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> Everyone who holds cryptocurrency is holding Tether’s bag of poo Everyone who holds Tether is holding Tether’s bag. If you don’t own tether, this doesn’t dir
by madmax96 5y ago
> Everyone who holds cryptocurrency is holding Tether’s bag of poo
Everyone who holds Tether is holding Tether’s bag. If you don’t own tether, this doesn’t directly affect you. Most of the people I know don’t own (and have never owned) Tether.
- thephyber 5y agoHow many people who didn’t invest directly in CDOs or subprime mortgages were affected by the Great Recession in 2008? Tether (or a substitute stablecoin) is currently a requirement for lots of the Wall Street investment in cryptocurrencies. If it turns to poo, lots of that Wall Street investment does too and it creates huge liquidity/ volume issues.
- mcguire 5y ago"Then, this year, Tether Holdings started putting out a huge amount of digital coins. There are now 69 billion Tethers in circulation, 48 billion of them issued this year. That means the company supposedly holds a corresponding $69 billion in real money to back the coins—an amount that would make it one of the 50 largest banks in the U.S., if it were a U.S. bank and not an unregulated offshore company." A Tether crash would take down a lot of stuff.