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

whale-alert.io

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

#111

Post by wc- »

Regarding this "print": https://twitter.com/paoloardoino/status/1467504705857335302?...

"PSA: 1B USDt inventory replenish on Tron Network. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps."

The tether CTO routinely comments on these seemingly large moves because people get very worked up about them.

Why does tether seem to bring out the tinfoil theories from people that have absolutely 0 background in finance or crypto market structure or econ in general.

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

#114

Post by qeternity »

BrissyCoder wrote: post #105
cmckn wrote: post #97

I understand why stablecoins exist, but doesn’t an operation like Tether go against the decentralization goal of “crypto”? The fact that the ecosystem has become dependent on these types of players is interesting to me. Why hasn’t the community demanded even basic transparency about their operations? It seems to be totally exempt from the pious expectations of other crypto projects.

Most of the crypto heads on Twitter actually seem to believe that it is properly backed. But you know, you're judging the opinion of people who invest in cartoon apes.

> Most of the crypto heads on Twitter actually seem to believe that it is properly backed.

I don't think anyone genuinely believes this. But as long as everyone knows the game, but the peg holds and their bags are pumped, then nobody cares.

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

#115

Post by Eji1700 »

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…

" They seem confident that there will be no repercussions to minting money out of thin air and, so far, they've been right."

For the most part the crypto market being unregulated means that there can't be any consequences, except for market consequences. And market consequences are vaaaaastly worse. It's basically like having no one make you wear a seat belt. Sure seems fine until you're just dead.

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

#116

Post by zhoujianfu »

I’m not saying tether is fully backed (I think it’s been admitted they’re not), but do people not understand how it even ostensibly works?

When people sell other crypto for tether/USDC, they are essentially “buying” tether/USDC. Which tether and circle “print” out of thin air… but ostensibly back by selling the other crypto they just received for real dollars.

With the huge crash, a lot of people were selling their crypto.

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

#117

Post by qeternity »

rglullis wrote: post #64
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.

Circle has passed multiple audits. Coinbase is a company that managed to at least convince the SEC they are doing things correctly. Also important, no one from Circle/Coinbase leadership is missing, incommunicado or in hiding.

> Circle has passed multiple audits.

Circle has absolutely never been audited. Circle, like Tether, has published attestations, which do not remotely approach the thoroughness of an audit.

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

#118

Post by threepio »

javert wrote: post #96
beaconstudios wrote: post #85

Earlier quoted context omitted.

Bitcoin is also not principled. Plenty of people are just speculating and trying to not be the bagholder.

You can't keep traders from trading bitcoin. That doesn't mean bitcoin is unprincipled. It's in the whitepaper and the design of bitcoin. For example, the 21M btc supply limit. Bitcoin's design reflects a certain ideology about money.

Bitcoin: by limiting issuance to 21M we have made price manipulation of our currency impossible

Tether: hold my beer

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

#119

Post by wmf »

wc- wrote: post #111

Regarding this "print": https://twitter.com/paoloardoino/status/1467504705857335302?... "PSA: 1B USDt inventory replenish on Tron Network. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps." The tether CTO routinely comments on these seemingly large moves because people get very worked up about them. Why does teth…

Tether could allay these concerns by getting audited and cleaning up all the investigations against them.
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