#STABLECOINWARS -🤯... DEAR GOD
🇨🇦 NEEDS A GOD DAMN STABLECOIN!!! lols
At present what we are witnessing is a battle of the institutions, we have government backed CIRCLE's USDC losing market share at a considerable rate due to Binance's (PAXOS issued) BUSD. At the epicentre of the controversy we see CZ defending himself and Binance from a myriad of opportunists; from disgraced FTX CEO SBF, to celebrity investor Kevin O'leary, US Senator's, and even Coinbase CEO Brian Armstrong dangling lurid bait about the transparency of their financials.... to be perfectly clear, everyone has blood on their hands, no one is innoncent, but where do we as consumers fit into the mix. Those of us on the sidelines can only watch how things play out. Most notably even Tether (Bitfinex) is laying low, no where near on the offensive.
Personally I will say I've used USDT, USDC, and BUSD.... BUSD has the lowest trading fees of any of the STABLECOINS. Especially when transacting between .bnb accounts, and BSC integrated wallets. So I can't be sold on USDC, I get that its US Gov backed, but it's not it's own chain & will never be able to match BNBchains 1.4M transaction per secon through put. Yes the fees are decent 2.9% $0.30 per transaction... but now do that on ETH and it ceases to be feasible even post merge.
CIRCLE is not special, it's just well connected to government. The fees they charge to remit payments $1000 per month, and $500 per month suck at an executive level.... I already am invested in counter-CIRCLE initiatives, and we do what CIRCLE does at 0.025% per transaction & there is no monthly subscription [bull💩]. I can literally walk into a Fortune 500 company and replace an entire payroll department when it comes to how we remit wages and payments as a whole. I can remit wages unto my employees by the second because of who BINANCE invests in. USDC to me is just another WELLS FARGO in "web3" hipster garb, but of course that's just my bias.
Circle has developed the technology to enable USDC to run on over eight public blockchains, with open-source and private market innovation driving rapid progress in dollar digital currency models... but itself is not a blockchain. Users get scalped hard during conversions.
COINBASE (USDC) vs. #BINANCE (BUSD) vs Bitfinex (#usdt ): COINBASE - USDC USDC has tripled its market share from 10% to 32%
Recently Binance International delisted all of USDC trading pairs... and this was seen as more than just water cooler canon fodder, but as a rather decisive blow to USDC trading volume. The stable coins each exchange backs has amplified the rivalry's and delisting of competitor's products. How has Coinbase responded, by flexing is auditors reports for transparency.
We are indeed witnessing the 2nd Great Stablecoin War(s) The reason I don't like COINBASE is because the CEO laid off staff and bought himself a 133M cliffside mansion whilest delivering a crappy NFT marketplace.... I don't buy hype, and I hate being lied to. I hate seeing massive staff layoffs and new property acquisitions. . I hate getting PUA ("unauthorized activity") updates from my security firmware, #COINBASE wallets are centralized. Not your keys, not your crypto... well if its in a coinbase wallet, its not your keys and its not your crypto. No wallet should auto-update when provisions restrict said access. It's NSO lvl stuff analogous to pegasus spyware. We can't cry audibly into the abyss about JP Morgan x Metamask tracking IP addresses when COINBASE is doing the exact same thing but on a larger scale. If you want juicy dirt... go to twitter and use #SCAMBASE to unEarth some wild stuff. Or how did you feel when you were told that COINBASE forced all users to utilize CB.ID (coinbase id)... it was just forced on us, and this is after many users had formed their own personalized identities via ENS. It was appalling...
This will not affect users' choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD denominated account balance
This did not effect type of withdrawal to USDC,USDP, ect BINANCE #BUSD - BUSD is 100% backed by U.S. dollars held in FDIC-insured U.S. banks in New York. BUSD is a stablecoin and its value is pegged to the US dollar.
In a filing to the US Securities and Exchange Commission, Circle said on November 14 that crypto exchange Binance’s auto conversion of USDC into Binance’s stablecoin (BUSD) held in the platform’s wallets has reduced USDC circulation in the quarter ending September 30.
Circle estimates that USDC’s circulation nosedived by $3 billion in response to Binance’s move. The total decline was $8.3 billion QoQ and Circle cited the collapse of large crypto businesses such as FTX, Voyager Digital and Celsius, as well as higher interest rates as the leading cause of the drop.
Announcement was made Dec. 8th, 2022 This caused Coinbase to counter by offering "feeless" conversions for users willing to swap out USDT to USDC. BUSD (Binance's stablecoin) market share has grown by 30x from 0.5% to 15%. However, Coinbase only 8.8M active monthly users utilize the platform. Binance has 26M users.
BUSD inception was realized as far back as 2021 when $7.7 trillion in exchange volume for Binance was recorded at EoY. A need for an exchange specific stablecoin materialized. The annual spot trading for Binance in 2021 had boomed 7x bigger than the previous year. $76 billion in a 24-hour peak trading volume for Binance in 2021 remains an exchange record. No body has a bigger war chest than Binance. Even other exchanges don't want the smoke. I can cite the listing practices of Coinbase, and how SHIBA INU, & ICP (Internet Computer Protocol) was traded against users. Coinbase is no angel nor saviour.
The world revolves around the sun, not the US... but the irony of an exchange like FTX spreading FUD, paying off publications for favourable press seeking a "distressed asset buy-out" is hilarious. Its karma at its finest... SBF had tried to justify the purchase of distressed CELSIUS assets as far back as July.... FTX had to be taken out.
It needs to be stated that CZ & Binance do not view competition as competitors as their focus is on serving their users. However the need to erase FTX was necessary for the crypto markets as a whole. So why the removal of USDC and USDT... its simple. Although it may appear to be a stable coin war, its actually for the safety of users. In reality there's nothing stopping CIRCLE from freezing USDC accounts should US regulators & other Foreign government entities make that request. Irony is, is that Binance is better at dollarizing the world than the USA has ever been.
Another critical factor for Binance's BUSD, is that the decision was based on the need to enhance liquidity and capital efficiency for users (USDC fees SUCK!). At the time, Binance said there were immediate plans to do the same to USDT, but noted that this “may change". USDT fees also SUCK!
BITFINEX - USDT (TETHER): 🤫 Tether's share of the stablecoin market has dropped from 88% to 48% since 2020. On its face, tether is likened to the "Evergrande" of crypto. Tether is the third-most widely traded crypto on Coinbase and represents 5% of its trade volume. This three-way beef has everybody converting each others stable coins... but if tether were too depeg all markets would depreciate a great deal. During the FTX bankrun 7 of the largest transaction were conversions to USDT. Tether is viewed as the "contagion" key to further market collapse, should market dip further.
Which of the BIG3 do you think will de-peg first? The Wall Street Journal published a report on Dec.1st claiming the company behind tether "may not have enough liquid assets to pay redemptions in a crisis." This is based on the increase in loans, as opposed to direct sales. How did tether respond to the co-ordinated attack... They published, "WSJ & CO: The Hypocrisy of Mainstream Media, Asleep at the Wheel of Information. Stating, "Critics and media outlets have spent years criticizing, investigating, and warning against the purported 'ever impending' failure of Tether, yet they were completely asleep at the wheel as a hugely significant portion of the crypto industry imploded due to irresponsible leverage, outright fraud, and regulatory arbitrage,"
On February 23, 2021, Coindesk reported NY AG’s $850M Probe of Bitfinex, Tether Ends in an $18.5M Settlement... the most coveted stablecoin is one of the dirtiest.
One of the reasons COINBASE is able to so easily target USDT and Bitfinex is because they know, no entity will step in too protect it from no-fee swaps. Coinbase saw what happened to FTX and think they can do the same to USDT. This is why many joke that the "C" in USDC stands for "CIA". There exists strong belief amongst the community that the aim is to create a run on tether in hopes of controlling more of market. Specifically with the goal of KYC'ing as many people as possible against their will.
On one hand we don't fully trust USDT, but many of us use it. Yet here we are stuck without a paddle, and the only better option is BUSD.
The Kevin O'Leary Effect -
His wife killed a man.... or took the fall for him... but lets look to him as a saviour for crypto, I think not. He's a paid shill and admits to being aware of how this makes him look. No different than a youtube influencer, its alleged that the $15M he lost, was actually in FTT tokens he failed to cashout ahead of the collapse. FTT tokens comprised of co-mingled funds. So unless he can declare a personal amount (which he has approximated to be $10,000,000 in unrealized gains), I would say he's unworthy of sitting on a clawback committee. Why because he failed to do properly examine FTX.... Mr.Wonderful admits to losing access to all his account data, wiped, and erased. Whats not know is how much of his own material wealth was lost (to this I am empathetic). Mr.Not-so-Wonderful O'leary lost money that was never truly his too begin with.
The most shameful part of O'leary's fud campaign was his racist attacks on "otherness"... calling BINANCE a Chinese company is RACIST. CZ is a Canadian of Chinese ancestry... Kevin O'leary is pulling a "TRUMP card" and playing to Anti-Asian sentiments when taking on the BNB empire, and it is visible and palpably racist to do so. Binance is not TikTok and it is shameful to laud Binance as a Chinese company. O'leary has now focused on clawing back the $500M in FTT tokens CZ said on CNBC that was still in custody of Binance.
O'leary's offensive before Senate was in favour of crypto, and to his credit he's aimed squarely on finding where any recoverable monies went. In his testimony he discussed getting SBF on the phone, and was told by SBF that the collapse was spurned by CZ who sold 20% of SEED stock intentionally. However, what O'leary fails to discuss was that SBF was working behind the scenes via donations to Democrat & Republican lawmakers to force Binance out of market.
Despite SBF attempts to get access to CZ's financials, those calls went unanswered. This inability to obtain CZ's financials in relation to the 20% of FTT supply prevent FTX from attaining the necessary regulatory approval. Hence why SBF bought said tokens for $2.1BN to $3BN. O'leary also fails to mention that SBF dug FTX's grave when he attempted to sell FTX to CZ by first utilizing paid publishers to push a false narrative that Binance was going to buy FTX. SBF and the use of quickbooks is the sole reason for the failure and summary bankruptcy of the FTX empires $40BN liquidation. O'leary continues to push for regulatory reforms by referencing that the US should adopt Canadian principles in American frameworks.
In summary, If things seem messy its because the lines aren't blurred, sides are being chosen and competing institutional factions are aligning. On the surface BUSD seems poised to weather the "FUD Storm". Coinbase is cornering USDT in hopes of rendering Bitfinex insolvent... but that wont happen. Tether is $68Bn too deep, and only Americans have an incentive to adhere to the high fees of USDC. Circle needs US regulators to assist them in countering BINANCE's market dominance globally. Bare in mind the more regulators target Binance the more users (non-North American) will rally towards an exchange free of US influence.
It reminds me of how the US targeted Gadaffi for trying to establish a "Gold Standard". What happened after his death? Every nation around the world doubled, some even quadrupled their gold holdings. Consider this the birth of a new "Stablecoin Standard". People love what the US wont allow in its own market freely.
I personally want nothing to do with USDC, and liken its forced adoption to an 8 bit rendering of digital feudalism. Its just venture capital colonialism by a consortium of elites seeking greater control and dominance over US markets. This is a #STABLECOINWARS of exchange vs exchange vs exchange... but it's also a government versus the peoples will. We don't want USDC shoved down our throats. BUSD is significantly by far the better option, with USDT as a clear second. USDC is for people who see value in its convenience.
The BUSD token does not require operation fees and can be used for payments, loans, and other transactions in any place where ERC-20 tokens are accepted. BUSD is a non-mineable coin. Tokens are created when a person provides US dollars to Paxos to mint new tokens.
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