Thank you for another update Mark. I wonder if you could say something about stablecoins or point me in the right direction if you have already dealt with them. Stablecoins do not seem all that stable. I've read a few articles on how stablecoins such as USDT and USDC don't have enough reserves to completely cover all the stablecoins issued. Consequently, if there were a rush to cash out stablecoins you may end up with only part of the worth or nothing at all. What are your thoughts on stablecoins?
USDC has the reserves. USDT we don't know. I only worry about USDT though in a true panic, it's hard to say what might happen. Probably lots of people selling stablecoins for less than $1 but a lot of people use USD stablecoins from other countries, the rates already fluctuate against their native currencies.
I have USDC, USDT, GUSD, and UST. No concerns but I keep them spread across multiple platforms just in case something crazy happens.
I don't know. Spreading them around is to reduce platform risk. The stablecoins themselves are separate from the exchange and backed by another source, either a business or an algorithm.
I want to create and run my own node. Any suggestions as to help short cut my learning curve, where to start and what to watch out for in the process
Yea, DM @reuscherf on twitter, he's in my bitcoin meet-up group, he knows a lot.
for podcasts, I like uponly (cobie), blockworks and all-in podcast
Cool, thank you for the recs!
Thank you for another update Mark. I wonder if you could say something about stablecoins or point me in the right direction if you have already dealt with them. Stablecoins do not seem all that stable. I've read a few articles on how stablecoins such as USDT and USDC don't have enough reserves to completely cover all the stablecoins issued. Consequently, if there were a rush to cash out stablecoins you may end up with only part of the worth or nothing at all. What are your thoughts on stablecoins?
USDC has the reserves. USDT we don't know. I only worry about USDT though in a true panic, it's hard to say what might happen. Probably lots of people selling stablecoins for less than $1 but a lot of people use USD stablecoins from other countries, the rates already fluctuate against their native currencies.
I have USDC, USDT, GUSD, and UST. No concerns but I keep them spread across multiple platforms just in case something crazy happens.
Thank you for your thoughtful reply! However, if there is a run against, say, USDT then how will keeping it on different platforms help?
I don't know. Spreading them around is to reduce platform risk. The stablecoins themselves are separate from the exchange and backed by another source, either a business or an algorithm.