Re:Coffeezilla, a YouTuber Exposing Crypto Scams
by stouset on Saturday May 14, 2022 @02:32PM
(#31380889)
1. The beanie baby craze lasted a bit shy of 5 years. 5 years is nothing.
2. Collateralized stablecoins are stable insofar as they actually have enough liquid collateral to redeem. None of these coins have even remotely been tested yet.
Re:Coffeezilla, a YouTuber Exposing Crypto Scams
by syzygyhack on Saturday May 14, 2022 @02:53PM
(#31381120)
You don't think USDT holders have been scrambling to exit USDT over the last few days? Actually the sensible ones started cashing out around 1-2 months ago. You say that they have "not been remotely tested?" How are you quantifying that claim?
Re:Coffeezilla, a YouTuber Exposing Crypto Scams
by arcticbull on Saturday May 14, 2022 @03:54PM
(#31381716)
USDT can only be redeemed by non-US-person "authorized participants" as determined solely by Paolo Ardoino per their terms and conditions. Just who do you think these APs are? Best guess, they're exchanges, whose existence depends on USDT continuing to hold it's peg.
Yes, I do think the holders have been scrambling to exist - one guy lost $4M trying to swap for USDT - but I think it's not Tether cashing it out, but instead exchanges eating the losses.
That can only get you so far. The failure mode is a step function.
2. "Algostable" coins are experimental, and this one was propped up by ponzinomics on Anchor. It is not comparable to collateralized stablecoins, and claiming otherwise is intellectually dishonest.