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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

#51

Post by cliftonk »

jagger27 wrote: post #8

Can someone explain why this is on the "TRON" blockchain? I thought Tether was on Ethereum.

TRON is used for tether payments in Southeast Asia, so there’s a decent amount of volume there. These tether takes eg “printed out of thin air” etc are tiresome. They also do billions in redemptions. Even if half their commercial paper was in Chinese real estate developers (which I think is a dumb rumor), it’s still likely they end up 90%+ collateralized if everything suddenly moved against them. Around halfway thru this podcast Sam bankman-fried + Matt Levine do some scenario analysis https://open.spotify.com/episode/2Oy0ZRklDSMMu40PTDiyOd?si=M...

My take on all of it is that the tether doomers have no idea what they’re talking about. Even the UT finance professors’ charts can be explained by the simple idea that people that made a lot of money in crypto wanted to take some of it off the table.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#52

Post by aaronax »

josefrichter wrote: post #37

I wonder what would happen if this proved to be scam. Would that kill the whole crypto market?

Anyone holding Tether will be stuck selling it for the equivalent of $0.05 or whatever. This alone would have no effect on crypto prices.

However, it will become harder to get various government-type currencies in to exchanges so presumably purchasing demand will fall, which seems like it would make crypto prices fall too.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#53

Post by gadnuk »

santhoshnarayan wrote: post #41
csomar wrote: post #35

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?

Actually $1.9 billion USDC was printed since the dip.

And $2 billion USDT

Source: https://twitter.com/LucaLand97/status/1467591656870494210?s=...

Source for USDC prints: https://twitter.com/usdcoinprinter

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#54

Post by javert »

superjan wrote: post #31
alpha_squared wrote: post #11

Every 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.

Bitcoin is principled. Crypto is not principled.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#56

Post by whiskyant »

Andrew_nenakhov wrote: post #45
josefrichter wrote: post #37

I 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.

Even if it happened, I doubt it would drop lower than $10k.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#57

Post by nanidin »

Andrew_nenakhov wrote: post #45
josefrichter wrote: post #37

I 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.

You and thousands of other people, thereby preventing the Bitcoin price from ever likely reaching $100 in the first place.

We’re living through an interesting piece of history here, that’s for sure.

Re: Approx. 24 hours ago, Tether printed 1B $USDT out of thin air

#60

Post by SantalBlush »

opinion-is-bad wrote: post #50
peakaboo wrote: post #23

Earlier 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.

That’s not free money; it’s money taken from people under threat of violence.

Not agreeing with the parent comment, but I fail to see how printing money and distributing it involves violence.
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