Don't have tons riding on crypto... fact of the matter is that the majority of exchanges did not go far below 0.99xx
and several articles even point that out.. that while some exchanges went below a dollar, others went above it.
My entire point of arguing with you, is the fact that you are clearly someone who just wants to simply see crypto fail... and thus you write this for nothing more than to just fud.
A LOT of people on this board have some assets in crypto. Don't need baseless fear mongering.
The graph on ftx is graphing coinbase’s market
And apparently coinmarketcap as of today now is too, it was not yesterday, it was a graph that showed the average price of all exchanges. There is a setting for this somewhere… the “base exchange” the front end uses to display graphs and values… but can’t find that setting any longer either.
Check Binance, kraken, any other big exchange’s usdt/usd graph on that day and you’ll see it did not go down that low anywhere else.
It happens every single time there is extreme volatility in the market. It’s a order book problem, NOT a liquidity issue.
And like I said before, it is normal for a single exchange to depeg slightly off either above or below $1… it is unavoidable.
Read this article, it explains in detail how it was only Coinbase effected and other exchanges saw usdt actually go slightly above $1 at the same time.
This happens briefly sometimes and is completely normal.
Usdt is not guaranteed to always be EXACTLY $1 at the exchanges, turbulent markets can cause temporary instability.
Tether guarantees a $1 redemption rate for all usdt tokens for those who want to redeem them for dollars. Most people don’t bother since exchanges like Coinbase let you “sell” usdt for usd. <—- this is the part that causes the markets to generally maintain an exact $1 cost per usdt… no special algorithm necessary.
You sir don’t know a thing about crypto. This is a SINGLE exchange… lol… the average price across the entire world and all exchanges was not less than 0.9927.
CoinMarketCap is your friend… one exchange doesn’t at all signal a problem with the peg… it instead just means that the order book (user count) for that moment at that exchange was low.
You mean it dropped 0.0023% off the dollar. Look at the coinmarketcap chart and the price at the bottom.. $0.9927
Which btw is totally normal… usdt has depegged down to 93 cents before. The lowest in it’s history.
And it only happens when there is so much volume exiting crypto faster than they can re-supply the exchanges, it also can happen in reverse. When so many are entering crypto faster than they can supply.
It's 100% true. But there is a delayed effect.
Yes real world market dumps do affect crypto markets (initially).. because theres something called panic.
But historically, yes, it is exactly the case... because Bitcoin has a fixed maximum supply of 21M coins... and the dollar's supply keeps increasing... the value of Bitcoin vs the Dollar increases.
This is 98% of the reason why Bitcoin has gone from $200 in 2013... to $30,000 today.
Do you even know how bitcoin and crypto market cycles work?
Do you realize when you say "plowing your hard-earned assets into money-for-nothing schemes" with no evidence or actual reasons for your claim makes you look like an asshat?
Especially since... every single person that I know who has got into Bitcoin has come out WAY AHEAD... Yes they lost some money on a few failed projects or scams... but they made 10x...100x...1000x on many others.
Turning $800 into $300,000 in 2017 bull cycle, and then $100,000 into $2M+ in 2020 bull cycle... and that is just me personally.
Every single person I know who was involved in those same cycles, has similar results in terms of percentage of gain.
And also, I like how you just went to the general boomer's reasons... when I specifically asked HOW bitcoin was a Ponzi...
Answer THAT question... because you can't (without looking like a fool).
How EXACTLY is Bitcoin a ponzi scheme?
If the power goes out for that long we have a much bigger problem and gold bars and us dollar notes are going to be WORTHLESS.
implantation changes???? Do you know how btc works?
encryption is broken... Yes, quantum computing does break sha256 encryption... Buy guess what... BTC already has a quantum resistant algorithm it is ready to fork to before that becomes a problem... and also, it won't become a problem for DECADES.
Your arguments for how BTC becomes worth nothing... would also cause gold bars and us dollar notes to become worth nothing xD... you don't think Quantum computers couldn't hack into all of the bank's systems and encryptions they are using today???
Figure what out?
I figured out how to turn $800 into over $300,000 in 2017 with Bitcoin
and in this last bull cycle I figured out how to turn $100,000 into over $2million dollars... with Bitcoin.
Do that with your gold, just one time...
I’m pretty certain it is either this or she has a investment firm that actually does it all on her behalf.