Gold vs bitcoin ...
- Thread starter S2007S
- Start date
Looks like the joke's on you:
https://confrontingpoverty.org/pove...alyzing poverty,group of 26 developed nations.
To summarize, when analyzing poverty as the number of persons who fall below 50 percent of a country’s median income, we find that the United States has far and away the highest overall poverty rate in this group of 26 developed nations.
I used to think this as well, but not anymore. Because bitcoin price nicely recovered, and because interest rates are 5%, any hole they had has now been filled. Plus, they own so many treasuries that the Fed would I believe work with them. Fed doesn't want a firesale of treasuries by anyone. This is why they open up swap lines to other countries and do whatever possible.
Tether co-operates nicely with the government to shut down any addresses they don't like and seize those funds. So its a win win for both sides.
And lastly, even if tether was to collapse, it would have no effect on bitcoin. There are other stablecoins, and more coming. Arthur Hayes talks alot about Aether that he is backing which I think is a stablecoin that will be backed by the big players in the crypto industry.
So it tether didn't die during this last bear market that took down FTX and Luna and all those lending platforms, I think the ship has sailed for it being taken down.
The solution to proving that Tether is legit is very simple. Make an audit. Is it that hard? If they have 90% in the treasuries that should not be hard to prove.
Important to mention that they have been promising an audit for what is it... 7 years now?
Why don't they do that? Because they are a fraud.
Cantor said they are holding lots of their treasuries, but Cantor only has like $15B AUM, so they definitely don't have all of Tethers alleged reserves.
Tether isn't doing an audit, but is doing an attestation. Which doesn't give legitimacy, only creates a sense of legitimacy. Exactly what a fraudulent scheme would do!
The "onboarding" of the government is to keep the from digging deep and revealing the truth. SBF was deep in with the government. So was Madoff.
You probably meant Ethena not Aether, which has the same problem as Luna. Your backing value of the stablecoin with volatile asset(ether), which is what Tether is doing as well, difference being ethena is decentralized.
I think Tether survived because market was going to bottom anyways at the time. If it kept going down and there were more redemptions, it might not have. But it did because the market had bottomed.
I am often wrong, but i actually did predict the bottom here on ET with almost surgical precision. (a fakeout up from 20k into bottom at 15k-ish, then violent pump to 55k; admittedly didn't expect new highs).
My point being that what meant to happen had already happened and was already priced in thus no further collapse.
I agree that Bitcoin would work normally, and so would most other coins. In that regard, i agree that nothing would change fundamentally.
However most likely it would have a tremendous impact on the prices. 70% of all volume is in tether.
Things would continue to work, but prices would plummet.
This is exactly my point. The technology is legit, but in the price is where the ponzi scheme resides.
However most likely it would have a tremendous impact on the prices. 70% of all volume is in tether.
Things would continue to work, but prices would plummet.
This is exactly my point. The technology is legit, but in the price is where the ponzi scheme resides.
Custodial accounts <> AUM.
Maybe this would cause more people to not sell and hold their Bitcoin and just use it for spending. It might actually speed up hyper bitcoinization. I know it sounds crazy, but it's possible.
Plus, if most volume is tether, maybe people are just trading it. So once again, less trading, and more adoption.
This is not proof of anything, but a flawed argument. It is the same argument that was used to defend Tera Luna after it showed de-pegging during the covid sell-off, but then arbed back to normalcy (for a while).
No matter how many times it was brought up Luna was going to collapse (for what are now proven reasons), we were constantly hit by the similar (Well it would have collapsed already, the ship has sailed. Terra will be here forever!)
Incidentally, Do Kwon was arrested. And no surprise, multiple members of Tether already have prior arrests for fraud, etc. (Can't imagine why? Such an innocent bunch. You'd think they were up to something...)