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I wished people understood how Tether works. Bitcoin is up 6X this year , 600%. Many exchanges use Tether to onboard clients and that is why Tether is printed.

I wished people understood how Tether works. Bitcoin is up 6X this year , 600%. Many exchanges use Tether to onboard clients and that is why Tether is printed. Tldr; Tether gets printed whenever Bitcoin demand goes up and that's in their whitepaper. For downvoters: You are downvoting facts and truth, quite far from your scientific beliefs. Just read the actual whitepaper and then come and downvote. Don't repeat what you read or heard or think is obvious, obviously.

ur-whale 6y ago
>Tldr; Tether gets printed whenever Bitcoin demand goes up and that's in their whitepaper. The theory is sound, but the experimental verification of the theory (an actual audit of USD reserves) is sorely lacking. Plus, if you really dig into the history of the folks involved with Tether, I mean, I'm generally no fan of ad-hominems and generally willing to give people the benefit of the doubt, but in this case, the reek of fraud is overpowering [1] [1] https://nicolaborzi.medium.com/the-lawless-rollercoaster-of-bitcoin-enriches-few-investors-while-many-often-lose-everything-f9b4789444c2 https://nicolaborzi.medium.com/the-lawless-rollercoaster-of-...
- arisAlexis 6y ago
  did you google the article that says how they submitted papers to NY attorney that they are fully backed?
  - ur-whale 6y ago
    >did you google the article that says how they submitted papers to NY attorney that they are fully backed? Nope, haven't. If so, I'd expect this to have hit most of the media channels dedicated to crypto (some of which I am sub'd to). Not a peep. Link?
qeternity 6y ago
I’m not sure you understand how it works. Please explain to me exactly how Tether is used to onboard clients and how it gets printed.
- arisAlexis 6y ago
  Just read their whitepaper and how exchanges use it before you downvote someone that has a different (correct) opinion than you. DYOR
  - qeternity 6y ago
    Yes their white paper explains this quite plainly: an entity sends them fiat and they issue an equivalent number of Tether. What you’re suggesting is very different. And your unwillingness to explain something that is so simple speaks volumes. I’ve done my research. You’ve made a few unsubstantiated claims and then refuse to substantiate them.

ur-whale 6y ago

>Tldr; Tether gets printed whenever Bitcoin demand goes up and that's in their whitepaper. The theory is sound, but the experimental verification of the theory (an actual audit of USD reserves) is sorely lacking. Plus, if you really dig into the history of the folks involved with Tether, I mean, I'm generally no fan of ad-hominems and generally willing to give people the benefit of the doubt, but in this case, the reek of fraud is overpowering [1] [1] https://nicolaborzi.medium.com/the-lawless-rollercoaster-of-bitcoin-enriches-few-investors-while-many-often-lose-everything-f9b4789444c2 https://nicolaborzi.medium.com/the-lawless-rollercoaster-of-...

arisAlexis 6y ago
did you google the article that says how they submitted papers to NY attorney that they are fully backed?
- ur-whale 6y ago
  >did you google the article that says how they submitted papers to NY attorney that they are fully backed? Nope, haven't. If so, I'd expect this to have hit most of the media channels dedicated to crypto (some of which I am sub'd to). Not a peep. Link?

qeternity 6y ago

I’m not sure you understand how it works. Please explain to me exactly how Tether is used to onboard clients and how it gets printed.

arisAlexis 6y ago
Just read their whitepaper and how exchanges use it before you downvote someone that has a different (correct) opinion than you. DYOR
- qeternity 6y ago
  Yes their white paper explains this quite plainly: an entity sends them fiat and they issue an equivalent number of Tether. What you’re suggesting is very different. And your unwillingness to explain something that is so simple speaks volumes. I’ve done my research. You’ve made a few unsubstantiated claims and then refuse to substantiate them.