On today’s episode of The Cryptoverse…
A flash rally in the crypto markets, sparked by a Tether scare which pushed Bitcoin's price way out of whack on Bitfinex.
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I heard today that there are over 50 stable coin projects in the works now with 27 actually in use. Chris, do you think all these projects have a serious chance to fight over dominance in light of US, Eurozone and British regulation? Wouldn't it be more likely that government/ Federal Reserve fiat stable coins will be the only ones allowed to live?
When you say 'allowed' it sounds like they will have the power to stop them. Some stablecoins will be unstoppable like DAI which runs entirely onchain. So yes I think they have a fighting chance.
Hi Chris. Thanks for the update and the deeper look into the mechanics. I watched others on this and you seem to be the only one I have seen, who takes a deeper dive in the market mechanics.
Just imagine you're "Mr.Tether" in a jog interview...and the guy asked you: "Where do you see yourself in 5 years time?" what would your answer be???
A+ funny
Not the first time Tether has been hit with scandal but its still the most widely used stable coin for now, not sure if trueUSD will begin to eat at its market share now. I know SBD lost its peg ages ago but its been kinda stable and I think its not a bad stable coin to use if you're scared of using Tether. I think its just that Tether is on so many exchanges and has so many trading pairs available that its the more popular choice.
Never heard of Dai before gosh that would be great if we had Dai with atomic swaps for all these ETH tokens we could really have a better use of value on the ETH blockchain not so much dust stuck in wallets and exchanges
You're right. But Tether is now under so much competition that it's market share is being eaten from all angles.
Great explanation of what happened. I really think Tether is going to see some market share drop for the remainder of the year.
Power to you.
Random video note regarding a comment on your past livestream (and things are always changing, so some might disagree, but): although some companies promote 60 frames per second at times, I would stick with 30, 24, or possibly 25 in your country, as 60 fps doesn't add much to the viewer experience besides over registering in the brain. It can be useful in video games for pinpoint timing perhaps, but supposedly the human brain digs the classic frame rates. Forgive me if that sounds annoying or technical when you didn't ask.
Cheers regardless!
I noticed recently the reduction in the total supply of USDT by a few hundred million. With more choice of USD stable coins now on the market, it was only a matter of time before something bad happens to Tether.
Lo and behold, I wake up this morning, check the crypto markets, and I see what was just reported here. Time to wave good bye to Tether? What do you all think?
I decided not to touch it in the first place :)
I too prefer the way the DAI is backed.
One interesting info I learned today is that last week, Bitfinex sent $300 million worth of USDT to the Tether treasury.
https://www.ccn.com/tether-pulled-300-million-in-cryptocurrency-out-of-circulation-last-week/
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Thanks for the information on Tether and the quick update on the Bitcoin rally. You were right. Last week, you stated that we just need to be in it and the rally will happen gradually and by the time we get in, it will be too late.
many thanks for the info. we love you all the way @marketingmonk
I wonder what particular (and yet undisclosed) piece of information caused this massive Tether sellout… But I am happy with the result, namely prices going up again!
Seems like a delayed reaction from the recent FUD created by the news about them changing banks.
binance delist rumour is what I've been hearing they did suspend withdrawals but pics like this went round telegram that where fake
I think that's a joke :)
@boxmining made a video in which he revealed some fake news that was going around on Telegram groups about Binance supposedly delisting USDT. It might be that it triggered the sell-off.
You mean this :D
Yep.
lol, bitcoin jumps way up and is still in the triangle.
Crypto currency would be good in every run , long short and medium term I am with you
hi there, this all pressure on Tether(USDT) is going to only force them to get the right audits trusted worldwide (required by market consensus) or is this the begin of the end of USDT (tanking into zero value) as the one only used for many years long unique stable coin even between exchanges ... imho Dogecoin could also be looked as a pure stable crypto and also very easy to be used between exchanges. ..
Just a shame steem's one of half a dozen top 50 currencies in the red! Any data to show why?
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it will all cool off ...I give it 24/48 hrs
As long as every Tether that is issued is backed by one USD, then Tether would not lose its value and Tether issuance will not impact the dollar price of BTC, and the credibility of the Tether project will not impact on the BTC price. I do not understand why Tether could not be subjected to completely transparent audit by regulators who approved other stable coins like the Gemini Dollar and others reputable stable coin projects. Tether must allow transparent audit, otherwise the coin will diminish. We don’t want BTC price surge due to Tether collapse, we want to see organic BTC price surge.
I wish Tether would be replaced by the Dai as the dominant stablecoin