A handful of bearish news today, in a time of uncertainty there is tremendous opportunity for those who missed the boat 4 years ago with crypto!
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I think it will be regulated sooner or later so Binance is preparing . Also Binance can backup BUSD but not the others.
Has this got the potential to crash USDC and if another stablecoins unpegs, surely all of crypto and bitcoin will get smashed, as will ETH regardless of the merge as it follows BTC ? Black swan event?
Too much of a threat to BUSD
I thought USDC was the American dollar, and everyone swore by it. Is there one bit of information on the internet which isn't a lie?
Is this good news or bad news?
usdc is the stable of coinbase
Just makes me want to use Binance even less.
Can anyone tell me in layman's language? Should I worry!? And what should I do?
Brilliant! This is the first of many to come. As the ecosystem grows Binance will ensure that its users use its native products. Users on exchanges, like banks, are sticky!
They made the right decision. Now usdc will finally collapse, after all the news about fake volume and lies about reserves, even Binance doesn't trust it anymore.
I kinda thought that with USDC was using it to avoiding fees but I’ll find another route
This is actually pretty gross lol
Does this affect usdc on binance smart chain?
Obviously, they are pushing BUSD
Still the war between binance and coinbase…
I heard all the fake coins will leave the crypto market before and after the Eth merge is completed.
That’s bad news
Binance tethering all stablecoins to Binance stablecoin. BUSD = all the others.
Wow that is strong move to push BUSD !!
Bad for Binance. Very bad.
Why eliminate usdc?
Sorry, but no binance I will NOT be using that.
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I don't see anything strange in removing USDC. This is more likely a logical consequence of Circle's long-standing problems ranging from lack of auditing to recent address freezes.
, this is common practice. And it's good that usdt remained
I don't understand why some people are surprised and outraged about the removal of USDC. In my opinion it should have been done a long time ago because people are literally putting themselves in danger by owning it. In addition, the lack of audit only adds problems to the reputation of this stable coin making it even worse.
I wouldn't be surprised if many other exchanges will also start to remove USDC for security reasons and to preserve positive reputation. Black Swan is exactly the right term for USDC at the moment, making it one of the most undesirable cryptocurrencies
Why do we even need USDC at this point? There have been a lot of very unpleasant whispers about collateral and other things, plus it's now facing termination. This was the last point and now it is literally useless.
Not shocked. Who would trust a stablecoin that is still unaudited. Thats why I've never trusted USDC.
good thing, with their reserves still being unknown to the public, more and more institutions are retrieving their support from that stablecoin usd-crap
Well with what Circle and USDC demonstrated with the Tornado Cash incident, it was a good riddance that they removed it from Binance. Why would anyone want to use a stablecoin that can just blacklist your money?
Good thing they removed it. Or they would get the negative effects of USDC being investigated by the SEC. 🤔
Good thinking by CZ here. Despite the fact that Circle claims to have no exposure to the Genesis issue, they have reduced their short-term lending rate from 0.25 to 0%! Even Circle Yield (who, by the way, uses Genesis) has halted withdrawals! Consider what would happen if Genesis went bankrupt! USDC would be totally depegged!
Lol good thing I sold all of my USDC months ago because I didn't want to put myself in danger like UST did. In terms of risk, both stablecoins are quite comparable. They said UST was trustworthy, and look where it is now. USDC is no better, and I don't want to repeat the same mistakes.
Wonderful video! Circle, from what I've heard, has been having issues recently. Circle was spending a lot of money to get people to hold USDC. And, in this bad market, they have already spent so much money that they are unable to afford the incentives and other initial benefits of USDC, such as huge interest rates and low costs. The truth is, if Circle fails, USDC and Coinbase will follow too. That's something I'm afraid will happen.
Wasn't USDC involved in Mashinsky's theft of funds from his own business? He converted the funds to USDC before cashing them out on Coinbase. And Coinbase made no mention of it. They even claimed they had no knowledge of what happened to Celsius. Very sketchy.
USDC will not last long, in my opinion. With USDC's recent delisting from Binance, their market value and revenue both lost billions. That represents a significant reduction in their market capitalization. Aside from that, their trading volume has decreased, which is a major indicator of support reduction. If something goes wrong, a lot of people will lose money.
well, what did we expect? usdc has tons of issues right now lol
At the moment, there are far superior alternatives to USDC. Skipping USDC if they don't address their issues, particularly their lack of transparency regarding their reserves.
It's odd that people continue to use USDC despite the fact that their market cap is so large in comparison to their trading volume, which is so small. What happened? Is their market cap artificially inflated?
With USDC being partially owned by BlackRock, that was a huge risk if ever Blackrock backed out on USDC a sure depeg would happen. Probably why they were removed.