Basically Tether foundation acting like the federal reserve and printing money.
USDT is supposed to be a stable coin pegged to the value of the dollar. It's not decentralized and many people like myself have been more than wary of this organization becoming one of the main trading standards on crypto exchanges.
The potential for abuse is unlimited.
If tether crashes it will likely be in the course of a huge swap of soon to be worthless USDT for BTC and other real decentralized cryptos. A massive cash grab resulting in alot of people loosing money and confidence in crypto being collateral damage. If that happens prices for most if not all cryptos, will plummet. Many exchanges wouldn't survive this and investors that have their crypto on those exchanges may be screwed.
If we see some abnormal upwards price action that could be a sign of the beginning of the scenario I described.
Remember guys, not your keys = not your crypto.
Get on a decentralized exchange. Avoid holding funds in USDT. Move investments into a cold storage wallet or a device like a Ledger or Trezor or other crypto wallet
Back in my Ron Paul for president days they were all pushing bitcoin and I had 100 dollars worth in my cart but couldn’t figure out the wallet and how secure it was so I decided to wait and get more info. It was at $3. Next day it went to 80 something and from there the moon.
I remember the $3 Bitcoin. Had a guy I work with get into mining early on. He told us all to invest. Only a few of us listened, I didnt. Needless to say the guy doesn't have to work anymore.
This argument is old and obsolete. All crypto is 100% traceable on the blockchain. Cash is not traceable. The majority of criminals would prefer cash or laundering their money, over using crypto.
No, its traceable if you dox enough addresses, but not censorable or revocable. So they might come and bash you on the head until you give up your keys, but that attack is not scalable, whereas freezing bank accounts is scalable.
You should pray that we get tokenized securities. That will eliminate the entire DTCC and gut the SEC.
It will also eliminate naked shorting and synthetic shares.
You would have Bloomberg terminal level information at your fingertips and you wouldn't need a broker to make trades. Trades would only cost pennies and you would actually own the stocks.
I thought they are gobbling up backing assets to prove it's worth a billion.
This ponzi scheme has been going on for awhile. What's blackrocks play on BTC? To short BTC on way down after halving. I think you have till halving to cash out which should be near April-June 2024.
Basically Tether foundation acting like the federal reserve and printing money.
USDT is supposed to be a stable coin pegged to the value of the dollar. It's not decentralized and many people like myself have been more than wary of this organization becoming one of the main trading standards on crypto exchanges.
The potential for abuse is unlimited.
If tether crashes it will likely be in the course of a huge swap of soon to be worthless USDT for BTC and other real decentralized cryptos. A massive cash grab resulting in alot of people loosing money and confidence in crypto being collateral damage. If that happens prices for most if not all cryptos, will plummet. Many exchanges wouldn't survive this and investors that have their crypto on those exchanges may be screwed.
If we see some abnormal upwards price action that could be a sign of the beginning of the scenario I described.
Remember guys, not your keys = not your crypto.
Get on a decentralized exchange. Avoid holding funds in USDT. Move investments into a cold storage wallet or a device like a Ledger or Trezor or other crypto wallet
Thanks.
Back in my Ron Paul for president days they were all pushing bitcoin and I had 100 dollars worth in my cart but couldn’t figure out the wallet and how secure it was so I decided to wait and get more info. It was at $3. Next day it went to 80 something and from there the moon.
Damn it!
I remember the $3 Bitcoin. Had a guy I work with get into mining early on. He told us all to invest. Only a few of us listened, I didnt. Needless to say the guy doesn't have to work anymore.
Finally.. expected something like this to happen a long time ago.. clowns and others are using crypto for bad things, cleanup is needed..
Even more clowns use USD to do bad things.
This argument is old and obsolete. All crypto is 100% traceable on the blockchain. Cash is not traceable. The majority of criminals would prefer cash or laundering their money, over using crypto.
Would traceable also mean a left wing government could retroactively tax transactions? Or retroactively outlaw transactions?
No, its traceable if you dox enough addresses, but not censorable or revocable. So they might come and bash you on the head until you give up your keys, but that attack is not scalable, whereas freezing bank accounts is scalable.
"stable"coins, tokenized stocks..
Two wildly different things.
You should pray that we get tokenized securities. That will eliminate the entire DTCC and gut the SEC.
It will also eliminate naked shorting and synthetic shares.
You would have Bloomberg terminal level information at your fingertips and you wouldn't need a broker to make trades. Trades would only cost pennies and you would actually own the stocks.
I thought they are gobbling up backing assets to prove it's worth a billion.
This ponzi scheme has been going on for awhile. What's blackrocks play on BTC? To short BTC on way down after halving. I think you have till halving to cash out which should be near April-June 2024.
The tx can be viewed on the blockchain here
https://etherscan.io/tx/0xbbbbb31db9aa736e55a76e46ec6c3e84319500d65123560eae9b226ecc146dc9