Is Tether stablecoin what determines bitcoin price print on tape?

[KINGOFSHORTS]

I read what determines what shows up as the bitcoin price was the last tether to bitcoin transactions?

something about tether is pegged to 1 usd.

 

[RedDuke]

Correct, Tether represents around 3/4 of daily crypto volume and therefore determines BTC price. Official story they are pegged 1:1 to USD. They claim for every tether they issue, they have 1 dollar in the bank. Last day alone around 300 million was issued.

 

[Cuddles]

no

 

[Clubber Lang]

They claim for every tether they issue, they have 1 dollar in the bank.

Yeah and anyone who believes that also believes in the tooth fairy

 

[Snarkhund]

I read that 1 USDT is backed by only .74 USD... at best.

 

[RedDuke]

I read that 1 USDT is backed by only .74 USD... at best.

it used to much less, but now there is a very strong chance they printed themselves out of a hole.

I would not be surprised come in May they will do audit and confirm they have the funds. All my past doubts and reasoning do not have any merit, once I finally understood their model.

Essentially, I made a big mistake for missing on BTC, now cryptos are too high to get involved.

 

[tayte]

I read what determines what shows up as the bitcoin price was the last tether to bitcoin transactions?

something about tether is pegged to 1 usd.

Yep, now you're a master crypto trader too!

 

[They]

https://www.theblockcrypto.com/linked/98860/usdc-stablecoin-10-billion

 

[tsznecki]

it used to much less, but now there is a very strong chance they printed themselves out of a hole.

I would not be surprised come in May they will do audit and confirm they have the funds. All my past doubts and reasoning do not have any merit, once I finally understood their model.

Essentially, I made a big mistake for missing on BTC, now cryptos are too high to get involved.

RedDuke is now positive on BTC? Impossible! What breaking news!

 

[ZBZB]

it used to much less, but now there is a very strong chance they printed themselves out of a hole.

I would not be surprised come in May they will do audit and confirm they have the funds. All my past doubts and reasoning do not have any merit, once I finally understood their model.

Essentially, I made a big mistake for missing on BTC, now cryptos are too high to get involved.

Tether/ bitfinex have settled with the NY attorney general. The fbi seized the money so they borrowed it from bitfinex.

Before you right off bitcoin search for the stock to flow model. There is still potential in this market. How many markets have a model like stock to flow?