/biz/ - Business & Finance

>>54040963

>>54040963
You will lose it all and have no one to blame but yourself. If you are ok with this, then I am ok with it.

>>54040963
You wont sell because you can't sell until Monday. And on that day a delusional baggie is born.

>>54040963
Have any stable coins come back from ~90 cents?

>>54040963
quick question for retards like op, why hasn't it repegged yet?
I mean it's supposed to repegg automatically right?
the 3 billions out of 44 that would be at risk shouldn't explain this.
it SHOULD have repegged

>>54040997
Why are you asking?

>>54040997
Nope. Even tether never went that low.

>>54041010
blackrock is backing them

>>54040997
https://protos.com/history-of-tethers-peg-every-time-usdt-traded-above-or-below-one-dollar/

>EAT THE STABLE COIN DIP APES
It's a funny world we live in. Formation of usdc baggie cult?

>>54041010
It will repeg Monday when Coinbase opens back up, they hold most of the USDC liquidity. It is currently 92% backed likely to be 96% backed by Monday. Unless you think over 92% of USDC will be redeemed in the next week (impossible with the amount locked in DeFi), USDC is fine.

>>54041033
so why is it still 90 cents since 24 hours?
i'm starting to think it's over.

>>54040963
And how will Circle return 3.3 bln (8.3% of USDC reserves) from the bankrupt bank?

>>54040963
>I have 200k
Don't you mean 180k?

>>54041073
lmao, you're telling me there is no one in coinbase offices to fix this mess because it's the week end?
LMAOOOOOOOOOOOOO
Reality check dude.
I would sell now without

>>54041010
Coinbase is has currently closed USDC conversions. That is the mechanism that usually holds it to peg.

BTW, screencapped for when the inevitable gme tier 3rd anniversary USDC GENERAL THREAD #17,432 happens.

You'll get those bankster hedgies someday.

How do you buy for market price. Coinbase halted trading.

>>54041080
FDIC. Trump gave 700b to nigger buisness 3 years ago they can afford to bail out the tech Jews.

>>54041099
Screencapped your screencap what now fag

>>54041101
Binance, which is hilarious. CZ scamming then in real time. I have a chink working overtime for me to scam Jews. CZ is a scammer and he scams for me as a binance user. No greater feeling than this.

>>54041114
Could you elaborate? FDIC holds these sum and don't return to investors like Circle? For what purpose?

>>54041025
Mostly curiosity. I sold off my USDC last night at like a 5% loss. Circle seems to be pretty legit, and only had a smalll amount of their reserves in SVB so they could in theory still plug this hole, but it's interesting to watch since if they DO repeg it'll be the first time it's happened

>>54041143
Them* phoneposting

>>54041149
Not explaining how banks are insured in the US to a jeet.

>>54040963
Based retard

It won't ever be able to repeg with the amount of swingers buying at this price and ready to sell whenever they attempt a repeg. They will be down HUGE amounts of money if they try and will simply unable to

>>54041155
Did you enjoy your haircut? If you were a baller you’d swing it back in

>>54041097
and may i ask why they're letting a billions dollars crypto goes to shit and lose its reputation?
For the keks?

>>54041258
I already said I’m not answering any questions from jeets.

circle had 3.3 billion held by svb

>>54041315
7%

>>54041305
you did not answer why they would let usdc be depegged for several days, which is destroying the confidence in the brand of a 50 bil crypto.
I'm thinking you're the jeet and you're about to be humbled.

>>54041073
>It will repeg Monday when Coinbase opens back up
And what's the official reason for goybase to be closed right now?

>>54041410
If they had left the conversion open a bank run could actually have happened. 2 days gives people time to chill the fuck out and look at the actual numbers

>>54041536
Same reason they turned the buy button off on GME.

KEK

IT WAS SO FK EASY TO DEPEG USDC SHITCOIN

KEK

WHAT NOW COIN GOING DOWN TO RABBIT HOLE :D

Are you that retarded to believe in USDC even it recover some day ???

Good luck shit coin gem

>>54041750
Why are there so many jeets coming to this thread?

>>54041750
>>54041583
>t. Shorted at 90c

Diamond hands fellow apes
In just 2 more weeks Ryan Cohen and Carl Icahn will merge with USDC and the price will skyrocket to millions of dollars per coin. Buy hodl and drs your USDC

I have 188k in USDC and LP pools including USDC. I have about $400k in the bank but I can't get it into fucking defi until monday. In the meantime I will try to borrow USDT to leverage long USDC if it drops low 90s again.

>>54041583
How fucking yellow are you?

Put it all in collateral and borrow eth then buy usdc with the eth and repeat. Dump it all at 0.96 into btc and watch the chaos.

All of this is unironically bullish as fuck and you're all dumb niggers for not seeing it.

We right now see proof that that dollar backing of Circle exists.

This is something people doubted for USDC to this day. Let alone they only stored a relatively small amount of cash at SVB (less than 10% of all USDC in circulation). So they also did solid risk management.
USDC and Circle just became some of the most trustworthy crypto companies.

Also, as I mentioned above, less than 10% of backing might be gone. So the worst thing that could happen is a market price around .90ct. Even including nonliquid assets, it is extremely unlikely that even a bank run would fully kill them, and they already took measures to prevent that shit.

>>54041920
I can smell the tears, desperation and curry from here

>>54041920
You have a point, it proves stablecoin pegs are actually a result of arbitrage and redemption and not just printed out of nothing and accepted as $1.

>>54040963
>And I’m not selling niggers,
Thanks for holding the door open, bud! Sure is getting a bit hot in there, glad to be done with all of that business.

>>54041920
This. The money is there. More than 10% of USDC is locked in defi. A true depeg is almost impossible.

>>54042073
>A true depeg is almost impossible.
Ah gee where have I heard that before.

>>54041073
>USDC is fine.
>90%
10% loss of a STABLE coin.

>>54042267
Retard. Tera wasn't backed by shit AT ALL. You know what's funny? There's a possible 3% shortage on USDC and people go apeshit and what do they do instead? Go into USDT fucking lmfao. For all we know USDT probably isn't backed at all because there's no transparency in the first place.

Things are fine.

>>54040963
>If anyone else here was a real man they’d do the same

>>54042267
I knew this was going all the way to 0 the moment it started happening I made most of the money I have now shorting LUNA into the ground while people were saying that. That was an algorithmic stable depegging with no way to stop it, the numbers showed it was going to depeg right from the beginning. This is completely different.

>>54042331
USDC,USDT are way more secure than a bank
People are regularly redeeming billions of each

It only took a ~billion dollar withdrawal to tank SVB

Even FTX scam central could redeem 6x more than that

>>54041139
That's a good idea. I'll save your screencap of my screencap, by screencapping it.

>>54040963
I dumped mine into ETH and UTK. Call me a retard but we all know that this is a fucked up situation.

>>54041750
>>54041583
OH NO NO NO NO HOWS YOUR SHORT LOOKING PAJEET-SAN?

Tell you what though. Dai is doing a decent job of repairing the peg.

Kinda confidence inspiring. It was my stable of choice back when I ducked with crypto.

>>54040963
I'M NOT FUCKING SELLING (have $65k USDC)

imagine being fucking stupid enough to sell a dollar for 80 cents lmao

>>54041827
BASED WAGMI SNEED HEDGIES where do I DRS my USDC?

>>54043417
This. Panicking retards.

>>54042414
This is so hilarious. Because people fudded USDC for holding treasures even though they were ultra short term tbills when fucking "cash" in the bank at SVB was invested into much longer term 10 year bonds. 99% of in this space don't know shit about how anything works.

>>54043817
Yep just a bunch of panic, tempted to make my rebuy now idk if it’ll go back down.

>>54041073
That's not how this works.

OP won

>>54042267
nigger anyone with an iq above room temperature knew the risks of terra luna and that eventually it would fail
i even set an alert on ust for a depeg months before it happened bc i saw it as inevitable

>>54041920
are you a bear trying to subtly FUD me out of USDC?

Is buying USDC here a free 5%? Seems to be repegging nicely.

>>54040963
swap it all into LUSD, anon.

>>54044816
>Risking everything for just 5%
Why?

>>54044816
Pretty much, but anything can happen before the redemption start, so watch out if you use leverage.

>>54042414
youre comparing apples and oranges: redemption is nothing close to a bank run
if usdcs redemption mechanism isnt able to work properly then people might lose confidence and sell en masse, which further drains the dollar backing when people try to redeem back to peg, further panic etc leads to the stablecoin collapsing
then you can compare it to svd bc thats what a bank run looks like
redemption when theres no mass loss of confidence is just day to day operations
and for 99.999% of people who have less than 250k an fdic insured bank is always a better option

>>54040997
but isnt like UST from what ive heard they had 3,3B in the bank that went down that was 3,3 out of a total 40B

>>54044845
I just caught a quick 1.5% and swapped back to tether. Realistically USDC isn't going to rug but it probably won't repeg until monday, don't feel like trying my luck with it any more this weekend.

>>54044537
I know.

>>54044508
https://twitter.com/jerallaire/status/1634649346535833601

Except it’s literally exactly what just happened. You are NGMI

>>54043417
Imagine thinking USDC was a dollar.
Imagine thinking you would be better off selling it for 0 instead of 80 cents.

>>54045583
>literally exactly what just happened
It's not Monday. And it's not repegged.
So no.

>NGMI
I'm a millionaire by inheritance, I made it the day I was born. Cope and seethe.

what mental illness do you have to have to put 200k into a stablecoin

>>54045937
thats not something i would brag about, my guy

>>54046088
>what mental illness do you have to have to put 200k into a stablecoin
It's probably a roach or an Argentinian.

>>54046468
You sound jealous

>>54046468
I would be, oh wait, im in the same boat as other anon. Hows the rent prices going for yah?

>>54045937
Wow that million dollars might be able to buy you a whole happy meal in 10 years.

>>54046905
At least he will be able to eat.

>>54044508
I called EXACTLY that move as soon as this happened. It's literally the smartest thing they can do, honor the 1:1 exchange. Yes, it's a bit like what Tether does, in that it's not exactly tied to a 100% reserve. I PROMISE you that tether fluctuates FAR MORE in reserve value and you just never know it. They aren't susceptible to the bank problems....but if there is ever a REAL shakeup with tether, it's doesn't have any discernable support.

As one of the rare folks here that ACTUALLY has a Circle business account (and skin in the game), I can tell you recent comms suggest 100% USDC is fine, is repegging, and will recover the FDIC dividend payment next week for a good portion of the SVB funds.