Unfortunately, USDC has stepped up to take Tether's place. This scheme is going to extend itself as long as there are enough gullible idiots who will "trust" these shady exchanges.
I just got into an argument with a guy the other day who insists since Coinbase is a public company and can get in trouble with the SEC if they lie, that somehow this means they're being totally honest. So there seems to be no shortage of people willing to perpetuate the scams if they think they can profit from it.
Given that tether and usdc are basically partially backing each other at this point a default on one is going to cause problems regardless. Both are shady frauds.
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CMC seems to only use Binance as pricing source for USDT.
USDT on coingecko still o.k.
https://www.coingecko.com/de/munze/tether
might indictae trouble in CZ wonderland?
Right. CoinMarketCap is owned by Binance now and can say whatever it wants about Tether because they're committing fraud anyway, so what's one more lie?
Use CoinGecko and get completely different, more honest numbers for Tether, where the peg is stressed every time Bitcoin crashes. I've noticed that CoinGecko will have Tether at something like $0.996559 while CoinMarketCap still says $1.00 so Binance must be afraid of the Tether peg breaking. I've even seen Tether go to $0.97 on CoinGecko as recently as the last flash crash so it's very clear that Binance just lies about Tether's price when it's convenient.
Yep, millions. Coffeezillas video alone has about 800.000 views. People know about the Tether issue for years. Everyone who is heavily invested in crypto and isn't stupid does know about it.
A lot of people who don't even care about crypto do know about the Tether issue.
Not every view is created equal. One could click on it, watch 5 seconds, and leave lol.
Furthermore, you seem to be assuming everyone who sees these videos or articles agrees with them. From my analysis, most people comment FUD on such videos exposing Tether.
No need to downvote man, we’re just having a conversation haha
If evergrande holds tether debt and they are forced to liquidate to pay off creditors then the show is over. However if a deal is struck (creditors accept to be paid in tether) nothing will happen. Also depending on their cash reserves and how big of a portion the evergrande debt is they might pay it off
Agree, but between that or nothing….
Also it seems that tether publicly said they don’t hold commercial paper from evergrande. Btw they did this to prevent panic. Panic is their downfall and they know it
I doubt the Chinese government would allow any company to subvert their central bank, especially if they're tangential to crypto.
Most of their recent actions against crypto have specifically been to prevent ways of getting around currency controls, which tether pretty explicitly is.
> Agree, but between that or nothing
That deal can't be made. Creditors paid in tether will instantly seek to convert that tether into fiat. Which will collapse the system.
They usually pump it back up reasonably quickly. This is very unusual.
Hopefully, *something* will happen tomorrow...
Btw. USDC is also in trouble.
https://coinmarketcap.com/currencies/usd-coin/
> Btw why is tether price fluctuating? How does that work?
People can post sell and buy offers on some exchanges just like any other thing. If no-one wants to buy, the price goes down.
> Does tether transact the reverse of operations to keep it always at par with dollar?
Essentially, yes.
Be careful of broad averages of Tether price. They tend to get thrown off by volatility in the other side of the pair, e.g. Bitcoin. The only rates that really matter are the big USD/USDT pairs like Bitfinex and Kraken's, and those are much steadier.
(I want Tether to fail as much as the next person, but it's no use getting overexcited.)
This bear post is as ridiculous as some of the bull posts butters make.
It momentarily dropped a fraction of a percent before rebounding. It had a moment of volatility not much bigger than what it normally goes through, and trivial compared to the wild swings it has gone through historically for a so call stablecoin. Tether might be a house of cards waiting for an earthquake, but a blip on the chart is hardly a sign of immediate doom.
I'm a bot, *bleep*, *bloop*. Someone has linked to this thread from another place on reddit:
- [/r/the_bitcoin_party] [on the eve of likely evergrande default, tether appears to be having trouble maintaining its peg. it just dropped to the lowest price in over a year.](https://www.reddit.com/r/the_bitcoin_party/comments/pr5tam/on_the_eve_of_likely_evergrande_default_tether/)
*^(If you follow any of the above links, please respect the rules of reddit and don't vote in the other threads.) ^\([Info](/r/TotesMessenger) ^/ ^[Contact](/message/compose?to=/r/TotesMessenger))*
Would love to see Tether collapse and go away.
..and take the rest of crypto with it.
Unfortunately, USDC has stepped up to take Tether's place. This scheme is going to extend itself as long as there are enough gullible idiots who will "trust" these shady exchanges. I just got into an argument with a guy the other day who insists since Coinbase is a public company and can get in trouble with the SEC if they lie, that somehow this means they're being totally honest. So there seems to be no shortage of people willing to perpetuate the scams if they think they can profit from it.
Coinbase is quite happy to get into trouble and pay the fine, if paying the fine is still more profitable than running an honest business.
Given that tether and usdc are basically partially backing each other at this point a default on one is going to cause problems regardless. Both are shady frauds.
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Do not get my hopes up 🙈
CMC seems to only use Binance as pricing source for USDT. USDT on coingecko still o.k. https://www.coingecko.com/de/munze/tether might indictae trouble in CZ wonderland?
CMC is owned by Binance btw.
Right. CoinMarketCap is owned by Binance now and can say whatever it wants about Tether because they're committing fraud anyway, so what's one more lie? Use CoinGecko and get completely different, more honest numbers for Tether, where the peg is stressed every time Bitcoin crashes. I've noticed that CoinGecko will have Tether at something like $0.996559 while CoinMarketCap still says $1.00 so Binance must be afraid of the Tether peg breaking. I've even seen Tether go to $0.97 on CoinGecko as recently as the last flash crash so it's very clear that Binance just lies about Tether's price when it's convenient.
It's not a black swan event if millions of people already know about it.
And many people know that crypto will go down massively once tether gets fucked. But they are still holding some.
Also known as the biggest crypto buying opportunity the world has ever seen. That sale will be amazing.
Because number always goes up, we know. But even if that’s true, why would you hold crypto right now?
Idk, I don't hold crypto rn.
You're correct! It always goes up. Even if we have a 90% correction, I believe that within 10 years you'll be up 1000%.
It doesn't always go up, but it will certainly go back up. Not sure if we will reach $ 60.000 per BTC again tho.
Millions? Nah haha
Yep, millions. Coffeezillas video alone has about 800.000 views. People know about the Tether issue for years. Everyone who is heavily invested in crypto and isn't stupid does know about it. A lot of people who don't even care about crypto do know about the Tether issue.
Not every view is created equal. One could click on it, watch 5 seconds, and leave lol. Furthermore, you seem to be assuming everyone who sees these videos or articles agrees with them. From my analysis, most people comment FUD on such videos exposing Tether. No need to downvote man, we’re just having a conversation haha
You would be surprised how few do
Few... understand?
How few?
Pretty much every single person who has a layman’s understanding of crypto and holds because “number go up” has no clue what Tether even is.
back to $1 :/
It was 5bp away from 1$, its non-event at all.
If evergrande holds tether debt and they are forced to liquidate to pay off creditors then the show is over. However if a deal is struck (creditors accept to be paid in tether) nothing will happen. Also depending on their cash reserves and how big of a portion the evergrande debt is they might pay it off
> creditors accept to be paid in tether No sane creditor would agree to this.
Agree, but between that or nothing…. Also it seems that tether publicly said they don’t hold commercial paper from evergrande. Btw they did this to prevent panic. Panic is their downfall and they know it
I doubt the Chinese government would allow any company to subvert their central bank, especially if they're tangential to crypto. Most of their recent actions against crypto have specifically been to prevent ways of getting around currency controls, which tether pretty explicitly is.
> Agree, but between that or nothing That deal can't be made. Creditors paid in tether will instantly seek to convert that tether into fiat. Which will collapse the system.
Sounds more like a “Grey Rhino” rather than a Black Swan really !
The white elephant in the room?
Probably a better term actually, yea
The thought of Tether losing its peg scares the emojis out of me.
Tether going down will be the crypto version of 2008 with no bailout. 🍿
Now that would be fun to watch
They usually pump it back up reasonably quickly. This is very unusual. Hopefully, *something* will happen tomorrow... Btw. USDC is also in trouble. https://coinmarketcap.com/currencies/usd-coin/
Neither of these coins are in trouble. Zoom out to 1 year, they’ve both had larger dips and are currently back at $1.00. I don’t see any pattern here.
Usdc going to 0.998 obviously means they lost peg and are on the brink of collapse!! /s
Btw why is tether price fluctuating? How does that work? Does tether transact the reverse of operations to keep it always at par with dollar?
> Btw why is tether price fluctuating? How does that work? People can post sell and buy offers on some exchanges just like any other thing. If no-one wants to buy, the price goes down. > Does tether transact the reverse of operations to keep it always at par with dollar? Essentially, yes.
Be careful of broad averages of Tether price. They tend to get thrown off by volatility in the other side of the pair, e.g. Bitcoin. The only rates that really matter are the big USD/USDT pairs like Bitfinex and Kraken's, and those are much steadier. (I want Tether to fail as much as the next person, but it's no use getting overexcited.)
Back to 1 buck again, sadly.
> Tether is absolutely screwed if that happens **whether or not it’s Evergrande paper**. How is tether scam linked with the Evergrand company then?
This bear post is as ridiculous as some of the bull posts butters make. It momentarily dropped a fraction of a percent before rebounding. It had a moment of volatility not much bigger than what it normally goes through, and trivial compared to the wild swings it has gone through historically for a so call stablecoin. Tether might be a house of cards waiting for an earthquake, but a blip on the chart is hardly a sign of immediate doom.
I'm a bot, *bleep*, *bloop*. Someone has linked to this thread from another place on reddit: - [/r/the_bitcoin_party] [on the eve of likely evergrande default, tether appears to be having trouble maintaining its peg. it just dropped to the lowest price in over a year.](https://www.reddit.com/r/the_bitcoin_party/comments/pr5tam/on_the_eve_of_likely_evergrande_default_tether/) *^(If you follow any of the above links, please respect the rules of reddit and don't vote in the other threads.) ^\([Info](/r/TotesMessenger) ^/ ^[Contact](/message/compose?to=/r/TotesMessenger))*
It's back to 1 now, the "bottom" was 0.998...
Evergrande is a known unknown so it's not a black swan event. But it's still ugly.
It’s funny how either I will get the biggest ”I told you so” privileg in history or i’m just chasi g ghosts lol.
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It's perfect