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15000 usdT not usd, as most exchanges trade in tether, not actual dollars. Such price increase is probably related to Tether printing almost 7 billion dollars o

by aent 6y ago

15000 usdT not usd, as most exchanges trade in tether, not actual dollars. Such price increase is probably related to Tether printing almost 7 billion dollars of (almost definitely) unbacked "USDT" in less than 3 months https://coinmarketcap.com/currencies/tether/ https://coinmarketcap.com/currencies/tether/

monoideism 6y ago
No, it's over $15,000 in USD (not USDT) on highly liquid exchanges like Coinbase and Kraken.
- aent 6y ago
  Which all compose only a small percentage of the overall volume. You can't deny there's almost 17 billion "totally fully backed 1:1 by US dollars" tether floating around and almost all crypto trading happens against USDT, not USD
  - monoideism 6y ago
    I haven't really been following Bitcoin much recently, but I don't disagree that Tether can have a huge effect. But that's not what you said. You said $15,000 usdT, which is incorrect.
    - aent 6y ago
      It's 90%+ correct. Almost all trading volume is in Tether, which is erroneously assumed to be 1:1 with usd. Once the "bank run" on tether happens it'll be revealed that most of their billions are not backed by anything and the actual btc:usd price will become clear
      - mr_woozy 6y ago
        you're original statement was wrong, so you were wrong. Admit it and move on because changing topics midstream doesn't fool anyone and just exposes how flimsy your reasoning was to begin with.
        aent 6y ago
        *your I am not changing topics, my point is that when you see a price of $15000 on the exchanges, what you are actually seeing is mostly btc/usdt pairs, that is, you are getting 15k usdt for a bitcoin, not USD. You can see it in e.g. https://coinmarketcap.com/currencies/bitcoin/markets/ https://coinmarketcap.com/currencies/bitcoin/markets/ It is currently pegged 1:1, so you can exchange it for actual US dollars for the most part, which allows exchanges to claim that USDT=USD and they merge them all into a single thing. But there is no reason to believe USDT is actually equal to USD as they keep printing billions of them without any proof that there's any real money behind it.
bufferoverflow 6y ago
That doesn't matter as long as USDT is pegged to the dollar. Which it is. Currently trading at exactly $1.000 (all digits significant).
- aent 6y ago
  >Which it is. Until it isn't. There is zero proof those guys are actually holding their claimed $16,866,411,506 USD in cash somewhere, considering they were kicked out of all the banks years ago

by aent 6y ago

monoideism 6y ago

No, it's over $15,000 in USD (not USDT) on highly liquid exchanges like Coinbase and Kraken.

aent 6y ago
Which all compose only a small percentage of the overall volume. You can't deny there's almost 17 billion "totally fully backed 1:1 by US dollars" tether floating around and almost all crypto trading happens against USDT, not USD
- monoideism 6y ago
  I haven't really been following Bitcoin much recently, but I don't disagree that Tether can have a huge effect. But that's not what you said. You said $15,000 usdT, which is incorrect.
  - aent 6y ago
    It's 90%+ correct. Almost all trading volume is in Tether, which is erroneously assumed to be 1:1 with usd. Once the "bank run" on tether happens it'll be revealed that most of their billions are not backed by anything and the actual btc:usd price will become clear
    - mr_woozy 6y ago
      you're original statement was wrong, so you were wrong. Admit it and move on because changing topics midstream doesn't fool anyone and just exposes how flimsy your reasoning was to begin with.
      - aent 6y ago
        *your I am not changing topics, my point is that when you see a price of $15000 on the exchanges, what you are actually seeing is mostly btc/usdt pairs, that is, you are getting 15k usdt for a bitcoin, not USD. You can see it in e.g. https://coinmarketcap.com/currencies/bitcoin/markets/ https://coinmarketcap.com/currencies/bitcoin/markets/ It is currently pegged 1:1, so you can exchange it for actual US dollars for the most part, which allows exchanges to claim that USDT=USD and they merge them all into a single thing. But there is no reason to believe USDT is actually equal to USD as they keep printing billions of them without any proof that there's any real money behind it.

bufferoverflow 6y ago

That doesn't matter as long as USDT is pegged to the dollar. Which it is. Currently trading at exactly $1.000 (all digits significant).

aent 6y ago
>Which it is. Until it isn't. There is zero proof those guys are actually holding their claimed $16,866,411,506 USD in cash somewhere, considering they were kicked out of all the banks years ago