Quote from: vv181 on March 11, 2023, 11:49:07 AM

Quote from: jossiel on March 11, 2023, 09:29:07 AM

Quote from: AllYourBitcoinRBelong2Us on March 11, 2023, 07:21:36 AM

Not really sure how all these stable coins work but how did a stable coin that is supposed to be equal to one US Dollar go down in price? Huh

USDC is made by Circle.

Circle has $3.3B deposits in Silvergate bank.

Silvergate bank files forced liquidation and that means a lot for Circle and mostly affecting USDC.

Just like the collapse of UST and Luna, that means a lot to the market which affects the entire whole crypto market but I don't think that USDC will be ending the same as UST/USTC. And whenever there's sort of news like this, the involved crypto whether it's a stable coin or an alt coin, it's always been affected and getting a lot of dumps which results to its value goes down.

Circle does not have a $3.3B deposit in Silvergate, it is on another bank, SVB or Silicon Valley Bank. See this tweet from the official Circle account: https://twitter.com/circle/status/1634391505988206592.

Based on monthly the latest Jan 2023 attestation, Silvergate is one of another bank who Circle held the reserves. As we know, besides SVB which goes bust, Silvergate the bank is also closing down its business, but it will come with full repayments of the deposit.

Contratry to UST, I don't think it will have the same effect, the market got swayed down is certain, but the degree if USDC going collapses will be much significantly deeper, note that DAI is also affected.

I appreciate you for correction me.

Based on the development that I'm seeing right now, it seems that USDC is starting to do better.

Quote from: Ultegra134 on March 11, 2023, 02:21:59 PM

Quote from: jossiel on March 11, 2023, 11:22:27 AM

~Snipped~

My main concern is that this collapse greatly affects the market. I don't mind the recent fall of Bitcoin; I'll receive more BTC through my signature campaign, and I'm happy about that, but FUD is going to spread all over cryptocurrencies again, which, as I said earlier, is putting a dent in how people perceive cryptocurrencies. Hopefully, I didn't have any USDC, only USDT and BUSD, and although I also believe (and hope) that it'll recover soon, I doubt that it's going to crash even further.

I also don't have these stablecoins and your concern is valid not just for your own sake but for the market. So far as for the wishes for the market's recover, I think that it's greatly recovering as of now and hopefully this keeps up.

Quote from: cryptoresearcher2 on March 11, 2023, 03:07:23 PM

most likely will not be ending the same way but 3.3 billion $ is not chump change, that's serious money to lose.
also might take years to come to a conclusion as the bank goes in to bankruptcy...ect

Yeah $3.3B is a lot but it seems that there's some positive news that's been released about SVB, Silvergate, etc. and that might be the reason for the market's up today.