BITCOIN

Scottex99

HansOndabush said:

Was it a story about someone losing all their wealth gambling on crypto?

Probably.

Watched 1.5 more videos of that guy, pretty bad. He's scared of Tether asset backing so he's sold his entire portfolio except for DOGE? Riiight, makes sense. Comments are pretty funny though 

HansOndabush

Well he is right to be concerned about Tether's backing; what was supposed to be 1:1 backed by the cash dollar is in fact only backed 1 Tether to 0.029 Cash Dollar:

https://www.ft.com/content/529eb4e6-796a-4e81-8064-5967bbe3b4d9

Scottex99

Most savvy people use USDC instead. We trade both every day. Tether is still the most traded asset, every single day.

If it was printed without any backing and lost its peg then yeah it would hurt the market but it’s been rumored for years and never happened. There’s plenty of alternatives.

Not seeeing BTC at $20k yet, what’s your timeline?

HansOndabush

This year, probably sooner rather than later, like the next month or two.

mooneysaver

Scottex99 said:

Most savvy people use USDC instead.

https://mobile.twitter.com/DesoGames/status/1397114534087770113

Very savvy...

HansOndabush

USDC doesn't get you much that you don't already have with a US dollar except some unwanted counterparty risk. It won't protect you from inflation. I don't see what is so 'savvy' about using it apart from it potentially not being as bad as Tether?

Scottex99

HansOndabush said:

USDC doesn't get you much that you don't already have with a US dollar except some unwanted counterparty risk. It won't protect you from inflation. I don't see what is so 'savvy' about using it apart from it potentially not being as bad as Tether?

Of course it doesn't but if you actually traded you'd know how much of a ballache it would be to off ramp your positions into fiat and potentially into your bank and then reload it all back again when you want to buy. You're confusing what the coins are actually used for here.

Instead you just "tether up"/trade into stables and either hold on that exchange where you can instantly trade back in when you want or stick it in cold storage.

Plus if I'm in Barbados and you're in Tokyo, I can send you 1m USDT in 3 minutes for the gas price of ETH. Try doing that route with normal banking.

PLUS you get 6-10% APY in a lot of places whilst you hold

Malthusian

Scottex99 said:

PLUS you get 6-10% APY in a lot of places whilst you hold

Ah, the bro in New York with his magic money printing machine again.

Noobs: "Why would I hold USDC instead of USD"

Bros: "Because you can get 6-10% annual interest thanks to a guy in New York who has a magic money machine that generates guaranteed yields of 6-10% in USD after all his costs. So you can trust an obscure LLC when they say that they have enough real USDs to allow everyone to cash out their USDC (although nobody is to know how many that is). Even though this requires a return of 6-10% to be generated on fiat dollars to allow the USD backing USDC to keep pace with the returns being paid on USDC."

Noobs: "If he's got a magic money machine that generates a guaranteed 6-10% on real USD, allowing him to back a promise to pay out 1 USD for every USDC in circulation to people who are getting 6-10% yields on USDC, where are the profits coming from, and why is he faffing about with crypto instead of taking investment in USD and becoming a billionaire?"

Bros: "Do your own research bro, I'm not going to Google it for you."

Noobs: "..."

Bros: "Wait, come back, why do you like being poor so much?"

Plus if I'm in Barbados and you're in Tokyo, I can send you 1m USDT in 3 minutes for the gas price of ETH.

Assuming the bro in Tokyo actually wants $1 million worth of crypto backed by $29,000 of actual dollars.

Perfectly fine if it's two bros trading points between each other, but if I've got a house in Osaka worth $1 million I want to sell I'll probably stick with the guy who's offering $1 million of actual dollars.

HansOndabush

Ha ha Malthusian, very good.
Yeah this 6 to 10% interest sounds dodgy. For any normal ininvestment, those returns would certainly be in the scam category.

onthebench

thegentleway said:

Atlas234 said:

Bitcoin is proof of work, the others are hardly obscure, cardano, polkadot and many many other are pos, ethereum is practically unusable under its current pow iteration, with the huge fees, they are in the middle of transitioning to etgereum 2.0 which will be pos

It is obscure AF. Whilst most people have heard of bitcoin, nobody has heard of Ada.

Plenty of people have heard of ADA. The Independent ran an article on it which was a top story on Apple News just a week or so ago.