EU Users in Shock: OKX Exchange Drops Tether's USDT - What now?

[Marshal]

I hope so! I'm glad CH and Monaco are NOT part of the EU. These are the others, just in case anyone wasn't keeping track:

1. Albania
2. Andorra
3. Belarus
4. Bosnia and Herzegovina
5. Kosovo
6. Liechtenstein
7. Monaco
8. Montenegro
9. North Macedonia
10. Norway
11. Russia
12. San Marino
13. Serbia
14. Switzerland
15. Ukraine
16. United Kingdom (UK)

I blacked out #15 so people don't get confused.

The countries highlighted in yellow, I would personally consider.

How can you confuse Ukraine with UK? By now pretty much everyone in the world knows about Ukraine. And you forgot to include Moldova.

 

[jafo]

How can you confuse Ukraine with UK?

Maybe I misled you... I BLACKED OUT Ukraine for those who value their life

 

[incognitbro]

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.

 

[maxmoney]

So far my coins are exchangeable at any exchange USDT TRC20

 

[CryptoTrader87]

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.

 

[wellington]

Right now, I think we just need to keep up with everything happening in the world and all that the EU and governments come up with to seize people's assets for the state's benefit. USDT will probably be exchangeable far into the future.

However, I take note of what @JackAlabama says, that USDT can be seized by the American authorities at any time as it stands. So, if the EU manages to implement the same, you definitely shouldn't have your USDT in an EU country. The question is whether they're safe in the UK and CH - I don't know, but it's a good question.

Swiss CB basically considers stablecoins to be equivalent to bearer accounts - it wants KYC and AML for all points in transactions that end up giving you stables and from there to your bank account - basically random strangers you’ve exchanged with on chain or via DEXs

 

[JackAlabama]

Swiss CB basically considers stablecoins to be equivalent to bearer accounts - it wants KYC and AML for all points in transactions that end up giving you stables and from there to your bank account - basically random strangers you’ve 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 wef and other nefarious actors plus the usa/eu is breathing down their neck (while they are weak).
But weak and spineless places have their advantages taken away pretty soon.

I can entertain the thought eu wanna ban usd stablecoins from saving their failed currencies and avoiding dollarization. But this wont work as everything gov touches eventually corrupts and fails.

 

[wellington]

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 expect at some point something like the US and reporting of foreign currencies, but for EU residents.

 

[JackAlabama]

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 expect at some point something like the US and reporting of foreign currencies, but for EU residents.

yes sure, id expect all usa vassal states using usd if allowed by the eu or not.

 

[Don]

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 expect at some point something like the US and reporting of foreign currencies, but for EU residents.

In retrospect, had you exchanged your EUR to USD in October 2022 and bought some assets for this money in USD and liquidated them 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 up nominal gains.

 

[jafo]

In retrospect, had you exchanged your EUR to USD in October 2022 and bought some assets for this money in USD and liquidated them 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 up nominal gains.

I see this daily when I pay with foreign credit cards.

 

[lory]

2. You will end up drafted and cannon fodder in a war with Russia

Maybe a bit of an overreaction.

 

[jafo]

Maybe a bit of an overreaction.

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!

 

[jesuschrist]

I hope so! I'm glad CH and Monaco are NOT part of the EU. These are the others, just in case anyone wasn't keeping track:

1. Albania
2. Andorra
3. Belarus
4. Bosnia and Herzegovina
5. Kosovo
6. Liechtenstein
7. Monaco
8. Montenegro
9. North Macedonia
10. Norway
11. Russia
12. San Marino
13. Serbia
14. Switzerland
15. Ukraine
16. United Kingdom (UK)

I blacked out #15 so people don't get confused.

The countries highlighted in yellow, I would personally consider.

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 do is live in Hungary and get an official address in Serbia, lots of Hungarians live in Serbia so many law offices can help you with that.
Hungary is in the 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, Warsaw and Krakow are nice cities but since the new government they went full libtard, 4 years and they will be worse France or Germany, mark my words.

UK is no longer good imo, it is becoming more and more of a survaillance state, and the tax is a nightmare, even just ordering simple products from EEA.

 

[JackAlabama]

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.

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.

UK is no longer good imo, it is becoming more and more of a survaillance state, and the tax is a nightmare, even just ordering simple products from EEA.

Indeed, uk seem to have lost the plot totally, with what theyre doing they rather stayed in eu.

 

[diatessaron]

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.

 

[jesuschrist]

No, as they will be incorporated into Nato in the near future. The signs are pretty clear, neutrality is gone.

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 the world except maybe some parts in South-America, Africa and some Pacific Islands

In WW3 I 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 nuclear war there would be hospitable parts remaining in Eurasia, many countries in South-America are US allies so Russia might drop a few bombs there too just in case.
Your best bet is probably Kiribati, you might outlive the rest of us there for a few months more.

 

[JohnnyDoe]

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

Singapore should run sobriety tests for its advisors.

 

[JackAlabama]

Singapore should run sobriety tests for its advisors.

word. If such advisors would indeed work for singapore, Id dump all singapore dollars today.

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 the world except maybe some parts in South-America, Africa and some Pacific Islands

In WW3 I 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 nuclear war there would be hospitable parts remaining in Eurasia, many countries in South-America are US allies so Russia might drop a few bombs there too just in case.
Your best bet is probably Kiribati, you might outlive the rest of us there for a few months more.

This thinking is stuck in ww2 which is a very normal fallacy, wouldnt bode well for singapore to hire such a!rheads (given that such statement is indeed true).
ww3 is a propaganda / hidden war.

 

[jesuschrist]

This thinking is stuck in ww2 which is a very normal fallacy

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.