Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

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

))

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.

right, but same thing for USD on an exchange.
USDT is just placing that same trust you extend an exchange to tether and then you get the added bonus of being able to move USDT around ( from one exchange to another) easily
you can also use USDT in OMNI's decentralized exchange.

Quote from: gembitz on April 19, 2017, 02:32:01 AM

questionable bloat to the blockchain scaling problems

right, OMNI aka mastercoin creates dust TX with high fees ( because slightly bigger then normal TX ), on the blockchain it look like someone paid 20 cents to move 2 satoshis, aka Le SPAM. But when you consider someone could move 1000's of USDT for cents, this spam isn't about to go away...