Capital, who was commingling funds with money from Colombian drug cartels.
|
|
|
|
jackg
Copper Member
Legendary
Offline
Activity: 2856
Merit: 3071
https://bit.ly/387FXHi lightning theory
|
|
July 07, 2020, 03:21:13 AM |
|
Probably more of a reason not to trust them if they don't even have some sort of insurance on the funds...
How do dollars actually get hacked though too, that sounds kinda impossible unless they didn't bother to peruse the "hacker".
Tether uses public/private key cryptography just like BTC so it can be hacked and stolen the same way. This has happened before: https://www.coindesk.com/tether-claims-30-million-stable-token-stolen-attackerBeing so centralized, they were able to coordinate with exchanges to fork the chain so they could freeze the funds. The losses causing the drop to ~70% cash backing were due to a law enforcement seizure. Tether apparently gave close to a billion dollars to Crypto Capital, who was commingling funds with money from Colombian drug cartels. Ahhhh I thought they were a smart contract or something on the omni/erc layer and they managed to just drop funds (I mean I can think of five plus occasions where that's happened before with keys being hacked because an exchange didnt secure them)... Hmmm I guess that billion found its way to offering the cartels liquidity too...
|
|
|
|
alani123
Legendary
Offline
Activity: 2618
Merit: 1514
|
|
July 07, 2020, 06:09:07 AM |
|
Pegged currencies are still based on trust. For a nation state with a bad record and no trust from international markets, a pegged currency is more useful than outright FIAT. Even if the peg breaks, they still have some reserves to at least partly pay back debts etc.
Tether is the worst of both worlds. It's centralized, not backed by anything. No even an institution, government or trust based system backing it. It's just a few exchanges and some people at the center. Tether also won't allow US citizens to us tUSD.
It really could collapse any minute now. But this would take require support to it being lifted also. Not sure when that's going to happen. There surely is a place for stablecoins in crypto. But so far less centralized and more trustless stable-coins are not nearly as liquid. Although they're rising fast. I'm not sure if tUSD collapsing would have a positive impact on BTC's price, but surely it'd be a boost of morale for real crypto.
Agreed. Tether could in theory destroy the entire crypto currency market. I mean, literally burn it all down.. I have yet to see a single shred of proof that they hold as much USD as they claim, and they can't even get an auditor to verify their books. If Tether collapsed, it would wreak havoc on the BTC price. The prices would jump by thousands of percent as people try to liquidate their worthless "dollars" into BTC. Simply because there's no way to buy USD with tUSD. Arbitrage bots would stop working as networks get clogged up and people panic.. That panic in turn will inevitably crush the price of BTC.. It would be like March 2020 on steroids Welp, you should have been careful what we wished for. It's being reported right now that China is blocking bank cards of citizens that used their bank money to buy Tether. tUSD is being treated as a money laundering tool in China effectively right now, and this could signal a further crack down by officials on any exchange and individual that promotes use of tUSD. This could mean Tether losing one of its biggest markets. Which could in turn lead to tUSD's collapse.
|
| Duelbits | ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ | | TRY OUR UNIQUE GAMES! ◥ DICE ◥ MINES ◥ PLINKO ◥ DUEL POKER ◥ DICE DUELS | | | | █▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ ███ ▀▀▀ | | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ KENONEW ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄█ | | 10,000x MULTIPLIER | | ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ | | ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ |
[/tabl
|
|
|
mu_enrico
Copper Member
Legendary
Offline
Activity: 2548
Merit: 2221
Slots Enthusiast & Expert
|
|
July 07, 2020, 06:58:01 PM |
|
When/if tether collapses, only the crypto community would care. The majority of people would continue their life as if nothing happens. Perhaps the civil war scenario is more probable (to rekt USD) than the tether scenario.
|
| │ | ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███▀▀▀█████████████████ ███▄▄▄█████████████████ ███████████████████████ ███████████████████████ ███████████████████████ █████████████████████ ███████████████████ ███████████████ ████████████████████████ | ███████████████████████████ ███████████████████████████ ███████████████████████████ █████████▀▀██▀██▀▀█████████ █████████████▄█████████████ ████████▄█████████▄████████ █████████████▄█████████████ █████████████▄█▄███████████ ██████████▀▀█████████████ ██████████▀█▀██████████ ▀███████████████████▀ ▀███████████████▀ █████████████████████████ | | | O F F I C I A L P A R T N E R S ▬▬▬▬▬▬▬▬▬▬ ASTON VILLA FC BURNLEY FC | | | BK8? | | | . ..PLAY NOW.. |
|
|
|
hatshepsut93
Legendary
Offline
Activity: 3038
Merit: 2162
|
|
July 07, 2020, 07:23:16 PM |
|
There are 66 countries that peg their own currency to the US dollar. All of those countries could start to panic. Tether collapse, could cause the collapse of pegged currencies, not just stablecoins. IT will be the most bullish thing for Bitcoin and precious metals.
No one in real world pays serious attention to crypto markets (I'm speaking about businessmen, government officials, lawmakers, etc.). Tether, altcoins, even Bitcoin all can collapse tomorrow and it will have no effect on the fiat economy. Plus, there's no mechanism for a chain reaction like you are suggesting. Small currencies collapse pretty often and they never drag other small currencies together with them in some sort of mass panic that jumps borders.
|
|
|
|
|