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21 sats \ 2 replies \ @riberet19 1 May \ on: Tether ads $1 billion in Bitcoin bitcoin
USDT is the bigger scam in history after fiat money
I thought so too for a while, but it's just a question of what they're backing their token with. If it's fully collateralized then it's not really a scam, is it? If they're not 100% collateralized and not in jail, it's because the feds are working with them to surveil the movement of "digital dollars" globally. Maybe they'll nationalize all stable-coins for an official CBDC, and then will be 0% collateralized.
My point is that it remains to be seen just how much of a scam it is. It could be a net positive for people who need dollars and can't get them. I mean none of us want them, but a lot of the ppl we trade with will only take dollars.
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I understand what you mean, but there could be better ways to trade with USD than with a scam token, but it is true what you say, in Argentina, for example, they use a lot of USDT to get dollars, I think stablecoins have their use, but if they continue with us it is because there is something behind it, especially knowing that they are not fully backed 1-1 with the dollar, at least Tether is known not to be.
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