Bitcoin is still early

[Dont_know_mind]

Yellen is either stupid or liar when they trot out UST / Luna as an example of stablecoin issues. Like it was known to be basically a ponzi. Not at all like tether, USDC, GUSD which are backed by actual fiat collateral, and not in a fractional reserve way that yours and my bank acccounts are. Tether was redeeming for actual dollars just fine all through this crash

there are very likely crypto exchanges that are running fractional reserves. This is why you don’t hold meaningful amounts on an exchange. You must take self custody. Easy with bitcoin. I don’t know about other coins

I don't know. I don't have any crytpo and only have a superficial knowledge of it as I'm not invested.
If I did have any stablecoins, I would probably be pulling it out (at parity hopefully). I guess when anyone mentions bank runs, I get my money out (unless it's FDIC insured).
As with MMF's during the GFC, It's really not fun having your funds frozen and inaccessible for a lengthy period and wondering how much you'll get back eventually.

[CordMcNally]

I think?

https://tether.to/en/transparency/#reports

I don’t follow it closely. The NY state suit was closed with basically a slap on the wrist. They are reducing their commercial paper.

I don't think the Tether website is the best place to get information about them.

https://twitter.com/Trumpery45/status/1525694416853540864?s=20&t=i8QOtTvu3ioqs--8-shOjg

It's just the same 'auditors' as the past.

[jacoavlu]

I don't think the Tether website is the best place to get information about them.

https://twitter.com/Trumpery45/status/1525694416853540864?s=20&t=i8QOtTvu3ioqs--8-shOjg

It's just the same 'auditors' as the past.

well you asked the question, and you’re just as good at googling as I am . It’s very easy to find people coming to whatever conclusion that you’re interested in finding.

it’s the classic issue of “outside audit”. There is incentive for the auditor to not find issues. Buffett has talked about this in a letter to shareholders before, something along the lines of “ask an auditor what’s one plus one and they say, well that depends…”

if you really want to know go read the NYS lawsuit

[CordMcNally]

well you asked the question, and you’re just as good at googling as I am . It’s very easy to find people coming to whatever conclusion that you’re interested in finding.

it’s the classic issue of “outside audit”. There is incentive for the auditor to not find issues. Buffett has talked about this in a letter to shareholders before, something along the lines of “ask an auditor what’s one plus one and they say, well that depends…”

if you really want to know go read the NYS lawsuit

They could put it all to rest by using a reputable auditor.

I'm sure within the next year or two we'll know how honest they are.

[jacoavlu]

They could put it all to rest by using a reputable auditor.

I'm sure within the next year or two we'll know how honest they are.

put what exactly to rest?

and why would you say well know in a year or two?

[CordMcNally]

put what exactly to rest?

and why would you say well know in a year or two?

What we've been talking about, the accusations that their backings aren't what they say they are.

I imagine their scheme will have unraveled by then.

[Tim]

I think?

https://tether.to/en/transparency/#reports

I don’t follow it closely. The NY state suit was closed with basically a slap on the wrist. They are reducing their commercial paper.

Did you read it?

[jacoavlu]

Did you read it?

I did. Did you?

[jacoavlu]

What we've been talking about, the accusations that their backings aren't what they say they are.

I imagine their scheme will have unraveled by then.

would you like to make a wager on tether unraveling?

[CordMcNally]

would you like to make a wager on tether unraveling?

Sure, $100 to the winner’s charity of choice?

By July 1, 2024, Tether being a fraud/scam will be public and the prevailing opinion which will lead to it unraveling.

I know the definition of unraveled can be subjective but I think if the majority opinion is that it’s a scam then it’ll become unraveled. Plus, I think we’re reasonable people so I think we’ll be able to easily agree on the outcome.

[jacoavlu]

Sure, $100 to the winner’s charity of choice?

By July 1, 2024, Tether being a fraud/scam will be public and the prevailing opinion which will lead to it unraveling.

I know the definition of unraveled can be subjective but I think if the majority opinion is that it’s a scam then it’ll become unraveled. Plus, I think we’re reasonable people so I think we’ll be able to easily agree on the outcome.

I would happily do this deal. But we should make the deal in btc after all this is the btc thread. So the deal should be 33,300 satoshis.

Of course “prevailing opinion” is subjective also. How do we deal with this?

what is the “prevailing opinion” today?

[Brains428]

I thought Tether was still being investigated and the court proceedings are slowed bc of COVID (courts backed up). They're still opaque about their actual treasury holdings, which was again brought up with the Luna fiasco. It's the single biggest risk to BTC, IMO.

The other risks- MSTR/Saylor getting margin called, TSLA and other companies saying they sold, etc etc. 40% of independent btc investors are under water currently.

There are a lot of apes who will defend 15-20k. I don't think BTC will go to zero, but in compressing cycles when people are pressed for cash, they will sell for fiat to pay for things in the world as it currently exists. There are 2 pain points when people sell. The dollar value lost, and also the time passed when the price hasn't recovered. Both matter if there is no V for this recovery.

Ben Hunt did put out a recent substack article about BTC being valuable as the original NFT and a piece of art.

[CordMcNally]

I would happily do this deal. But we should make the deal in btc after all this is the btc thread. So the deal should be 33,300 satoshis.

Of course “prevailing opinion” is subjective also. How do we deal with this?

what is the “prevailing opinion” today?

Wouldn’t it be 333,000 Satoshis? I have no idea as I had to Google a converter. The only tricky part is that the charity may not take BTC.

I think if the prevailing opinion is that it’s a fraud then it’ll de-peg and have a Terra-like path. It’s hard to define but I think it’ll be obvious on that date.

I mean, I’m not going to really argue since it’s $100 going to charity.

[G]

Wouldn’t it be 333,000 Satoshis? I have no idea as I had to Google a converter. The only tricky part is that the charity may not take BTC.

I think if the prevailing opinion is that it’s a fraud then it’ll de-peg and have a Terra-like path. It’s hard to define but I think it’ll be obvious on that date.

I mean, I’m not going to really argue since it’s $100 going to charity.

Would this be a good time to insert a snarky comment along the lines of "isn't it interesting that BTC is valued in dollars, not an intrinsic value of itself?"

I know, I know....

[jacoavlu]

Wouldn’t it be 333,000 Satoshis? I have no idea as I had to Google a converter. The only tricky part is that the charity may not take BTC.

I think if the prevailing opinion is that it’s a fraud then it’ll de-peg and have a Terra-like path. It’s hard to define but I think it’ll be obvious on that date.

I mean, I’m not going to really argue since it’s $100 going to charity.

lol of course your right about the number that’s what I get while trying to do maths while drinking bud light and doing electric work on a Sunday

I will set a reminder for the date, I guess we presume WCI forum will still exist