PGV - USDC DEPEG? CLAIMS PAUSED (PROSPERITY GEM VENTURES CRYPTO UPDATES & NEWS)

USDC is not something I trust and I never will. Wouldn't even touch it with a ten foot pole...

It's not surprising to me that USDC's peg has been broken. When a stablecoin artificially inflates its market cap, this is bound to happen.

It's probably a good idea to sell your USDC as soon as possible, before it ends up being worth nothing like UST did.

Honestly, who even uses USDC anymore? There are much better options like USDT and BUSD that are way more reliable. It's pretty funny to see people still using it. 😂

I'm glad I sold all of my USDC before this mess happened! It's like what happened with UST, and we all know where that went. It's just another reason not to trust Circle when they halted all redemptions for USDC. It seems like USDC is going down the same path as UST with all these issues.

It seems like Circle was already in a tough spot even before the recent issues with USDC. They're currently under investigation by the SEC and might even receive a Wells notice. On top of that, they lost a lot of money last year, and now Blackrock is slowly distancing themselves from them. If Blackrock completely pulls out, it could mean the end of USDC altogether.

To be honest, a lot of us expected this outcome. Just take a look at their financial statements, they only have 23% of cash in their reserves. The rest are risky assets and debt securities that promise high returns. Plus, they haven't even disclosed how much of those assets are invested in other programs, which is a huge red flag. They always claimed to be transparent, but can't even be honest about this.

There were actually a lot of red flags happening before all of this happened. Before the depeg, USDC hasn't had a single attestation for about 3 months already. It just shows that Circle is hiding something that they don't want their users to know. 😬

It's concerning to think about what could happen if more banks that hold USDC's reserves go bankrupt. The risk is just too high to deal with, especially when there are much better stablecoins available in the market.

So now, Coinbase is giving 3 billion to bail out Circle and USDC, but many people are still stuck not being able to withdraw anything because of CB's liquidity problems. It's frustrating to see Allaire and Armstrong potentially involved in fraudulent activity.

Circle and Coinbase messed up big time by halting the withdrawals and redemptions for USDC. They definitely lost people's trust there and it's going to be hard for them to earn it back.

To be honest, I find myself questioning the legitimacy of USDC's reserves after what happened. If their reserves were truly in place, then why did USDC even depeg in the first place? It just doesn't seem to add up.

To be honest, I never had much faith in USDC to begin with. There were always some questionable things going on with them. And it seems like my gut feeling was right all along.

Still waiting for mine

Got my refund about 4 weeks ago. Manny pulled me out of the Stable fund sh&t.

Don’t know why he’d temporarily stop deposits but I do think that allowing deposits while not allowing withdrawals would look bad.

My mate got he's refund ages ago.. and he had similar amount of capital in there i had..and we both live in Australia and in the same city but yet for some reason I haven't got mine....... why the fu$#&#^$*#*k is that 🤷‍♂️

Yeah.... I respect manny.. but I am getting a little bit frustrated that I'm still waiting on the usdt refund, and everybody else has gotten theirs..well according to my typical luck that ill be the last one to get refunded.. I don't know if that is bad luck or just a coincidence..

No bueno.

I am so happy to see Manny D the scammer fail, this is awesome thanks USDC

A lot of news today