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3380021 No.3380021 [Reply] [Original]

Anons, how does tether work?

>> No.3380031

It doesn't and will bring the whole market down
Screencap this

>> No.3380059
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3380059

>>3380021

1. The goyim give the cash
2. The goyim get the unbacked tethers

>> No.3380644

>>3380031
not true, its all a big smoke a mirror show, but the show will go on as long as there isnt a run on the tether

>> No.3380789

>>3380021
Since no one is giving you a serious answer:
USDT is a cryptocurrency used as a "1:1" for the USD. It's essentially being used as a way to short crypto (You think bitcoin is going down? Put your holdings and buy USDT. When BTC bottoms, you then buy back BTC). The problem I've been hearing is that people think Bitfinex (the creators of USDT) are making it up as it goes along. They apparently created a bunch of USDT, which are completely unbacked (i.e. out of thin air, no money to back it), but claim it is backed. Thus they have a highly inflated asset that's supposed to be 1:1 with USD. This in turn means, that people buying BTC with USDT are inflating BTC prices with nothing of value. This is where people think a potential bubble is coming from.

I don't fuck with USDT, nor should you. It's a good idea since we need a way to short markets, but it's TERRIBLY being executed by a bunch of scummy people.

>> No.3381136
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3381136

>>3380021

Pic: My face anytime someone believes that Bitfinex has >$150M USD in an account somewhere that backs up their tethers.

Even if this were true (like fucking hell they're not running a fractional reserve) that money can still be frozen or confiscated overnight.

USDT is a massive confidence game, even if you can move past the blinding idiocy of creating a token backed by literally worthless fiat garbage it's still objectively the single worst idea in the crypto space.

There's going to be a lot of people out a lot of money the day there's a bank run on USDT, and anons who were smart enough to stay the fuck away will laugh for years (I haven't stopped yet).

>> No.3381416

>>3381136
>he day there's a bank run on USDT
hahahahaha, thats never

>> No.3381518

>>3381136
Bitfinex brings in like 400k/day, why wouldn't they keep tether legit?