Bitcoin goes up, so it must come down. What goes into the price of BTC? (amycastor.com)

submitted 8 months ago by dgerard@awful.systems to c/buttcoin@awful.systems

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[-] mii@awful.systems 10 points 8 months ago* (last edited 8 months ago)

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.

[-] self@awful.systems 11 points 8 months ago

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.

having met far too many bitcoiners: yes, it’s exactly this

this post was submitted on 19 Mar 2024

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