Wait how did USDC even unpeg if the same amount of minted coins were in circulation? The users shouldnt have the ability to unpeg a coin thats already tied to assets 1:1 right?
Discussion
It was never pegged 1 to 1. Lmao none of them are.. lmao
It just doesnt make any sense to me, there was manipulation somewhere. Someone knew this would happen.
Apparently they had $3 billion exposure to SVB I don’t really understand how it works either all I know is they lost 3 billion.
But technically how does that affect the coin when the same amount of coins were “supposedly” in circulation.
Because it’s all centralized and they gotta store the money somewhere. All the coins are minted by circle.
But then circle unminting and minting would only affect prices on charts does that make sense? Its not people were able to sell them bellow a dollar on exchanges the price just somehow went down
I got no clue how it all works very complicated and dumb. I imagine ripple/XRP which isn’t even a stable coin has billions of customer funds stored somewhere as-well.
Speculation doesnt drop prices tho im wondering where tf this things price dropped and how and why. Someone sold a coin under a dollar first and im wondering who set off the chain reaction
I wonder all this too but I don’t think we will ever get straight answers.
The arbitrage opportunities this weekend were ridiculous, man i wonder if we will ever see that opportunity ever again.
What do you mean opportunities like investing in USDC while it was down? That would be risky. Imagine someone leveraged 100:1 on USDC while it was down and made millions this week 🤣
I was arbitraging it for one whole night I started with 100 tether, converted to usdc at 89 cents, it went up a few cents i reconverted to USDT, when it went down i converted to usdc again, when it went up back to tether. I didnt this until i had close to 1000 tethers from 100. Imagine doing it at a thousand dollar level lol its at 99 cents now. Fucking wild.
Great idea still risky though sounds like day trading. How’d you manage to get past the fees wouldn’t it cost you more in extange fees than you’d be making?
I got level 8 fees on kucoin and pay fees in KCS for yhe extra 20% discount to minimize as much fees as possible.
It was fucking risky lol every time i bought i was like welp this is the moment it goes down to shit 🤣🤣
Yeah it could’ve easily went to like $.40-$.50 or even 0 like what happened with Luna. Too bad it’s not a garenteed get rich quick scheme. Could’ve made alot of money if that though.
Thats what im saying i was having terra luna flashbacks lol i like certain risk when trading, i caught like 300% when celsius token bottom and went up, caught the big break on Credit Suisse stick when it bottom and went up abit, i like some decent %s back on luna when it bottom and started trending up but sold way to early to get that 34,000% over the summer it last year.
Thats why we bitcoiners advocate for btc only.. thats why they dont like btc because they cant make this happen and take everyones money.. so tell your mami your papi your sister brother cousin tella friend tobtell a friend that bitcoin is a human right and they wont be cheated if they hold only btc.. lol 😆
If saylor dumps his btc and so on the price will go down, its still subjugated to manipulation chinas cease and desist memorandum cause the crypto winter of 2017.
Ya but you and i will buy it all up because we know there is only going yo be 21 million bitcoin.. in stocks they can add more stocks ahares.. no one can add bitcoin so the moment saylor sells thats when you back up the brinks truck and buy alllll
I know thats why btc is so good im just wondering where tf this thing went wrong at and if we could ever find the answer to it because who in tf has backdoor access like that if not a “hack” circle didnt unmint 3 billion coins to match the speculative 3 bill loss so somewhere someone started a mass arbitrage moment
The only way to dilute the value would be to mint more coins. A price drop doesnt happen without dilution, same thing happened in the AMC thing when they created the Ape coin
With stocks is a little different with stocks they coordinate the sells.. those ceo or cfo of those banks sold large amounts of the stock what weeks ago tbey took the money and they in the club that me and you are not in...