To put this into perspective 1. 1 billion is just 1.33% of the total USD Tether has issued. 2. USDC also issued 1bn in the last 24 hours.
source re usdc?
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
#42I wonder what would happen if this proved to be scam. Would that kill the whole crypto market?
People would want to get rid of Tether and fast. One way is to buy real money, like Bitcoin.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#43Earlier quoted context omitted.
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 undercla…
Not a single legitimate theoretical or experimental economics research paper supports these extreme claims for the effect of a UBI.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#44Every 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…
This also means that nobody needs to be poor. Anyone can just get some money since its tied to nothing.
The major government money systems are tied to the short term expected behavior of major governments.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#45I wonder what would happen if this proved to be scam. Would that kill the whole crypto market?
I'll probably buy a few bitcoins at $100 price point then. Just in case it ever grows back.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#46Earlier quoted context omitted.
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
A UBI doesn’t necessarily result in inflation. The later is a combination of monetary policy and expectations. UBIs can be paid by means other than printing money.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#47Every 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…
Beyond the fraud allegations, the idea that an organisation can just print extra money as they see fit, doesn’t that go against the principles of crypto finance? I am genuinely curious why people think that is a sustainable idea.
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Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#48Every 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…
Beyond the fraud allegations, the idea that an organisation can just print extra money as they see fit, doesn’t that go against the principles of crypto finance? I am genuinely curious why people think that is a sustainable idea.
What are the principles of crypto finance?
Who thinks Tether is sustainable?
Tether is just someone with digital Monopoly (game) money basically.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#49Earlier quoted context omitted.
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 undercla…
“ Abduction would be easy - the ransom pays itself over time. Fraud would be rampant.”
Do we have any evidence that abduction and fraud is rampant in countries in Western Europe, known for the very generous social programs? Are they exploding with poor people having kids??? Is it dangerous to live in, idk, Sweden because someone is gonna kidnap you for your social bux? I’m genuinely asking because the notion of rampant abducting and child having hasn’t happened in countries I know of with very generous social programs.
Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air
#50Earlier 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.
That’s not free money; it’s money taken from people under threat of violence.