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A comment on Tether starting to lose its peg too, after Terra did. Parent comment

Re:Tether starting to lose its peg too, after Terra did by Cthulhu_ on Thursday May 12, 2022 @03:52AM (#31350566)
> none of my smart peers had anything to say, either.

It's because they know. I think everybody knows that crypto is a bubble. I think everybody believes everyone else that buys into it is dumb, financially illiterate, whatever. The crypto market has been propped up and boosted by an influx of people like that, each one knowing it's a bubble, believing everyone else is an idiot... but still wanting a slice of the pie, just in case there's another big wave coming and they will make it rich themselves. It's an interesting study in idk, doublethink? Self-delusion? Wishful thinking?

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Re:Tether starting to lose its peg too, after Terra did by iso1210 on Thursday May 12, 2022 @04:59AM (#31351094)
It's the greater fool theory.

I lauched at friends of my fatherinlaw back in 2018 when they were buying bitcoin at 15k. Obviously it popped.

Today it's down 50% on ATH, but it's still more than double it's 2018 bubble level.

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Re:Tether starting to lose its peg too, after Terra did by kgwgk on Thursday May 12, 2022 @05:05AM (#31351148)
It's not more than double 15k, is it?
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Re:Tether starting to lose its peg too, after Terra did by iso1210 on Friday May 13, 2022 @04:11AM (#31364691)
Yahoo finance says its 30,279.67 at the moment after a collapse in everything over the last week or so.
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Re:Tether starting to lose its peg too, after Terra did by kgwgk on Friday May 13, 2022 @05:23AM (#31365103)
You wrote “it's still more than double it's 2018 bubble level”.

If you meant “in the future it may be again more than double its 2018 bubble level” you could have phrased it more clearly.

The 2018 peak was above 19k, by the way.

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Re:Tether starting to lose its peg too, after Terra did by DebtDeflation on Thursday May 12, 2022 @06:35AM (#31351919)
We will almost certainly see pre-2017 prices at some point.
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Re:Tether starting to lose its peg too, after Terra did by eric_cc on Thursday May 12, 2022 @11:47AM (#31355845)
Won't happen because USD buying power has gone down considerably since 2017 due to The Fed printing money out of thin air like there is no tomorrow.
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Re:Tether starting to lose its peg too, after Terra did by iso1210 on Friday May 13, 2022 @04:10AM (#31364685)
In 2017 $100 would buy you about €90, ¥11000, CHF99, £80 (plus/minus about 5% during the year).

Today it will buy you €96, ¥13000, CHF100, £82

Not a great deal of movement

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Re:Tether starting to lose its peg too, after Terra did by archontes on Thursday May 12, 2022 @06:13PM (#31360738)
Easy for a weak currency to buy a worthless one.
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Re:Tether starting to lose its peg too, after Terra did by vkou on Thursday May 12, 2022 @06:57AM (#31352143)
The problem is that you can't convince the faithful that it's going to happen in their lifetime.
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Re:Tether starting to lose its peg too, after Terra did by eric_cc on Thursday May 12, 2022 @11:46AM (#31355835)
> It's the greater fool theory.

Is BTC any more greater fool than USD? If so, why do you believe so?

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Re:Tether starting to lose its peg too, after Terra did by capitalsigma on Thursday May 12, 2022 @01:52PM (#31357622)
People don't buy USD to HODL, they spend it.
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Re:Tether starting to lose its peg too, after Terra did by eric_cc on Thursday May 12, 2022 @03:38PM (#31359239)
This is bullshit and you know it.

Source: savings accounts.

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Re:Tether starting to lose its peg too, after Terra did by capitalsigma on Saturday May 14, 2022 @09:53PM (#31384563)
Savings accounts are not speculative investments that are expected to appreciate over time. They are for people to store easily accessible money in, so that they can spend it in the future. Nobody is banking on selling their USD to someone else at a 2x markup in the future.
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Re:Tether starting to lose its peg too, after Terra did by baobabKoodaa on Thursday May 12, 2022 @06:45AM (#31352023)
> > none of my smart peers had anything to say, either.

> It's because they know. I think everybody knows that crypto is a bubble.

You're conflating 2 different things. Your parent poster was talking about Tether specificly and why it's a scam. Whether the whole asset class is in a bubble or not is a whole different discussion.

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