I bring bad news. Tether has depegged

[driulis]

USDT was at $0.9136 on 2017-04-25, so it was even worse then

 

[LiquidLeads]

Nah, all good with USDT

 

[Surfer420]

Governments doing anything to keep trust in fiat currency so attack on stable coins was about to happen eventually.

 

[Sunya]

Governments doing anything to keep trust in fiat currency so attack on stable coins was about to happen eventually.

What kind of attack is this. I mean, how is this attack happening? Being curious

 

[SirLouen]

I think that some people are creating mess on algorithmic stable coins just to build up some fuzz. This coins are meant to stabilize over the time with whatever volume they have, so basically some people are making money with your USDT/Tether selling under $1.

Maybe I'm wrong, but don't sell. When this shitload stops, they will go back to $1.

 

[paisawaisa]

This is not happening at the moment but will soon happen. It will end bad for a lot of people here.

 

[sci0n]

I think that some people are creating mess on algorithmic stable coins just to build up some fuzz. This coins are meant to stabilize over the time with whatever volume they have, so basically some people are making money with your USDT/Tether selling under $1.

Maybe I'm wrong, but don't sell. When this shitload stops, they will go back to $1.

It could be someone trying to create FUD or a narrative. Most people flee to stablecoins now instead of to USD, if stablecoins depeg then people will panic, sell all their crypto and all that.

Bitfinex/Tether FUD was constant a few years back.

 

[LuckyGamble]

Call me crazy I just bought some LUNA at $0.033 expecting it to go to zero, money I can lose.

If there are signs of Tether doing the same Bitcoins price will explode (presuming USDT trade is not halted)

Yeah, BTC/USDT might explode!

 

[DeFiNFT1]

what are the signals you're basing the statement on?

I'm no conspiracy theorist... but this seems planned. i think they want to destroy the middle class so they can bring in socialism worldwide. agenda 2030 in full effect

The same attack done on UST is happening on Tether

And....Tether kinda is 100x bigger than UST

This looks bad. If you hodl crypto, pray that Tether pegs again in the coming hous. Otherwise it's FUBAR

 

[bartosimpsonio]

what are the signals you're basing the statement on?

I'm no conspiracy theorist... but this seems planned. i think they want to destroy the middle class so they can bring in socialism worldwide. agenda 2030 in full effect

DAFUQ?

 

[Drake89]

This does sound bad

 

[learningbee]

The same attack done on UST is happening on Tether

And....Tether kinda is 100x bigger than UST

This looks bad. If you hodl crypto, pray that Tether pegs again in the coming hous. Otherwise it's FUBAR

Tether is supposed to be backed by collateral of equivalent value in USD so even if under attack, it should not suffer much damage in terms of price drop. It will only be drastic if somehow, someone or somewhere there is a leak that Tether do not have sufficient USD$ collateral to fulfill their promise. In fact, Tether is not backed by 100% cash. There is a big portion that is covered by short term debts. And this is the part that is pretty tricky in the event of adverse market condition.

I am more concern with the news about coinbase stating that buyers of crypto on their platform are considered as unsecured creditors if these buyer keep their crypto on the Coinbase platform. This

 

[The Oracle]

DAI and PaxG are alright.

 

[sci0n]

And this is the part that is pretty tricky in the event of adverse market condition.

this is the thing. if there is a vulnerability somewhere in that, it could be like the subprime mortgages collapse. (that's a big if, i don't think that's likely, but the market can test it with someone else's money not mine lol)

 

[Mrnewbie]

I'm no conspiracy theorist... but this seems planned. i think they want to destroy the middle class so they can bring in socialism worldwide. agenda 2030 in full effect

Let's not make this something political as we want to continue the thread. Let's keep on the topic; thanks

 

[indianmojojojo]

this is the thing. if there is a vulnerability somewhere in that, it could be like the subprime mortgages collapse. (that's a big if, i don't think that's likely, but the market can test it with someone else's money not mine lol)

Ahh nice theory. Like the 2008 subprime mortgage.

Most of crypto is purchased from the USDT that is generated. Probably the whales get it at a discounted price when they buy in bulk

Am just speculating. Probably a remote possibility

 

[sylvyo]

it is simple, if for ever USDT printed they have the value in USD to back it up then no worry, if not...

 

[unknownsmmers]

Lol tether will not go anywhere
Theyll try

 

[itz_styx]

what are the signals you're basing the statement on?

I'm no conspiracy theorist... but this seems planned. i think they want to destroy the middle class so they can bring in socialism worldwide. agenda 2030 in full effect

"I'm no conspiracy theorist... BUT" <add the most stupid conspiracy tinfoil-hat shit here>
classic.

 

[bartosimpsonio]

Tether is supposed to be backed by collateral of equivalent value in USD so even if under attack, it should not suffer much damage in terms of price drop. It will only be drastic if somehow, someone or somewhere there is a leak that Tether do not have sufficient USD$ collateral to fulfill their promise. In fact, Tether is not backed by 100% cash. There is a big portion that is covered by short term debts. And this is the part that is pretty tricky in the event of adverse market condition.

I am more concern with the news about coinbase stating that buyers of crypto on their platform are considered as unsecured creditors if these buyer keep their crypto on the Coinbase platform. This

Agree 100%

Spot volatility is low. The danger lies in derivatives, people trading at 100x leverage for instance. If Tether is somehow backed by spot assets, then it's likely not at high risk. OTOH if it's backed by options or other derivatives, then we should be concerned.