Cryptocurrency Chat

Things aren’t looking good, see Celsius.

I don’t follow crypto well enough but there’s also the accusations or maybe more than accusations now that the terra founder and CEO withdrew 2.7 billion USD before the recent terra issues.

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Can’t think where I’ve seen a stable coin which is supposed to track the $, having issues over the last few weeks.

https://www.theguardian.com/technology/2022/jun/22/tether-stablecoin-tied-to-pound-uk-crypto-currency?CMP=Share_AndroidApp_Other

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Difference is Tether has a good tracker record over multiple years with USDT. It’s apples and oranges comparing an algorithmic Luna UST stablecoin backed by volatile assets with the established players like Tether and Circle (issuer of USDC) who claim to back them with cash and cash equivalents (like Treasuries).

Tether has a terrible track record. It’s faced multiple lawsuits and regulatory fines because of its false claims about what it backs each tether with. They have repeatedly failed to produce any audit or proof that each tether is backed.

I think any sensible risk approach would say it’s worth $1 as long as that’s what people would pay for it. If people stop buying it, it’ll likely be worthless.

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Its track record as a dollar peg is top tier hence why it’s the most used stablecoin in crypto for years.

You’re confusing reputation with track record. And I’m not going to argue with you over their reputation as I agree they have been viewed as sketchy and a huge risk to the ecosystem if what the claim to be backed by isn’t actually true. But a big plus for them is that they have made it through many dark days in crypto without default on redemptions.

Okay but it’s not exactly apples and oranges to compare with Luna imo. The risk level is broadly the same. Past performance is not the way to assess future risk.

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I would argue it is apples to oranges as Tether and Luna fundamentally operated with different mechanisms and risk profiles. One was algorithmic and relied on arbitrage to maintain the peg and the other wasn’t. One has years of stress testing, the other hasn’t. We can agree to disagree though.

How did you get the yellow app icon in your profile photo?

That’s the investor app icon, I believe.

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Thanks

Already answered above thanks, it’s custom app icon in settings.

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Crosslink

Celsius has filed for bankruptcy (chapter 11)

Bankruptcy details at the link below

https://cases.stretto.com/celsius?utm_campaign=07%2F13%2F22&utm_content=07%2F13%2F22&utm_medium=owned_media&utm_source=email

FT link should let you read it without having to subscribe, it didn’t pop up anything over the top of the article whilst I was reading it

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I managed to get my hands on some decentralized crypto

Do i hold it and hope it rocket back to what it was months ago or buy something like amazon vouchers with it since i cant withdraw it.

Why can’t you withdraw it?

That’s rather a red flag.

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It depends how much you have - if you have thousands then I would withdraw but if it’s only like £40 you might aswell keep it incase it does.

I’ve never invested in crypto, however in my opinion ones like LTC will go back up as looking at the charts it was £346 a few months ago but only £40 now.

Its decentralized funds that look to be linked to a tornado along with me not having anywhere to sell it on plus the risk of my Monzo being closed as i have no proof where it came from.

around 200quid

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Its decentralized funds that look to be linked to a tornado

How did this happen? Not financial advice but “linked to a Tornado” normally implies “I was involved in scamming people and committing fraud” :sweat_smile:

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