Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
bitserve
on 19/04/2017, 02:49:10 UTC
Quote from: gembitz on April 19, 2017, 02:32:01 AM
Quote from: jbreher on April 18, 2017, 08:33:10 PM
Quote from: darlidada on April 18, 2017, 07:28:37 PM
btw, tether supply increased by 20% 7 hour ago

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

+160% increase since 1rst of march

i think we found how they paid back everyone Smiley))

Never looked into Tether. Seemed impossible on its surface. How is the peg maintained? Don't know, don't care - it is an inherent impossibility.

^TETHER is a mastercoin spinoff~~~somewhat legit however ultimately questionable bloat to the blockchain scaling problems etc.. Wink

So Tether is something like this... There is a business that has a bank account in which there are some million dollars deposited.

For each dollar they issue 1 Tether. So we must trust that they are only issuing 1 tether for each USD deposited. We also need to trust the company won't go bankrupt for whatever reason. We must also trust that no agency/goverment will seize the funds of the bank accounts, again for whatever reason. We also need to trust that even if none of the previous happens, that no intermediary bank will reject the transfer when we request the USD value. Also, there's no interest paid on the deposit and, in the best possible scenario, we will be able to recover the exact devalued USD value.

I don't get it.