We need to be mindful of those pitfalls that can take things down. With the crushing of UST, it is vital that we be diligent in our focus.
In this video I discuss the threat Tether can pose to the entire crypto system. There is a massive exposure that could cause a major crash if people lose faith in it.
▶️ 3Speak
One of the first things I was told when I got in crypto was to stay away of Tether
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Without watching the video and only responding to the title: the biggest threat to crypto is the legacy system actually operating correctly and without corruption (or mitigated corruption).
Ah Tether!
I shall now continue watching magic box.
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You seem to be implying that USDT can be converted into USD 1:1.
Where can I do this?
Is Bitfinex actually offering this service?
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Tether (USDT) is currently worth $0.9976 USD. In the previous 24 hours its lowest price was $0.9485 USD, and its highest price was $0.9977 USD. If any exchange is offering an 1:1 USD conversion option for Tether (USDT), then they are doing it at a loss.
One of my early crypto mentors used to talk about what a mess Tether is in 2016 and would always mention what a problem it would be if it crashed.
It certainly would create a lot of panic if the peg missed by much.
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We have to be mindful, these are lessons to be learnt and not be clouded by confidence
I think most stable coins are based on faith and nobody really knows if they can really back up all the cash they have behind the tokens.
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True if the faith of people go down with tether then it will be the biggest downfall in the history of crypto market.
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What is actually happening in crypto ? what collapses it right now ?
Those who consider the drop in crypto this week as a chance to purchase more hive will benefit greatly in the long run. We have to make the most of this situation by powering up an additional hive. Thank you for this sir @taskmaster4450 .
We use Stablecoins. And I think Stablecoins are not risk-free. What just happened to UST, now people are more concerned when they put some money in Stablecoins.
There is a lot of controversy around Tether. Recently USDT price dropped a little bit. Now it comes back to $1. What if USDT loses its peg? It will adversely affect the whole crypto market.
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