/biz/ - Business & Finance

[Anonymous No.52759608]

How exactly is this ponzi still running after all this time? At this point it's more of a ponzi than fiat, since at least real USD is backed by a gun pointed to your head, while USDT is backed by people's feelings.

[Anonymous No.52759669]

>>52759608
usdt is backed by actual redeemable money, what are you, some kind of conspiracy theorist?

[Anonymous No.52761420]

i have minted and redeemed it with no issue. you're probably an amerifag.

[Anonymous No.52761439]

>>52759608
Because it's legit dummy. It's the most "probed" and investigated stablecoin on the market. If it wasn't legit would have been shut down 4 years ago.

[Anonymous No.52761582]

Because every single time they are audited they pull users funds from bitfinex and use it as collateral to take out a loan to back all the usdt then once the audit is complete they return everything back. Every oldfag knows this.

[Anonymous No.52761815]

>>52759608
As much as I want the tether fud to be true, it never is

[Anonymous No.52761838]

>>52761815
Why would you want that?

[Anonymous No.52762423]

>>52761815
i am pretty sure its true, it just hasn't had a run that will make it go bust yet. stuff i just learned recently
-its never been audited, only attestations have been made
-all attestations have been extremely sketchy with bank accounts being created 1 day before, money moved in, then money moved out
-multiple employees have seriously sketchy past, including that ftx guy that was involved in the online poker god mode thing
-there are only 12 employees which makes tether by far the most dollars per employee in history
There is zero chance tether is fully back, even tether doesn't claim its fully backed, its mostly backed by commerical paper(no collateral loans) but its so far backed enough to not pop and as far as we can tell, there is no advantage to attacking it, or at least, there is nobody that is not a state actor with a big enough bank roll to attack it. I believe I read the largest redemption they have done is something like 15 billion which is not nothing...
its also recently been put out by schizoids that tether is used by CIA(picrel) to move all sorts of money around and hence they will never let it fail.

[Anonymous No.52762481]

>>52761582
>>>
its never been audited, what you are describing is call "attestation" which is supposed to be proof they have the money(they don't as you rightly point out) what they are showing is some portion of bitifinex's total money...

[Anonymous No.52762485]

>>52759608
It's just digital US dollars. About that ponzi, I also wonder how it still stands...

[Anonymous No.52763389]

>>52761582
>>52762481
>Tether pulls $63B in user assets from bitfinex
OK
>>52762423
The key point is that anyone who actually has access to Tether is in on the game. Joe Bloggs can't redeem USDT. There can't be an FTX-style bank run

Tether is mostly backed in some form or another. The real dodgy part is that USDT is likely created THEN turned to cash and assets (via complicit exchanges like Binance), and the links to money laundering. The idea that they just invented $63B is ridiculous. We're seven years into that fucking FUD now. If it were that easy, why doesn't everyone do it? Why didn't they print to save Alameda (their biggest customer), or 3AC?

[Anonymous No.52764261]

>>52763389
>The key point is that anyone who actually has access to Tether is in on the game. Joe Bloggs can't redeem USDT. There can't be an FTX-style bank run
Yeah, exactly. Its also in the tos(now) that they have right to NOT redeem for any reason.

[Anonymous No.52765379]

>>52759608
Because it has purchasing power you dipshit. It doesn't need to be backed by anything, if people are actively using it for exchange pairs and to hold their actual fiat money then its worth something.

[Anonymous No.52767105]

>>52759608
gun pointed to your head, can be seen also as feelings. The feeling of being afraid of it, or not.

[Anonymous No.52767138]

>>52759669
But please ser do not redeem.