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The light inside is broken, but I still work. The Cadillac of online bookmarking sites. Alleged nocoiner. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

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    1. Jake Hamby‏ @jhamby May 21

      Jake Hamby Retweeted Jon Spaihts

      I stumbled onto this about a month or so ago, and I agree that the mainstream media isn't pursuing the stablecoin aspect at all. The misleading name distracts from what to all appearances looks like an outright Ponzi scheme.https://twitter.com/jonspaihts/status/1395431954489634821 …

      Jake Hamby added,

      Jon SpaihtsVerified account @jonspaihts
      The biggest story about Bitcoin is that its value is elaborately propped up by Tether, which in turn gives every appearance of being purely imaginary: an outright fraud. Periodic exposés about this have failed to affect the mainstream media's story very much.
      2 replies 9 retweets 49 likes
      Show this thread
    2. Jake Hamby‏ @jhamby May 21

      Consider the closed loop of BTC -> USDT -> BTC, all ratcheting up vs. the USD (and similarly for other stablecoins and other fiat currencies). What's to stop the feedback cycle from going in the other direction and wiping out the entire market some day?

      1 reply 0 retweets 4 likes
      Show this thread
    3. Jake Hamby‏ @jhamby May 21

      I think what makes cryptocurrencies so insidious is that the major ones are a tulip craze, but then you have Ponzi schemes operating in the open within the tulip craze. It's almost exactly like the derivative markets that led to the 2008 crash, except we can watch them happening.

      1 reply 2 retweets 11 likes
      Show this thread
    4. Jake Hamby‏ @jhamby May 21

      Let's suppose everyone cashes out some "stablecoin" at the same time. Is the issuer of that coin the one who ultimately has to make good on the fiat currency that they promised they have liquidity for? They're not claiming to be operating as a fractional reserve lending bank.

      1 reply 0 retweets 4 likes
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    5. Jake Hamby‏ @jhamby May 21

      All of these DeFi startups seem to be operating in this financial and legal gray area where they can act with as little regulation as possible, while giving the appearance of offering much more than they could realistically be offering. They're claiming to have that much money.

      1 reply 0 retweets 5 likes
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    6. Jake Hamby‏ @jhamby May 21

      But it gets weirder, because there are collectives minting stablecoins who don't even pretend to really be backing them with much beyond maybe some other coins and goodwill. MakerDAO is a perfect example of this. They seem to mean well, but I'm doubtful.https://makerdao.com/en/ 

      1 reply 0 retweets 3 likes
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    7. Jake Hamby‏ @jhamby May 21

      I mean, I have no idea how to tell apart the starry-eyed idealists who really believe in this stuff from the people out to make a quick buck. And the idealists could in a way be worse because they actually believe in what they're doing and won't cash out until they lose it all.

      1 reply 0 retweets 6 likes
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      Pinboard‏ @Pinboard May 21
      Replying to @jhamby

      The existence of the idealists also emboldens all the layers of speculation above. It's like if Beanie Babies had had a hard core of people who truly believed they would become the world currency

      2:25 PM - 21 May 2021
      • 2 Retweets
      • 3 Likes
      • - Jake Hamby
      0 replies 2 retweets 3 likes

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