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+--- Thread: USDC/DAI/MIM - ALL DEPEGGED (/showthread.php?tid=6235880)
RE: USDC/DAI/MIM - ALL DEPEGGED - ep1capple - Mar 11, 2023
(Mar 11, 2023 10:03 AM)The Queen's Gambit Wrote: Do you think it's wise to buy USDC right now?
Proceed with extreme caution imo. Make your decision as if it's a volatile coin that may or may not go up and is money you are willing to lose. I've been put in the same situation before with UST and I decided to take a large cut to exit instead of hoping for a repeg and it turned out as the winning option. Many will have you think this is a guaranteed 7% return by Monday but it's really not. Nothing ever is easy in crypto.
RE: USDC/DAI/MIM - ALL DEPEGGED - shreder - Mar 11, 2023
(Mar 11, 2023 10:31 AM)ep1capple Wrote: Proceed with extreme caution imo. Make your decision as if it's a volatile coin that may or may not go up and is money you are willing to lose. I've been put in the same situation before with UST and I decided to take a large cut to exit instead of hoping for a repeg and it turned out as the winning option. Many will have you think this is a guaranteed 7% return by Monday but it's really not. Nothing ever is easy in crypto.
If they don't reopen on Monday expect further depeg.
RE: USDC/DAI/MIM - ALL DEPEGGED - trashy - Mar 11, 2023
It would be ironic if a non-algorithmic stablecoin were to crash because of a traditional banking receivership.
RE: USDC/DAI/MIM - ALL DEPEGGED - BrainDD - Mar 11, 2023
i wouldn't risk buying anything even if it went to 0.8$ and i was pretty sure it will bounce back, unless you have 1000000000$ you don't need, then it worth the risk.
RE: USDC/DAI/MIM - ALL DEPEGGED - Omniscient - Mar 11, 2023
Why are you trying to call out Focus Broken? I don't believe I have seen him advocate stablecoins. Stablecoins have their utility but imho you shouldn't use them long-term to hold. Better off buying physical gold at that point.
Quote:Do you think it's wise to buy USDC right now?
Are you fucking insane? What for? Why are you buying a stablecoin anyways? It's not like it's every going to go to $2. Why risk it at all? If you need someone in the crypto space that's digital and less volatile, then you're fucked right now imho. Because my best guess is that we'll see more problems with stablecoins being depegged and also deal with regulation.
Buy Bitcoin, hold, and STFU. Time is on your side with Bitcoin.
RE: USDC/DAI/MIM - ALL DEPEGGED - Dirty - Mar 11, 2023
(Mar 11, 2023 12:26 PM)Omniscient Wrote: Why are you trying to call out Focus Broken? I don't believe I have seen him advocate stablecoins. Stablecoins have their utility but imho you shouldn't use them long-term to hold. Better off buying physical gold at that point.
Are you fucking insane? What for? Why are you buying a stablecoin anyways? It's not like it's every going to go to $2. Why risk it at all? If you need someone in the crypto space that's digital and less volatile, then you're fucked right now imho. Because my best guess is that we'll see more problems with stablecoins being depegged and also deal with regulation.
Buy Bitcoin, hold, and STFU. Time is on your side with Bitcoin.
if you do a decent amount of trading it's always nice to have a small stack of USDT laying around, although I don't think thats the best idea either for the average person, I had a period where I was profitable trading crypto but since it's a 24/7 market that often meant being awoken by an alarm many many times per night to try and maximize profits.
RE: USDC/DAI/MIM - ALL DEPEGGED - shreder - Mar 11, 2023
Ended up buying some 90-cent USDC as it was all panic sellers. Either will likely sell now, rather waiting till monday.
RE: USDC/DAI/MIM - ALL DEPEGGED - SUI-3183372 - Mar 11, 2023
The hit is peanuts for circle. They've made enough over the last few years to cover this.
RE: USDC/DAI/MIM - ALL DEPEGGED - shreder - Mar 11, 2023
(Mar 11, 2023 01:56 PM)BV1 Wrote: The hit is peanuts for circle. They've made enough over the last few years to cover this.
Could be but always take their words with a grain of salt.
RE: USDC/DAI/MIM - ALL DEPEGGED - ___GS___ - Mar 11, 2023
(Mar 11, 2023 01:56 PM)BV1 Wrote:
The hit is peanuts for circle. They've made enough over the last few years to cover this.
Quote:In such a case, Circle, as required by law under stored-value money transmission regulation, will stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary
Quote from:
https://www.circle.com/blog/an-update-on-usdc-and-silicon-valley-bank
Finally some good news for holders.
RE: USDC/DAI/MIM - ALL DEPEGGED - Neal Caffrey - Mar 11, 2023
(Mar 11, 2023 05:24 AM)Goldsound Wrote: And to be very honest, I am scared now. I am clueless on what to do next now.
Just go buy more of your ponzi stablecoins
(Mar 11, 2023 01:56 PM)BV1 Wrote:
The hit is peanuts for circle. They've made enough over the last few years to cover this.
Especially since short term debt is yielding 5.6%.
They can fill a liquidity shortfall with their existing counterparties since it's not a solvency issue
RE: USDC/DAI/MIM - ALL DEPEGGED - Marvelous - Mar 11, 2023
This is the perfect setup for Cardanos over collateralized algorithmic stable coin DJed.
Definitely another big hit to cryptocurrency as a whole. All these will recover but still.
RE: USDC/DAI/MIM - ALL DEPEGGED - LeetSpeed - Mar 11, 2023
(Mar 11, 2023 09:56 AM)BV1 Wrote: There will be further contagion that probably keeps things depegged for longer than 2 days.
Yes I do not see them fixing this problem over the weekend.
(Mar 11, 2023 01:56 PM)BV1 Wrote:
The hit is peanuts for circle. They've made enough over the last few years to cover this.
I'm not sure on this they might have just enough to cover this but we'll find out in the coming days.
(Mar 11, 2023 01:44 PM)shreder Wrote: Ended up buying some 90-cent USDC as it was all panic sellers. Either will likely sell now, rather waiting till monday.
Yeah I don't think that was a wise decision. I see it dropping even more come Monday morning, although you never know lets see what happens during the week it's too early to tell how things will go.
RE: USDC/DAI/MIM - ALL DEPEGGED - shreder - Mar 11, 2023
(Mar 11, 2023 08:51 PM)LeetSpeed Wrote: Yes I do not see them fixing this problem over the weekend.
I'm not sure on this they might have just enough to cover this but we'll find out in the coming days.
Yeah I don't think that was a wise decision. I see it dropping even more come Monday morning, although you never know lets see what happens during the week it's too early to tell how things will go.
Sold it didn't care easy money. If they open conversion Monday it will go up more. Cba waiting that's all
RE: USDC/DAI/MIM - ALL DEPEGGED - Marvelous - Mar 11, 2023
(Mar 11, 2023 11:09 PM)Focus Broken Wrote: If it's overcollateralized, doesn't that just make it underyielding by the same multiple?
I don’t know.
If you are curious you should look into it instead of asking me.