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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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52336345 No.52336345 [Reply] [Original]

WARNING: FTX owns 70% of the USDT (Tether) supply. Once that loses it's peg to the dollar, crypto/btc won't just crash to $1k, it may never recover.

>> No.52336374

>>52336345
>WARNING: FTX owns 70% of the USDT (Tether) supply

how does FTX still own anything?

>> No.52336411

hmmm sauce?
you just made it up

>> No.52336412
File: 110 KB, 1200x856, sbhappy.jpg [View same] [iqdb] [saucenao] [google]
52336412

>>52336374

>> No.52336420

Why does USDT even exist? Why would anyone use this over USD?

>> No.52336430

youre full of shit

>> No.52336432

>>52336420
because exchanges want to avoid regulation
if you use real dollars you will be regulated as a financial institutions
but if you price everything in fake dollars then you can do whatever you want

>> No.52336438

>>52336345
I'm going to screenshot this, Billy.

>> No.52336454

>>52336345
any exchange where i can short using USDC?

>> No.52336455

>>52336420
You can't have USD on-chain.
However, why anyone uses USDT over DAI is a mystery.

>> No.52336472

>>52336455
DAI is safer ser?

>> No.52336508

>>52336345
Wow so ftx has 49 billion usdt yeah sounds legit

>> No.52336529
File: 121 KB, 1418x720, file.jpg [View same] [iqdb] [saucenao] [google]
52336529

hmm

>> No.52336562

>>52336529
This was a coingecko bug. It's fixed

>> No.52336564

>>52336345
It will recover. But only after the feds regulate the shit out of it

>> No.52336590

>>52336562
pic is from coinmarketcap

>> No.52336609

>>52336454
Most pegged stable.

>> No.52336619

>>52336420
Third worlders use it to buy dollars when they can't.
The inflation rate for the USD is far lower than for some other currencies.

>> No.52336704

>>52336454
Binance let's you short with BUSD

>> No.52336713

>>52336562
Feature*

>> No.52336730

>>52336704
No it doesn't. Binance banned usdc. In any case it's more stable than anything else except maybe dai. If it depegged then the dex market would die too.

>> No.52336812 [DELETED] 

>>52336472
USDC is backed by ETH and USDC, meaning that it can fail as a stablecoin only if USDC fails as a stablecoin. But even in this case it won't go to zero since you'll get ETH.
And yes, USDC is safer than USDT.

>> No.52336827

>>52336472
DAI is backed by ETH and USDC, meaning that it can fail as a stablecoin only if USDC fails as a stablecoin. But even in this case it won't go to zero since you'll get ETH.
And yes, USDC is safer than USDT.

>> No.52336934

>>52336827
THANKS SER WILL DO IT

>> No.52336979

alameda started to short USDT:
https://twitter.com/astro__magic/status/1590659328390094849

BANKRUN INCOMING
BANKRUN INCOMING

>> No.52337042

>>52336562
its on coinmarketcap idiot. and actually it is in every chart rn

>> No.52337081

>>52336979
Kikeman's convulsions

>> No.52337119

>>52336979
Pure evil if true, going down and taking everything they can with them

>> No.52337222
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52337222

>>52336345
anon please explain to an uneducated Australian what usdt is

>> No.52337318

>>52336979
might aswell rape the dead corpse that is crypto now lolz

>> No.52337353 [DELETED] 

>>52337222
it's a 1:1 usd 'stable coin', where you give them a real usd and they give you a USDT, which is on a blockchain, and can be sent around like bitcoin can be

the rumour has always been that they don't actually have 1 usd for every 1 usdt, and instead just make more whenever they want to

supposedly alameda, which is FTX's market maker/leverage rigging sister company, have huge, huge amounts of it, the most of any company. It's what they use to scam pump or dump it whilst they place longs or shorts.

if they're insolvent then this creates problems if they were lent the USDT without providing the equivalent amount of USD, it's very likely that this happened and that they used their own token FTT as collateral for the loan. This collateral is now worthless.

I think that if its true and it becomes irrefutable public knowledge that not all usdt is backed then they may experience a bankrun of the funds they do have, presumably most of which will be taken by insiders

this would then leave the remaining USDT as completely worthless as there would no longer be a mechanism to redeem it for the real thing, and retail would be left carrying the bag

USDT has been accused of loads of other sketchy shit too over the years, but so far it's always managed to survice

>> No.52337371

>>52337222
it's a 1:1 usd 'stable coin', where you give them a real usd and they give you a USDT, which is on a blockchain, and can be sent around like bitcoin can be
the rumour has always been that they don't actually have 1 usd for every 1 usdt, and instead just make more whenever they want to
supposedly alameda, which is FTX's market maker/leverage rigging sister company, have huge, huge amounts of it, the most of any company. It's what they use to scam pump or dump it whilst they place longs or shorts.
if they're insolvent then this creates problems if they were lent the USDT without providing the equivalent amount of USD, it's very likely that this happened and that they used their own token FTT as collateral for the loan. This collateral is now worthless.
I think that if its true and it becomes irrefutable public knowledge that not all usdt is backed then they may experience a bankrun of the funds they do have, presumably most of which will be taken by insiders
this would then leave the remaining USDT as completely worthless as there would no longer be a mechanism to redeem it for the real thing, and retail would be left carrying the bag
USDT has been accused of loads of other sketchy shit too over the years, but so far it's always managed to survice

deleting my double lines because what the fuck was that

>> No.52337494
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52337494

>>52337371
thanks Amerifren for the good explanation. Things are finally getting good.

>> No.52337498

>>52336345
He was balls deep in Tether, if the contagion spreads to USDT then we are truly fucked.

>> No.52337512

>>52336345
sounds like you're lying ,,and i'm not even holding usdt

>> No.52337537

its over for all coins
sad

>> No.52337566

>>52337371
>the rumour has always been that they don't actually have 1 usd for every 1 usdt
they absolutely don't. they have us treasuries and cash aka fractional reserve. but their reserves have been solid so far. doubt jewman can knock them over

>> No.52337576
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52337576

FTC doesn't own shit, anaon. Or haven't you been keeping up with current events.

>> No.52337595

trading view flashing 0.97 for tether.
Still 0.9981 on binance.

>> No.52337640

>>52337595
BUSD is also up over $1

>> No.52337683

>>52337640
The USDT in Binance Reserves are just users holding USDT. Its not the same situation that Binance went and used it as colalteral and then it collapses. If USDT goes, it won't hit binance just the people holding USDT on there.

Right?! RIGHT!?

>> No.52337769

>>52336411
>>52336430
Sounds good to me. Early global economic reset. Better bear market. Fuck it, they want to crash it anyways, might as well make money while they’re doing it and drag the along for the ride. Can you imagine wallstreet pinkjaks jumping out windows? I can.

>>52337119
I mean that’s literally the whole point. Scam loads of people, fuck the economy and here comes the government to regulate the shit out of everything. Just a coincidence, go back to trading at a loss, don’t forget to keep you coins on our exchanges! Quick fleece of the peasants before the real shitshow starts next month. I say, start it now.

>> No.52337881

ITS DEPEGGING

>> No.52337911

>>52336564
1% of coins will recover. The rest will go to 0

>> No.52338016

ITS HAPPENING

CHECK TRADINGVIEW

>> No.52338082

Sam is threatening USDT and USDD to expose them or break their peg if they don't bailout FTX

>> No.52338121

>>52337566
FTX was rock solid till about a week ago

>> No.52338144

>>52337881
>>52338016
it's not

>> No.52338162

A Jew destroyed crypto. Funny

>> No.52338183

>>52338144
CHECK THE CHART

>> No.52338219
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52338219

Can someone please explain the whole FTX thing to me? I work in traditional finance, and we have never gone anywhere near crypto. It’s still completely foreign to me. All I know is that people are saying it was a ponzi. Is that true?

>> No.52338220

$0.998305, literal nothingburger

>> No.52338251

>>52336345
How can Tether lose it's peg when it's backed 1:1 with the dollar you retard?

>> No.52338262

I miss the 2016/2017 days when you could buy le weed for 0.05 btc and only schizos and druggies knew about crypto, no jeets, no normies

>> No.52338265

>>52338251
That's the good part. It's not.

>> No.52338305

>>52337566
If they bought t-bills at any time in the last 10 months they're fine

>> No.52338309

>>52338219
FTX and Alameda were both SBF's companies. Alameda fucked up in bad trades and SBF used clients deposits into FTX to bail em out, hoping to cover the difference over time. What happened instead was someone leaked Alameda's balance sheet, and it turned out 30% of it depended on the market cap of an extremely illiquid shitcoin called FTT. FTT dumped and the house of cards blew over.

>> No.52338354

>>52338309
But how does that happen? Didn’t the company get audited if they had custody?

>> No.52338359
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52338359

>>52338265
it is kike, they were audited by one of the biggest firms in the world.
almost 100 percent T-bill kike. You and this kike >>52336345
need to be fucking gassed spreading this stupid fucking FUD.
FTX doesn't own any of Tether's supply their balance sheet was leaked on the net. It's all FTX and shitcoins.
both of you should be thrown in the gas chamber on live stream.

>> No.52338377

>>52338262
This rug pull will scare the normies and jeets away and things will go back to how they were.

>> No.52338410

>>52338354
Idk bout FTX but Alameda was a private company so they didn't need to show shit.

>> No.52338422

>>52338219
>>52338354
Just read Matt Levine: https://www.bloomberg.com/opinion/articles/2022-11-09/bankman-fried-s-ftx-had-a-death-spiral-before-binance-deal

>> No.52338449

>>52336827
its not like every dai token is backed by usdc you could still have some luna type attack

>> No.52338462
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52338462

>>52338183
this one?

>> No.52338486

>>52336345
ftx owned 38billion in tether?

>> No.52338492

>>52338354
Alameda audited FTX
Clown world

>> No.52338563

>>52338492
Are you kidding?

>> No.52338615

>>52338262
The good old days where everything was a PP There were no significant risks, hacks, or exploits. It's unfortunate that things decide to go bad just as the space is about to become useful in real life via a blockchain solution.

>> No.52338653

>>52336345
only poor people trade in tether you bumbling retard. you know this bullshit only affects you and literally nobody else cares

>> No.52338745

>>52337371
do not redeem

>> No.52338801

>>52336345
btc is going 1 million dollars fr fr no cap on god mf nigger