All about that USDC!
And I'll show you what I can be. Say it for me, say it to me. And I'll leave this life behind me. Say it if it's worth saving me - Nickelback
Oh man, what a week. Wouldn’t you agree? I’m pretty sure that most of you degens wasted your last weekend on this USDC shit.
USDC going below $0.90 and coming back to $1.00.
DAI losing its peg due to USDC exposure
USDT going over $1.05 because every motherfucker is moving out
This was some scary shit that I have seen in crypto. Not gonna lie, I have seen some fucked up shit in cryptoland during this bear market that no human being deserves to see. Luna tokens anyone? Luckily, I’m just a doge! JK, am I though?
You all know my stance on stablecoins, and I wrote a recent post about it - Fuck Centralized Stablecoins. Kinda ironic that right after the post where I praised USDC and DAI, these stables started becoming unstable. Perhaps, I have more power and influence in cryptoland than I had imagined.
So, I guess there is an ultimate question that we all have been thinking about after this USDC fiasco. Do we or do we not TRUST stables, more specifically USDC. I do have given some thought about this in the last few days. My short answer is YES.
I know that a lot of you would beg to differ, and probably are in a ‘fuck USDC’ mode especially if you had money in USDC. Defintely a scary moment for all of us. Even if you didn’t have any money in USDC, and were rooting for it to go down. Depeg of USDC would have extended the current crypto bear market by another 2 years easily. The entire crypto ecosystem would have been thrown out of balance. It was not just about a centralized stablecoin going to 0 but Defi would have gone to 0. Do you care now? Those 10% APYs would have been a dust in the wind.
So, you ask - Why give a fuck about USDC Real Slim Satoshi? My answer is actually very simple. Circle pulled though - they were transparent throughout the whole process and didn’t keep us in the dark. Before you go - oh come on man, you just putting your trust in a BS centralized company. Yes, but there are two critical reasons why putting trust back into Circle matters.
#1. Circle and USDC is the bridge between the Web 2.0 and Web 3.0 worlds. Without this bridge a large majority of institutions, companies, regulators won’t even give a fuck about what’s going on in crypto. USDC is good for crypto, it is good for BTC to go to moon 🌝
#2. Transparency is a core principle of a blockchain. Open ledger, everyone reads everything, yada yada…remember? This is why I really think if this shit happened with USDT, it may have actually got depegged. It was Circle’s transparency on the $3.3 Billion that put faith back into the market. This is how USDC survived.
So you must be wondering - so, Real Slim Satoshi - are you gonna keep your hard earned dollars in USDC then? Actually to be honest, I won’t. The reason is not because of Circle and USDC. But because of the current economic issues that the US is going through. Heck I’m even scared to keep money in USD banks. Until, the dust settles find you own salvation plz. For me, it is Bitcoin.
Anyway, just fucking opinions. Definitely not investment advice lmao.
Disclaimer - Circle or USDC have not paid me to write or share this. I wish they did though.