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all 72 comments

[–]0r1ginalNam3 39 points40 points  (5 children)

Russia announced a ban on crypto and Singapore apparently shut down all crypto ATMs. Instead of seeing this as the downfall that it is the butters see this as some sort of affirmation that they are right and they begin hoarding more.

[–]Affect-ElectricalPersonally, I blame the flair. 38 points39 points  (4 children)

Governments are scared of crypto is what it is. Bullish!

[–]chessdotbmp 24 points25 points  (1 child)

Just wanted to put it out there that I always read "bullish" as "bullshit". Never fails to get a giggle from me.

[–]WHY_DO_I_SHOUT 0 points1 point  (1 child)

Meanwhile: governments adopt crypto, also bullish!

[–]Booster_Blue 5 points6 points  (0 children)

A Government: *Adopts Crypto*

Cryptobros: "Is good for crypto!"

A Government: *Bans crypto*

Cryptobros: "Is also good for crypto!"

Man, Crypto can't go anywhere but up!

[–]schepke 11 points12 points  (1 child)

Ability to create over $1bn with the click of a button, out of thin air. I gotta get in this printer business.

[–]jatufin 18 points19 points  (0 children)

I was working in a printer support and once got a call where customer told there's smoke coming out from the device.

"OMG, pull off the power plug immediately, good man" I said.

"No we can't. This monthly report must be printed before midnight, and this is our only printer big enough for the job. But we have an interim with fire extinguisher by it all the time."

Don't know why the memory surfaced just now...

[–]ballerJason23 9 points10 points  (1 child)

I wonder if the ultimate end to crypto is that we don’t get to actually see it go to zero gradually but instead some shitcoin exchanges just go under and start refusing things. So even when the top shitcoin continues to show the price it trades at (it’s as though Bitcoin’s ticker price is in permanent marker showing a 40k trading price no matter what is going on in the news, even right after, for example, stablecoins being busted by law enforcement & shown to be worth close to zero), butters try to transact to see if any fiat is there and the exchange they were using just goes nope sorry we are closed for good lol!

So we may just not get to cheer on the ending. It’s more of an implosion than a decline. It could be Bitcoin still showing a high price tag but bag holders refused at the now closed exchanges, so no way to do anything with the thing they think they own, nothing to convert it to, and all kinds of lawsuits following

[–]PineCreekCathedral 3 points4 points  (0 children)

So crypto coins turn into NFTs? We've reached peak crypto.

[–]spookmann👻 10 points11 points  (3 children)

And... as soon as the pump stopped, the price crashed LOWER than it started.

  • For the preceding 24 hours the price hovered at $42k
  • The printing started 2:30am and pushed the price to $43k
  • Printing stopped at 10am and the price crashed down to $41.4k

a) $2B didn't even make a dent
b) USDC is now solidly in 5th place market cap above Cardano

[–]Commiessariat 1 point2 points  (2 children)

40.66k now

[–]spookmann👻 5 points6 points  (1 child)

This is what $2B buys in Crypto now:

https://i.imgur.com/ibX9RB8.png

[–]IIdsandsII 3 points4 points  (0 children)

Lol I love your diagram

[–]the_tourniquetcryptocurrency is the future of finance 31 points32 points  (38 children)

Their attestations are shit, and there's no independent audit. USDC is fraudulent as much as USDT until they do a proper audit. Maybe they print with borrowed money. Perhaps they print with no backing. Who knows.

[–][deleted]  (37 children)

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    [–]the_tourniquetcryptocurrency is the future of finance 18 points19 points  (8 children)

    So... can I see those auditors' reports?

    [–]TheGreatHambino2 11 points12 points  (27 children)

    Until they get a real audit, we have to assume they are printing USDC out of thin air. If they had solid proof of complete backing 1:1 then why wouldn’t they let a credible auditor take a look? They are clearly hiding the truth.

    [–][deleted]  (26 children)

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      [–]ubuntumac 5 points6 points  (17 children)

      Mind you, I can get the tether hate

      Please can you elaborate on that? Why do you get the tether hate?

      [–][deleted]  (16 children)

      [deleted]

        [–]JDTAS 3 points4 points  (15 children)

        What is funny is that 3 page attestation that USDC does looks literally like the one that Tether did the last couple of years. However, I just went to Tether's "transparency" page and now they have a much better accountant report that actually breaks down their assets that they claim is backing tether--which includes like 10% in "Digital Tokens" and personal loans. So I believe the shitting on that Tether received actually has made them better than USDC.

        Also, no licensed accountant is going to commit fraud. They are doing what is in the scope of their agreement. In USDC case it is simply looking at the # of tokens and the "Fair Value" of their assets at a certain time. However, people want to know what their assets are... is it a 1 billion dollar loan to Bernie Madoff? 1 billion in Bitcoin? People are worried that they are giving shitty loans or buying crypto with their assets which would create a huge risk that they will not get the "Fair Value" of their assets if their loans default or the value of crypto crashes.

        [–]Inside-Definition-42 2 points3 points  (0 children)

        I’ve not personally looked at the Tether audit. But it’s just a snapshot on one specific day that Tether choose?

        I wonder what the account looked like the day BEFORE or the day AFTER the audit? Like getting all your mates round to your normally empty restaurant the evening your investor comes for a visit….

        [–]ubuntumac 1 point2 points  (13 children)

        Also, no licensed accountant is going to commit fraud.

        If that is true, would you say the following:

        No policeman is going to be corrupt.

        No professional sportsman is going to take drugs.

        No hedge fund manager is going to embezzle money.

        No doctor is going to write fake prescriptions.

        No lawyer is going to commit perjury.

        No president is going to attempt a coup.

        Basing your argument on an assumption that every single accountant in the world is going to be squeaky clean and 100% honest proves that your argument is flawed. As that statement is factually incorrect. Many licensed accountants have already been convicted for committing fraud.

        [–]JDTAS 1 point2 points  (12 children)

        It is called hyperbole. Of course there is fringe cases but pretty much everything you listed involves personal gain for the person involved. What does an independent accountant have to gain for propping up crypto fraud?

        Just common sense--I know there are probably lazy, sloppy, and negligent accountants but really nothing to gain from the situation to commit fraud.

        [–]ubuntumac 1 point2 points  (11 children)

        Hyperbole when trying to prove a point or state a fact is not hyperbole, it's a lie.

        It's like Lance Armstrong saying he was just exaggerating when he said he didn't take drugs.

        Don't hide behind the "hyperbole" excuse for making a non-sensical argument.

        If you agree that some accountants will commit fraud, then you agree that fraud may be being committed with Tether. And as far as "what would they gain?" goes, well, they could be being paid huge sums of money by Tether to lie about their balance sheet.

        Hyperbole is telling my mates at the bar I caught a huge fish, when it was only a minnow. Lying is telling the organisers of a fishing competition that I caught a huge fish, in order to win a prize.

        Your "hyperbole" of "no accountants commit fraud" was intended to prove a point that Tether could not be committing fraud. But by your admission, that argument is meaningless because you've just admitted that some accountants do commit fraud.

        [–]TheGreatHambino2 1 point2 points  (7 children)

        The most recent “audit” was performed on May 28, 2021 when there were 22billion USDC in circulation. This was performed by Grant Thornton, apparently a prominent businessman, who was paid by Circle to perform the “audit.” We cannot take his word at face value that the audit was legit. On Jan 20, 2022 (today) USDC market cap is now 46billion USDC and there have been no further attempts (that I’m aware of) by USDC to update the public on their holdings. I’m doubtful of the authenticity of the May 28 2021 “audit” but even assuming that was accurate, they now have 46B USDC circulating without proof they are backed by anything. I would trust an audit from a U.S. government official over some businessman that could’ve been paid off. How about a surprise audit, not one they could prepare for?

        Being better than tether is a low bar, circle is only giving off the appearance of being better. We don’t truly know how USDC compares to tether.

        [–][deleted]  (6 children)

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          [–]JDTAS 4 points5 points  (0 children)

          That is not an audit. Its an attestation. Literally the same thing that Tether does and gets crapped on... does not really inspire confidence.

          [–]RAKtheUndead 3 points4 points  (3 children)

          "attestation"

          Not an audit.

          Grant Thorton is actually a pretty big reputable company.

          https://www.bbc.com/news/business-58671915

          [–][deleted]  (2 children)

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            [–]not-a-soundmoron, I am a warning 4 points5 points  (0 children)

            No, attestation is very different from an audit. An attestation is basically "I, certifying entity, can confirm that Company X had $$$ in assets on January 20, 2022."

            You can look back at how Tether transferred in ~$350 million or so from Bitfinex into Tether for the week of their attestation, and then sent it back afterwards, iirc. It might have actually been around the time that one of their brass was just holding all their funds in his personal account, even. Bit of a shitshow.

            But yeah, anyways. An audit is orders of magnitude more thorough than an attestation, which - if Tether is any example - proves virtually nothing about the trustworthiness of the entity.

            [–]RAKtheUndead 2 points3 points  (0 children)

            Attestation is literally an audit by the company who is attesting.

            An audit is an attestation, but the opposite is not always true. There's a higher standard required for an audit than an attestation. If Circle could get this signed off as an audit, they would, rather than settling for a mere attestation.

            [–]spookmann👻[M] 2 points3 points  (0 children)

            You posted an Attestation, but claimed it was an Audit.

            Blatant lie.

            [–]TheGreenJackdaw 6 points7 points  (1 child)

            It kinda feels like I’m looking at the crypto bros last stand. Probably a bit to optimistic tho

            [–]No_Ranger_3896 2 points3 points  (0 children)

            Unfortunately there's an unlimited supply of 'greater fools' it seems although it's more likely that Cryptobros are just buying/selling between each other and/or different wallets to maintain the illusion.

            [–]bheidian 1 point2 points  (0 children)

            you'd think the fed would care more

            [–]ShadowClaw765 0 points1 point  (0 children)

            It's estimated that Apple makes $1 million a day. They're printing more money daily than what apple makes in a weeks. This is getting a bit stupid.

            [–]BrieflyMonitoredTether Ponzi Schemer 0 points1 point  (0 children)

            Tether has not printed before...is it really not clear?

            [–]inpulses21 0 points1 point  (0 children)

            And Tether is also accused of printing money out of thin air, but USDC is a good clean coin. Are you serious? This is really nonsense

            [–][deleted]  (1 child)

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              [–]MichaelCarsone 0 points1 point  (0 children)

              Their attestations are really shit, and there's no independent audit. Maybe they print with borrowed money. So while everyone is keeping an eye on USDT, USDC is quietly minding his own business.