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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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15047489 No.15047489 [Reply] [Original]

I get that tether is printed and there's no real assets backing it up. I get that it has doubled its market cap in the past few months.

But.

Could someone please explain to me as plainly as possible how we are suppose to buy and sell crypto on exchanges without tether?

>> No.15047511

>>15047489
It meant to be pinned 1:1 with the USD

Now this is where the big brain nigga shit comes into play, it's not backed by anything because USD isn't backed by anything. An infinite amount can be printed because and infinite amount of USD can be printed. It's worthless, because the USD is worthless.

>> No.15047523

>>15047511
Then why is everyone so concerned about it?

>> No.15047524

>>15047489
Bitcoin

>> No.15047537

>>15047524
What happens when you sell bitcoin on an exchange?

Do you expect them to have real money to give you?

>> No.15047801

>>15047523
Something about how bullruns and bear markets are directly tied to the printing and burning of tether tokens. I've never really looked into it tBh, some other anon might inform you better.

>> No.15047836

>>15047511
>>15047523
not to mention that other cryptos can be converted to tether so that essentially creates a fake "dollar" backed by an algorithm (aka nothing)

>> No.15047841

>>15047524
Ethplode

>> No.15048111

>>15047489
I have literally never owned tether and traded almost everything

>> No.15048148
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15048148

>>15047489
I dunno, how about... any other stablecoin?

>> No.15048362

why dont we go back to use btc or eth as basis

>> No.15048907
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15048907

>>15048148
$$$$$$$$#$$$$$$$$$
>braps in the stratosphere

>> No.15049059

>>15047489
> how we are suppose to buy and sell crypto on exchanges without tether?

it's simple you didn't, there were 2 types of exchanges one with lot's of shitcoins and ones with fiat pairs
so you basically had to trade BTC and shitcoin on one exchange then transfer those btc back to coinbase or kraken or bitstamp to get fiat, the problem was that this was slow and convoluted so they came up with tether to simplify things
then along the way they realize that nobody really cash out of crypto they just hedge in fiat while BTC dumps so it didn't matter if tether wasn't backed because most peoples don't ask to get out
then they realize that they could just print tether and absorb the dumps and pump BTC price essentially create bullruns. and that's where we are now