Replying to Avatar Derek Ross

Coinbase is not allowing USDC to be exchanged for dollars. 😂 Circle had $3.3 billion of its $40 billion of USDC reserves at collapsed Silicon Valley Bank. That effectively puts each USDC at $0.9175 instead of $1.00.
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Jogi 2y ago

Ok, so if people sell USDC, the 91 percent reserve goes down over time. That's why Coinbase paused it. But that's no good for you if other platforms remain open over the weekend, like bitcinex, kraken or binance. If a coin run starts to really take off, this thing goes belly up.

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Jogi 2y ago

Oh, and the key to sucessful panicking is to do so before everyone else does. 101!

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