Bitcoin Flash Rally As Tether Loses It&#x27;s Peg

metafzx (40) 6 years ago (edited)

I heard today that there are over 50 stable coin projects in the works now with 27 actually in use. Chris, do you think all these projects have a serious chance to fight over dominance in light of US, Eurozone and British regulation? Wouldn't it be more likely that government/ Federal Reserve fiat stable coins will be the only ones allowed to live?

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marketingmonk (71) 6 years ago

When you say 'allowed' it sounds like they will have the power to stop them. Some stablecoins will be unstoppable like DAI which runs entirely onchain. So yes I think they have a fighting chance.

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alexanderhoehne (51) 6 years ago

Hi Chris. Thanks for the update and the deeper look into the mechanics. I watched others on this and you seem to be the only one I have seen, who takes a deeper dive in the market mechanics.

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juanete20 (44) 6 years ago

Just imagine you're "Mr.Tether" in a jog interview...and the guy asked you: "Where do you see yourself in 5 years time?" what would your answer be???

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marketingmonk (71) 6 years ago

A+ funny

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chekohler (70) 6 years ago

Not the first time Tether has been hit with scandal but its still the most widely used stable coin for now, not sure if trueUSD will begin to eat at its market share now. I know SBD lost its peg ages ago but its been kinda stable and I think its not a bad stable coin to use if you're scared of using Tether. I think its just that Tether is on so many exchanges and has so many trading pairs available that its the more popular choice.

Never heard of Dai before gosh that would be great if we had Dai with atomic swaps for all these ETH tokens we could really have a better use of value on the ETH blockchain not so much dust stuck in wallets and exchanges

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marketingmonk (71) 6 years ago

You're right. But Tether is now under so much competition that it's market share is being eaten from all angles.

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truth-be-told (58) 6 years ago

Great explanation of what happened. I really think Tether is going to see some market share drop for the remainder of the year.

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lionsuit (62) 6 years ago (edited)

Power to you.
Random video note regarding a comment on your past livestream (and things are always changing, so some might disagree, but): although some companies promote 60 frames per second at times, I would stick with 30, 24, or possibly 25 in your country, as 60 fps doesn't add much to the viewer experience besides over registering in the brain. It can be useful in video games for pinpoint timing perhaps, but supposedly the human brain digs the classic frame rates. Forgive me if that sounds annoying or technical when you didn't ask.
Cheers regardless!

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clubmikev (33) 6 years ago

I noticed recently the reduction in the total supply of USDT by a few hundred million. With more choice of USD stable coins now on the market, it was only a matter of time before something bad happens to Tether.

Lo and behold, I wake up this morning, check the crypto markets, and I see what was just reported here. Time to wave good bye to Tether? What do you all think?

marketingmonk (71) 6 years ago

I decided not to touch it in the first place :)

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https://www.ccn.com/tether-pulled-300-million-in-cryptocurrency-out-of-circulation-last-week/

heroic15397 (62) 6 years ago

I too prefer the way the DAI is backed.

One interesting info I learned today is that last week, Bitfinex sent $300 million worth of USDT to the Tether treasury.

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rodstarr (56) 6 years ago

Thanks for the information on Tether and the quick update on the Bitcoin rally. You were right. Last week, you stated that we just need to be in it and the rally will happen gradually and by the time we get in, it will be too late.

banditqueen (52) 6 years ago

many thanks for the info. we love you all the way @marketingmonk