Quote from: BlackHatCoiner on Today at 10:47:46 AM

Quote from: thecodebear on March 05, 2024, 04:03:58 PM

The people making the outrageous claim are the ones who have the burden of proof.

If I argue that I have a billion dollars, so I can issue a billion BlackHatCoins, each pegged with a dollar, then the burden of proof lies on me. It is me who claims a positive, and needs to provide proof of reserves, not you to disprove that I don't have any; how could you ever accomplish such a thing in the first place?

Quote from: thecodebear on March 05, 2024, 04:03:58 PM

Thinking Tether is fake was sooooo 2017 haha. I actually can't believe people are still harping on about that lol

It is not that I believe they have absolutely nothing in reserve; not having enough reserves is shady enough for me. In this post, it is demonstrated that Tether were capable to only provide evidence of just 14% of their "reserves". You can read more about it, and see yourself that USDT is not 1-of-1 backed by USD and they're essentially one big fractional reserve business.

In fact, I can't believe it's 2024 and people still put trust in stablecoins after all the incidents of stable coins and supposedly "legit" and "reputable" CEXes collapsing one after the other.

So, usually when people bring up this conspiracy theory, they say Tether is 100% fake money. They say the whole thing is fake and all Tether is printed out of thin air. Which is of course completely absurd because that would mean nobody has ever traded fiat for Tether lol.

The whole way stablecoins work is people exchange fiat for the stablecoin and then the issuer holds the fiat. So the idea that its all fake and is worth $0 is just stupid. And yet this idea has persisted for so many years among the intellectually challenged...to put it nicely haha.

My other main point is if all this Tether is being printed out of thin air...where is it going??? I've never heard anyone ever claim they got Tether for free. Cuz if Tether is being printed out of thin air, then that means MILLIONS of people have gotten Tether for free. Or is the theory that all the exchanges are in on it or something lol and the entire global crypto exchange market is one bit racket for Tether for some random conspiracy theory reason?, and the Tether company just hands out billions of USDT to exchanges so people can exchange fiat for it?? I've never seen the conspiracy theorists come up with a single piece of evidence to support their claim...after soooo many years of making the claims haha. While we all have evidence, simply by the fact that you can exchange fiat for USDT on most exchanges, that people are all the time literally buying 1 USDT for $1.

I think the one time I saw confirmation of Tether reserves it was that they only had like 78% backed or something like that because they got hacked I think, or maybe they were making risky investments with it. I dunno. I think no doubt they probably do some risky things with that money and haven't simply been holding the money in reserve like good little boys, but the idea that its all just printed out of thin air, well thats an outrageous claim and it will continue to be a stupid claim until literally anyone can show any proof at all that Tether has ever printed any USDT out of thin air. Show evidence of what people/exchanges/etc are getting handed billions of USDT for nothing in return.

All I'm saying is, USDT is widely used and every day people are buying it with dollars, 1 to 1. So we know for a fact that USDT is not just fake money. Whether Tether the company has screwed up their holdings and done risky things, I have no clue. As I said at some point it was shown they only had like 70-something percent money backed, cuz of some theft or screw up, I don't remember if they had some sort of plan to fix that. That was like several years ago. I'm not arguing whether Tether has done everything by the book and has always had 100% reserves, because by their own admission it seems that has not always been the case. I'm saying that these lunacy "OMG Tether just printed another X billions out of thin air" claims by conspiracy theorists are just plain dumb. They ignore the obvious common sense explanation: lots of new money is coming into the market and USDT is the largest stablecoin so naturally lots of fiat is being exchanged for USDT, and instead they go with the "everything is fake" conspiracy theory haha. It's like the crypto equivalent of flat earthers lol.

So yeah, it amazes me that people still say Tether is fake in 2024. But I guess the type of people who are gonna believe this sort of nonsense in the first place are the type of people who are incapable of changing their mind or using common sense.