Tether - Unaudited For 6 Years/Rejects Auditor Because...
- Thread starter Nobert
- Start date
This is just question posed to people out there:
i still don't understand the point of tether. what is it for? if crypto like bitcoin is a digital asset, wouldn't you just exchange that with fiat dollars? meaning it's value is tied to US dollar just like any forex exchange?
how is it any different than back in the mmorpg days well before bitcoin where you would exchange your fiat money for a digital cosmetic item, or you exchange fiat for game gold.
why is the value of bitcoin has to be tied to this tether???
Also if the US govt goes the route of introducing the digital US dollar, what happens then? bitcoin will still worth whatever it is in dollars right? The US can make digital coin out of thin air like it's doing now with fiat, and bitcoin will always retain its value due to limited supply and sentiment
Please un-ignant my ass over this lol
"Tethers help provide liquidity and offer a widely recognized token that can facilitate transactions between various cryptocurrencies"
Why does it need a middle man so to speak to exchange fiat with Bitcoin or any other crypto for that matter, that's my question. If tether ceases to exist, you're telling me crypto like bitcoin purchase can't be done??
Bitcoin price is not tied to Tether or any stablecoin. You can buy and sell bitcoin using your bank transfer methods
No one who doesn't want to, needs to touch Tether
Tether and other stablecoins have many advantages that make them more valuable to cryptos people
1. They have high yields, over 8% APY
2. They are very easy to transport, i.e. you can transfer them instantly to anyone anywhere in the world
a. Some are using Tether as cross-border payments, say a Thailand liquor store would pay the supplier in China, instantly and for less fees
b. Non-US crypto exchanges prefer Tether as there are no need to deal with bank transfer delays
c. Traders prefer to arbitrage multiple exchanges quickly
3. If you look at item 1, theoretically, you can purchase $100K or $1M worth of Tether, get a high yield, cash out anytime, no time-lock or anything
4. Tether and other stablecoins are required for DeFi which do not support bank antiquated systems
You can buy and sell Tether at Coinbase if you're not in New York
Tether is great
Bitcoin price is not tied to Tether, tho, no matter what you read here over and over
Last edited:
Which is being printed at the rate of 1Billion every 4 to 5 days, and then backed up by ,, commercial papers '' which is - loans to unknown sources, basically a CDO's of some sort, because if those were legit, it would be published the same day.
Last edited:
Correct me, but this is actually incorrect. A stable coin itself has zero APY, just like owning the US dollar alone doesn't give you profits. DeFi and other contracts may give you 8% or whatever but stable coins alone don't.
Not to say stable coins don't have use cases, actually they are more useful than the average crypto. They are, well, STABLE...
We can not prove just yet, but interestingly enough, when the Tether printer runs out of ink for extended periods of time, cryptos tend to drop in value.
So what do you think, punk?