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Meanwhile, daily Tether volume is $170B. The entire crypto ecosystem is reliant upon the Tether scam.
no its not. that is bad data from no name exchanges lying about their volume
Coinbase is reporting $210 billion daily volume.
Is every market lying? Or are you just personally wrong?
I'm waiting patiently for the whole Tether printing scheme to fall and crush to finally purchase Bitcoin / Ether. However I'm not viewing them as inflation hedges so long as Bitfinex / etc. are allowed to continue with their obvious money printing scheme. When most crypto trading volume is traded at trustworthy exchanges which actually hold dollars as much as they say they do, I'll trust $/BTC to be a fair market. It…
Both are still printing machines. Dollars are backed by faith in the USA. Is there any difference ? Powell - "We print money digitally. As a central bank, we have the ability to create money." https://www.youtube.com/watch?v=ff6SDsaS7rI
Jesus lord, yes, absolutely. The weight of the US Empire and all its combined military and economic might versus what... some shell corporations and the whisper of a promise?
I'm waiting patiently for the whole Tether printing scheme to fall and crush to finally purchase Bitcoin / Ether. However I'm not viewing them as inflation hedges so long as Bitfinex / etc. are allowed to continue with their obvious money printing scheme. When most crypto trading volume is traded at trustworthy exchanges which actually hold dollars as much as they say they do, I'll trust $/BTC to be a fair market. It…
I've always championed DAI for a stablecoin. I don't know why it's not more popular. https://makerdao.com/en/ Instead of it being (supposedly) backed by a dollar reserve, it's collateralized by ETH and several ERC20 tokens in a smart contract. The smart contract does things to make DAI tend toward $1. It's been out for years and I think it has worked pretty well: https://coinmarketcap.com/currencies/multi-collateral-…
If you want to really blow your mind, check out RAI: https://stats.reflexer.finance/
Earlier quoted context omitted.
> (probably is now) This kind of argumentation makes cryptocurrency proponents so insufferable. There’s no evidence Tether is backed, but somehow we can just assume in a parenthesis that they probably are, and then go on a tangential rant about banks or fiat or digital gold or something.
You can take redemption from tether and they will wire you the money, they are in fact registered and regulated. on several exchanges it can be exchanged into fiat, for smaller participant.s It would collapse a long time ago, if it weren't backed.
Tether says they will. Has anyone successfully done this?
> on several exchanges it can be exchanged into fiat, for smaller participant.s
No one says you can't trade USDT. But that requires a counterparty, and if it turns out that Tether is mostly backed by air they may evaporate as well.
It appears from the link in the settlement agreement: https://ag.ny.gov/sites/default/files/2021.02.17_-_settlemen... Tether wasn’t backed at all times. The argument was that this happened due to asset seizures in Poland and Portugal in 2017-2018. https://www.theblockcrypto.com/post/95207/bitfinex-tether-ne... Seems to me they couldn’t prove malicious intent, so they suggested they stop trading. Frankly this seems a…
> Sure, tether wasn’t backed at all times (probably is now), due to governments seizing their funds. Also banks do this all the time, every time they issue a loan for instance. The bank only keeps 10-30% collateral on your home. Exactly. Tether has made no claims about the quality of the collateral they use to back Tethers, so they can probably get away with some very questionable accounting. Anyone who actually has…
You may not have touched Tether, but Tether’s influence on asset prices can’t be understated. You are at risk by trading assets that are inflated by Tether.
These things aren’t uncoupled.
"Contrary to online speculation, there was no finding that Tether ever issued tethers [USDT] without backing, or to manipulate crypto prices" I hope that ends the spreading of FUD - claiming that bitcoin and other cryptos are propped up by the printing of fake tethers - which seems to spread here every time there is a sharp rise in prices.
Page 4 of the agreement:
> 20. Because of Tether’s inability to conduct significant banking activity during this time, it could not itself hold dollars sufficient to back the hundreds of millions of new tethers that had entered the market. Until September 15, 2017, the only U.S. dollars held by Tether ostensibly backing the approximately 442 million tethers in circulation was the approximately $61 million on deposit at the Bank of Montreal.
That's 14% of the cash required to back the issued Tether.
Earlier quoted context omitted.
Considering the meteoric rise of BTC is tied so deeply to Tether issuances, it sounds an awful lot like you’re trying to convince us the emperor really has clothes.
Correlation is not causation. And your mental model of how the cryptocurrency markets work is likely way too simplistic--did you know that cryptocurrency perpetual swap derivatives clear over $350B in daily volume? Pretend for a moment that Tether pulls a Nixon, and closes the "dollar window" ending redeemability. Then what would be the difference between Tether and e.g. the BitMEX XBTUSD perpetual swap contract? Jus…
"Contrary to online speculation, there was no finding that Tether ever issued tethers [USDT] without backing, or to manipulate crypto prices" I hope that ends the spreading of FUD - claiming that bitcoin and other cryptos are propped up by the printing of fake tethers - which seems to spread here every time there is a sharp rise in prices.
"Contrary to online speculation, there was no finding that Tether ever issued tethers [USDT] without backing, or to manipulate crypto prices," said Weinstein, a former federal prosecutor. [0] [0] https://www.theblockcrypto.com/post/95207/bitfinex-tether-ne... EDIT: For some reason I'm being downvoted, but I'm genuinely curious to understand why this news is being simultaneously interpreted in two opposite ways.