Tether/First Digital print billions of USDT and FDUSD, leading to a correlated rise in top cryptocurrencies like BTC and ETH. Despite the transparency issues, Tether and First Digital continue to avoid publishing a full audit, merely providing attestations. Their CEO’s resignation and move to a non-extradition country, amid legal troubles for figures like SBF and CZ, adds to the suspicion. The ongoing printing and market pumping appear fraudulent, raising concerns about the legitimacy and sustainability of the system. The recent push seems aimed at drawing in remaining fiat volume, potentially indicating a scheme nearing its end. The timing of ETFs and the anticipated halving event might exacerbate the situation when the next market dump occurs.
It would be very difficult to locate even one instance in the history of finance where the government used the legal system to expose a $100 billion scam. The government waits for frauds to end on their own nearly all the time.
Sadly yet accurately stated.
In a casino, dollars are accepted, but not before they are converted into vibrant chips. due to entering and exiting.Tether is one of the stable coins utilized in cryptocurrency that is so fucking onerous as a medium of trade.
You exchange your coin for tether, which you may use to purchase additional currency.
@Goolding However, in order to wager at a casino’s tables, you must utilize their chips. If you weren’t required to purchase chips at a casino, would you continue do so? Why?
@Styles Since it’s more convenient than ramping up or down every time you want to adjust your cryptocurrency holdings. I can now convert Bitcoin into Tether and purchase Ether through an exchange without needing to make a block chain transaction, saving me the trouble of having to sell Bitcoin to buy Ether.
Much of the work in crypto tech is about learning how not to utilize the technology they provide. Since tether is used by every exchange, it becomes the de facto means of exchange, albeit one that is almost definitely not backed by actual money despite its nominal backing.