Total collapse in crypto market cap. Current market cap was only achieved with fake money (stable coins represent like 75% of volume), and is supported by fake money. Remove it and prices will collapse across the board.
Tether: What part of this balance sheet do we not believe?
- Thread starter GlobalMacro90
- Start date
Total collapse in crypto market cap. Current market cap was only achieved with fake money (stable coins represent like 75% of volume), and is supported by fake money. Remove it and prices will collapse across the board.
The fact people STILL are foolish enough to think Tether is unlikely to implode reminds me of all the gullible people that were chanting the same about Terra... I think it's inevitable now as we have people who still choose to ignore history. I just find this fascinating.
Does it seem everyone forgot how Terra sucked everything else down with it? Look at the size difference between tiny Terra and Tether. Now re-adjust and look at it through the eyes of a 4-year-old... should be simple enough.
How can you still ask why would it cause BTC to go down too. This is Elite Trader, doesn't anyone know what margin even means anymore? Am I too old, or just too stupid because I've seen this play out too many times now?
If I understand correctly, BTC is not like tether in that it is not "backed" by anything. It is a crypto-unit that stands on it's own. Yes?
If you were to ask Saylor, he'd tell you that BTC is backed by the energy used by all the miners in the world 
As for Tether, it was SUPPOSED to be backed 1:1 by paper-fiat. They even stated this publicly to gain trust. But then they ninja-edited that out, right around the time allegations came to light they were lying.
Each time they promised for an audit, they either fired their auditors, or some other shady stuff happened, so hence... no audits! Amazing!
Investigations into their backing through other means have shown that not only did no institutions show any volume for the kind of papers they were claiming to deal with... but no one even knows anyone who's ever seen any commercial paper dealt with these guys, and certainly not to the levels they claim they do.
Let's use a little common sense here folks... But, alas, I know that doesn't apply to millennial traders here. Carry on wokesters!
What the hell is it going to take for people to smarten up? I know, Kevin O'Leary will have to do another paid advert, how he KNOWS he can trust Tether, and keeps all his money piled into Tether, because.... reasons. If a stable-coin ever implodes again, he knows that it won't be Tether.
See, O'Leary knows his shit!
As for Tether, it was SUPPOSED to be backed 1:1 by paper-fiat. They even stated this publicly to gain trust. But then they ninja-edited that out, right around the time allegations came to light they were lying.
Each time they promised for an audit, they either fired their auditors, or some other shady stuff happened, so hence... no audits! Amazing!
Investigations into their backing through other means have shown that not only did no institutions show any volume for the kind of papers they were claiming to deal with... but no one even knows anyone who's ever seen any commercial paper dealt with these guys, and certainly not to the levels they claim they do.
Let's use a little common sense here folks... But, alas, I know that doesn't apply to millennial traders here. Carry on wokesters!
What the hell is it going to take for people to smarten up? I know, Kevin O'Leary will have to do another paid advert, how he KNOWS he can trust Tether, and keeps all his money piled into Tether, because.... reasons. If a stable-coin ever implodes again, he knows that it won't be Tether.
See, O'Leary knows his shit!
Then it stands to reason that BTC is not going to crash if/when Tether blows up and dies. It has nothing to do with Tether.
Baron
ET Founder
I mean, aside from the smartest people on earth and the most distributed, powerful and fault-tolerant computer network on the planet, BTC isn't backed by much of anything.
And speaking of being "backed by" something, contrast what I just said to what is backing the latest round of new USD that is printed: A keystroke in a database.
it will crash if tether implodes. BTC market cap is supported by wash trading via tethers. Remove tethers and there is nothing to support it. Price will plummet.
Well, you know the textbook answer to that..."The full faith and credit *coughFitch* of the US government *coughS&PCOUGH*."
*hack wheeze*
Tether does not have the USD to back its circulating USDT. Just accept it.
This has been a known fact since pretty much their inception. Get over it.
It's in everyone's interest to keep the Tether game going, just like it is in everyone interest to not rush to their local branch and withdraw cash at the same time.
Having Tether implode is akin to having all the payment networks implode and supermarkets ending up with empty shelves within a week.
This has been a known fact since pretty much their inception. Get over it.
It's in everyone's interest to keep the Tether game going, just like it is in everyone interest to not rush to their local branch and withdraw cash at the same time.
Having Tether implode is akin to having all the payment networks implode and supermarkets ending up with empty shelves within a week.
There is a significant difference. The Tether network is the primary circulatory system of the crypto markets, since CEXs are still a crucial pillar.
Also, the BTC insiders will support Tether due to its major role in pumping it.