Stablecoins Are Unstable!
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The $1.3tn cryptocurrency industry was on Thursday hit by one of its toughest challenges when stablecoin Tether - a critical cog in the market - failed to maintain its link with the US dollar. The company refuses to provide details on the Treasury holdings that back the stablecoin claiming their fear of revealing the ‘secret sauce.’
Tether tumbled as low as 95.11 cents yesterday, far below the $1 peg that it seeks to maintain. Its price later recovered, but the slip-up, days after the failure of smaller algorithmic stablecoin rival TerraUSD, (and its paired coin Luna) sent bitcoin - the world’s biggest digital asset - sinking to its lowest level since late 2020.
Ratings group Fitch said the troubles at Tether and TerraUSD “highlight the fragile nature of private stablecoins, and will accelerate calls for regulation”.
In todays video we look at how algorithmic stablecoins like Terra work, we discuss their importance in DeFi and smart contracts.
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Great video. I'm sure I was not the only one who requested a video on Luna. So many people have been burned by this fiasco. Thanks.
in short , stablecoins are stable
Your dislike of soft jazz somehow made your channel even more spectacular.
@@jamesy3851 how about classical ?
Mike maloney(WEALTH CYCLES) these banks are very predictable
"Monkey art, a historically safe asset class"
I’d cried at this quote 🤣🤣🤣
This destroyed me.
Imagine 1 day it made into history book . And future kid have to learn about it and do test exam
That was quity a nifty joke by Patrick.
It's actually a better investment to buy actual monkeys and hope they dont just run off and die
"This at least diversified them away from the two coins that they had made up themselves. They now had reserves containing other coins that other people had made up."
Humor so dry you could make jerky with it.
😄😄😄this got me too
Touche
This line ended me. 😂
Patrick's insults are so good.
I will forever be grateful to Coffee for introducing me to Patrick's videos. The deadpan trashing of NFTs, coins and other nonsense is so wholesome.
better late then never 😂🤌🏽
I'm curious if this stems from regret.
No he just knows the community is amongst the stupidest least educated groups in history
@@xehP regret of not investing in garbage
You're not alone. Coffee's interview of Patrick sent me here for his knowledge. I stayed for the humour that is drier than my Martini.
The reason stablecoins exist is simply to add another layer of grifting to the overall grift.
As of this comment, LUNA is currently at $0.00004. Yup, 4/1000th of one penny. The algorithm is now minting trillions of coins in an attempt to recover UST. I feel bad for people who said yesterday they were going to “buy the dip” at $.40
I don't feel bad for them at all. Talk about trying to catch a falling knife.
And it can still fall 99% from there. Over and over.
Yeah that wasn't a dip, it was a dead cat bounce.
Soon there will be more LUNA coins than atoms in the universe.
And it still won’t be enough to stabilise UST...
It's currently at $4x10e-18, I wonder how close to zero it can get :)
Your sense of humor meshes perfectly with your sound financial advice. Great stuff Patrick!
Legally speaking it is entertaining education and not financial advice.
I came here to improve my Irish accent.
I am waiting for more 420 economic videos.
About as stable as a one-legged blind man riding a unicycle on top of a basketball while juggling knives.....
Crashed as hard as a showoff on a motorcycle flipping a wheelie on the highway while wearing nothing but shorts (for an Instagram pic of course)
Classic. But you left out the spinning plates.
Welcome to exchange rates
Lol I get the picture, thanks
Cue the circus music 🎶
Crypto reminds me of the ancient astronomers who kept trying to come up with increasingly convoluted models to reconcile reality with their preconceived notions of geocentricity.
Or you could just call it garbage.
Ancient astronomers never went to the moon.
Eventually, crypto bros will come full circle and reinvent centralized banking and fiat currency. It's gonna be hilarious.
Not to mention the alchemists!
Yeah, that never happened. Copernicus' planetary model had as many, if not more epicycles as Ptolemy's. The problem with ancient astronomy was the assumption that orbits were perfectly circular, which worked seamlessly if one ignored trans-saturnines.
The real question is how did Tyson Fury lost all that weight and become so good with financial analysis 🧐
And develop an Irish accent
Lose*
@@its_lolkong5476 eat shit
Lmao how did I not see this before 🤣
I put a quarter of my retirement fund into Evergrande stock and another quarter into monkey art NFTs. This hasn't worked out as well as hoped. I'm pretty sure I can make everything I lost back by investing the remain 50% of my savings into *tulip bulbs*. I'm sure there's going to be another tulip bulb bubble and I'm in early. I just need to time my exit appropriately to catch the peak of the bubble. My experince with Evergrande and monkey art NFTs were expensive but I've learned my lesson well. Just wait, I'll be retiring in comfort yet.
@Shill of [insert_personal_Boogeyman] I hope TH-cam comments are not legally binding documents.
🤣🤣🤣👍
for god sake dont invest in Tulip Bulbs, they are a ponzi scheme. You should invest in the South Sea Company, it's going to be big.
I appreciated very much the irony of this comment !
You forgot to say that you bet all your family's money into that 🤣
I can never miss a #PatrickBoyle video… safe to say you did not miss again, excellent analysis and perfect delivery. - from a Class of ‘20 Economist and fan
"Bernie Madoff, King of the Ponzi schemes. He didn't actually call himself that, it would have been too much of a give away."
Had me rolling, Patrick. 😂
22:03
His dry wit is legend. Pat always has the best jokes.
He just “Made-off” with the money. It was clear for all to see in his name.
⛔️Stop it 🤦♀️
Terra is definitely NOT a Ponzi 🤦♀️
If Terra LUNA & UST a ponzi, everything else should also be considered a Ponzi (including most business, governments, religions..); where you need new “adopters/believers” to “pay” the early adopters.
Ponzi scheme conditions includes:
[1] Nonexistent enterprise (Terra ecosystem exists & host amazing establishment-shaking protocols like MIRROR).
[2] Based on lie & fraud (Terra LUNA & UST white papers were published & the mechanism of the algorithmic stablecoin never hidden. It was well known. No one lie about it).
[3] Paying early investors from money invested by later investors. As I said, every venture functions like that. Terra didn’t hide this. It was one of the way to attract developers & new users to grow the ecosystem until it become self-sustained.
So, Ponzi includes lying about the source of of the revenue & the mechanism of how it works.
It is human nature to lean to scapegoating someone after loss & resisting any personal responsibility regarding self-risk management.
Here is what really happened:
Terra ecosystem mostly work great for years & surpassed many of its competitors. It was working fine until it didn’t. Many people, me included, have grew comfortable with that & simply we stretched our luck.
@@duran9664 Ok, it is a simple bubble, and it is stupid to buy it.
I am willing to bet Tether is not fully collaterized, probably not even close. Is it possible to bet on their inevitable downfall?
You are right. It’s not fully collaterized
There’s a coffeezilla video on this right
Coffeezillas video is very good
@@thomas.02 Coffeezilla is one smart mofo. He and Mr Boyle should do a crypto chat.
Yeah you can short the token
The point of crypto : remove 3rd party transaction fees and time.
Also the point of crypto : collect it, never spend it, become rich
Your use of the word - 'Pegging', I immediately thought to myself - 'Err, no, I don't want a pegging by the ImaginaryCoin industry' 😂
Patrick is so Irish, he’s able to make even the most dry, technical and Byzantine machinations of the finance world funny. You’re great P. Thank you!
Cringe
@@ivand0007 you have proved that you are cool.
He is great explaining and entertaining at same time
Cool seeing you outside dogdog's channel 🫡
Tether collapse will make Terra look like nothing...
That thousand yard stare had me convinced he was going to try to hard sell me on "the next big thing in crypto!"
Pleasantly surprised to walk away with some actual financial knowledge and a few (intentional) chuckles.
Another great analysis, Patrick. As a currency trader with a 40 year real estate investment background, I've long scratched my head over the entire crypto world. We don't trust ANYBODY in real estate: that's why we have lots of lawyers at a closing to make sure the 20 to 40 pages of legal contracts actually do what both parties said they want done. But we should trust these folks behind crypto air? Naw, I don't think so. And based on your analysis - which I trust implicitly - it proves out what I've felt all along. I'll just take the hundreds of thousands of dollars of real estate profits or "real" things and trade currencies based on "real" economies, and we'll just see what happens to all this other stuff 5 years from now. Maybe someone will figure something out, but when all you say is that it's based on trust, or that there will always be someone - or some-THING - to back your thin air coin: there may not even be anything to talk about in 5 years just as no one cares about all the derivative nonsense that caused the last crash....
As a banker and an apprentice Investor (let's be humble), I completely agree.
What puzzles me is that institutional Investors went into this shit.
@@mrnono5034 They went in because they could make money.... As Gordon Gekko put it: "It's all about the bucks; the rest is just conversation."
This is more derivative than any derivative could be 😂
@@Hamboarding Not even a derivative; just air.
@@longwoodcurrencytrading agreed
"I hate soft jazz....it just makes me angry."
Love it!
Idk how anyone can have any trust in a purely algorithmic stable coin. Especially in the climate of rug pulls and deception we live in.
the only good news is that most of these "rug pulls" are being advanced by the "heros" of tik tok and other younger peoples "models in life" and I hope the "younguns" LEARN from this and move on with their hapless iPhone sex driven reasoning.
@@Dwightstjohn-fo8ki It's gonna take a lot more than that to bring society back to reality, unfortunately
How? Stupidity/naivety and a desire to get easy money for doing almost nothing.
Another great video, love how Patrick does not hold back when discussing NFTs and crypto-coins.
It makes me cringe seeing people act like they are legitimate assets.
@@shawnjavery -- yes, however sarcasm is strong with The Patrick!
Blue jacket + blue wing-back chair = MASSIVE SHOULDERS! He is the Atlas of TH-cam finance
Tether is mostly backed by chinese company IOU marks (colloquially "commercial paper"). It's a backing that can go up in smoke any month now.
It is true?
"Monkey art - an historically safe asset class" Amazing! That was the exact moment at which I subscribed.
When did he say that and what did he mean by monkey art? NFTs?
@@rightright6582 Yes
If you work on the basis of "only invest in what you understand", then there would be about 3 people on the planet into this stuff.
Algorithmic stable coin; that's about as good of an oxymoron as I've ever heard. Essentially, trust us. Mr. Barnum was correct, we are not running out of suckers it would seem
An algorithm can be any logical set of instructions. Planes fly on algorithms.
If it failed it just means it was a bad design.
There will always be people so desperate that they are willfully ignorant and blind to a scam. They just want to have more so badly they don't realize that getting rich quick means you have to scam people out ov their money first (lying to them to steal their money)
People want to make up new terminology or slang for new tech or new methods to steal but it is all basically the same shit. Guess it is easier if they can make themselves feel a little better about being a thief.
Crazy that it has become so popular lately.
Wish all the internet and electronic infrastructure would go down for a while, erase all that rubbish.
Suckers think this is a lotto ticket
Correct - its not a stable coin lol.
@@il-conte And that would be Patrick's argument, that Terra is indeed, badly designed.
What I find so satisfying about Patrick's videos is that he eloquently and humorously explains what any practical investor has always intuited about these "crapto" "assets".
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Hi Patrick. Would be interested to hear your views on gold and silver. As you said yesterday the markets decides everything and there are serious investors such as Frank Guistra that have said it is heavily manipulated
i felt soo much better when you were explaining that crazy coin pegging nonsense and finally said "this makes no sense". i was literally thinking the same thing the entire time, and was worried either you or i was crazy.
I sold all my cryptos last Sunday, all of them. I got very lucky, considering what this week has been like. I won on some and lost on some. But I'm glad to not have them in my portfolio anymore. Some may end up great, but overall, I just don't like them.
Same here. 2 weeks ago. Glad to be out. I think the whole market is a rigged tier of Ponzis of varying marketing (*use case hoho) abilities. The best marketing ponzis like LUNA TRON etc draw the muppets in, TH-cam , REddit and Twitter shills keep banging the drum, the sheep pour their life savings into a valueless sh*tcoin , ride the wave for a bit until it either fails and the founder scams out (LUNA) or just tails off once the shills and owners have bled the sh*tcoins market dry. RIP Crypto at some time soon. ** I do love blockchain technology and its use cases, but not profiting from it.
@@BigDog-cy4qk never heard of "majic" beans, lol. Are those similar to magic beans?
@@steezystonks - I think it’s spelled ‘Majic Beanz’.
@@sirrathersplendid4825 haha
Hahaha.
Who couldn't see this coming from the "20" APR LOL. Also killed me when you said "crypto people have a thing for the moon"
Who knew a dome that smooth could have a wit that sharp
💀
He put all the points in INT.
It surprises me that Patrick has such a deep understanding of the technical part of stablecoins, and can present it in a humours way. I guess keeping learning for your whole life is required in the finance sector.
You should never stop trying to learn things. The day you stop bothering to learn new things is the day your life starts to end.
Not just a humorous way, but a deeply scathing way
That settles it. Let's blame Kenny G for everything.
Especially soft jazz.
Kenny G must be having an interesting week. Imagine checking your Twitter and finding people are blaming you for the collapse of crypto currency.
🤣🤣🤣🤣
I'd prefer to have accidentally cured cancer but beggars can't be choosers.
As an IT guy I can share with you to have a system 24-7 with complex algorithms 24-7 security, proper administration and backup, bandwidth, maintenance, scalability, architecture design etc you will need a yearly budget like the bigger banks! you cant do that for free or a low fee. There are really a handful of very talented people that work for free but even that is not enough to make and maintain something like this! and now include all the needed hardware to run backup and scale + data traffic! $10 million usd does not even come close to the cost of something like that!
*Designs Speculative Investment that inevitably death spirals in a market downturn*
*Market downturn happens*
[shocked Pikachu face as Investment death spirals]
I liked the video and enjoy listening to your voice. You were way over my head with this one. But, that's o.k. I'll watch it a couple of times and maybe something will sink in.
The only way to learn
Patrick, you have such a wonderful way with words. It seems every new generation has to get their fingers burnt to learn that investing in whatever the latest craze is only works for a while and then it all turns to custard leaving a lot of mainly younger people out of picket.
So true. I wish the regulators would step in and halt the lunatic crypto advertising that obviously targets the young and impressionable.
@@davidwebb2318 in the end, David, you can’t protect people from themselves. At least young people who get their fingers burnt have time to recover (hopefully) plus they’ve learned a useful lesson along the way.
@@jasperhorace7147 Yes, I know. A lot of these people seem so obsessed with conspiracy theories they wouldn't want the regulation anyway! They would somehow twist things and believe that the regulation designed to keep them safe was actually some sort of government plan to steal their crypto 'coins' or something.
This might sound like a leap but I think we need to look again at the drugs laws in Western countries. It is well known that cannabis causes severe paranoia and permanently reduces cognitive ability in a lot of people. As cannabis consumption has been legalised it is plain to see that there is a whole generation getting more paranoid and less rational. The crypto pushers are just cashing in on a delusional generation many of whom aren't able to think straight.
I never understood how people were getting so much interest staking their stablecoins
To circumvent regulations and oversight.
Ponzinomics
Vampires?
its millennials and zoomers lol
20% interest.
"Neither stable nor a coin" LMAOF
Does someone write your scripts or research this stuff for you? For someone not in crypto you gave a very thorough and completely accurate explanation of how the Luna/UST mechanism worked. Better than any of the mainstream coverage by far. Well done
He is a Finance Prof. And a Hedge Fund founder. I think he knows what he talking about
"For someone not in crypto" You have a lot of trust in the abilities of some people... (those who are IN crypto)
@@perianudan-claudiu2495 good job making no point 👍
@@2010Failbrids LOL
@@2010Failbrids I wouldn't expect you to understand. Frankly, I made a point, your response didn't.
I think that the reason behind the volatility is the fact that things that were meant to be treated as currency are being treated as assets causing a specukative bubble.
_“In fact I can’t stand soft jazz, it just makes me angry.”_
DUDE. IKR. I thought I was the only one.
So glad I sold the 4 bitcoins I had last year when the price shot off to the moon! Interestingly, I bought the coins back in 2012 after my close friend friend “convinced” me to invest; I gave him the impression that I knew what he was talking about but alas deep down, to me, he was talking Chinese upside down 😂. I guess I just got lucky with Bitcoin and still grateful for my friend’s investment advice 10 years ago! As for the present, I am pretty much done with crypto and won’t flirt with it any longer. It’s been fun while it lasted!
Imagine the chumps you sold your coins to, they lost 25% at least
The same thing will happen. Bitcoin jumped to 20k. Then went down to 8k and then to 12k for a couple years.
Then it jumped to 60k, now back down to 25k( probably) Then in a couple to a few years it'll go back up again to 100k plus. Long term.
Congratulations on taking profit.
Yup, the technicians suggest Bitcoin will wallow in shallow water for the next year or so.
Hey Professor Boyle, I'm an avit economics enthusist for 3 years and I've learned a lot. Your presentation is so easy to understand because you know what you are saying. I enjoyed watching your channel very much. Thank you.
I'm considering a degree in ecomixs as opposed to something data related, what opportunities are there for ecomics degree holders ?
Avid
The problem with your hilarious deadpan comedy style is that sometimes I'm not knowledgeable enough to distinguish if you're joking or not
Patrick: Terra coin. TH-cam subtitle: Terror coin. Yeah, that’s about right.
My god, someone finally said something that I understand about crypto and blockchain.
Dodgy people going dodgy shit.
Patrick Boyle is the hero this world needs.
0 - 1:54 the best explanation of stable coins I have ever heard
You are almost able to make crypto talk bearable. Quite a talent.
This was already excellent, but TH-cam subtitles just had to come along and make it so much better.
7:14 so terror which has been all over the news this week 7:46 each terror coin is always worth its peg value in luna
9:03 the price of terror should always be one dollar
13:32 there would be reserves available for use as an additional backstop against a severe drop in terror
14:23 cause a bitcoin whale to start dumping bitcoin to defend terror
18:12 approach but at its core terror is deeply flawed
''a bitcoin whale to start dumping bitcoin to defend terror''
LOL
Luna - "Peg me harder, terror!"
Terror IS deeply flawed!
best one yet,
love you
Squint your eyes until the blue suit merges with the chair and imagine it's David Byrne
As a Bloomberg commentator said, cryptocurrencies only work as long as they are going up. When they go down it exposes the problems inherent to them.
That's always what I thought: basically, a tech Ponzi scheme.
Absolutely legendary explanation. Thanks so much.
My bank handles many major currencies ... heck, my credit card can automatically do transactions in CAD, EUR, GBP, and JPY. Also, last time I was in a FOREX platform, there was no additional fees for exchanging back to USD.
Crypto, on the other hand, had a boatload of exchange fees and transfer fees.
Terra Luna exploded, yeah. But there was a time that if you put 100$ into it, exactly 1 year later, you could have cashed out 1 million dollars. This is what caused all the hype, but ppl didnt realize it was too late to invest and all they were doing is providing more money for early buyers to cash out.
This is like saying that if you bought rare beanie babies early, you could have sold them and cashed out at the height of the craze. True, but missing the point.
You are simply amazing.
With a more than 30 year experience in the financial industry, being a CCI,
I must say, that is remarkable and unique, how many valuable, logic and good true financial principles you pack into such a short video. Everybody, who wants to invest should watch your videos first.
What is so outstanding, you pack this good advise in a funny way, so it is fun to watch, at least for me as professional in this area.
Thank you, please continue your good work.
Crypto! It’s like gambling without the hassle of winning anything!
The blue chair with the blue suit makes it look like you're wearing some Pagoda shoulder suit from the 1960s
ARK ETF (Cathie Woods Team) interviewed Luna and they seemed it like what they heard. The one think I could not wrap my head around was you could borrow money for less than they were paying to person you were borrowing it from and I could not make any sense of how they could do that? If that was the case couldn't you borrow money and then loan it back and keep the difference??? That was like a year ago or so. You should look up the interview. They really didn't do much follow up or probing questions. Maybe that is why ARK funds is down so much???
The Ark is doomed, too.
The Ark is sinking
I dont think ark has any exposure to luna.
Lot at it another way. Could ARK have said in an interview that they had any doubts? Can you imagine what would have happened in the media? That's why it's all smoke and mirrors
BS
Bizarre how many people fell for this.
LOL - your sense of humor is great. It makes your videos very enjoyable while being educational. Thank you!
To be clear, the interest rate promised by Terra was due to the Luna Foundation pumping VC money into the system to incentivized participation. It was going to last for six months at most, and the interest rate was already dropping as of last month.
There was also another algorithmic stable coin issuer called Iron Finance that used the same mint and burn mechanism as Terra. It also failed, although that time, the cause was a lag in their price oracle, so the arbitrage was never up to date.
"...soft jazz makes me angry" Nailed it. That Kenny G guys is the root of all evil.
Starting early is the best way of getting ahead to build wealth, investing remains a priority. Even in a downtrend, the stock market/crypto market has plenty of opportunities to earn a decent payout, with the right skills and proper understanding of how the market works.
You are so right. I've been investing for the last 2 years, and I've lost and gained, I know because my advisor can find so many good plays. My portfolio literally went from skyrocketing last year (not counting withdrawals I made) all really exciting. I guess it’s the experience and better judgment.
Hey! Please who is this advisor of yours? I guess success really means total knowledge and I hope he/she can help me get back what I lost. Can I have easy access to reach out?
@@dannyvera8475 My consultant is *PRISCILLA DIANE AIVAZIAN* I found her on a CNBC interview where she was featured and reached out to her afterward. She has since provided entry and exit points on the securities I focus on. You can look her up online if you care about supervision. I follow her trade pattern and haven’t regretted doing so
@@helenoliver4838 Access to good information is what we investors need to progress financially and generally in life. here's a good one and I am grateful. Found her website and it was really impressive
Mrs. *PRISCILLA DIANE AIVAZIAN* really knows her way around trading, it's evident from her deep knowledge of how the market works, and reading signals to perfection, I feel very safe trading with her.
Thanks again. Always educating.
Thanks!
No problem!
Stablecoins: Hyperinflation as a Service
So nice to have this covered by someone who actually knows what he's talking about. Patrick is a diamond!
irish...he is irish.
Great video.. Thank you for explaining another bubble... 👍👍👍
Superb, thank you for posting.
I love the dry humour in these videos
His video on shiba inu coin was great!
Patrick Boyle is the best financial analyst on TH-cam, always on point.
maybe.
unfortunately we will never figure that out since this is a rap channel and it's all about rap music :)
I discovered Patrick weeks ago. I demand time to go back so I can enjoy this since yesterday!!
Most people are not interested in a stable coin, they like to speculate and x10 their money in price swings and that is perpendicular to the goal of having a coin that preferably never move because it is stable! thats like a 0% interest -inflation investment.
Watching this after both Do Kwon and SBF are in jail.
It aged well.
Patrick: "You might wonder why people would want to store their money in an unbacked algorithmic stablecoin..."
1% of people: "The earth is flat."
12:50 It was explained, as a teaser rate to draw in initial “depositors” (but not legally depositors so that when this whole thing evaporates we’re not liable).
Trouble is I don’t think people got the memo. The Plain Bagel, in his “Investing TikToks Part 4” showcase, shares someone who said they were going to finance a house with income from Anchor. They seemingly expect Anchor to continue paying 19% for 30-plus years.
Patrick has a great sense of humor!
Automatically pressed like when i seen the thumbnail.
It always nice to see a real economist tear down all of this nonsense and specially when is in a funny and easy to understand way for the mayority of people
Yes! A video by Patrick on this issue👍🏼
“He didn’t actually call himself that, it would have been too much of a give away” 😂😂😂
Despite the dip in crypto, I still thank you ?? for the level-headed financial advice. I started crypto investment with $4,345 and since following you for few weeks now, I’ve gotten $18,539 in my portfolio.Thanks so much Mrs. Jocelyn Marie.
I’m surprised you know her too. I’ve been making a lot of profits investing with her for a few months now.
Mrs Jocelyn changed my life because of the high profits I got from investing with her.
As a first time investor I started trading with her with just a thousand bucks. my portfolio is worth much more than that now within just weeks of trading with her.
You invest with Mrs Jocelyn too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
Seriously the only times I genuinely laugh nowadays are watching Patrick Boyle. This one still has me teared up.
Always appreciate your insight!
I've been through several videos on this but as always, your delivery is by far the best!
I never actually bought "stable" right from day 1.
Until 2018, it was called alt coin. So to gain in visibility and reputation, they transform the term into stable coin. Honestly working in the industry is very interesting but inviting in it ...
Let me begin by making the point that ust is exactly like a coin, many more turned to dust than succeded
Thank you for your amazing channel. So informative and explained so well.
Patrick, I really like how you handle these Jenga financial instruments.
Just waiting for the next algorithmic "stable" coin to come along as soon as the focus dies down from Luna/Terra.
You see how fast the world moves. Values were way down on the referenced time of recording and looks like Terra has stopped trading.
Sucks for everyone who lost money but this was always likely to fail amd thsee people were playing the get rich quick lottery
Yep. Just gambling while waiting for the next sucker to buy magic beans off them.
No need to wait, there are already tons of them trying to sweep up some of the suckers that lost money for a second cleaning.
people lost more than monies
some lost monies they didn't have
some lost their ......
Could stablecoins crash and would the crash transfer into the main financial system.
This channel just keeps getting better and better. First time I feel like I've almost seen you get visibly angry though! (towards the end). You're a legend forever.
A note: tether likely has no actual meaningful collateral.