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June 09, 2022, 10:10:03 PM |
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The upside of Luna crashing, and of course UST crashing as well, is that people are now looking at the stablecoin market with a grain of salt. That was a very very important thing that needed to be done and I am glad that it is done. We have to realize that the best thing to do right now is to look at those USDT and USDC markets and make sure that they are actually backed. I know that many people trust them, but you can never be guaranteed. Sure some billions were cashed and it was moved like "see, here is the proof" recently, but reality is that until its ALL cashed out, we can never be certain, maybe 10 billion is missing from USDT? How would we know until it goes under there, and unless it crashes, it won't go there. So we should always be careful, its play ball or go bust with these stablecoins.
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