macrocephalopod

Ok, interesting thread, but I cannot let this inaccuracy stand — under most rules “six of clubs high” is not a possible poker hand.https://twitter.com/Bitfinexed/status/1479569011348316163 …

Ultimate bet connection is interesting arguably the biggest poker scandal that ever happened, aside from that find this these views pretty extreme

Serious question: what makes you think tether is trustworthy?

Thinking in terms like trust lends itself to extreme takes like it’s either 0 or 1.0, think my prior is centered closer to 1.0 than to 0.

Generally I’d agree but doesn’t the nature of a pegged stable coin force you into that binary? I struggle to see a scenario where Tether is found to be somewhat not backed and reaches equilibrium around, say, 0.8 USD

Why is that an unlikely scenario? I find it way more likely than it being completely unbacked

What is the point of a stable coin with an unreliable peg? Or I guess better put, why would I use a stable coin at 0.8 when it could go to 0.7? Potentially to your point there’s always volatility in everything, but ranging from 0.9998 to 1.0005 is imho quite a different dynamic

“Stable coin” is a red herring, it has a limit order book like any other coin and an arbitrage mechanic to redeem to USD, that arbitrage mechanic turns into an asset recovery process instead and the limit order book will reflect implied recovery