Who's going to serve life in prison over printing USD? What happens when Bitfinex collapses after Tether is shut down?

Who's going to serve life in prison over printing USD? What happens when Bitfinex collapses after Tether is shut down?

To me the Tether scam is the scariest caricature of the crypto market. People are holding hundreds of millions of tokens which they believe to be worth $1 each, when they are really literally worthless and backed by absolutely nothing.

>Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.

There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.

This literal monopoly money has a market cap of 400 million USD.

people use it so it has value. its the main way to exchange your bitcoin for day trading so you cant just take it away

>people use it so it has value.

You sound like a fucking MLM victim.

they say it has no monetary value
So why are you trying so hard to give it one and trying to prove it's a scam when it's clearly doing its job without any fucking problems
Oh and did you forget that people actually use it

Do you want to use my cryptocurrency? Every token is actually worth two dollars, but you can buy it 1 dollar each from me (PS it's not money and don't expect me to redeem it)

After all, if you're using it, it's totally legit.

You act like this is a big deal, that its worthless. But you do realise the world makes fiat money out of thin air from debt and quantitive easing. People in crypto just treat it as a dummy dollar if you catch my drift, if real dollars we're traded it would make little difference.

people aren't planning to exchange their USDT for USD fucking retard. It's there so because exchanges who dont offer fiat exchange can have a stable token so that people can trade in/out crypto. For example you have BTC and think it will go down. You sell your btc for usdt and buy back later more btc. It's just a mean to get out of coins for a short time.

you do realize this is literally it's biggest weakness? sure, bitcoin itself might not be MLM or a ponzi scheme, but USDT is genuine GreaterFoolCoin
people LITERALLY ONLY USE USDT to buy back lower than they sold, in expectance that the price of USDT stays near 1:1 with the actual USD. USDT can and are literally created out of thin air, it's the fiat coin of a fiat coin with minimal actual crypto technology.
There will come a day when everyone wants to sell, and the price in BTC/USD is going down, but the price of BTC/USDT remains stable. The USDT:USD ratio will begin to approach 1.1:1, then 1.5:1, then 2:1 and everyone will realize that they sold their BTC for a shittoken they can never redeem for actual usable currency. When people realize what's going on, the value will deflate quickly (begin approaching .5:1 from 2:1) and create a volatility wave in USDT markets that will have a huge impact on BTC markets as everyone starts buying whatever they can with USDT and whomever is left with the hot potato literally has no buying power when 1 USDT is worth .10 USD

There's literally nothing wrong with Tether you moron.

All crypto is backed by nothing. They create value by their features. Monero is privacy. Litecoin is speed. Ethereum is smart contracts.

Tether's happens to be the value being pegged at $1USD

Tether is artificial inflation

there is nothing that "pegs" tether to the usd other than you literally selling your btc to the devs for shit they literally print out of thin air and don't pay a dollar for. they have no requirement to hold a reserve nor pay you back dollars when the eventual USDT bank run comes down on Bitfinex

I don't get its purpose why bot just hold us dollar

Are you literally mentally deficient? Did you even read my post?

I swear to god I made it idiot proof and still you repeat your fucking retarded argument about it not being backed by real fiat.

Everyone itt is an idiot
Usdt is for margin trading. Some broke retards tethermarines might use it to stay out of btc for a few days but the majority of it is lending for margin and profits from margin positions.

It will stay how it is until governments says stop it

Reminds me of Mr. Robot when that nerd goes "you can't just make your own money that's the goverments job" or something like that

Damn ur stupid as hell. What makes it 1 dollar? Because they say so? It's supposed to be backed by fiat.

Well said

>calls me stupid
>ur

I don't even need to address you. You sound like a fucking wetback by the way you type.

tether fudders need to understand something.
USDT IS FIAT.

>People are holding hundreds of millions of tokens which they believe to be worth $1 each, when they are really literally worthless and backed by absolutely nothing.

You just described all monetary currency

I guess the difference is that it's harder for a government issued currency to pull an exit scam