188 karma · joined July 2, 2018
Deposit a "good" stable coin (for what counts as good in this space, which is USDC) on Aave or Compound and borrow Tether against it (75% and 80% loan-to-value respectively). You can now either send it to an exchange (e.g. Kraken) and swap USDT to real USD, or go to curve.fi and swap USDT for more USDC and deposit back to Aave or Compound. Repeat until either 4x/5x leverage (theoretical max) or your personal risk tolerance is reached. Remember to service the position by depositing more USDC occasionally (otherwise will be liquidated with penalty). As of this writing, variable interest rate is ~3.5%, fixed interest rate is 11%.
Scenarios:
- USDT goes to zero, buy as many as needed for scrap, pay back the loan, free the original stablecoins, sell for real USD and make between 1.75x to 4x/5x, depending on which route you chose above.
- Both USDT and USDC go to zero, you lose between 25 to 100%, depending on the route you chose above.
- There's a USDT shortage (real or somehow engineered) and it goes way above $1 causing your position to be force-liquidated, causing you lose between 25 to 100%, depending on the route you chose above.
- Only USDC falls below peg (temporarily or permanently) and you get force-liquidated (25 to 100% loss)
- You forget to service the debt or a spike in the variable interest rate causes you to get force-liquidated (5% penalty)
- Tether never goes to zero and you keep paying 3.5% interest (variable)
- Smart contract hack / Ethereum shuts down, you lose up to 100%
- Unkown scenarios
While there's no explicit exposure to a crypto exchange, there's still the implicit exposure to Coinbase/Circle via USDC. DAI offers no escape here, since its 50% collateralised by USDC (the other 50% crypto would likely be in serious turmoil in case USDT collapses potentially losing its peg as well).
In spite of this, I think this is a considerably better way to profit from a Tether collapse then the much more dangerous route of shorting BTC futures, or shorting via an unregulated crypto exchange where there's no guarantee that they'll pay or even be operational in such an event.
One could say that this is merely the continuation of chauvinistic anglocentrism by other means, but to do so would embarass self-professed "anti-racists", hence white supermacy gets a new lease on life deep within the liberal mindset that nominally opposes it.
Their fragile world view remains intact, while none of their constituents pay the price.
Just the make sure where you stand.
This sounds like something a soviet comission would declare after an accident. What went wrong and how was it corrected? You needn't know, it has been corrected.
The pictures themselves are telling to. They are all weird, lower power poses. Could you imagine Tim Cook or another speaker striking a pose like that? This is how the executives like to be seen: https://www.apple.com/leadership/
Sadly it has come to the point where any criticism of diversity for any reason is sacrilegious, but people would be wise to think twice what the outcome of these policies is. The road to hell is paved with good intentions.
Collecting evidence for bold claim is left as an exercise to the reader.