Meanwhile, Tether has printed 11 billion tethers just since the start of 2024. It’s at 103 billion tethers and counting.
We suspect the tethers are being printed out of thin air and accounted as loans — the fresh USDT is “backed” by the loan itself.
I am not a financial expert by any means, so maybe I’m totally missing something here, but I really do not understand how Tether isn’t the most obvious scam of all time.
It feels like the type of scheme a high schooler would come up with and call it an “infinite money glitch” while patting themselves on the back for just outsmarting Warren Buffett.
This is part of why I never got into mining BTC. Even if I have a decent business plan and I can afford all of the externalities, I’d still be profiting almost entirely from the bad choices of retail investors. (And isn’t “retail investor” such a nasty euphemism?)
Remember that after Binance got hit with the compliance hammer, traders’ details are no longer safe from US anti-money-laundering agencies.
What I like about this is that it contains multitudes. Specifically I like the multitude where libertarians thought BTC would deliver them from government scrutiny/taxes but failed to understand, well, everything.
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