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If you were a big Bitcoin miner and you knew that there was only $2,000 flowing into the ecosystem for every Bitcoin mined, which would you rather?: - Selling
by Alex3917 6y ago
If you were a big Bitcoin miner and you knew that there was only $2,000 flowing into the ecosystem for every Bitcoin mined, which would you rather?:
- Selling each Bitcoin for $2,000 to pay your electricity bills?
- Selling each Bitcoin for $40,000 USDT, which you know is only backed by $2,000?
Clearly the latter, because you make the same amount of money but get to keep 95% of your Bitcoin. The Tether fraud only makes sense if you assume that the miners aren't colluding, and that they don't make more money the more Tether gets devalued.
- arcticbull 6y agoThe miners have to pay their electric bills in actual dollars, not play money, so they sell for cash. Even if USDT is completely 0% backed, miners can get the $40K USD for so long as the inflows exceed outflows.