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
Discussion
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.