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May 12 • 4 tweets • 3 min read
Another thing to consider with $usdt is that #tether doesn’t disclose specifics about the commercial paper that substantially backs its “stablecoin. There have been unconfirmed reports that the Chinese real estate developer, Evergrande. (A thread 🧵):
In this tweet from 2021, @TheLastBearSta1 does a great job connecting the dots between #tether and #evergrande.
If it’s true that $usdt and #tether are tied to Evergrande, this could be problematic for the entire market. If $usdt needs liquidity and calls upon its biggest asset (the debt owed by Evergrande) and Evergrande can’t pay, it’s a valid conclusion that chaos would ensue.
In this article from 2021, #tether denies ties to Evergrande in regards to $ust $usdt coindesk.com/markets/2021/0…

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More from @box_talks_

boxtalks.eth Profile picture
May 12
Another thing to consider if all stablecoins such as $ust and $usdt lose their 1:1 peg, this would cause massive distrust in crypto and the blockchain as a whole, which would (in theory) cause massive sell off, allowing larger corporations to buy up even more #crypto at discount
If $usdt is unable to recover and investors are squeezed into one of the only available backed stablecoins ( $usdc ), would this be the beginning of the end for DeFi?
If $usdt is unable to recover and everyone shifts to $usdc, would that mean that Circle Internet Financial would be the CBDC of the Federal Reserve?
Read 6 tweets
boxtalks.eth Profile picture
May 12
Tin foil hat time: the current crash of $ust $luna and (soon) $USDT is a planned attack on stablecoins to push for regulation and squeeze all into $usdc (a thread 🧵):
Let’s start with some facts about the situation $ust $luna itself:
$UST is deemed a “stablecoin”, meaning it normally maintains a 1:1 peg with the US Dollar. $ust works with its sister token, $LUNA, to maintain a price around $1 using a set of on-chain mint-and-burn mechanics.
Read 25 tweets
boxtalks.eth Profile picture
May 11
This market has caused the #Crypto Greed and Fear Index to plunge into ”extreme fear” territory. This has held at“extreme fear” for a few days now.
According to @WatcherGuru, over 33% of #Ethereum investors
are at loss.
According to @glassnode, #Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments.
Read 7 tweets
boxtalks.eth Profile picture
May 11
$eth predictions based on the current market trend: There is a major bearish trend line forming with resistance near $2,380 on the hourly chart of $ETH/$USD ( via Kraken). 🧵
$eth has an initial resistance near the $2,350 level with major resistance near the $2,380 level.
This is causing a major bearish trend line forming with resistance near $2,380 on the hourly chart of $ETH/$USD.
$eth has its main resistance forming near the $2,400 level. It is near the 50% Fib retracement level of the recent drop from the $2,569 swing high to $2,200 low.
Read 7 tweets

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