Based on countable TWh. I hope with every next such event - people willl more and more realize this simple truth.
Keeping fruits of own labor in dollar shitcoin and additionaly: using "trusted" third party yet - is just crazy.
And complete opposition to Satoshi's Nakamoto vision.
USDC-USDT reached a low of 0.83 on Binance.us at 23:30. At 1:21, it is 0.97. On binance.us, there is no trading of USDC for USD, only for USDC-USDT.
This really sucks! I have been holding USDC in my wallet. What's next? Synchrony Bank stops doing business with Crypto exchanges? Crypto winter is really cold this cycle.
IMHO considering that some of their funds are frozen/lost at SVB, If everyone tries to redeem USD by sending USDC to them, they might default, and that could send the stablecoin to the very bottom. Or as you say, it may just punish the price a bit, but the trust in Circle would plummet.
Very strange what coinbase did indeed.
Yep, and a bailout would be very bad for US inflation, for the US taxpayers, and for trust in general. Also, a bailout will show the people why bitcoin was created.
The whole idea of "stable" coins is quite hilarious because once you see the world through the Bitcoin lens it's obvious that it's USD that's unstable in the BTC/USD pair.
To put it another way, why did the price of eggs go up last year? I can assure you it's nothing to do with chickens.
8% of their reserves with SIVB might be tits up so I think it's trading around the correct range lol, wonder if they'll keep allowing any sort of redemptions or they're going to let the market short it to death
Looks like 20 other stablecoins are also de-pegged by 5% or more, Monday is going to be fun
Lol I don't care if its fully reserved, it can always break and there goes the value you trusted in it, while stablecoins depeg, fiat depegs from its purchasing power too, so why expose yourself?
Ammunition for CBDCs and regulation
The only real stablecoin long-term is: BITCOIN
Based on countable TWh. I hope with every next such event - people willl more and more realize this simple truth.
Keeping fruits of own labor in dollar shitcoin and additionaly: using "trusted" third party yet - is just crazy. And complete opposition to Satoshi's Nakamoto vision.
Grab your popcorns guys ! Its fireworks time
I've never felt more cozy with BTC in cold storage
Observe that DAI which is 50% backed by USDC took 100% of the damage. Both USDC and DAI are worth 0.89 as I'm writing this.
"A decentralized stablecoin" they said.
USDC-USDT reached a low of 0.83 on Binance.us at 23:30. At 1:21, it is 0.97. On binance.us, there is no trading of USDC for USD, only for USDC-USDT.
This really sucks! I have been holding USDC in my wallet. What's next? Synchrony Bank stops doing business with Crypto exchanges? Crypto winter is really cold this cycle.
Must be quite hard to end up admitting the maxis were right all along
Crypto will bleed , bitcoin will go sideways for like 5 years
I don't think so. I think trust in the system is evaporating quickly.
What is ETH worth, if EVERY STABLE COIN HAS FAILED?
Not every you have tether still
They lost their peg at one point.
I wonder if Coinbase would like to comment on this since they delisted BUSD a few days ago but kept USDC, BUSD is doing fine
I think circle will survive? They are "only" going to lose about $3B but they could also lose nothing if the bailin and outs start happening
IMHO considering that some of their funds are frozen/lost at SVB, If everyone tries to redeem USD by sending USDC to them, they might default, and that could send the stablecoin to the very bottom. Or as you say, it may just punish the price a bit, but the trust in Circle would plummet. Very strange what coinbase did indeed.
It’s climbing back up. 95 cents now. To me, this says that people are gambling on a bailout.
Yep, and a bailout would be very bad for US inflation, for the US taxpayers, and for trust in general. Also, a bailout will show the people why bitcoin was created.
.89 now.
Putting on some shortss on lnmarkets.com
Last month I exchanged all my tether for bitcoin. Last week I caved and converted all my ETH to bitcoin. It is the way 😎
I've been dragging my ass on exchanging my ERC-20 tokens for bitcoin. This news was the swift kick in the ass I needed.
... and they call it
stablecoin 🤣 am sorry for all its holders/investors. Bad bet!stablecoins = gay
The whole idea of "stable" coins is quite hilarious because once you see the world through the Bitcoin lens it's obvious that it's USD that's unstable in the BTC/USD pair.
To put it another way, why did the price of eggs go up last year? I can assure you it's nothing to do with chickens.
Arbitrage opportunity. Buy for 90 cents, sell for a dollar next week...
BTC or GTFO
8% of their reserves with SIVB might be tits up so I think it's trading around the correct range lol, wonder if they'll keep allowing any sort of redemptions or they're going to let the market short it to death
Looks like 20 other stablecoins are also de-pegged by 5% or more, Monday is going to be fun
Let's see if it comes back to the parity.
tether is also trading at $1.07, so many second-order effects of the bank issues from this week…
Kind of amazing to see that Bitcoin is more stable than the “stablecoins”
Dollar's strikes back continues. May the BTC be with you!
Shitcoin - as it is)
Lol I don't care if its fully reserved, it can always break and there goes the value you trusted in it, while stablecoins depeg, fiat depegs from its purchasing power too, so why expose yourself?
Never ends