It is official Tether is a fraud

Bitcoin is not in any way "backed by tether" Tether is just one stablecoin of many that are only used because they're more convenient for moving fiat around between exchanges than the legacy banking system. Stablecoin printing goes up whenever people deposit money to exchanges. It's a symptom of the bull market, not a cause.
 
ScroogeMcDuck said:
Bitcoin is not in any way "backed by tether" Tether is just one stablecoin of many that are only used because they're more convenient for moving fiat around between exchanges than the legacy banking system. Stablecoin printing goes up whenever people deposit money to exchanges. It's a symptom of the bull market, not a cause.
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around 75 %of crypto volume, including BTC, is done in tethers. The claim was that USDT is backed 1:1 for dollar. Recently almost 1 billion tethers were printed on daily basis. So yeah, tethers are the only thing that keeps BTC at current levels and helped it to get here.
 
RedDuke said:
Yep. Fraud of epic proportions in the open.
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Way less fraudulent than banks putting 97% of their assets mortgages during a housing bubble. A diversified portfolio of commercial paper is way less risky than even the highest rated mortgage, because it has less risk from changes in interest rates and general price levels.
 
RedDuke said:
around 75 %of crypto volume, including BTC, is done in tethers. The claim was that USDT is backed 1:1 for dollar. Recently almost 1 billion tethers were printed on daily basis. So yeah, tethers are the only thing that keeps BTC at current levels and helped it to get here.
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The third sentence does not follow from the first two.
 
When you are trading air for actual US dollars, you need your head examined. It is all greed. Everyone wants to be a millionaire overnight. Remember the who is the bigger fool theory? If you have to ask who is the fool---it is thee!
 
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