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Ok, so please enlighten me. > More than half of all Bitcoin trades involve Tether So how much of this Tether is fake money? When I buy crypto, I do that with
by koonsolo 5y ago
Ok, so please enlighten me.
> More than half of all Bitcoin trades involve Tether
So how much of this Tether is fake money?
When I buy crypto, I do that with fiat coming from a fractional reserve bank. So basically 1% is money the bank has now, and 99% is lended and "should be available at some point".
This all seems like a system that just begs for a cryptocurrency solution :p. Tether is part of the fiat system, not cryptocurrency. I would love to see someone making Bitcoins or Ethereum out of thin air. Because if Tether is creating dollars out of thin air as you say, that's a serious flaw in the fiat system.
- jqpabc123 5y agoTether is part of the fiat system, not cryptocurrency. LOL! Tether has no role in the fiat system other than it's fictitious claims of relative value.
- koonsolo 5y agoAs long as they have >1% backed by cash, they are doing better than any fractional reserve bank ;p.
- jqpabc123 5y ago"Better" for themselves --- no doubt. "Better" for others --- no way. To do "better", submit to an audit to show their cash backing. Instead they claim 100% backed by "something" that is not even clearly defined and has changed over time. And the exchanges play along and collude to keep the "market" price at $1USD.
- koonsolo 5y agoI remember the big bank bailout of 2008. Tether... fiat... they are not that different. Like I said before: problems that cryptocurrency fixes :D.