Trading and price analysis


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):


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%


Jazzy (Discord): Polo has a similar history,, as does Bittrex


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 :smiley:


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 :sweat_smile:


synechist (Discord):