Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
I don't own much stables, a bit of USDT though, will check that now.
For trading I'm still using fiat, however with a stable it would be advantageous because I wouldn't need to declare all my trades to the tax authorities. Is there a recommended stable ? Maybe one of the Euro pegged ones ?
Whoops, it was the previous story about blockfi where the lawyers were looking into their business and if their offerings are considered securities since they operate out of the US.For trading I'm still using fiat, however with a stable it would be advantageous because I wouldn't need to declare all my trades to the tax authorities. Is there a recommended stable ? Maybe one of the Euro pegged ones ?
This is the major take away from this video on tether and what it can do with defi which is apocalyptic.
As for which one I'd use if I had too?
USDC
It is fairly clean being created from circle (I believe square bought them out and now is Jack in the box
) and is available from Coinbase.But being a american company I don't know if it can be pegged to the euro.
So maybe somebody using coinbase and who is from Europe can answer this.
I think I'll look at USDC
oh yah...and another 100 milly printing this morning
https://twitter.com/whale_alert/status/1419617834028703745
https://twitter.com/whale_alert/status/1419617834028703745
https://twitter.com/CryptoWhale/status/1419647049729990657
Reading through the lawsuit against Tether detailing its long history of moving money all over the place it reads like a series of moving money from one institution to the next as the institution grows uneasy with having Bitcoin money on its account. So they are constantly moving it all over the place until someone gets tired of them. Every second and third tier money transmitter starts blocking them, they're caught in an ancient system whose gatekeepers are trying to keep them out.
I would not be surprised that they don't have 100% reserves but their biggest problem is having a place to put the money. In the end, they will exhaust all resources. The best thing they could do is do a proof of burn. Where they literally have a neutral third party with cameras verify that they burn the dollars that come in (though illegal) and replace each one with a USDT.
Unless I'm missing something proof of burn only makes sense for assets that have a finite number, like Bitcoin. What's to prevent the FED to say : some idiots burned 50 billions dollars, so we're printing 50 billions more than the plan ?