If people have to sell crypto, will there be enough FIAT to give out? Tether looks corrupt AF

Sh||tcoin Gambler wrote:

If people have to sell crypto, will there be enough FIAT to give out? Tether looks corrupt AF

One typically doesn't sell Tether for Fiat. You are more likely to buy/sell Bitcoin/Eth and convert to Tether if needed.

As long as an exchange is a reasonably known one, to convert to Fiat, you should be fine.

When people have to sell fiat, how much will crypto cost?

yargle wrote:

When people have to sell fiat, how much will crypto cost?

Reality check: Fiat is the accepted medium of exchange. Fiat is what the crypto scammers are really after, by telling you to HODL

If there are more sellers than buyers plan on a crash. People are rightly sensitized into not buying into a bear market of speculative vapor. Prepare to get slaughtered.

70 countries are already working on CBDCs, and you still think fiat is the future 🤣

yargl wrote:

70 countries are already working on CBDCs, and you still think fiat is the future 🤣

When New York and MiamiCoin were "launched" by mayors who have to call IT support to reboot their PCs, I knew crypto was a big ponzi scheme.

Oh. And now we have Scaramucci backing Algorand. Probably the most untrustworthy person on the planet.

Not that the opinion of the misinformed matters, fiat will be gone whether you like it or not.

yargle wrote:

Not that the opinion of the misinformed matters, fiat will be gone whether you like it or not.

Except that the only thing driving interest in Blockchain is appreciation and conversion to fiat currency but whatever.

Keep believing "climate tokens" and 8-bit pictures of cats you have no legal right to are the future.

"the only thing" lol, do you even know what the blockchain is? or why it's amassed $2.3 Trillion in 10 years?

The entire crypto space has to be one of the biggest delusions and scams in human history. 13,000 coins, 99+% of which are pump n' dump rug pulls of zero intrinsic value. Gamblers may be able to make some nifty trades for quick money, but ultimately this will come to a bad ending. And even if you believe blockchain has a future, and that's not a given, it doesn't change that close to 100% of coins are pump n' dump rug pulls with ultimately zero value. Blockchain is an interesting technology with some potential uses but so far it is basically just used to create coins to gamble on.

In speculative manias such as tulips, beanie babies, dot coms, things can trade at crazy irrational prices for quite a long time though so it's hard to predict when reality will set in.

yargl wrote:

70 countries are already working on CBDCs, and you still think fiat is the future 🤣

That's a real possibility and very likely. But CBDCs are not crypto. And they ARE and WILL BE centralized, much to the chagrin of crypto coin founders, mostly delusional libertarian jerkoffs.

I don't envision a world in a Metaverse where we have to pay $1 million for the NFT of a status symbol.

If I interact with others in the Metaverse and want to have a cool digital item as a status symbol, maybe I'd pay $50 at most for it?

yargle wrote:

"the only thing" lol, do you even know what the blockchain is? or why it's amassed $2.3 Trillion in 10 years?

Hey, why don't you explain the technology to me? The amassed value is meaningless when you have wild speculation in the market.

BTW my favorite Blockchain technology piece is probably this one from PUREStorage.

I see major crypto coins crashing when one or more of the following happens:

1) Economic crisis end of this economic cycle where current gamblers need to cash in and take the fiat to pay the bills

2) SEC regulation as a security would shut it down. But would cause SEC to not be able to help the people they are supposed to protect because most innocent gamblers would lose a lot of money. So It may be a political thing to where they are keeping a close eye on it for now, and when it crashes, people will ask Congress “why didn’t you do anything?”

Once Gambler see there is a little opportunity to make quick and easy money their interest in the technology as a gambling tool plummets

3) Ponzi scheme with Tether makes everything start to come falling down and gamblers struggle to get any fiat monies out of the system because they are too late. Innocent gamblers lose everything and cry to Congress why didn’t you do anything to protect the “investor?”

4) Crypto shtcoin used in a major terrorist attack against the United States and people blame government “why didn’t you do anything?”

I guess they think it is still small potatoes at this point so no need for consumer protection but they are probably keeping a close eye on it

Crypto turds down about 8% or more in one day What happened ?

Sh||tcoin Gambler wrote:

Crypto turds down about 8% or more in one day What happened ?

They read the link I posted.

Tether is the funniest, most obvious ponzi scheme in the world.

Sketchy, obscure offshore company that used to claim they held 1 US Dollar for each Tether, but refused audits, and then when the lie became obvious they changed their story to include "commercial paper" backing it.. except the volume they'd have to be buying would make them one of the biggest players in the world and literally no one in real financial institutions has done business with them. And then on top of that, they create hundreds of millions of dollars of new tether to buy bitcoin every time the price drops.

If people actually tried to convert their Tether back to Dollars the whole ponzi scheme would collapse spectacularly and bring down bitcoin and ethereum with it. They probably only have about $1 for every 100 USDT in circulation.

The dumbest money in crypto doesn't realize this. The less dumb money just thinks they can get rich in the short term and get out before Tether gets exposed and collapses.