WeltzeitgeistJan 27, 2025
@GhostOnTheHalfShell @cryptadamist Well, here is the trick, in reality those 'stablecoins' aren't backed by dollars.
Show thread⚯ Michel de Cryptadamus ⚯

@wackJackle @GhostOnTheHalfShell USDC is almost definitely backed by dollars. the funds are in trust at blackrock (Tether is another matter, though i tend to lean more towards "the money Tether has is dirty" than "Tether doesn't have the money")

as far as how to mint #USDC, you open an account at Circle, send them $100, and they send 100 USDC to your wallet address. practically speaking due to the close relationship of Circle and #Coinbase this all happens in the Coinbase app - you wire money to Coinbase at #CrossRiverBank (that's a whole other topic but suffice it to say it's a bank that got a 100 page Congressional report devoted to the ways it facilitated truly epic amounts of covid relief fraud) and Coinbase puts 100 USDC in your trading account.

Jan 27, 2025 at 8:21pmWeb
Show threadWeltzeitgeistJan 27, 2025
@cryptadamist @GhostOnTheHalfShell Sure, believe in it if you wish. We'll see how this pans out in the great unwinding of Bitcoin and the other crypto stuff. 🙃
Show thread⚯ Michel de Cryptadamus ⚯Jan 27, 2025
@wackJackle @GhostOnTheHalfShell i've seen the USDC / blackrock filings. if USDC doesn't have the money then the global financial industry has much bigger problems than a couple of stablecoins.
Show threadWeltzeitgeistJan 27, 2025

@cryptadamist @GhostOnTheHalfShell Well, that's true and guess what, there are much bigger problems than a couple of stablecoins. (the 100 billion bonds losses of BoA for example)

But I don't care what filings are with BlackRock and so on. In the next great financial crisis, which will come eventually (in my opinion sooner than later) the whole crypto thing will blow up. It only exists because there are so many dollars lying around doing nothing. This will change in the next crisis..

Show thread⚯ Michel de Cryptadamus ⚯Jan 27, 2025
@wackJackle @GhostOnTheHalfShell we're in agreement about that. also i have serious doubts that the funds backing tether will ever be able to be redeemed by the people holding tether, even if they exist.
Show threadWeltzeitgeistJan 27, 2025
@cryptadamist @GhostOnTheHalfShell Yeah, some will get their money, I bet on the insider and the few big whales. For all others, I have my doubt.