Crypto is more corrupt than the traditional finance system
How come mostly every Wall Street reject and scam artist flocks to crypto? Is fiat a scam? Yes. Are Central banks a scam? Yes. Is crypto a scam? Yes.
You’re not sticking it to the suits when you buy crypto. Maybe crypto is the most corrupt industry. Exchanges go down during price fluctuations, they create scams like Yield farming and NFT’s, Tether is not even fully backed, and multiple exchanges are and will be insolvent.
Wall Street is involved in crypto and they’re making money on the way up and shorting it to the ground.
This digital asset industry is a casino and the house is usually going to win. You’ll either lose your money to an exchange, lose keys, accidentally send it to a wrong address, a rug pull, leverage, etc
The only way to win is to accumulate in bear markets. Hold your crypto on a ledger and sell in the bull market when the degenerates come out buying an asset up 10x in a year. The sole reason you invest in crypto is for giant gains, if that wasn’t the case your sentiment would be positive no matter what.
Total supply of stablecoins fell dramatically for the first time ever in Q2 2022
According to data analytics firm Coinmetrics, the total supply of stablecoins dropped to its lowest point in history in Q2 2022, with stablecoin redemptions soaring as a result of “short-term liquidity and concerns about insolvency that were not present during the panic of 2020.”
Lucas Nuzzi, CoinMetrics’ head of research and development, shared the information on Twitter on June 16, along with a graph depicting the entire supply of stablecoins since January 2020.
“22Q2 is the first time in the history of stablecoins where Total Supply decreased. Even if we exclude UST, over 10B has been redeemed directly from the treasuries of major issuers,” he stated.
Tether had the greatest redemptions of any centralized stablecoin issuer, with 7 billion USDT wiped off the board in April and May, according to Nuzzi. This is likely due to the acts of a few, rather than any meaningful market-wide changes.
“The sharpness of that decrease suggests that a single entity, or small cohort, was behind it,” he said.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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