⚡️🚨Adam Curry on Joe Rogan discussing #Bitcoin, memecoins, and Tether: “THE ONLY COIN I TRUST IS BITCOIN.”
Discussion
nostr:npub13ql75nq8rldygpkjke47y893akh5tglqtqzs6cspancaxktthsusvfqcg7 is a fucking legend
He is indeed.
🔥
Wow based explanation
I had no idea that USDT was backed up by American Debt! Very fascinating.
It cracks me up when someone tells me " I don't understand Bitcoin." I reply " But you do understand the Federal Reserve and the fractional reserves banking system? "
Biggest scam excepted by most people.
1) its not “backed” in that you cannot exchange your tether for the debt, and
2) its a circular digital fiat in this way: tetherCo issues a digital tether token, fed issues debt for fiat; tetherCo uses the fiat received to buy debt. End result is conversion of fiat to digital fiat.
Thanks for the additional info. “Secured” could be a better word, perhaps?
It’s still just basic economics that blows my mind. Illusory (printed) DEBT has a value, and it’s being sold and traded as such. Just, wow.
nostr:nprofile1qqsgs0l2fsr3lkjyqmftv6lzrjc7mt6950s9spgdvgq7euwnt94mcwgprpmhxue69uhhqun9d45h2mfwwpexjmtpdshxuet5qy08wue69uhhw6tvd3jk6tnrw4e8y7trv9ekstnwv46r5dpcxsuqz9nhwden5te0v96xcctn9ehx7um5wghxcctwvspktsq2 is always right .. cuz he has no vested interest .. no sponsors for his thoughts .. man is simply a walking encyclopedia..