Buying volatile assets to back stablecoins must be one of the worst ideas in the history of crypto.
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*Buying volatile assets to GROW stablecoins
#few
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Fantastic marketing, clearly great for growth
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1 thing i dont get, last year the FUD narrative was that Tether is holding cryptocoins.
Now this is good? CT schizo
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Tether claimed to be backed in dollars - it wasnt
Terra makes no claims to he backed - but it is adding billions in bluechip crypto reserves
Bullish
Ok I get this. They lied about reserves being USD (or equivalent) so they holding crypto was indeed doubious.
BUT, you holding crypto does not mean that UST is a stablecoin on par with USD. (u said is not backed)
Is just a mere algo-coin that tries to be 1:1 USD.
Am I right?
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What is the value/backing of USD? The fact you can transact with it & that it has very deep liquidity, no? Then why is a stable coin that much different?
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