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re: Anyone mostly crypto and dropping banks?
Posted on 2/15/22 at 11:19 am to UltimaParadox
Posted on 2/15/22 at 11:19 am to UltimaParadox
I don’t play with Tether, I’d personally use other stables and the market seems to be moving that way too.
However, didn’t USDT just get audited by the SEC recently? I know they hold a lot of corporate paper in lieu of cash.
However, didn’t USDT just get audited by the SEC recently? I know they hold a lot of corporate paper in lieu of cash.
3
Posted on 2/15/22 at 11:30 am to Ross
quote:I use banks for cash flow. My worth is crypto, land, and developed commercial property. No equities. I trade precious metals via commodities futures. I probably should physically own precious metals but I don't.
I mean crypto isn’t the magic bullet but I fail to see how it isn’t the superior option in a dystopian landscape where the internet still exists if you want to make it harder for your funds to be seized or frozen
Posted on 2/15/22 at 11:36 am to Ross
money in bank account: frozen
hard assets: seized in civil asset forfeiture or value destroyed by inflation
crypto: they lock you out of means of exchanging it
Like I said, there's no real winners here. Best I can gather, is get your cash out and hide it in caches. Crypto is useless if you cannot exchange it for goods and services. That's what Canada and China are doing to it right now. They're locking up the points in the chain where the crypto currency can be redeemed for actual goods and services.
hard assets: seized in civil asset forfeiture or value destroyed by inflation
crypto: they lock you out of means of exchanging it
Like I said, there's no real winners here. Best I can gather, is get your cash out and hide it in caches. Crypto is useless if you cannot exchange it for goods and services. That's what Canada and China are doing to it right now. They're locking up the points in the chain where the crypto currency can be redeemed for actual goods and services.
Posted on 2/15/22 at 11:37 am to alpinetiger
quote:Crypto is a scam. If someone comes on your land you’ll have to shoot them off. Blockbusters are a bad investment bro
My worth is crypto, land, and developed commercial property
Posted on 2/15/22 at 11:39 am to Ross
quote:
However, didn’t USDT just get audited by the SEC recently
Don't think so. They have never been formally audited... By design.
They were investigated by the New York AG for covering up financial fraud. They were fined and barred from doing business in New York
Posted on 2/15/22 at 11:41 am to Ross
quote:
didn’t USDT just get audited by the SEC recently? I
Usdt does internal audits
Posted on 2/15/22 at 11:49 am to jimbeam
quote:OK? My last W-2 wage/check was 9/5/2014. You?
Crypto is a scam. If someone comes on your land you’ll have to shoot them off. Blockbusters are a bad investment bro
Posted on 2/15/22 at 11:49 am to kingbob
quote:
Crypto is useless if you cannot exchange it for goods and services. That's what Canada and China are doing to it right now. They're locking up the points in the chain where the crypto currency can be redeemed for actual goods and services.
idk man personally if I’m under a hostile regime wanting to freeze my accounts or restrict my ability to receive or send fiat I think the ability to transmute value from point A to point B becomes fairly important. I’ll take my chances with a black market or non-KYC exchange abroad.
Like I said, dystopian and far from ideal but it’s why crypto rails exist.
This post was edited on 2/15/22 at 7:21 pm
Posted on 2/15/22 at 11:51 am to alpinetiger
Sorry you’re on unemployment. I’ll keep you in my prayers.
Posted on 2/15/22 at 11:57 am to Ross
quote:Trudeau and Canada of all people and countries. I'm putting on the foil ala Slap Shot.
idk man personally if I’m under a hostile regime wanting to freeze my accounts or restrict my ability to receive or end fiat I think the ability to transmute value from point A to point B becomes fairly important. I’ll take my chances with a black market or non-KYC exchange abroad.
Like I said, dystopian and far from ideal but it’s why crypto rails exist.
Posted on 2/15/22 at 12:02 pm to UltimaParadox
gotcha, I obviously misremembered
the one bit of crypto regulation that would probably be a net good is companies issuing stablecoins need to either be FDIC insured and compliant or otherwise be subjected to regular audits to make sure their balance sheets exceed the valuation of the coins they have in circulation and that they have the same percentage allocation of cash as we expect of our banks under the current fractional reserve lending system, at the very least
the one bit of crypto regulation that would probably be a net good is companies issuing stablecoins need to either be FDIC insured and compliant or otherwise be subjected to regular audits to make sure their balance sheets exceed the valuation of the coins they have in circulation and that they have the same percentage allocation of cash as we expect of our banks under the current fractional reserve lending system, at the very least
Posted on 2/15/22 at 12:03 pm to Ross
quote:
I don’t play with Tether, I’d personally use other stables and the market seems to be moving that way too.
I'm trying to move away from Tether. I have more of it than I'm comfortable with tbh.
Posted on 2/15/22 at 12:12 pm to Ross
Lol, you think tether is a hiuse of cards, but the FDIC is totally solvent...
Posted on 2/15/22 at 12:23 pm to TigerTatorTots
ultimate paradox is one of the dumbest people on this board
confidently incorrect about everything
confidently incorrect about everything
Posted on 2/15/22 at 12:24 pm to UltimaParadox
tether has been audited more times than any bank in existence at this point
Posted on 2/15/22 at 12:26 pm to kingbob
quote:
Crypto is useless if you cannot exchange it for goods and services.
tell this to the people of El Salvador
Posted on 2/15/22 at 12:29 pm to RJSambola
quote:
you think tether is a hiuse of cards, but the FDIC is totally solvent...
there's no hope for tether truthers. confidently incorrect for nearly 5 years in a row now
Posted on 2/15/22 at 12:35 pm to TimeOutdoors
Not Dropping, but definitely leaning more towards Crypto.com (Indigo Visa) and their 10% rewards.
Along with Coinbase / staking / and their Bitcoin rewards card.
KuCoin for stacks of XRP.
Diversify and take advantage of some of these deals being offered.
Safe to say no one should go 90 to 100% all in with one company/ or bank / crypto,
As is don’t ignore the sweet deals around you.
Along with Coinbase / staking / and their Bitcoin rewards card.
KuCoin for stacks of XRP.
Diversify and take advantage of some of these deals being offered.
Safe to say no one should go 90 to 100% all in with one company/ or bank / crypto,
As is don’t ignore the sweet deals around you.
This post was edited on 2/15/22 at 12:36 pm
Posted on 2/15/22 at 12:37 pm to rocket31
bloomberg investigation into tether long read but worth it.
coindesk just joined the lawsuit against tether, asking they disclose the contents of their reserves.. so far, tether refuses to provide. they're at 75 billion and counting now..
quote:
tether has been audited more times than any bank in existence at this point
coindesk just joined the lawsuit against tether, asking they disclose the contents of their reserves.. so far, tether refuses to provide. they're at 75 billion and counting now..
Posted on 2/15/22 at 12:38 pm to LordSaintly
quote:
I'm trying to move away from Tether
yea this seems to be a popular move. in terms of holders, USDC and UST both are trending up. tether is trending down
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