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The Tethers (USDT) Thread
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<blockquote data-quote="void" data-source="post: 1153169" data-attributes="member: 3131"><p><strong>RE: The Tethers Thread</strong></p><p></p><p>How is Tether different than any other BTC/SHITCOIN trade pair? Nobody guarantees me a payout of SHITCOIN/USD or SHITCOIN/EUR. There are only a few fiat trade pairs backed by some exchanges.</p><p></p><p>Thought experiment. I create a new crypto currency called TrailerParkCoin, I do not back up the coins with any money. After some time all my coins are worth 1 Billion dollar, on exchanges. It's not backed by anything.</p><p></p><p>If Tether would stop operation, the whole coin market would loose 0,3% of it's cap. This is a drop in the bucket. The only problem is real price determination, but as market cap is determined by BTC/fiat pairs and not BTC/USDT, we should be safe. BTC/USDT is a altcoin trade pair first, and a USDT/fiat pair second.</p><p></p><p>The real issue is, do we trust the exchanges to work properly and not steal money and keep low fiat cash reserves. (crypto coin bankrun/exchange run style) Fiat banks only hold a certain percent of their bogus money in cash/assets, the rest is numbers in computers.</p><p></p><p>To be safe, one could trade on exchanges with real BTC/USD pair only.</p></blockquote><p></p>
[QUOTE="void, post: 1153169, member: 3131"] [b]RE: The Tethers Thread[/b] How is Tether different than any other BTC/SHITCOIN trade pair? Nobody guarantees me a payout of SHITCOIN/USD or SHITCOIN/EUR. There are only a few fiat trade pairs backed by some exchanges. Thought experiment. I create a new crypto currency called TrailerParkCoin, I do not back up the coins with any money. After some time all my coins are worth 1 Billion dollar, on exchanges. It's not backed by anything. If Tether would stop operation, the whole coin market would loose 0,3% of it's cap. This is a drop in the bucket. The only problem is real price determination, but as market cap is determined by BTC/fiat pairs and not BTC/USDT, we should be safe. BTC/USDT is a altcoin trade pair first, and a USDT/fiat pair second. The real issue is, do we trust the exchanges to work properly and not steal money and keep low fiat cash reserves. (crypto coin bankrun/exchange run style) Fiat banks only hold a certain percent of their bogus money in cash/assets, the rest is numbers in computers. To be safe, one could trade on exchanges with real BTC/USD pair only. [/QUOTE]
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