5 ms·
The latter answer is simple. Tether and other stable coins printing money from nothing. They have statements that they are backed as equivalent to dollars but i
by kd913 4y ago
The latter answer is simple. Tether and other stable coins printing money from nothing. They have statements that they are backed as equivalent to dollars but it is utter nonsense.
Just yesterday tether printed another billion usdt.
They were openly proven to have only 3% of their currency backed by USD by the NY AG but everyone just ignores that judgement.
They never held under audit, have proven to not be backed by USD and refuse to disclose their holdings. Their CFO is an Italian surgeon who sold pirated copies of Windows.
When eventually that falls, the entire space I figure will implode.
- thematrixturtle 4y agoThe good news that their bank Deltec's chairman created Inspector Gadget, so when trouble looms he can just "go go Gadget helicopter" and fly out of trouble! https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether https://www.bloomberg.com/news/features/2021-10-07/crypto-my...
- aaaaaaaaata 4y agoTether is propping up shitty exchanges/casinos — not cryptocurrency.
- kd913 4y agoThere are enough correlations to show Tether magic money being used to prop up btc, eth on these shady exchanges. It is obvious they are using fake magic money to prop/inject into the eco-system. When btc, eth props up, everything else tends to as well. IDK how it's not obvious to you unless you have some financial incentive to ignore the obvious.
- aaaaaaaaata 4y agoTo you, does "prop up" mean "act as the only value behind", or "noticeably increase the price"? This may be where we diverted from each other.
- kd913 4y agoFor me it means both. I know absolutely that btc/eth didn't grow organically to the levels it did without significant propping from tether and manipulation from exchanges.