In all seriousness though, let me attempt to explain the #tether sends to #binance.
Everybody knows that $USDT is used to paint the #bitcoin price whichever way the tether cartel members would like it, mostly upwards. There is no single Dollar in actual money coming into...
Everybody knows that $USDT is used to paint the #bitcoin price whichever way the tether cartel members would like it, mostly upwards. There is no single Dollar in actual money coming into...
... tether. Definitely not since liquid stable coin alternatives with full KYC & AML compliance as well as regular audits have become widely available. And I am, as you can see above, in the camp of those who believe the entire #tether system is a scam. However...
... when #binance receives $USDT, the simple fact is that the exchange has long comingled usdt, other stable coins and actual usd. So when the trade volume on binance goes up, they may choose (depending on said comingling) to settle in usdt or posting in usdt, so...
... they will actually require more $USDT from simple trading and market maker mechanics. More so actually if people are sending $BTC to #binance from other sources and sell them for #tether. Thereby, if people see usdt as equivalent to usd or are unaware their trade...
...is settled in $USDT or they do not wish to show their holdings in fiat to an authority (hence they ‚hide‘ in #tether) during a weakness in #bitcoin that they may anticipate, this can ‚naturally‘ increase the demand & base money of tether. It goes without saying...
... that these ‚naturally‘ created #tether, depending on which of the above routes they took, are never backed with actual USD in tether‘s accounts.
But neither are USD in your bank account that your bank „created“ the way money is created. It‘s a money multiplier effect...
But neither are USD in your bank account that your bank „created“ the way money is created. It‘s a money multiplier effect...
TL;DR: #tether is still IMO a acam that managed to push $BTC prife upwards without actually being backed up by real USD & should now have more than enough in trading profits to show that they are NOW backed, but the sends to #binance alone are not proof of that.
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