Can someone explain why this is on the "TRON" blockchain? I thought Tether was on Ethereum.
Tether operates on a bunch of chains including Ethereum, TRON, and Omni.
Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
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Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#22When it says out of thin air, it means that is some verifiable confirmation of no collateral? Or is the "out of thin air" part just means normal minting?
Tether is super shady but this headline is unnecessarily editorialized. Also, this USDT is "authorized but not yet issued" so technically it only needs to be backed once it's issued. https://tether.to/tether-issuance-primer/ https://thecaspiancey.medium.com/understanding-tether-missio...
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#23Earlier quoted context omitted.
This also means that nobody needs to be poor. Anyone can just get some money since its tied to nothing.
Relative scarcity is a necessity for any currency.
Of course but you could give people some free money nevertheless and it would make the world a better place.
What do you think would happen if you gave 1000 dollars to each person in America every month? I think a lot of good would come from that and not much bad.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#24"$USDT" seems intentionally named to confuse people and imply that there's some relationship to, like, actual dollars. Has the US government ever sued somebody for trademark infringement?
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#25Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#26Every time there's a tether story here, the inevitable discussion of fraudulent activity comes up because Tether seems like an outright scam. I'm inclined to believe all that from what I've read and however little I can make sense of. However, I can't really tell how this ends. They seem confident that there will be no repercussions to minting money out of thin air and, so far, they've been right. Eventually, that's…
I just realized Tether is now bigger than Madoff.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#27So what happens if the owner of that billion attempts to convert one thousand into USD?
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#28Earlier quoted context omitted.
Relative scarcity is a necessity for any currency.
Of course but you could give people some free money nevertheless and it would make the world a better place. What do you think would happen if you gave 1000 dollars to each person in America every month? I think a lot of good would come from that and not much bad.
A loaf of bread would cost $100
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#29Earlier quoted context omitted.
Relative scarcity is a necessity for any currency.
Of course but you could give people some free money nevertheless and it would make the world a better place. What do you think would happen if you gave 1000 dollars to each person in America every month? I think a lot of good would come from that and not much bad.
> I think a lot of good would come from that and not much bad.
Here something that'd happen - the homeless in encampments would get hoovered up by slumlords who put them in squalor and consume their $1k checks. Poor people would have more children because each child = $1k/mo, even if they have to wait 18 years. Abduction would be easy - the ransom pays itself over time. Fraud would be rampant. The ultra poor underclass who are undocumented would still get nothing, further exacerbating the divide.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#30Can someone explain why this is on the "TRON" blockchain? I thought Tether was on Ethereum.
In fact Tether is on pretty much all chains.