EU Users in Shock: OKX Exchange Drops Tether's USDT - What now?
- Thread starter lory
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I may not be a huge fan of EU but I'm also not a fan of tether, it has had questionable reserves from the start to put it mildly (see bitfinexed) and they can arbitrarily freeze your funds for any reason they see fit so one can hardly call it a crypto ( https://dune.com/phabc/usdt---banned-addresses ).
There are better decentalized alternatives like DAI and LUSD which doesn't have blacklists and are verifiably backed by overcollateralized loans, if you still prefer centralized stablecoins for some reason I would say USDC is way more transparent.
There are better decentalized alternatives like DAI and LUSD which doesn't have blacklists and are verifiably backed by overcollateralized loans, if you still prefer centralized stablecoins for some reason I would say USDC is way more transparent.
There is no liquidity for the EU outside USDT. You cannot literally trade on OKX as a European right now, because of the abysmal liquidity.
Swiss CB basically considers stablecoins to be equivalent to bearer︁ accounts - it wants KYC and AML for all points in transactions that end up︂ giving you stables and from there to your bank account - basically random strangers you’ve︃ exchanged with on chain or via DEXs
its their highly incompetent and spineless regulator wanting this but not the swiss cb (which is a bad institution as well). But afaik already its brewing for a while now 3 years or so.
Why do they do this self-harm by being more strict than internationally needed?
Well, its home of the wef︀ and other nefarious actors plus the usa/eu is breathing down their neck (while they are︁ weak).
But weak and spineless places have their advantages taken away pretty soon.
I can︂ entertain the thought eu wanna ban usd stablecoins from saving their failed currencies and avoiding︃ dollarization. But this wont work as everything gov touches eventually corrupts and fails.
Why do they do this self-harm by being more strict than internationally needed?
Well, its home of the wef︀ and other nefarious actors plus the usa/eu is breathing down their neck (while they are︁ weak).
But weak and spineless places have their advantages taken away pretty soon.
I can︂ entertain the thought eu wanna ban usd stablecoins from saving their failed currencies and avoiding︃ dollarization. But this wont work as everything gov touches eventually corrupts and fails.
Problem for Europeans is the collapse of the EURO against USD (same for the UK) regardless of debasement in USD terms, their escape has traditionally been into US assets (hence the size of the US Markets - which is a self perpeturating ponzi as they jump in - capital floods in - price goes up)
The US Markets should begin to see a vast liquidation as assets are liquidated in the US to return the funds home for retirement costs.
I'd imagine the USDT issue (or any USDX) is more of a concern of capital flight, they'd likely be more EURO stablecoins
I also expect︀ at some point something like the US and reporting of foreign currencies, but for EU︁ residents.
The US Markets should begin to see a vast liquidation as assets are liquidated in the US to return the funds home for retirement costs.
I'd imagine the USDT issue (or any USDX) is more of a concern of capital flight, they'd likely be more EURO stablecoins
I also expect︀ at some point something like the US and reporting of foreign currencies, but for EU︁ residents.
In retrospect, had you exchanged your EUR to USD︁ in October 2022 and bought some assets for this money in USD and liquidated them︂ now, you would have looked at losing quite a bit when exchanging back to EUR,︃ as you get less EUR for your USD now.
Currency exchange differences may eat up︄ nominal gains.
Currency exchange differences may eat up︄ nominal gains.
I used to think so, too. ***BUT*** Seeing my own family and friends' reactions, those in the EU and those in the USA, I'm starting to believe this is 100% possible now.
They are 100% encouraging me (the bigger guy) to go help the Ukrainians fight the Russians. I feign insouciance and retort with some terse but stinging repartee! 😉
They are 100% encouraging me (the bigger guy) to go help the Ukrainians fight the Russians. I feign insouciance and retort with some terse but stinging repartee! 😉
This is a good list.
I think Liechtenstein/Switzerland is a great place for anyone who want to stay in Europe but outside of EU.
Ukraine used to be very good unironically, Kiev and Lviv were like a modern Czech or Polish city but with much cheaper prices, but unsure when it will be visitable again.
Serbia/Montenegro good for a Proof of Address but if you are used to modern European cities you might get disappointed.
What you can do︀ is live in Hungary and get an official address in Serbia, lots of Hungarians live︁ in Serbia so many law offices can help you with that.
Hungary is in the︂ EU but many of the EU bulls**t doesn't apply here.
Some maintain address in Ukraine,︃ Georgia, Belarus or Russia but really live in Poland.
Poland used to be great, Warsaw︄ and Krakow are nice cities but since the new government they went full libtard, 4︅ years and they will be worse France or Germany, mark my words.
UK is no︆ longer good imo, it is becoming more and more of a survaillance state, and the︇ tax is a nightmare, even just ordering simple products from EEA.
I think Liechtenstein/Switzerland is a great place for anyone who want to stay in Europe but outside of EU.
Ukraine used to be very good unironically, Kiev and Lviv were like a modern Czech or Polish city but with much cheaper prices, but unsure when it will be visitable again.
Serbia/Montenegro good for a Proof of Address but if you are used to modern European cities you might get disappointed.
What you can do︀ is live in Hungary and get an official address in Serbia, lots of Hungarians live︁ in Serbia so many law offices can help you with that.
Hungary is in the︂ EU but many of the EU bulls**t doesn't apply here.
Some maintain address in Ukraine,︃ Georgia, Belarus or Russia but really live in Poland.
Poland used to be great, Warsaw︄ and Krakow are nice cities but since the new government they went full libtard, 4︅ years and they will be worse France or Germany, mark my words.
UK is no︆ longer good imo, it is becoming more and more of a survaillance state, and the︇ tax is a nightmare, even just ordering simple products from EEA.
No, as they will be incorporated into Nato in the near future. The signs are pretty clear, neutrality is gone.
Unless you have some allegations to some 3d world, Id proceed with caution.
Indeed, uk seem to have lost the plot totally, with what theyre doing they rather stayed in eu.
Unless you have some allegations to some 3d world, Id proceed with caution.
Indeed, uk seem to have lost the plot totally, with what theyre doing they rather stayed in eu.
I'm a bit happy this happened, I'll feel even better if volume in the EUR pair starts pumping up, that way I'll be saving some money. With that being said, it is good being me and not having to bend whenever the morons in the EU parliament come up with something stupid.
3.15 billion dollars in the BTCUSDT pair, EUR could never.
3.15 billion dollars in the BTCUSDT pair, EUR could never.
Austria just declined to join the NATO again when Finland joined, Vienna is still full with Russian spies.
And I don't see why the US would need Liechtenstein to join the NATO.
Moldova, Georgia would join the NATO much sooner than Switzerland, Liechtenstein, Austria.
A friend of mine who works as a geopolitical advisor for the Singaporean government said a war between NATO vs Russia/China has only 2 possible outcomes:
- Quick victory for NATO
- Total destruction of the︀ world except maybe some parts in South-America, Africa and some Pacific Islands
In WW3 I︁ don't think it matters if you live in a NATO country or not, whole Asia,︂ Middle-East, Caribbean will be annihilated along with Europe and North-America.
I doubt after a nuclear︃ war there would be hospitable parts remaining in Eurasia, many countries in South-America are US︄ allies so Russia might drop a few bombs there too just in case.
Your best︅ bet is probably Kiribati, you might outlive the rest of us there for a few︆ months more.
And I don't see why the US would need Liechtenstein to join the NATO.
Moldova, Georgia would join the NATO much sooner than Switzerland, Liechtenstein, Austria.
A friend of mine who works as a geopolitical advisor for the Singaporean government said a war between NATO vs Russia/China has only 2 possible outcomes:
- Quick victory for NATO
- Total destruction of the︀ world except maybe some parts in South-America, Africa and some Pacific Islands
In WW3 I︁ don't think it matters if you live in a NATO country or not, whole Asia,︂ Middle-East, Caribbean will be annihilated along with Europe and North-America.
I doubt after a nuclear︃ war there would be hospitable parts remaining in Eurasia, many countries in South-America are US︄ allies so Russia might drop a few bombs there too just in case.
Your best︅ bet is probably Kiribati, you might outlive the rest of us there for a few︆ months more.
Singapore should run sobriety tests for its advisors.
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word. If such advisors would indeed work for singapore, Id dump all singapore dollars today.
This thinking is stuck in︆ ww2 which is a very normal fallacy, wouldnt bode well for singapore to hire such︇ a!rheads (given that such statement is indeed true).
ww3 is a propaganda / hidden war.︈
This thinking is stuck in︆ ww2 which is a very normal fallacy, wouldnt bode well for singapore to hire such︇ a!rheads (given that such statement is indeed true).
ww3 is a propaganda / hidden war.︈
Ww2 was a conventional warfare, this thinking has nothing to do with that.
Ukraine will never win against Russia, they are not on the same level, Russia has infinity resources to buy the cheap 1 million $ Iranian drones, it costs 20 million for Ukraine to defend against each of the drone attack.
NATO's spending is an order of magnitude higher than Russia's. Putin made it clear many times in case of a direct NATO attack Russia would retaliate with nuclear.
NATO citizens will be cannon fodders in Taiwan or Africa sooner than in Russia.
Ukraine will never win against Russia, they are not on the same level, Russia has infinity resources to buy the cheap 1 million $ Iranian drones, it costs 20 million for Ukraine to defend against each of the drone attack.
NATO's spending is an order of magnitude higher than Russia's. Putin made it clear many times in case of a direct NATO attack Russia would retaliate with nuclear.
NATO citizens will be cannon fodders in Taiwan or Africa sooner than in Russia.
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