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That 100% payout will be in crypto, whose value in USD terms is going to tank if Tether implodes. And that's assuming the lending platform in question survives the carnage.
The payout will be in a different stablecoin. USDC won't collapse with Tether.
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Today they will, for a few people, for small amounts. The problem being discussed here is that they can't every day for arbitrary numbers of people and amounts, because they don't have enough USD on hand.
Tether USDT is being discussed in this article. USDC is a different organization that has many partners, Tether is one extremely sketchy organization.
The elites are working hard to promote scam projects in the crypto space. Only allowing unscalable projects to gain traction... But it doesn't matter, they work just well enough to do what they were intended to do.
The fiat system is making a mockery out of itself faster than it's making a mockery out of crypto.
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It took Liberty Reserve 7 years and 17 countries cooperating to get nuked from orbit. Tether was founded as Realcoin in 2014 by a group including former child star and accused sex offender Brock Pierce, so while it’s technically just rounding the 7 year mark, it didn’t begin in earnest until it was taken over by Bitfinex towards 2015 and didn’t become majorly problematic until 2016/2017 according to the NYAG findings…
Bitcoin effectively is the reason I stopped leaving breadcrumbs for Twitter researchers in the future. I read his research and see forum posts from idiots we use to laugh at on irc, but I myself participated in the pirate@40 ponzi, as other people did - maybe 47 poor souls if memory serves. What a lot people can’t seem to grasp about 2012 is Bitcoin miners were flush with Bitcoin and no place to spend it, no place to…
It really was all a game in the early days, then it blew up.
People have been yelling about Tether for years, myself included. But nothing seems to stop it. Not lawsuits, not major news articles. The conclusion I draw is that, yes, the game is rigged - AND EVERYONE IS OK WITH IT. As long as it's making everyone money, no one will really complain. What I also find interesting, is that if tether ever DOES crash, the result might be a big boost for Bitcoin. If you hold Tether, an…
The entire system is a fraud and the only things holding it together are people's ignorance and hypocrisy. They cannot bring down Tether without revealing the lies and hypocrisy of the entire financial system since the same arguments could be applied to either side.
I would not want to be a judge or lawyer on this case. There is no logic involved, the only way to debate this are extortion threats and threats of physical violence.
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The payout will be in a different stablecoin. USDC won't collapse with Tether.
Would you gamble your entire investment on that? If Tether collapses, there will be major outflows from all stablecoins, and we'll find out which ones have been swimming naked.
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Anybody "fined for selling counterfeit Microsoft software" almost certainly ran a whitebox computer shop, and was successful enough to get noticed and charged in a period where almost everybody's home computers ran pirated Windows and you could buy it on any street corner. In Italy to boot.
Yeah, it was common, but that doesn’t exactly help his case to regulate a currency taken as an equivalent of the US Dollar
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It's very easy to short tether, it costs around 4-5% a year. You can do it directly on FTX, or you can do it on ethereum by borrowing tether on aave against, say, USDC, and then selling it for USDC. You can do this in significant size, 8 figures+ if you'd like.
> You can do it directly on FTX I’m no expert, but wouldn’t this be unrealizable? If tether were to fall it’s not crazy to think it would take with it most exchanges, given how most of them use USDT for maintaining operations.
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Boomers absolutely constrained supply to raise prices.
Your problem is not with “boomers.” It’s with a population pyramid that has actually just fallen apart — but those effects won’t show up for another 20+ years.
Does crypto do anything but cause troubles? If it's not actively destroying the environment, then it's endangering financial stability. How does the government not step in here?