June 16: Tether FUD, FED Raises Rates, 3AC in Trouble? - Transcripts

June 16, 2022

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Yes from the media. This is the decrypt daily. My name is Matthew Diemer. Today on the show. Tether fud. The Fed raises rates And is three arrows capital in trouble. That's coming up today. Under the crypt daily. This episode is brought to you by avalanche. The future proof Blockchain where low fees and fast depths are the norm. The platform is designed to be infinitely scalable and the avalanche foundation has launched an incentive program to accelerate growth of the multiverse subnets built to scale game five visit a vex dot network to see why avalanches. 1000 times faster.

100 times greener and 10 times more secure than any other black chain. That's a box dot network A. V. A. X. Dot network. Good morning everyone thursday june 16th 2022. I don't know what to say this morning. So I'm just gonna get straight into the crypto prices. Mhm. The time is 8 15 am Eastern daylight savings time. We have Bitcoin sitting up a little bit today which is kind of obviously it's relative where its up 150.2% in 24 hours and $21,126 Meaning that yes we went you know down 31% in seven days but we're up a little bit today.

So it's a theory helmets. Up 0.3% at $1117 but it's still down 40% and seven others. Number three U. S. D. C. Is number four. And finance is number five at 2 16 up 2.2% in 24. Running off the top 10. We have B. Usd Cardinal XR peace Alana and polka dot The total market cap is at 905.5 billion. Up .5% in 20.

For a BTC dominance of 44.4% in the dominance of 14.9. Actually one of the headlines today was that token was training at 3050 cents. It's up 6.5% on the day. But as low as 3 17 and 24. And it was just notable and some other notable things was that we have some biggest gainers on coin market cap And I just wanted to point them out that where do these coins come from? What is L. F. World? What is B. Male? Tid X. Token.

And why are they up? 1407 104 100% respectively. Sell token by the WayC which we'll get into them in a little bit is down 21.2% in 24. But we'll do all that after our coin of the day. According to day. Today is gate token ticker G. T. It's right. Number 92. And queen market cap. Its price right now is $3.97. It's down 2.8% in 24.

Its market cap is $310 million 1.1 billion. Hm. The all time high for gate token. I know you're wondering everybody's wondering this is the best part I think the whole thing it was said one year ago May 12 2021 it was $13.09 is down 70%. Since then it was two years ago, March 13th 2020 it was 26 cents. It's up 1300%. Since then. I bet you can't guess where you can buy it, you can buy it at gate dot IO X. F. T. X. And pretty much it there.

So what is gate token? Well gate token is pretty much like any other crypto exchange token is therefore discounts. You get the token, you get discounts on maker and taker fees. Well they also are trying to do a sort of a been in smart chain thing where they have defi ecosystem, they call it gate chain two point oh they also do swaps, they have a hippo swap like this is what they call it, hippo swap. Um they have bridging and farming and all kinds of things. Well basically for what I can tell it's the same thing as a B and B. And they're trying to incorporate it just this kind of the same way and that is gate token taker. GT right number 92 on coin market cap. Moving into today's headlines. Of course we're gonna start with Celsius news Celsius news because people are doing their due diligence and going through conversations and tweets and blah blah and trying to figure out and piece together what happened in the course of events and more things are raising to the surface one day before the blackout of Celsius Mike Dada's tweeted and it's like mike dow like decentralized autonomous organization and D. A. S.

I don't know that means that my dad as he said, I hope retail can get out. I've been hearing about accounts locked. That would be similar to luna. We shall see. Well, Alex Moshinsky, the ceo of Celsius just one day before accounts were being locked said mike, do you even know one person who has a problem with your drawing from Celsius? Why spread fud and misinformation? If you are paid for this, then let everybody know that you're picking sides. Otherwise our job is to fight trad fi together. Well, as we know the day after Celsius locked everybody out and nobody can withdraw and through through that whole time, Alex Moshinsky didn't say a word. Well he broke his three day science and he said Celsius network team is working nonstop. We're focused on your concerns and thankful to have heard from so many to see you come together as a clear sign. Our community is the strongest in the world.

This is a difficult moment. Your patience and support. Mean the world to us. I love how everybody when something's very bad. They say our community is the strongest in the world as though they're gonna bail you out with buying more of your token. Well people are looking at these different kinds of systems again. Black Fi next. So Celsius Voyager they're doing the same thing and people have money locked up in there. Why? Because they're paying you know interest rates. A lot of people do. I did as well and well I don't anymore because I saw the writing on the wall a couple of months ago I was like oh if this market is going down, are they going to have liquidity because they're loaning out money.

I knew the business model was like I gotta get out well Ryan sell kisses also wondering what's going on with black fire as well. And he did a test Ryan circus by the way is the Ceo and founder of Massari and he did a test, he said just did a test withdrawal of a medium size from Black Fi, we'll report back if we have any issues. I don't expect there to be just don't think we've seen this level of stress on the crypto lending firms. And then he tweeted 13 hours ago said no issues whatsoever with midsize withdrawal from black fire. Just F. Y. I At the same time black fire is ordered to pay $1 million dollars to Iowa for selling unregistered securities. Celsius seems to be just the tip of the iceberg because dominoes are falling everywhere on Wednesday afternoon. It looks like three arrows capital which also goes by three A. C. Has been selling off assets including $40 million worth of little state ethereum or state F. Researchers and analysts on Twitter have been saying it's to keep a $264 million $35 million dollar compound loan from going into liquidation moon overlord tweeted three a.

c. in trouble, rumors swirling and has some bullet points here and some of these things don't look, it just don't look good Kyle and ju the founders of three arrows capital haven't tweeted or like anything in days ju took every coin in hashtag out of his bio, Ju deleted his instagram and an hour ago they dumped 30,000 state f and reduced all positions. He continued to say people think Celsius is the biggest state F dumper but it's three arrows capital and it isn't even relatively close. They're dumping on every account and seed round address they have Most looks like it's going to pay back debts and outstanding barrels. They have another crypto analyst in reserve estimated that if the price of ethereum goes to 1,042, the loan will be liquidated Josue tweeted. We're in the process of communicating with relevant parties and fully committed to working this out. Let us take the ethereum which allows people to stake ethereum and receive an equal amount of state and return has been trading at 6% discount which is not good at the time of writing one state f could be traded for 10.94 ethereum through curve finance Caleb Sheridan the Eden network co founder told the crypt, you got this cascading effect where all of a sudden wherever you're liquidating after us D. C. You're going to have to do it in a very clever way or you risk holding this asset that could keep falling in price. Three arrows capital is one of the biggest borrowers and clients for crypto lenders. If three arrows capital go down, it will send shockwaves out into the rest of the market and make the current downtown even more hellish. We all probably heard this news by now but the Fed raised its rates 75 basic points or .75%.

It's the largest in 28 years. The central bank added that it wouldn't stop there and more races will come later this year. The digital asset space has been closely correlated with equities. Bitcoin did today has been doing for the most part of this year. And following the stock market on the news, the s. 500 and Dow Jones industrial average both dropped but in the end they rallied a little bit just like Bitcoin and like clockwork there's tether fud when the market goes down, there's tether fud always always Tether hits back at rumors regarding its commercial paper portfolio. It said in a blog post that the notion of that its commercial paper portfolio which is hard to say. Commercial paper portfolio is 85% backed by Chinese or Asian. Unsecured short term debt issued by companies that traded at 30% discount. And that is completely false, they say. And speculated the insurgents are being spread online in a coordinated way to spook investors out of tether and turn a profit on its failure. Teller's total value in this space represents 7% of the entire crypto market.

This announcement aims to quell any concerns of investors fearful amid a broader market crash in cryptocurrencies who may be nervous about the security and their investments. After crypto lending firm Celsius pause withdrawals on sunday. Tether said taylor has currently no exposure to Celsius apart from a small investment made out of tether equity in the company. And also noted that it over collateralized borrowing activity with Celsius and experienced no losses in liquidating the firm's position. There's two things I want to mention here. One, everybody says, oh if tether goes down, the market will be fine. The market might be fine in the long term if tether ever goes down or UNP eggs in a major way or there's something that happens or they get shut down. The market's gonna be really, really, really really, really bad. Just let you know you'll be really bad. Will it bounce back. I think something's will Bitcoin ethereum but it will be really, really, really bad as we see what happens with something like luna and Celsius and three arrows capital when they start going bad what the market does and they're not even nearly the size of tether. So let's just keep that in mind.

And another thing is let's make sure that we keep this in perspective. When dominoes start to fall in an economy, in a market, in a recession or a bear market, dominoes fall everywhere. So it's not like it's just one company that's gonna fail. Everybody is gonna go down. It hits every aspect of the market of the economy. So when we see one domino fall, its another domino that's gonna fall. And sometimes there's malicious companies or companies that are negligent out there that are just gonna go down first, we're gonna see that and it's gonna be very transparent. Oh they were stupid at their business practices but there are very good companies that are just gonna fall because, well issues no money, higher interest rates. People not spending, people not buying people not investing, they'll have to downsize. So it is a domino effect across the board. So let's just not say, hey this is all bad because of these other things. Everybody's gonna feel this everybody.

And so just keep that in perspective and weather the storm. And finally open C. Has moved to seaport protocol, a new smart contract that N. F. T marketplace says they'll allow 1.8 million users to save money on ethereum gas fees with the seaport contract, users will be able to save roughly 35% on gas, the company said and new accounts will no longer require that one time setup fee, Open c previously charged. And my caution with this is I think that when we report smart contracts and you know different kinds of things, we have to start reporting if it was audited, I didn't do that, I just thought of that now we should be talking about was the smart contract tested and audited and tested for vulnerabilities and stress tested and you know, just put out there to see who can break it, Who can fool it? Who can do whatever Because we keep saying oh they have a new smart contract. I never heard of seaport protocol. But all I know is once you find involved ability, people's N. F. T. S or money or effort or whatever is gone.

We need to really hold these smart contracts accountable and make sure that they are acting responsibly thoughts to decrypt a ceo. Thank you again for listening to this podcast and tuning in to the daily News. My name is Matthew Diemer and if you are so inclined, go over to Apple podcast like subscribe share and leave us a comment and until tomorrow. Good luck huddling everyone

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