Jazzy (Discord): I’ve had a look around and so far I haven’t seen any compelling evidence that this round of Tether FUD has any more legitimacy than the last 99 rounds.
sworks (Discord): This looks pretty compelling to me
Matthijs (Discord): https://twitter.com/imnotthewolf/status/1051755291941851136?s=21
Jazzy (Discord): A little bit of panic selling on the illiquid peg market is a poor metric to use as a sign of insolvency
Jazzy (Discord): People have been FUDding Bitfinex insolvency for 18 months now, there was no significant evidence it was true then and there’s no significant evidence it’s true today
no5 (Discord): /BLAST
sworks (Discord): If a 10%+ drop in USDT doesn’t alarm you then no worries.
Jazzy (Discord): It’s happened 3 times on Karen since May 17, and several more if you count dips of 5% https://www.tradingview.com/x/t7vIcQ88/
Jazzy (Discord): Kraken has done 9m in 24h USDT/USD volume, odds are pretty good it’s just a liquidity crunch exaggerated by FUD
sworks (Discord): ahh ok, so it happening multiple times makes it ok, i got you
Jazzy (Discord): Yeah, it can be alarming to see but it’s less frightening when it’s happened a few times and it’s recovered previousl
sworks (Discord): The sarcasm was lost there, but i do understand BLOCK is trying to work with Finex, so understand you are reluctant to speak out against the blatant panic this is causing centralised exchange users. Just a shame as this is one of the issues the Block dex was designed to solve.
ponzinomics (Discord): strange (crypto) days
Jazzy (Discord): FWIW I’m not official affiliated with the team any more, so my opinions are shared without reservation as to what potential partners may thing, not that that’s anything different than when I was.
Jazzy (Discord): Personally I think the issues Tether are facing aren’t actually something we aim to tackle, that can only be done by traders agreeing to abandon the dollar as the unit of account. In the case of most alts this is true already, it’s really a small subset of the total market that is particularly exposed to Tether’s volatility
Jazzy (Discord): And even then, I think the movements we’re seeing on Tether are significantly overblown for the actual risk represented, which I believe is due to poor liquidity on USDT/USD markets
Jazzy (Discord): It’s FOMO that drives people to market dump USDT instead of redeeming it with Finex, which it’s notable to bear in mind that nobody has shown any issue in doing so, it just takes more time than a market dump
Matthijs (Discord): Binance suspends Tether withdrawals