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/biz/ - Business & Finance

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10143395 No.10143395 [Reply] [Original]

brainlet here, how does Tether make money if each tether is backed by $1 USD?

>> No.10143446

Print tether out of thin air. Buy btc from it, convert btc to money

>> No.10143454

>pump the market by printing money out of thin air
>don't allow to be audited during these time
>start selling when they see bearish signs
>finally allow to be audited when they're done selling (bottom of the market)
>"see?, we're actually backed 1:1 by actual dollars ;)"

Genius.

>> No.10143483

>>10143395
By buying tether below 1$ and selling above 1$
Also long before printing :)

>> No.10143529

are we also forgetting about bank interest? if they truly do have 3+ bill in USD in accounts, at 2% daily interest that's over 70million PER DAY earned in interest. fuck me anon, we are in the wrong business. Tether is no doubt the biggest scam in all of crypto (now that bitconnect is gone)

>> No.10143548

>>10143529
>2% daily interest
wut

>> No.10143755

>>10143395
interest of 3B at 3% = 90M a year.

So maybe that?

>> No.10143760

>>10143529
>2% daily interest
Damn tell me the name of your bank anon

>> No.10143858

>>10143529
>2% daily interest
thanks, just went all in on a deposit
this bank is mooning

>> No.10143872

Tether isn't needed to be backed by USD.

>hurrrr money is only valuable because people agree on it
-quote every crypto fag ever

well same with usdt. if people agree i usd equals usdt in shitcoinworld, then thats it.

>> No.10143932

>>10143872
it cant work as a stable coin unless its value is linked to or backed by something. otherwise there will be volatility as people try to agree on a price

>> No.10143935

In theory they make money from 0.5% fees converting tether to USD for their select customers who can actually cash out.

>> No.10143970
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10143970

>>10143529
>2% daily interest

>> No.10144027

>>10143395
>if each tether is backed by $1 USD
it's not
ps. santa isn't real either

>> No.10144301

>>10143529
>2% daily interest
Who needs cryptos when you have a bank not ruled by jews

>> No.10144322

>>10144027
i still don't understand why it matters whether they back their monopoly dollars with real dollars if they literally say they will never exchange them for you in their TOS

>> No.10144351

>>10144322
what matters is their scheme doesn't get blown.
as long as that tipping point isn't reached, it keeps going
their tos saying it's monopoly money doesn't tip public confidence
something bigger, probably a gov regulator or some "authority" can tip the herd's confidence