Tether Still Bleeding (Summer 2019 Bulls?)
https://steemit.com/maker/@edicted/maker-will-reign-supreme-above-the-other-stable-coins
Half a billion dollars worth of Tether has been vaporized, and I couldn't be happier. It's time to see what Tether is made of. BitPay, a service that lets one buy things with crypto, is now incorporating two stable-coins into their arsenal: Cloud and Gemini. Sorry Tether, better luck next time.
It seems as though Tether is bleeding into every single stable-coin. TrueUSD has been trading > $1 for over a week. Tether has been trading under a dollar for even longer. Dai is strong and every new stable-coin that seems to come out these days is more trustworthy than the top dog.
Tether is going to become insolvent and we are going to have front-row seats to witness just how much of a fractal-reserve they were running.
An event like this has not occurred since April 24, 2017. What was going on with Bitcoin at this time?
Absolutely nothing, except for the fact that we were at the base of the x20 run up. Could this crash be a sign that we are eight months away from another insane spike?
Crypto has been known to spike in the summer time. For the longest time, I was making predictions that we'd see a bull run this summer. Perhaps I was a full year off.
This is investment advice. Dump every last penny you have into crypto. Take out a third mortgage on your house. Max out all your credit cards because moon.
You're killin me here! 😂
Maybe you can tell that I'm over all the stupid "this is not investment advice" disclaimers. Backlash!
Moon! Let's hope it gets there. I want to be realistic about it, I think it will rise but how far I don't want to begin to guess. Hope my altcoin investments pan out, I don't have the funds to get into Bitcoin like I do for the others.
When you consider that SMTs are supposed to come out right before summer 2019 you really have to ask yourself how it couldn't happen, not if it could.
Don't be a victim of unit bias.
You should be buying Bitcoin. Put at least 5-10% into Bitcoin. Even 1% is fine. The idea that you need to get a full Bitcoin is simply a trick of the mind. Think of it as getting millions of Satoshi instead.
I just can’t afford bitcoin lol I have like .01 of it
.01 Bitcoin is a million Satoshi. In ten years that will be worth a ton of money. I guarantee it.
I highly recommend reading that link I posted.
While I haven't given Tether much thought, I am feeling that if it collapses it will be the holders (the largest being the exchanges) who will take the hit. Once it hits panic mode I am guessing the whales will discontinue their support completely which will evaporate the floor that is keeping it where it is now. Not even the exchanges want to cover this loss.
I fully expect a sharp spike in December again as they pump it up for tax revenue (as well as to go after wallets that they have identified the owers of who don't claim their trades on taxes).
For sure. I guess you won't be surprised if the SEC approves a Bitcoin ETF near Nov 5.
https://cointelegraph.com/news/us-sec-sets-october-26-deadline-for-reviewing-nine-bitcoin-etf-applications
I feel like we are the only two people on Earth that actually expect this to happen lol.
Of course I also won't be surprised if it gets delayed more, but whatever.
I'd like to point out that this has never, and will never, happen to Dai.
On average, Dai is very volatile compared to other stable-coins. However, this is simply because not a lot of people are using it yet. It only appears on decentralized exchanges which gives it very low liquidity.
If Dai were introduced to a platform like Coinbase where you could trade Dai directly for $1 USD, it would never lose its peg.
Anyone in the world can create/burn Dai coins using the MakerDAO platform. Dai coins are overcollateralized by a minimum of 150% worth of Ethereum. With Dai anyone in the world can take out a loan using a smart-contract and only pay 0.5% APR interest rates. Central banks cannot compete.
https://dai.makerdao.com/