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It's not useless even if it is volatile. On longer time scales, it is not volatile but consistently appreciating in value, which makes it a great savings vehicl
by Geee 5y ago
It's not useless even if it is volatile. On longer time scales, it is not volatile but consistently appreciating in value, which makes it a great savings vehicle. It's inherently a better currency, and that's why more and more people choose to use it. Increased use decreases volatility, which in turn makes it more attractive as a currency, and so on.
- arrrgr 5y agoYeah, let's just forget about the fact that every BTC up move was preceded by a fat Tether print since mid 2016. It's not Tether pumping, it's the people choosing bitcoin! derp
- Geee 5y agoThe amount of Tether just tracks the amount of money deposits, which are tokenized into USDT. Tether is just a small fraction of all the money entering exchanges.
- RhodoGSA 5y agoBig crypto guy here; Tether is the bain of crypto. It is a centralized medium, that is accepted on centralized exchanges as fact with no audit on how much asset to coin ratio exists. Tether can print as many USDT as they want, buy up all the BTC on 100x leveraged long and no one would be the wiser. BTC's $700B market cap could be fairy dust and no one can know.
- arrrgr 5y agoYou say "can" but they "have"
- arrrgr 5y agoNo it does not. Tether dollars are not backed by real dollars or fairytale "customer deposits". They print Tethers and use them to pump bitcoin price to draw the attention of people like you (and me)
- hhmc 5y ago> It's not useless even if it is volatile. On longer time scales, it is not volatile but consistently appreciating in value, which makes it a great savings vehicle. Either it's good as a currency, or it's good as a savings vehicle. You seem to be confused about which line you're pushing
- Geee 5y agoA currency that isn't a good savings vehicle is a bad currency. In a free market, people will choose to use a currency that doesn't lose its value.
- hhmc 5y agoThis just isn’t true, else everyone would put their pension in USD.
- Geee 5y agoI'm not sure what's your point. USD is inflationary, that's why it's a bad currency / bad savings vehicle.
- hhmc 5y agoI'm not sure what your point is. You keep goalpost shifting. Bitcoin clearly is unfit as a currency as it stands. If you're will to argue that an asset with a 3% daily vlt is viable as a currencty, I don't think we will be able to find common ground.