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/biz/ - Business & Finance

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26082831 No.26082831 [Reply] [Original]

What's the deal with this "Tether FUD"? aren't people just gonna trade it for USDC and move on (like me)?

>> No.26083072

>>26082831
theory is that tether has been printing unbacked money to pump bitcoin and that's the only reason crypto appreciates in value.

>> No.26083200

>>26083072
Not the only but it has definitely contributed. They printed 10% of the total market cap, and reinvested most of this into BTC, increasing their own reserves several times over. So 10%-40% of the crypto market is monopoly money manipulation, which means BTC is not worth $40k but merely 40k USDT, which is not the same thing, and can cause a panic sell-off.

>> No.26083302

>>26083200
prove that this is in any way worse than a fractional reserve banking system which averages less than 15% reserves per institution
>protip: you can't

>> No.26083327

>>26083072
So what? Just sell USDT for USDC.
Exchanges will be out for 24h to set up new trading pairs and we can go on. Who in the fuck is stupid enough to baghold USDT if he can use 10 other stable coins and risk his money to save 2€ on gas during uniswap trades.

>> No.26083420

>>26083302
It's the same but without the US Army and support of the government? Which means bye bye.

>> No.26083478

>>26083200
last time there was tether fud, the nyag proved it was fully backed, except 25% was laundered drug cartel money.

https://decrypt.co/45338/tether-stablecoin-drug-cartel-money-smugglers-doj

To be fair, the tether foundation did pump the price of bitcoin to compensate for that 25% loss. Which explains the 5x pump in 2019.
Yes, tether is manipulating the market. But so fucking what. That's capitalism for you.

>> No.26083482

>>26083420
other countries with central banks do the same thing

>> No.26083544

>>26083482
Lmao. Browse /pol/ for two weeks before you utter your normgroid shit opinions and thoughts again.

Other countries are under the thumb of the US Army because oil is only traded in USD and anyone who violates this gets anally rekt by their troops, see any country in the Middle East. This means effectively that every currency is directly tied to the US Dollar and for all intents and purposes the same thing.

>> No.26083963

>>26083327
you're missing the point.

>> No.26084009

>>26083544
My theory just when covid hit, was that it was a US plot to lower energy consumption so we never have to leave petro.
With global confinement, energy consumption will be quite low and the USA will keep their global leader status from the petrodollar.
Otherwise we would be forced to move into clean energy and USA cannot accept that.

>> No.26084067

>>26083327
USDT is propping the market up. Its all wash trading volume. Theres also no way you can just swap USDT for USDC. There isn't enough USDC in circulation for that because Circle actually has cash reserves

>> No.26084468
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26084468

>>26083302
The market is already starting to move onto stablecoins not 100% backed by collateral
The current market share of Frax Shares is larger than the market cap of Dai at this time in 2018

>> No.26084551

>>26084009
Don't you have some dogs to be eating, Chang?

>> No.26084562

I really want to believe this tether FUD is just fantasy

>> No.26085149

>>26084562
The fantasy is that the exchange which has been caught manipulating markets, selling unbanked dollars, bribing exchanges to list them, and being literally, unironically unable to cash out, is an honest organisation with $25b in the bank even though the total assets of ALL banks in the Bahamas is $4b