Tether Depegging
How big of a deal is it that Tether has lost its peg to the dollar as of this morning, trading at .992 USD / token? Coinbase allowed Tether on it's exchange to be traded in 2020 which lent a great deal of credibility to the token. Bitcoin price is measured in Tether where 90% of the volume on global BTC markets is denominated. Will the price of BTC/USDT rise relative to the trye BTC/USD price? Seems at this point psychology of the market is just waiting to get destroyed and the dam is on the brink of breaching. TC 135k
Cryoto purchasing power of Tether holders will go down, but not very significantly unless Tether price drops more.
In my opinion, crypto is over. The fundamentals were never there. But in recent months, even the sentiment has shifted, and now itās mostly negative. Just ask yourself, is adoption increasing? Are people joining in or dropping out?
Itās going into the next phaseā¦ greed with lack of oversight or regulation is finally a big enough issue where it will force regulators to actually regulate crypto. This will push the legitimacy of crypto in my opinion over time. However there will also be two tracks for cryptoā¦ regulated and unregulated coins
If you consider Dec 2017 as an āIPOā for Bitcoin (because thatās when it came into the public eye), itās basically been stagnant for 5 years, and at least investors have lost interest. There has never been much user interest from the general public (from people who donāt have a vested interest in BTC skyrocketing). Regulation is a form of centralization, and it hasnāt really kept up with inflation. Also, thereās too many alt-coins, so supply isnāt so limited in that sense. So, claims of ādecentralizationā and ālimited supplyā arenāt as strong anymore. To me, the odds are stacked against BTC. It has too much risk and the reward seems limited at this point. The world seems to have moved on, what do you think?
Alameda Research shorted Tether this morning
You mean a gambler who lost all their money at the casino realized they had some small denomination $1 chips and put them all into the slot machine?
This gambler lost their money and shorted the largest bank with the $1 chips they had left. Hopefully USDT execs are up and can get a press release out.
Went down to 0.95 on kucoin before recovering
Yup I saw it lowest on that exchange relative to all others on Bloomberg
Everyone has been pushing shitcoins for a while.
Oh gawdd, this is exactly what we didnāt need in the middle of the effin layoff season. Why couldnāt this stupid sh*t Sam Bankman-whatever (FTX CEO) just sit tight and put his customerās money into some low interest bonds and not blow it all on some high risk trading gambles. He has basically proven why we need āregulationsā and the governments to step in. Heās ruined the dream of a worldwide currency not controlled by any governments. This might just kill the crypto industry for a very long time.
Heās a goober nerd prob with an ego, what did you expect
Exactly! When tf will they start forcing some ābusiness ethicsā ideas into these MIT/Stanford startup sociopaths. Even if he was completely unethical and didnāt give a damn about anything other than making himself rich, he should have realised that this house of cards would eventually topple. More importantly, once it does and the public sentiment goes against us the game is over forever. No one will ever trust crypto/blockchains or anything related to this anymore, a technology that could have done so much good for humanity.