True but I take Gabe's word.
You are also advocating for shitty products and services because crypto users can't do charge backs.
Swiss City of Lugano to Make Bitcoin and Tether 'De Facto' Legal Tender
- Thread starter johnarb
- Start date
True but I take Gabe's word.
You are also advocating for shitty products and services because crypto users can't do charge backs.
This guy doesn't stop does he?
Why would I stop talking about world largest financial fraud????
Because it's not a fraud, that would be a good reason...
Have the superior gods who control Tether actually had an honest legit audit to date? I've been out of the loop for a while... but seems people are still thinking everything is just fine, just like the AAA rating Moody's gave on the most toxic assets ever owned.
nope no audit. And the kicker is that their claim about commercial paper they hold is total fake. Bloomberg interviewed every trading desk that deals with commercial paper (it is a small world) and no one ever saw them trading a single one. Their claimed holdings would make them top 10 commercial paper holders in the world. Nothing to worry about
nope no audit. And the kicker is that their claim about commercial paper they hold is total fake. Bloomberg interviewed every trading desk that deals with commercial paper (it is a small world) and no one ever saw them trading a single one. Their claimed holdings would make them top 10 commercial paper holders in the world. Nothing to worry about
I hold over $100K worth of Tether but it's not as crazy as it sounds. I'ts a calculated risk, tbh
All I need to be aware of is if Tether will blow up tomorrow or soon
Everyone says Tether is not fully funded of the 80 Billion they issued. Let's pretend it's not and that they squandered half or $40 Billion worth
Everyone says one day there will be a "run on the bank" on Tether as people redeem their USDT for $ and half of the people (or more) don't get their money. This is incorrect
As I've mentioned before, not everyone holding Tether can go to Bitfinex and demand $. Only the companies and people with contract relationships can redeem Tether, i.e. exchanges
Less than 5% of circulating Tethers are currently in exchanges. The rest are in self-hosted wallets like mine, or in DeFi smart contract or in addresses that the private keys were lost (ala btcoin lost private keys)
No one wants to redeem Tethers, in fact, Tether is in such high demand, it has yields (for borrowing and lending)
And there you have it. 1 Tether is worth 1 USD not because of reserves but because of demand and trust for Tether
Everyone is used to the ponzi fiat, let's give an example the US Dollar
There's a run on the bank in US Dollar because the banks run a 30 to 1 leverage with the deposits, so if 5% of the depositors withdraw their money, the banks don't have enough
See the difference
And there's no incentive to want US Dollar because of high inflation so there's 0% yield with the current ZIRP/NIRP
When you think of Tether, don't use your US Dollar thought process. Think Different -Steve Jobs