RE: Bitcoin a Ticking Time Bomb

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RE: Bitcoin a Ticking Time Bomb

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bubke (60)in #bitshares • 7 years ago

I dont see the problem fully. If i sell btc for tether, they are buying btc, logically...
If everybody now sells their tether, they will buy bitcoin back, sounds like a balanced situation to me...

7 years ago in #bitshares by bubke (60)

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bubke (60) 7 years ago

Dont have access to twitter though :-(

$2.48

2 votes

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docmastery (62) 7 years ago

The problem is they are producing more USDT to buy investors BTC. USDT on the other hand has no value at all.

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knircky (73) 7 years ago

tether are supposed to be backed by USD. if not that would be fraud. The fact that new tether are created should never be an issue unless they are not backed. However is there proof that they are backed or not backed?

I find the notion that this bubble is driven by tether a little far fetched. Most of the volume is not in tether, but certainly printing tether without reserve would be manipulation.

To make the accusation you are making one would have to prove that the reserve is not there. Can you do that?

$8.49

1 vote

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docmastery (62) 7 years ago (edited)

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PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.

It clearly states that it doesn't hold a value. That's from their terms and agreement BTW.

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knircky (73) 7 years ago

yes i understand. that does not mean they dont hold reserves or this is fraud. also does not state they can print out of thin air.

proof would be an audit of USD reserves that is less than market cap.

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docmastery (62) 7 years ago (edited)

The easy way to interpret this is they are stealing investors using unlimited USDT to buy Bitcoin and then buy SBD using the Bitcoin they manage to steal using unlimited USDT.

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