Almost all of us here know that Tether (USDT) is a stable cryptocurrency that has all the positive aspects of Blockchain technology but eliminates the volatility of cryptocurrencies and in turn, allows you to quickly sell your cryptocurrencies to a stablecoin supposedly backed by fiat money, but since It has been suspected for a long time that Tether could be minting coins incessantly without being backed by their 1-1 value in US dollars with the sole purpose of buying Bitcoin and hoarding and raising the price of Bitcoin, I believe that if this is true we are possibly facing to one of the biggest scams in history, and if it is discovered and dismantled the price of Bitcoin could fall precipitously, which really does not worry much, but what do you think of Tether, it could be the biggest black swan in the crypto market and above all of Bitcoin?
266 sats \ 0 replies \ @quark 13 Feb
here we go again with the Tether FUD of the week.
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112 sats \ 0 replies \ @hasherstacker 13 Feb
Fiat has proved to be unstable in various aspects. It's prone to inflation and vanity. Pegging any asset to the fiat, doesn't really make it stable. The term stablecoin may be wrongly used in this case, I think. The best way to do it, is to back it by and peg it to a deflationary asset, which is.... I mean Bitcoin.
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10 sats \ 1 reply \ @Enemy_of_the_state 14 Feb
Does it matter if Tether has dollars to “back” USDT? What’s backing your dollars in Wells Fargo? Whole lot of nothin.
-Reserve Requirements
-As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.
https://www.federalreserve.gov/monetarypolicy/reservereq.htm
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0 sats \ 0 replies \ @Kathleen_Croteau 14 Feb
This doesn't answer your good question, but at least there is FDIC insurance for the consumer.
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21 sats \ 2 replies \ @jeff 13 Feb
You're being a sith lord.
False.
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0 sats \ 1 reply \ @riberet19 OP 13 Feb
Explain to me, Grand Jedi
We are here to discuss.
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15 sats \ 0 replies \ @jeff 13 Feb
Censorship-resistance. Counter-party risk elimination. Transparent. Independent from any state actor.
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0 sats \ 0 replies \ @purpurato 13 Feb
Tether can perform the same fiat tricks but on steroids, on a planetary scale. There is no way to verify anything from them, it will clearly end badly, but not sure how much it can affect BTC.
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0 sats \ 0 replies \ @hasherstacker 13 Feb
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