Yep, I'm sure they just happened to have HALF A BILLION DOLLARS just lying around

Yep, I'm sure they just happened to have HALF A BILLION DOLLARS just lying around.
Always good to have an extra 500 MILLION DOLLARS in case you need to spend it in less than a month
This is all totally backed, absolutely.

bump

I believe at this point they're claiming to have an entire billion in cash actually.

The scam that ruined crypto. Who gets to play the lead role once this goes straight to video-on-demand film?

COPE

So what you're saying is, buy bitcoin NOW?

so what? banks also don't have the money they claim.

>being this retarded
banks are audited every year. Their Debt/equity-ratio is regulated. In addition they must carry 10-20% (depending on country) of their liabilities in liquid format.
None of this applies to Tether

>he thinks you need to physically back something that does not exist outside cyber space

you dont and this con can run for years without issue.

wait, is this what caused the bitcoin surge?

You must be new here

Oy vey the goyim know SHUT IT DOWN

It can run until a significant amount of people want their money. That could be tomorrow or in 100 years. Time is not a factor dummy

cant wait for Mt Gox 2.0 : The Tethering

can someone explain this?
are you saying that exchanges are translating your money to tether and using that to trade other crypto ?

I have a feeling that Tether was creates as a way to allow risk-averse traders to bail temporarily into fiat if they are unsure of what a coin is going to do. That cash isn't in a bank, so Tether was created as a placeholder for those dollars until the trader was ready to sell it and get back into a coin

The problem was, whenever a Tether got turned/traded back into coins the token never got burned. It just sat there as if it still represented a dollar

This house of cards will surely blow wide open

wink wink

what seems to be the problem?

Supposedly there's a billion dollars just sitting in an account somewhere, 1 dollar representing each tether. Every usd trade done on bittrex and probably others is represented by tethers. Considering that it's not surprising that there's a lot of them.

I tried Googling some of the names of the 'team' and came back with nothing.

Great image.

fucking classic

Exchanges don't have your money dummy. You EXCHANGE it with other people, it's in the name, an exchange is just a platform.
This means that in order to back 500 MILLION DOLLARS worth of tether, bitfinex must be making 500 MILLION DOLLARS in profit per month. That would make it one of the biggest companies in the entire world