Tether Discussion featuring Bennett Tomlin and George Noble

Post by EdwardDiego » Sat, Oct 16, 2021, 12:08 PM UTC

saurik wrote: post #27

kgin wrote: post #21

Earlier quoted context omitted.

USD gets its value from the legal requirement that taxes are paid in USD. Anyone who lives or wants to do business in the United States has to have dollars. That sets a floor of demand that more demand can be built on. Cryptos often have limited supply but have no floor on demand. For USD to go to zero, the United States as we know it would have to collapse. Most cryptos could go to zero with no real world change asi…

Crypto-currencies are selling you a service: linearizing database transactions. This is like arguing that Apple could arbitrarily go to zero because the world would find a different phone to use, and while that's true it seems to miss the point that Apple is unlikely to go to zero until after someone makes a better phone or makes phones obsolete. The world of decentralized database transactions--particularly the turi…

Post by carnitine » Sat, Oct 16, 2021, 12:17 PM UTC

qeternity wrote: post #12

sschueller wrote: post #10

You could just remove the T. In all seriousness the way the US gov has been playing with the debt ceiling and the enormous amount of money being printed the USD also has some serious issues.

This stuff is so disingenuous from maxis. I get that you want someone to pump your bags. But the US Govt gets to print dollars. That’s how that works, for better or worse. Tether does not get to print dollars (which is what they are doing by claiming they are “fully backed”).

Post by swarnie » Sat, Oct 16, 2021, 12:29 PM UTC

whatanorigtht wrote: post #33

cobookman wrote: post #26

Sometimes I wonder if this is how Michael Burry and others felt before the housing crash. Right before the housing crash, most the in-industry folks were fully aware it was unsustainable, but they felt it would continue long term. Same goes for tether, majority of those involved in crypto know what they are doing, and the pump-up effect it's had to crypto.

Oh so brave! Another hackernews commenter who hates bitcoin and thinks the price is too high! You're going to get so many upvotes!

Post by qeternity » Sat, Oct 16, 2021, 12:34 PM UTC

carnitine wrote: post #34

qeternity wrote: post #12

Earlier quoted context omitted.

This stuff is so disingenuous from maxis. I get that you want someone to pump your bags. But the US Govt gets to print dollars. That’s how that works, for better or worse. Tether does not get to print dollars (which is what they are doing by claiming they are “fully backed”).

The vast majority of dollars are created by private banks, not the US government.

Post by shlant » Sat, Oct 16, 2021, 12:37 PM UTC

whatanorigtht wrote: post #37

swarnie wrote: post #36

Earlier quoted context omitted.

I think its more that Tether, the coin which provides the most liquidity in the market is an obvious scam. I know too many people are too deeply involved now to accept it...

Sure thing. The rise in bitcoins price certainly has nothing to do with the actions of central bankers. Have fun staying poor. Never leave your hackernews echo chamber.