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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 revea
by 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 agoyou'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.