5 ms·
Easy - print 300 millions of any one of the half a hundred existing stabletokens, then exchange them for ethereum tokens. Or if they were of the founders of som
by Yizahi 5y ago
Easy - print 300 millions of any one of the half a hundred existing stabletokens, then exchange them for ethereum tokens. Or if they were of the founders of some token, they can spend part of their premine for Eth. Possibilities are endless if the market is "free" :)
- dboreham 5y agoThat's not actually a thing though. There are people/entities with large ETH holdings who could well be motivated to foot this loss, but they can't just magic (real) money out of thin air.
- nikanj 5y agoBitfinex does not agree
- oneoff786 5y agoSell them to dumbasses for real dollars
- grey-area 5y agoThat is actually a thing. https://www.coindesk.com/markets/2021/07/16/tether-hasnt-printed-new-usdt-in-weeks-3-possible-explanations/ https://www.coindesk.com/markets/2021/07/16/tether-hasnt-pri... They’re not playing with real money here.
- GrumpyNl 5y agoIts not real money, nobody did put 320M dollars at the table.
- poontang1 5y agoTell me you don't understand stablecoins without telling me you don't understand stablecoins.
- Hjfrf 5y agoBitfinex already did it once that we know of. It's not too absurd.
- Karunamon 5y agoBitfinex isn't the party in question here. Unless Jump has their own coin they can mint out of thin air and convince people to buy for Ether, or are able to convince any of the other main tokens to mint for them, this scenario isn't even plausible.
- ricardobeat 5y agoApparently they do, it's called Solana, and the hacker did the minting for them :) See the top comment.
- Tenoke 5y agoNone of this is remotely accurate and nobody minted Solana. They minted tokens that no longer exist ON Solana. $320 was spent in ETH - a plenty liquid asset that they have that much less of and that lowers the total value of their holdings by that much.
- babyshake 5y agoI'm not sure about the state of things in 2017, but in 2022 Coinbase will convert your USDT into USD and let you withdraw it. I have a lot of trouble believing the likes of Coinbase have either not done serious diligence on Tether or are willing to perpetuate what would probably be the largest ponzi scheme in world history by a long shot. Coinbase is a public company with executives that are not eager to go to prison, not a bunch of anons with frog avatars.
- mdoms 5y agoThis isn't Tiktok.
- NelsonMinar 5y ago