Re:Tether Required Recapitalization in May 2022
by rglullis on Friday May 20, 2022 @05:00PM
(#31452447)
It's not about the "concerns" that we should be worried about. We should also be worried about not perpetuating a gigantic scam.
Honesty is not just about "I wasn't the one profiting from the bad thing". It's also "I'm willing to call evil/immoral for what it is".
Re:Tether Required Recapitalization in May 2022
by SilasX on Friday May 20, 2022 @05:10PM
(#31452548)
I don’t consider being slightly undercollateralized a “gigantic evil scam” and the rhetoric around Tether is still definitely overblown, and if that were your primary concern (or am I not supposed to say that anymore?), you should have led with it rather than comparing it to similar defi returns.
Re:Tether Required Recapitalization in May 2022
by rglullis on Friday May 20, 2022 @05:17PM
(#31452624)
No. USDT undercollaterization is not my primary concern: https://news.ycombinator.com/item?id=31451820
And I wasn't comparing in terms of returns. I just pointed out that there is no real use-case for USDT that can't be served by the other tokens, including yield-farming in liquidity pools.
https://news.ycombinator.com/item?id=31422545
https://news.ycombinator.com/item?id=31417134
https://news.ycombinator.com/item?id=31412835
My comment was answering a question about “why stablecoins at all”.
To answer your question, because some uniswap v3 pools with USDT offered competitive returns, like the 0.05% WETH/USDT one. That was one of many I used, which included those that paired DAI or USDC with ETH.
I considered the concerns overblown at the time and so was okay with making some the USDT pools a part of my LP portfolio.
I’m honest.