thingtank on Nostr: From what I read, it sounds worse than $0.91. The first people that are able to ...
From what I read, it sounds worse than $0.91. The first people that are able to redeem will get $1, but after Circle no longer has enough money to cover redemptions, USDC holders get nothing. USDC becomes completely worthless. A bank run destroys all value in USDC. I don’t know why people would take a chance on it.
Published at
2023-03-11 18:15:45Event JSON
{
"id": "8273ac6af8cc623a8f2089f58f54168a8892a52f7bdb06c1272be9c01deb5586",
"pubkey": "9ef9b55d7ae01054fddbf471c8f67df815789ad52c49255f624fe93fdd637c88",
"created_at": 1678558545,
"kind": 1,
"tags": [
[
"e",
"85aff72dc0f11e5321b32db9e783331e55f11367cbf77c47b8efb922a4b89949"
],
[
"p",
"3f770d65d3a764a9c5cb503ae123e62ec7598ad035d836e2a810f3877a745b24"
]
],
"content": "From what I read, it sounds worse than $0.91. The first people that are able to redeem will get $1, but after Circle no longer has enough money to cover redemptions, USDC holders get nothing. USDC becomes completely worthless. A bank run destroys all value in USDC. I don’t know why people would take a chance on it.",
"sig": "2f5412b3530760be465d31b2e9d1c727adf695ebd6cf9f6ad5508c00a3c77ec12443c4cf9950dd61a3f2bd78426d40ad6e4de107561a44b644c26bebb4abe024"
}
