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Wait I don't get it, it's not fully backed but it's still backed somewhat right? I thought it was only a chunk of USD that was missing? Or did they completely a

Wait I don't get it, it's not fully backed but it's still backed somewhat right? I thought it was only a chunk of USD that was missing? Or did they completely abandon the usd backing? If it's still somewhat backed and just that chunk of usd that remains unaccounted for, printing tether isn't exactly a scam? People trade their usd for printed tethers and use that to buy bitcoin, so it's still essentially people exchanging usd for bitcoin

raesene9 6y ago
no-one knows how backed it is. iFinex claim it's 100% backed. They may, or may not, be telling the truth. The question is do you believe that billions of dollars are flowing into an unaudited stablecoin when other, audited, stablecoins exist...
- dgellow 6y ago
  In 2019 Tether's lawyer was talking about 74% backed by cash and "short-term securities". Edit: I forgot to add the link, here it is https://www.bloomberg.com/news/articles/2019-04-30/tether-says-stablecoin-is-only-backed-74-by-cash-securities https://www.bloomberg.com/news/articles/2019-04-30/tether-sa...