Thoughts on Dot? Always felt they were solid and survive. I got in and out on dot taking my $ and ran. Like their eco also. I got out all crypto’ last May. Think Dot is worth jumping back into after summer months? Posted almost 2 months ago I felt BTC hits 18k and that was a big support. But shit idk where it stops now.
Agree Smart Contract DeFi does seem like the future. But it'll probably be awhile before they put banks/mortgage lenders out of business. Gonna take a generation or two to even begin with disruption. I don't really see how a smart contract can bypass all the legal minutia in the typical high dollar complex transaction.
Agree in it survives. It has been pretty steady in ups and downs. Doesn’t go bonkers huge gains in a week but doesn’t take blood bats when Downs hit
Any price point you think is a good entry back into. I was able to get in just under $7and bought up into $14 back in January 2020. Grabbed some more here n there at $18-20 just for staking returns. Believe I got up to 900 dots with staking along the way. I’d trade couple other alts and use profits to buy more Dot. Basically because I felt it wasn’t volatile and staking returns were nice.
I’ve been on sidelines for over a year in crypto. But considering jumping back in on Dot to hold for next couple years. Believe it was in low 40’s high 30’s when I started gradually selling off. Definitely believe it can push into $70-100 next big run but expect that’s going to take few years. Or it could all bottom out who knows.
Think Dot drops below $4 or lower over next 2 months or the $5 area just too much support. I’d be very interested if it can drop below $4 and just ride it out for 3-4 years
Defi is a great concept but it it has long way to go to even compete with credit cards. There are many benefits associate with credit card spending...fraud protection, travel insurance, discounts, cash back...etc.
Lots of bad actors in the crypto world right now, a few will survive, the scammers will die, feel bad for folks that are looking to get rich overnight. It takes a long time to find a new generation of dummies to bid up speculative assets following any major crash.
Lots of bad actors in the crypto world right now, a few will survive, the scammers will die, feel bad for folks that are looking to get rich overnight. It takes a long time to find a new generation of dummies to bid up speculative assets following any major crash.
I’m a firm believer in this until it doesn’t happen .
There are a lot tangible reason why these booms and bust occur . One of these days it’s either gonna stabilize or crash for good . But until then I’m on board
Level you want to watch is $19K, if bitcoin break below that redline, it's the first time bitcoin breaking the rule of not bottoming above the prior halving high, It's very bearish sign.
Cathie Wood 2024 PT for bitcoin is $200K. She is banking on the Fed not only U-turn on QT but will drop $10T liquidity to market to help the Dem to win the election.
Again this isn't my game, just interested.
The Coin That Could Wreck Crypto
As cryptocurrencies have plunged, attention has focused on a potential point of vulnerability: the market’s reliance on a so-called stablecoin called Tether.By David Yaffe-Bellany NYT
- June 17, 2022Updated 2:16 p.m. ET
Now the crypto industry is grappling with an even grimmer prospect: The worst may be yet to come.
Concern is mounting over another potential vulnerability in the crypto market: Tether, a company whose namesake currency is a linchpin of crypto trading worldwide. Long one of the most scrutinized companies in the industry, Tether is facing heightened pressure from regulators, investors, economists and growing legions of skeptics, who argue it could be another domino to fall in an even bigger crash.
“Tether is really the lifeblood of the crypto ecosystem,” said Hilary Allen, a finance expert at American University. “If it imploded, then the entire facade falls down.”
Tether is the dominant issuer of stablecoins, a type of cryptocurrency pegged to a stable asset like the U.S. dollar. Unlike traditional cryptocurrencies such as Bitcoin and Ether, whose monetary value can fluctuate widely, stablecoins are typically designed to maintain a constant price of $1 and are backed by large reserves of funds or other financial engineering. That consistency allows crypto traders to conduct safe, predictable transactions without relying on banks or other financial gatekeepers.
But many of these coins are stable in name only. Last month, when cryptocurrencies melted down, the crash was triggered partly by the failure of TerraUSD, a stablecoin with a $1 peg that was algorithmically linked to a sister cryptocurrency called Luna. When the price of Luna plummeted, TerraUSD also fell, creating a “death spiral” that shook the broader market.
By contrast, Tether claims its stablecoins are backed by cash and other traditional assets, making its reserves essential to the health of the crypto market. In theory, anyone who wants to exchange Tethers for U.S. dollars can do so quickly and easily.
But the company’s financial statements show that a significant portion of its reserves are tied up in unsecured corporate debt known as commercial paper. Such financial instruments are riskier and harder to quickly convert into cash, especially during financial turmoil. In 2021, New York’s attorney general fined Tether $18.5 million and said the company had lied about its reserves, calling it “a stablecoin without stability.”
Critics say Tether essentially acts as a loosely regulated bank. Traders hand over millions of dollars and, in return, receive millions of stablecoins, which they use to bet on more volatile cryptocurrencies such as Bitcoin or Dogecoin. Tether currently has 70 billion coins in circulation, making it more than three times the size of TerraUSD before the crash.
In a worst-case scenario, critics say, a downturn could spark the crypto equivalent of a bank run. Traders might all rush to exchange their Tethers for dollars, only to discover that Tether could not fulfill those orders. Investors would lose billions of dollars, forcing them to sell their other crypto holdings, causing a potentially devastating panic that might spill into non-crypto markets.
Tether got a taste of that scenario last month. As cryptocurrencies plummeted, a flood of investors asked to exchange their Tethers for dollars, forcing the company to pay out about an eighth of its reserves, or $10 billion, over the course of a week and a half. On cryptocurrency exchanges, Tether briefly wavered from its $1 peg.
Ultimately, the company said, it met the demand. Tether went on a victory lap, proclaiming that it had weathered the crisis “flawlessly.”
The crash was “the best story that could have happened to Tether,” Paolo Ardoino, the company’s chief technology officer, said in an interview. “We’re not fooling around, and we take risk management extremely seriously.”
Then on Sunday, the crypto bank Celsius Network announced it was halting withdrawals, causing digital currency prices to crash again. Tether had invested in Celsius in 2020 and lent it about $1 billion in Tethers, according to Bloomberg News; the company said this week that it currently had “zero exposure” to Celsius apart from a small investment. Still, as the market reeled, investors pulled out about $1.6 billion from Tether.
More skeptics are speaking up. Last month, a top U.S. banking official called for new rules governing Tether and its competitors, saying the TerraUSD crash highlighted the risks of loosely regulated stablecoins. Some traders are now putting their funds into alternate stablecoins, amid fears that the next crash could test whether Tether has adequate reserves.
“They had enough collateral to weather this run, but that doesn’t mean they have enough to weather the next run,” said Bruce Mizrach, an economics professor at Rutgers University who studies cryptocurrencies.
continued :
Even by crypto’s often-surreal standards, Tether has a peculiar history. The company was founded in 2014 by Brock Pierce, a cryptocurrency evangelist who, as a child actor, starred in the “Mighty Ducks” movies. He and his partner, Reeve Collins, later handed control of the firm to a former plastic surgeon named Giancarlo Devasini, who has stored some of Tether’s assets in a bank in the Bahamas run by one of the creators of the “Inspector Gadget” cartoon.
Tether has grown rapidly. Last year, it issued roughly 50 billion stablecoins, more than tripling the worldwide supply. “If we have to redeem till the last cent, we can do it,” Mr. Ardoino said in the interview.
The company is operated by about 50 employees in Europe, Asia and Latin America. Its chief executive, JL van der Velde, is a Dutch businessman whose LinkedIn profile suggests he is based in Hong Kong; the company declined to confirm his location. He and Mr. Devasini, the chief operating officer, rarely speak publicly. Tether’s public face is Mr. Ardoino, who describes his colleagues as “normal people” amazed by the company’s growth.
“They didn’t think initially that it would maybe go so big,” Mr. Ardoino said. “They weren’t prepared to be public persons. There’s nothing bad about it.”
At times, Tether has insisted that its stablecoins were fully backed by U.S. dollars. But last year, the New York attorney general, Letitia James, called those claims “a lie.”
A few years earlier, a cryptocurrency exchange affiliated with Tether had lost $850 million in a business deal gone sour. To cover the losses, the exchange, Bitfinex, took loans from Tether’s reserves, leaving the stablecoin partly unbacked, according to Ms. James’s investigation.
Tether settled with the New York attorney general, paying $18.5 million in penalties without admitting wrongdoing. A Tether spokeswoman said the issue with the company’s reserves boiled down to a “communications misstep.”
Last October, the Commodity Futures Trading Commission foundthat over a 26-month “sample period” between 2016 and 2018, Tether had held sufficient reserves in its accounts only a quarter of the time. The company paid a $41 million fine to the commission.
Since the New York settlement, Tether has issued periodic statements disclosing the composition of its reserves. But its announcements have done little to quash skepticism.
Last month, Tether revealed that about a quarter of its reserves, or $20 billion, consisted of commercial paper, down $4 billion from February. At the same time, it increased its exposure to money market funds, which may invest in commercial paper, to about $7 billion from $3 billion. Tether also revealed that $5 billion of its reserves were tied up in “other investments,” including digital currencies. Critics argued that the report was essentially a wash, with the project still lacking the kind of stability that many investors expect.
(The Tether spokeswoman said the company’s commercial-paper portfolio would “gradually decrease to zero without any incurrences of losses.”)
Tether remains by far the most popular stablecoin. But over the last month, the number of Tethers in circulation has declined more than 7 percent. The circulation of USDC, a stablecoin that is supposedly fully backed by cash and U.S. Treasurys,has increasedroughly 4 percent.
“I can’t say I’m as confident about Tether as I am with USDC,” said Sam Kazemian, who runs Frax, another stablecoin project.
Concerns about Tether have spread to Washington. When Treasury Secretary Janet Yellen testified before Congress last month, she noted Tether’s wavering from its $1 peg and called for greater regulation of stablecoins.
The growth of stablecoins presents “the same kind of risks that we have known for centuries in connection with bank runs,” she said.
Mr. Ardoino said Tether was eager to work with regulators to devise a global framework governing disclosures that stablecoin issuers must make about their reserves. But Tether has resisted more aggressive proposals, which would subject it to regulatory requirements like those of traditional banks.
“Everyone’s freaking out — like, ‘I lost my life savings,’” said Mr. Collins, who founded Tether with Mr. Pierce and now runs a crypto venture called BLOCKv. “That’s a tragedy, but it’s just as much of a tragedy when someone says, ‘I went to a casino and lost my life savings.’ But that doesn’t mean let’s regulate casinos out of existence.”
David Yaffe-Bellany covers cryptocurrencies and fintech. He graduated from Yale University and previously reported in Texas, Ohio, Connecticut and Washington, D.C. @yaffebellany
Even by crypto’s often-surreal standards, Tether has a peculiar history. The company was founded in 2014 by Brock Pierce, a cryptocurrency evangelist who, as a child actor, starred in the “Mighty Ducks” movies. He and his partner, Reeve Collins, later handed control of the firm to a former plastic surgeon named Giancarlo Devasini, who has stored some of Tether’s assets in a bank in the Bahamas run by one of the creators of the “Inspector Gadget” cartoon.
Tether has grown rapidly. Last year, it issued roughly 50 billion stablecoins, more than tripling the worldwide supply. “If we have to redeem till the last cent, we can do it,” Mr. Ardoino said in the interview.
The company is operated by about 50 employees in Europe, Asia and Latin America. Its chief executive, JL van der Velde, is a Dutch businessman whose LinkedIn profile suggests he is based in Hong Kong; the company declined to confirm his location. He and Mr. Devasini, the chief operating officer, rarely speak publicly. Tether’s public face is Mr. Ardoino, who describes his colleagues as “normal people” amazed by the company’s growth.
“They didn’t think initially that it would maybe go so big,” Mr. Ardoino said. “They weren’t prepared to be public persons. There’s nothing bad about it.”
At times, Tether has insisted that its stablecoins were fully backed by U.S. dollars. But last year, the New York attorney general, Letitia James, called those claims “a lie.”
A few years earlier, a cryptocurrency exchange affiliated with Tether had lost $850 million in a business deal gone sour. To cover the losses, the exchange, Bitfinex, took loans from Tether’s reserves, leaving the stablecoin partly unbacked, according to Ms. James’s investigation.
Tether settled with the New York attorney general, paying $18.5 million in penalties without admitting wrongdoing. A Tether spokeswoman said the issue with the company’s reserves boiled down to a “communications misstep.”
Last October, the Commodity Futures Trading Commission foundthat over a 26-month “sample period” between 2016 and 2018, Tether had held sufficient reserves in its accounts only a quarter of the time. The company paid a $41 million fine to the commission.
Since the New York settlement, Tether has issued periodic statements disclosing the composition of its reserves. But its announcements have done little to quash skepticism.
Last month, Tether revealed that about a quarter of its reserves, or $20 billion, consisted of commercial paper, down $4 billion from February. At the same time, it increased its exposure to money market funds, which may invest in commercial paper, to about $7 billion from $3 billion. Tether also revealed that $5 billion of its reserves were tied up in “other investments,” including digital currencies. Critics argued that the report was essentially a wash, with the project still lacking the kind of stability that many investors expect.
(The Tether spokeswoman said the company’s commercial-paper portfolio would “gradually decrease to zero without any incurrences of losses.”)
Tether remains by far the most popular stablecoin. But over the last month, the number of Tethers in circulation has declined more than 7 percent. The circulation of USDC, a stablecoin that is supposedly fully backed by cash and U.S. Treasurys,has increasedroughly 4 percent.
“I can’t say I’m as confident about Tether as I am with USDC,” said Sam Kazemian, who runs Frax, another stablecoin project.
Concerns about Tether have spread to Washington. When Treasury Secretary Janet Yellen testified before Congress last month, she noted Tether’s wavering from its $1 peg and called for greater regulation of stablecoins.
The growth of stablecoins presents “the same kind of risks that we have known for centuries in connection with bank runs,” she said.
Mr. Ardoino said Tether was eager to work with regulators to devise a global framework governing disclosures that stablecoin issuers must make about their reserves. But Tether has resisted more aggressive proposals, which would subject it to regulatory requirements like those of traditional banks.
“Everyone’s freaking out — like, ‘I lost my life savings,’” said Mr. Collins, who founded Tether with Mr. Pierce and now runs a crypto venture called BLOCKv. “That’s a tragedy, but it’s just as much of a tragedy when someone says, ‘I went to a casino and lost my life savings.’ But that doesn’t mean let’s regulate casinos out of existence.”
David Yaffe-Bellany covers cryptocurrencies and fintech. He graduated from Yale University and previously reported in Texas, Ohio, Connecticut and Washington, D.C. @yaffebellany
wow so Reeeve collins comes out hiding to comment , mustve owed that reporter a favor.
Reeve and Brock Pierce moved to Puerto Rico to circumvent capital gains and tried to pass it off
as they wanted help the island after hurricane whatever it was devaststed the island.
tether is like Hunters laptop .. indictments all over the gaffe , yet where is the indictments ?
Like the laptop what is the holdup
tether getting taken down would make luna and cel combined look like a walk in the park
but why hasnt it happened yet ?
ISO20022 has already established that USDC w (Circle w Blackrock ) will be the stablecoin for the illuminati,
left , fed , whichever you prefer to call it and tether not in the ISO20022 ( Algorand one of the few settlement rails by the way )
but theres not enough room in this town for both tether AND USDC and tether is at their mercy , so what gives ?
tether - eos- blockV - Brock Pierce - Reeve Collins are walking indictments i cant figure why the hammer hasnt dropped
and like hunters laptop what could the hold up be ?
tether IS NOT on the right side of this .. is the power play to BANG tether and buy bitcoin at way below 10k ?
what could tether bring behind the scenes that would allow them to exist ? this is a VICIOUS fucking situation
look at CELSIUS. tottaly on the wrong side competing with voyager and what happenms to celsius , liquidation city
voyager is in a partnetship with Circle and celsius gets merked
BUT !!!!
Not before sheep are lead to slaughter under the guise of DE-FI meanwhile its centralized as fuck !!
Slap DE-FI on CEL .. market it to people that didnt get into bitcoin early and entice them with juicey yields
( noone that was an early BTC adopter fell for that ) but JOE PUBLIC did .. walked in the front door
copy of ID , Passport , proof of residence this must be legit right ? linked cheecking .. DE-FI is awesome right
BANG .. liquidated , centralized as fuck !! BRANDED AS DEFI / DECENTRALIZED
THIS WILL CONTINUE when you call them out on it , or rather simply as a question you will be banned from telegram
and twitter lol... and if not the new things is " well its decentralized enough " bahaha
even ALGOs relay nodes are permissioned that is not decentralized , but the big theme and the fan boys fan Micalis nutsack with
" silvio solved the trilemma" .. bahaha yeah by compromising decentrralization .. ALGO is achieving 10k transactions a second soon to be 100k at 4 second finality soon to be 2 seconds ON LAYER 1 !!! thats alien ! IF IT WERE decentralized fully
hey man thats decentralized enough for me.. they are on the right side i am loading my bags
the narratives are what matters and if ALGO solved the trilemma is what their selling well shit imm rolling with it ..
i have photos i cant get to upload all over TD Garden the entire playoffs of ALGORAND advertised all over their
video systems .. hmmm... CHECK THIS OUT
Celtics owner WYC graduated from ELITE boarding school in Boston .. NOBLE AND GREENOUGH
After weeks of seeing these ads prominently in TD Garden its announced that ALGORAND and the
Drone Racing League signed a 500 Million dollar agreement ..
the founder of the Drone Racing League graduated from which high school ? You guessed it Noble and GREENOUGH
and thats just an example , totally crumbs compared to the major pieces on the chess board being made that are way more incestous
get on the right side of the fix .. would you rather be a great handicapper ( decentralized ) or be Tim Donaghys brother in law ( decentralized enough)
if you cant beat em join em
Reeve and Brock Pierce moved to Puerto Rico to circumvent capital gains and tried to pass it off
as they wanted help the island after hurricane whatever it was devaststed the island.
tether is like Hunters laptop .. indictments all over the gaffe , yet where is the indictments ?
Like the laptop what is the holdup
tether getting taken down would make luna and cel combined look like a walk in the park
but why hasnt it happened yet ?
ISO20022 has already established that USDC w (Circle w Blackrock ) will be the stablecoin for the illuminati,
left , fed , whichever you prefer to call it and tether not in the ISO20022 ( Algorand one of the few settlement rails by the way )
but theres not enough room in this town for both tether AND USDC and tether is at their mercy , so what gives ?
tether - eos- blockV - Brock Pierce - Reeve Collins are walking indictments i cant figure why the hammer hasnt dropped
and like hunters laptop what could the hold up be ?
tether IS NOT on the right side of this .. is the power play to BANG tether and buy bitcoin at way below 10k ?
what could tether bring behind the scenes that would allow them to exist ? this is a VICIOUS fucking situation
look at CELSIUS. tottaly on the wrong side competing with voyager and what happenms to celsius , liquidation city
voyager is in a partnetship with Circle and celsius gets merked
BUT !!!!
Not before sheep are lead to slaughter under the guise of DE-FI meanwhile its centralized as fuck !!
Slap DE-FI on CEL .. market it to people that didnt get into bitcoin early and entice them with juicey yields
( noone that was an early BTC adopter fell for that ) but JOE PUBLIC did .. walked in the front door
copy of ID , Passport , proof of residence this must be legit right ? linked cheecking .. DE-FI is awesome right
BANG .. liquidated , centralized as fuck !! BRANDED AS DEFI / DECENTRALIZED
THIS WILL CONTINUE when you call them out on it , or rather simply as a question you will be banned from telegram
and twitter lol... and if not the new things is " well its decentralized enough " bahaha
even ALGOs relay nodes are permissioned that is not decentralized , but the big theme and the fan boys fan Micalis nutsack with
" silvio solved the trilemma" .. bahaha yeah by compromising decentrralization .. ALGO is achieving 10k transactions a second soon to be 100k at 4 second finality soon to be 2 seconds ON LAYER 1 !!! thats alien ! IF IT WERE decentralized fully
hey man thats decentralized enough for me.. they are on the right side i am loading my bags
the narratives are what matters and if ALGO solved the trilemma is what their selling well shit imm rolling with it ..
i have photos i cant get to upload all over TD Garden the entire playoffs of ALGORAND advertised all over their
video systems .. hmmm... CHECK THIS OUT
Celtics owner WYC graduated from ELITE boarding school in Boston .. NOBLE AND GREENOUGH
After weeks of seeing these ads prominently in TD Garden its announced that ALGORAND and the
Drone Racing League signed a 500 Million dollar agreement ..
the founder of the Drone Racing League graduated from which high school ? You guessed it Noble and GREENOUGH
and thats just an example , totally crumbs compared to the major pieces on the chess board being made that are way more incestous
get on the right side of the fix .. would you rather be a great handicapper ( decentralized ) or be Tim Donaghys brother in law ( decentralized enough)
if you cant beat em join em
you know Pat , i was a massive eth guy going way back .. ( JP MORGAN and the Ethereum Enterprise Alliance )
im not sure what to think about eth at the moment .. i dont see how the iso20022 can use eth as a settlement rail for usdc
until the gas fees issue is solved and even then who the hell wants to deal w solidity
im all of a sudden in a phase that im not so convinced about eth as used to be
ofc im making massive assumptions that the usdc is going to be the most important stablecoin
and also that i guess POS will solve a bunch of this and that ..
Raiders mentioned polkadot , i was a huge polkadot guy at one time .. im actually more bullish on some of the
projects within the ecosystem .. but i aint buying shit at the moment if it aint btc / algo and some of the small projects
that are included in the iso20022
theres more than one way to skin the cat thats my personal approach and ofc i feel stroingly about it obvi
im not sure what to think about eth at the moment .. i dont see how the iso20022 can use eth as a settlement rail for usdc
until the gas fees issue is solved and even then who the hell wants to deal w solidity
im all of a sudden in a phase that im not so convinced about eth as used to be
ofc im making massive assumptions that the usdc is going to be the most important stablecoin
and also that i guess POS will solve a bunch of this and that ..
Raiders mentioned polkadot , i was a huge polkadot guy at one time .. im actually more bullish on some of the
projects within the ecosystem .. but i aint buying shit at the moment if it aint btc / algo and some of the small projects
that are included in the iso20022
theres more than one way to skin the cat thats my personal approach and ofc i feel stroingly about it obvi
Raiders check it out .. the people that understand that these bust outs like CEL have nothing to do with bitcoin ..
its a new group of people that will never look at a crypto again .. but on a positive note all the BTC being bought now is flowing into the
diamond hands. People that understand why these bust outs happen are very comfortbale hodlers and are the ones buying the btc
at these levels and will never sell
NONE of the guys that made money on bitcoin are staking anything more than money they want to make to offset taxes on
a "DE-FI" platform that maintains custody
ITS WHY I AM FOLLOWING SOVRYN .. ( the service not the token SOV ) ..
YIELDING BTC .. FROM BTC HELD ON A NANO REMAINING IN COLD STORAGE WITHOUT SHARING YOUR KEY
THIS WILL HAPPEN AND EVERYTHING WILL BE INCREDIBLE WHEN IT DOES !
in the meantime , joe public that chooses the wrong side gets rolled like a drunk with a pocket full of money stumbling in an alley
