Question Confiscating USDT vs ETH vs Bitcoin ?

[jafo]

Tether will freeze assets if ordered to do so by LEA's.

This right here!

 

[Joukilop]

DAI has to blacklist function in their contract (you can verify it)

 

[sebastian]

DAI has to blacklist function in their contract (you can verify it)

How to verify that, where did you read that ?

I believe it is important to verify the information provided here on OCT, especially when it concerns critical information that could have catastrophic consequences if one proceeds blindly.

 

[aniglo22]

DAI has to blacklist function in their contract (you can verify it)

This is wrong there is no blacklist function in the smart contract.

 

[aniglo22]

How to verify that, where did you read that ?

I believe it is important to verify the information provided here on OCT, especially when it concerns critical information that could have catastrophic consequences if one proceeds blindly.

https://etherscan.io/token/0x6b175474e89094c44da98b954eedeac495271d0f#code
Scroll down and you see Contract source code .

 

[Joukilop]

This is wrong there is no blacklist function in the smart contract.

Sorry wanted to say has not*

You right there is no BL function on DAi

 

[Revoltec]

Any chance of Circle blacklisting all the USDC's used as collateral for DAi?

 

[wonderfulboy]

Any chance of Circle blacklisting all the USDC's used as collateral for DAi?

What would that mean ?

 

[JohnnyDoe]

Any chance of Circle blacklisting all the USDC's used as collateral for DAi?

This would be very possible and an easy way for switching off DAI. No stablecoin is safe, and all stablecoins are an aberration.

 

[Revoltec]

This would be very possible and an easy way for switching off DAI. No stablecoin is safe, and all stablecoins are an aberration.

Exactly. In my eyes, DAI is not the solution but just adds counter party Risk. Now you are still exposed to USDC and the ETH network. And will DAI hold its peg when ETH starts falling in a bear market?

But what is the solution in cashing out during the bull market and not get dragged down in the next bear market? Seems like one either has to trust stablecoins or a bank.

 

[myshufflemix]

If you only use DAI or USDT for quick swaps as we have seen in another thread I don't believe the risk is very high. Just replace the receiver address everytime you make a transfer. It would stay there is a day or to or maybe only hours. You can't get an court order that fast.

 

[Revoltec]

If you only use DAI or USDT for quick swaps as we have seen in another thread I don't believe the risk is very high. Just replace the receiver address everytime you make a transfer. It would stay there is a day or to or maybe only hours. You can't get an court order that fast.

I was thinking more of holding it for about a year to avoid the bear market

 

[rss]

DAI (now rebranded as USDS) usdc liquidity is currently being held by a single address (which isn't even a contract or a multisig) controlled by Coinbase. You can check that for yourself on-chain.

You are just better off putting your money in USDC directly and investing it into Compound or Aave so it can't be blacklisted directly.

You will add a layer of risk (protocol getting exploited) but I think it's a fair trade-off if you consider DAI isn't as safe as you might think in the first place.

 

[JohnnyDoe]

But what is the solution in cashing out

There is not such a thing as “cashing out” crypto. You mean exchanging a valuable asset for worthless currency, which is idiotic. If you need a quick conversion for contingent needs, any stablecoin will do.

 

[Revoltec]

There is not such a thing as “cashing out” crypto. You mean exchanging a valuable asset for worthless currency, which is idiotic. If you need a quick conversion for contingent needs, any stablecoin will do.

A temporary cash out to ride the cycle

 

[rss]

A temporary cash out to ride the cycle

It's not gonna be so "temporary", you are looking at around 3 to 4 years of bear market on average + how long it's gonna take you to realize we hit the bear cycle bottom and deploy your capital.

If this is your first crypto rodeo I highly advise you just DCA into 3 to 4 of your favorite projects and hodl.

 

[Revoltec]

It's not gonna be so "temporary", you are looking at around 3 to 4 years of bear market on average + how long it's gonna take you to realize we hit the bear cycle bottom and deploy your capital.

If this is your first crypto rodeo I highly advise you just DCA into 3 to 4 of your favorite projects and hodl.

I plan to sell in the coming 12 months and we have seen that it takes about a year from the top to the bottom when it is time to buy again

 

[rss]

I plan to sell in the coming 12 months and we have seen that it takes about a year from the top to the bottom when it is time to buy again

Bear markets don’t last 1 year my friend…

 

[Revoltec]

Bear markets don’t last 1 year my friend…

For BTC, from top to bottom:
Dec 2017 - Dec 2018
Nov 2021 - Nov 2022

...almost exactly one year

 

[rss]

GL