66% of all Tether (USDT) have been printed in the last 6 months

Re:66% of all Tether (USDT) have been printed in the last 6 ... by fallingknife on Sunday February 21, 2021 @11:43AM (#26214873)

>75% of USDC, which is audited, has been printed in the last 6 months, so not surprising, or indicative of anything sketchy that USDT would be growing at a similar rate.

https://coinmarketcap.com/currencies/usd-coin/

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Re:66% of all Tether (USDT) have been printed in the last 6 ... by qeternity on Sunday February 21, 2021 @11:56AM (#26215001)

USDT and USDC are fungible. It’s almost a certainty that USDT has leaked into USDC.

Imagine this:

1) Print USDT out of thin air

2) Send USDT to Binance and buy BTC

3) Send BTC to Coinbase and sell for USD.

4) Convert USD to USDC

You’ve now turned imaginary USDT into what is properly backed USDC. Why do this? Because then you don’t have to worry about pesky USD money trails or bank account seizures.

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Re:66% of all Tether (USDT) have been printed in the last 6 ... by fallingknife on Sunday February 21, 2021 @12:04PM (#26215076)

But Occam's razor says it's probably just that a whole ton of money has gone into and trading volumes have increased a lot over the past 6 months.

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Re:66% of all Tether (USDT) have been printed in the last 6 ... by qeternity on Sunday February 21, 2021 @04:16PM (#26217286)

No, it doesn’t. Occam’s razor literally says if it walks like a duck and quacks like a duck, it’s probably a duck.

Tether has admitted to being fractionally backed. They are unaudited and the directors are ghosts.

Who the hell would deposit with that type of an organization? Most people would rather just transact in fiat and for those who must have stable coins, every other stablecoin is an order of magnitude safer.

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Re:66% of all Tether (USDT) have been printed in the last 6 ... by panarky on Sunday February 21, 2021 @02:05PM (#26216141)

It's strange how perfectly rational people who know Occam's razor and Popper's falsifiability principle, and can explain with great eloquence why correlation is not causation, are unable to apply the same logical reasoning to cryptoassets.

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Re:66% of all Tether (USDT) have been printed in the last 6 ... by doggosphere on Sunday February 21, 2021 @02:21PM (#26216267)

Because then you don’t have to worry about pesky USD money trails or bank account seizures.

How do you deposit/withdraw into a legit exchange like Coinbase without having proper KYC?

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Re:66% of all Tether (USDT) have been printed in the last 6 ... by qeternity on Sunday February 21, 2021 @02:35PM (#26216372)

Getting BTC into Coinbase is far easier than getting hundreds of millions of USD out.

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Re:66% of all Tether (USDT) have been printed in the last 6 ... by doggosphere on Sunday February 21, 2021 @03:23PM (#26216804)

So if you can't get it out, then doesn't that break your conversion model? Why are these entities holding millions of dollars on Coinbase that they can't get out?

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Re:66% of all Tether (USDT) have been printed in the last 6 ... by qeternity on Sunday February 21, 2021 @04:12PM (#26217245)

I said it was harder, not impossible.

The end game all depends on the abilities of the proprietors to launder the proceeds. But that’s the rub in all criminal operations and why money launderers are paid so handsomely.

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