Why do people use Tether scamcoin over Gemini stablecoin GUSD? It's supposedly backed 1:1 GUSD:USD and has US-regulated books. I get 5-8% interest on it and hasn't had an issue for its handful of years of being issued.
Tether's Troubles in November 2022
51–60 of 126 posts
Re: Tether's Troubles in November 2022
#52Earlier quoted context omitted.
Even more profitable is printing their own currency with nothing backing it, then lying about having it fully backed to set the value at or just below $1. Each USDT printed and sold to a sucker = $1 USD free money.
You're describing post-1971 USD. It's getting difficult to tell which currency is the bigger scam at this point.
It's not a scam if everyone knows how the system works. The Federal Reserve doesn't pretend like the dollar is backed by anything. The Federal Reserve also manipulates supply to try to keep prices stable. They've messed that up the last two years, but rather just continuing to print money they are reducing the supply on purpose.
It's nothing like Tether.
Re: Tether's Troubles in November 2022
#53Why do people use Tether scamcoin over Gemini stablecoin GUSD? It's supposedly backed 1:1 GUSD:USD and has US-regulated books. I get 5-8% interest on it and hasn't had an issue for its handful of years of being issued.
Do you have to prove your funds are not black money to buy "GUSD"?
Re: Tether's Troubles in November 2022
#54I just hope that this is the beginning of the end for the whole crypto space. Good riddance. This fraud galore has no legal basis for existing.
All coins are scams? Wow that's quite a bold statement and clearly from someone who has researched all the top 500 projects in the space and clearly not some1 who is bitter they didnt get in at the beginning despite being there and not pulling the trigger.
Re: Tether's Troubles in November 2022
#55Can someone explain why the bank run on Tether hasn't already happened? We've seen with FTX that it only takes a little FUD for people to get scared and start withdrawing. It's not like there isn't more credible stablecoin alternatives, USDC looks a lot more credible.
Destroying Tether would trigger a crash that benefits no one in crypto.
Re: Tether's Troubles in November 2022
#56Earlier quoted context omitted.
Bitfinex (B) sees orders incoming for BTC or other currency. Then B acquires for $X. Then B fills the order to clients at $X.03 Boom, $0.03 free money. Multiply by scale of their client base.
1. This only applies to market orders. 2. Bitfinex is not the only exchange where people can trade BTC or other crypto. 3. How does B acquire BTC for $X at scale?
1. They can see an order match for a limit order and preempt it with a better offer before pushing it through by a micro-fraction of a penny
2. They can run trading bots on all major exchanges to keep USDT pegged —- while not foolproof it will hold in most situations provided there is enough liquidity in their accounts on every exchange.
Re: Tether's Troubles in November 2022
#57Earlier quoted context omitted.
Except the latter is backed by an army and you can actually buy stuff with it. The former is so volatile that you don’t know if it’ll exist next year or not
8% of every dollar in your pocket a year ago no longer exists.
Not only is that adjacent to, but itself, a wrong statement, what does it even have to do with anything?
Re: Tether's Troubles in November 2022
#58Earlier quoted context omitted.
The industry IS a bad apple. There are zero legitimate use cases STILL of any crypto related product.
Might even be an existential risk. One possible solution to the Fermi Paradox is that they invented crypto and it wrecked them.
Crypto's mostly gamed and fanciful market cap is still smaller than Apple's actual market cap.
Re: Tether's Troubles in November 2022
#59Earlier quoted context omitted.
I’m still amused by how much investment still VCs make into this space. If the industry shakes the bad apples out that would be truly great for the entire economy.
The industry IS a bad apple. There are zero legitimate use cases STILL of any crypto related product.
What about Primecoin? Finds new prime numbers all the time. Filecoin pays and gets paid for server storage space. How in any way are these projects scams? There are dozens of projects that utlize the blockchain and have a token and are not scams. The fukk outa here with this oh everything crypto is a scam. Bitter, you are.
Re: Tether's Troubles in November 2022
#60Why do people use Tether scamcoin over Gemini stablecoin GUSD? It's supposedly backed 1:1 GUSD:USD and has US-regulated books. I get 5-8% interest on it and hasn't had an issue for its handful of years of being issued.
> I get 5-8% interest on it and hasn't had an issue for its handful of years of being issued.
I agree that GUSD is a good, low risk stablecoin choice, but that's only if you directly hold it. If you're depositing it into an interest earning account, note that you're taking on additional lending risk (which I'd highly recommend against right now).