Tether has "only" minted $78 billion, not trillions
Does anyone really believe 78,423,306,967 USD are currently invested in Tether?
1) https://en.wikipedia.org/wiki/Tether_(cryptocurrency)
Edit: I see elsewhere somebody saying "nobody in the commercial paper markets have heard of them"
So basically, like most other things they say, it's simply not credible.
https://www.ft.com/content/342966af-98dc-4b48-b997-38c008042...
That "commercial paper" could very well be IOUs from themselves to themselves
2. The rules can also be changed with a simple fork if enough users are persuaded to move (Bitcoin Cash) - and somehow the price of both is preserved (how? why? who benefits?).
3. The price is provided by unaudited exchanges and can be manipulated by manipulating linked assets and collusion with exchanges, as Tether has shown.
This is a house of cards waiting to collapse.
2) Again there is a reason why Bitcoin Cash is a fraction of BTCs value it's not the same.
3) Everything can be manipulated. You go and see how Soros did that in the 90es. But again that's not the measurement here. It can't be changed.
It's been a house waiting to collapse for 12 years now. Maybe you should ask yourself what it would take for you to admit to yourself that you were wrong. How long does this have to be a thing?
What would stop it being changed?
It's been a house waiting to collapse for 12 years now.
Tether has only been trading since 2015 and only prominent the last few years. Other cryptocurrencies have seen multiple bubbles and collapses. The thing that would convince me personally is that all the get-rich-quick marks and scammers leave the space and people start using it for actually useful things like payments.
Unfortunately distributed consensus with a global public ledger is particularly badly suited to payments or a currency, though it seems well structured for a ponzi scheme.
Bitcoin is thoroughly manipulated. Tether is minting a billion dollars a day now, with zero oversight and close ties to the major exchanges. Exchanges themselves have been found front running customers, running wash trades on their own coins etc etc. Fraud is rampant in this space and there is zero oversight from the normal regulatory bodies.
A trillion dollars goes into bitcoin, the price just goes up and there's no dilution.
But there is significant manipulation and absolutely no clarity about whether a trillion dollars has in fact gone into cryptocurrencies or whether things like the trillions of dollars that tether has minted affect the price more than real money flowing in. The numbers you can quote from exchanges are unaudited and highly suspect. At least those other assets have some sort of auditing in place to prevent fraud and market manipulation (which still happens, but would of course be rampant and largely hidden without regulation).
Also, Bitcoin is open source. So you can download the Bitcoin code and fork it and call it THE SUPER NEW IMPROVED BITCOIN
Ah, so the supply of this new money is in fact unlimited, since you can add new coins at any time. The supply of bitcoin may be limited (for now, by fiat), but the supply of cryptocurrencies and now nfts is constantly growing, there is no scarcity, and any we have is invented.
If you think Bitcoin is a symbol of resistance you're a mark making the likes of the Winklevoss twins and JL Van der Velde even richer. Get out now if you can.