Now Tether token holders have yet another stablecoin coming down the pipeline just in case things ever go south. World Liberty Financial, the Donald Trump-backed DeFi platform, is planning to launch its own stablecoin, Decrypt has learned. Sources familiar with the firm’s plans said that World Liberty plans to create and issue its own stablecoin, or a crypto token typically pegged to a fiat currency (like the U.S. dollar) and backed by collateral assets. Stablecoins like Tether’s USDT and Circle’s USDC are among the most-traded cryptocurrencies, as they’re used by crypto traders to quickly enter and exit trades without worrying about volatility. They’re also critical on- and off-ramps between traditional financial markets. But the prospect of a platform backed and promoted by Trump—who could well be elected to a second presidential term next week—carries with it added legal and ethical concerns. It also could be a massively profitable move for the World Liberty team, given how critical stablecoins are to the crypto economy.
you do not control the source code and of course can only buy them. How do you think Tethers are created??? I hope this was not a serious question.
Fake money USDT have no fear. Add to it real people betting on Trump winning and BTC spiking to 100k.
When Tether usdt is printed, it's recorded on the blockchain for everyone to see and has to be recorded on Tether's balance sheet along with who the buyer(s) is/are If it was all fake, the buyers would revolt for being recorded falsely on a fraudulent transaction
When things go sideways it might be to your advantage to have a few gold coins squirreled away. I'm assumung you are in the US, what other parts ofthe world are you going to and how are you going to get there? I hope you are wrong, I've seen all sorts of doomsday scenarios, from acid rain to Y2K to global warming and yet we are still here and consuming like mad. So far I've kept up with inflation and see myself doing so in the future. The only thing I haven't lived thru is war and we've been fortunate not to have one in North America, so far.
of course it is recording on blockchain. But what backs it ? Most likely just open air. If it was indeed treasuries, it would have been a simple audit.
What backs it is the funds transfer from the buyers, shows up as cash on the balance sheet, until Tether deploys it to buying very short term US Treasuries
you continue to have no evidence at all that tether tokens are created by people with “accesss to the source code” without taking in money to back the tokens. no evidence. None. 0
But this would mean the doomsday scenario that you're arguing against is finally here. I've read that gold would be good to have for those cases where you need to bribe a police official to let you run away or cross the border. This makes sense, but is just as extreme of a case as the entire internet going down. The problem with all of this gold is using it. You have to sell it eventually if you're gonna use it. Bitcoin is much further ahead in terms of being a MoE (method of exchange) vs. gold. Both bitcoin and gold are showing to be good stores of value, but when it comes to exchanging it, gold requires you find a dealer to take it, and then give you cash. I exchanged all my silver and bought bitcoin, and luckily it was only silver and hence not that valuable because any amounts greater than $1k or whatever it was required ID. Plus the spread on buying and selling bullion is crazy high. Perhaps its fine if you plan to buy it and never sell it, and pass it down to your kids, but that's not my goal. I have this going theory. You know that math problem asking about how long it takes a spider to climb out if climbs up 2 feet, but then it rains and is slides down 1 foot, etc. The math problem is designed to trick you because at some point, the spider is out and you no longer need to add an extra full day. Well, I think the cycle of printing and expecting a favourable outcome eventually fails because people don't recover at some point. Each cycle has made people poorer, and eventually you don't downsize, but end up homeless. The middle class got pushed to lower class, and the lower class got pushed to.... the street! So all of these forecasts don't take into account what happens when you add the "straw that breaks the camel's back". If printing causes inflation, and if the fed needs to print to stimulate the economy that is suffering from inflation, then at what point does printing stop working? Right now you see crazy shit like Trump suggesting elimination of income taxes. You see Musk fighting hard against government spending (never mind that he needs those government subsidy rebates bad to sell his cars). So fine, lets cut government spending (which of course I agree with to an extent), but its only government spending that is keeping the economy afloat. If the government isn't spending $2T that it doesn't have to pay people to do shit that is a drain on the private sector, the whole thing falls apart. All that government waste is someone's income, and that income is someone's profit at all the stores. There is no way to cut spending without crashing the system, and if they don't cut spending, government borrowing crashes the system. We are way past the point of no return, and any move by the government crashes the system.