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Has Tether ever proven that the coin is backed by $? It's fine to claim that, but I'm pretty convinced the $ doesn't exist and would like to see some proof othe
by snypher 6y ago
Has Tether ever proven that the coin is backed by $? It's fine to claim that, but I'm pretty convinced the $ doesn't exist and would like to see some proof otherwise.
"Indeed, a Tether lawyer said in 2019 each USDT was only about 74% backed by fiat equivalents."
What's a fiat equivalent, because it sure doesn't sound like a $?
- FDSGSG 6y ago>What's a fiat equivalent, because it sure doesn't sound like a $? Government bonds
- boublepop 6y agoTether themselves issued a shady statement saying something like they where backed 70% by dollar holdings, or crypto equivalent. Essentially meaning that as long as they don’t pocket 100% of the money you pay them. And as long as they mint twice the amount of tether using one to back the other, well they they are technically not lying. But reallity is that if enough people tried to withdraw dollars for tether the coin would collapse and the masterminds would suddenly “die of some obscure disease in India” with all their wealth disappearing with them.
- tehlike 6y agoThey are backed by cryptocurrency. You can literally say this is a truthy statement. Print USDT, buy BTC, now you have BTC to back your USDT.