/biz/ - Business & Finance

[Anonymous No.25995473]

Can someone please explain how Tether got started? I don’t care about the FUD, it’s mere existence is a total mystery. Here’s how I imagined it happening:
>I would like to sell one bitcoin pease
<splendid, would you like USD, or USDT
>golly I don’t know, what is USDT
<it’s basically USD that you can only use for crypto
>so it’s like real money, but objectively worse?
<yes
>sounds like a bargain! I’ll take it!
<*rubs hands*

Is this accurate? Because it seems really silly to me but I can’t come up with anything better.

[Anonymous No.25995506]

>>25995473
pretty much

[Anonymous No.25995542]

>>25995473
The CIA, NSA and Mossad got together and brainstormed a way to efficiently brainfuck normies into becoming NPC golems and twitter was the result.

[Anonymous No.25995568]

>>25995473
Basically someone saw a gap in the market for users to exchange their crypto without the volatility the crypto market had relative to the dollar, thus USDT was created essentially

[Anonymous No.25995607]

>>25995542
I don't know why I misread tether as twitter but regardless just replace normies with maxipads and twitter with tether and the answer is the same

[Anonymous No.25995619]

No, Tether started like this
> hmmm, what would be a good substitute for real money? something that's extremely convenient for all of the users on our platform
> tether.png
> oh great, and when there is more demand for Tether, we will mint more Tether so that more people can use it

[Anonymous No.25995951]

>>25995568
Anon, the USD/BTC and USDT/BTC volatility are identical...
>>25995619
What advantage does tether hold over USD?
Please insert 1 advantage to continue.

[Anonymous No.25996075]

>>25995951
ur mom

[Anonymous No.25996135]

>>25996075
>there is literally no advantage to tether
See, that’s a huge problem. Because if there is no reason for anyone to ever buy tether under any circumstances whatsoever... who is spending it?

[Anonymous No.25996219]

>>25995951
Essentially the first thing is that you can transfer with minimal fees across countries. No duties nor fees from services like western union (big for pajeets). Secondarily, it's faster than wire and ACH for transferring across countries, so you can arbitrage across multiple crypto exchanges across the globe (US, EUR, Niggerland, etc.).

[Anonymous No.25996322]

>>25996219
>the first thing
Pretty sure that was bitcoin, which can be purchased with USD. There are countless coins that are fast and cheap to transfer.
>arbitrage
Done faster using the actual currency to be sold, you are just adding an extra step.

[Anonymous No.25996420]

>>25996322
>Pretty sure that was bitcoin
yes
but bitcoin and other alts are volatile
if you want to send a non-volatile asset across exchanges quickly you use stablecoins

[Anonymous No.25996542]

>>25996322
Maybe I want to buy BTC that is sub $200 on the Niggerian exchange but the western union would take a few days and have a 5% fee or whatever. Uh oh I can't buy BTC with BTC on that exchange, that's where USDT and USDC come in. Also you get eaten alive on transfer fees with proof of work currencies (especially ETH, fuck gwei prices).