Re: Circle USD Coin new cryptocurrency coin Quote:
Originally Posted by Play
(Post 922840)
So you're saying if they enter the crypto market, their (USD backed) crypto currency fails, it will have a detrimental impact on all other cryptos such as Bitcoin?
I would of thought it would (long term) give people confidence that Bitcoin is the bigger, better currency given its "finite" quantity. hmm... :coffee: | Day traders come out of BTC, ETH, LTC ect... into a stable coin such as tether or this new circle based USD backed coin...
What would happen if the Government did a audit on tether or this new circle coin and came to the conclusion that Bitfinex or Circle printed out more tether than they had USD in the bank to back it... Essentially printing their own money out of thin air... The Government would shut them down and millions of traders would be left holding worthless coins... Which would in-turn drive those people away from the market with a very sour taste in their mouth...
The Mt. Gox hack didnt lose everyones BTC... Only the people that held their coins on the Mt. Gox exchange but it put the whole crypto market in a two year bear market... |