Tether is pegged to the number 1, not $1 dollar.
People will eventually figure this out. The Financial Stability Board already did.
"Algorithmic chicanery" with insolvent balance sheets.. #stablecoins #tether ImageImage

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More from @SolidusMax

2 Jan
The more they lie about what's backing USDT, the more stable it is. It's a confidence game until the moment it isn't.
In the early days Tether-Bitfinex tried to manage the peg themselves. Eventually they lost control and then designated the peg to each exchange (statement below). There is no single peg. Each exchange must manage their own peg.
What that statement says is only exchanges or qualified corporate customers can aquire/dispose of USDT. When a miner/trader deposits new btc on an exchange (net inflow) and sells it for USDT, the exchange must obtain USDT to balance reserves, otherwise USDT's premium will go up.
Read 7 tweets
24 May 20
99% of Bitcoiners you see talking about gold have no idea how the market works or even know its history. They just Google everything for info.
Bitcoin is nothing like gold. Period. If you can't understand this you'll never realize how stupid the CT debate on gold vs bitcoin is. Most of the time commentators or outlets talk FOMO while trying to sell something (book, platform, service, subscription). Wake up.
This delusion also explains why Tether and its exchanges are able to create counterfiet dollars to trade with. If crypto traders can be convinced this easily, or trade on with no checks and balances on reserves, they are highly likely to lose everything at some point.
Read 4 tweets

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