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Just tried a blast but it failed to send to him. Oh well, we may never know the dark truths of the tether scam.

Btw, I don't think Tether is a scam or rug pull, not by design anyway. Not that I've done any deep look into it, just that they seem to have a good track record, mixed with a little bit of gfy directed at those who've tried to thwart them over time.

And I get why many, mostly in the more under-banked areas, would value it.

Joe Bloggs 1d ago

Back in the day, on Bitcoin exchanges, you could have Bitcoin price difference of say $200 USD on a $1,000 Bitcoin price. So you could sell on one exchange and buy on the other and make 20% Fiat each time. This, importantly, left you with an unchanged Bitcoin amount, unless you bought more BTC. That is called arbitrage.

The problem was repeating the arbitrage, getting cash between Bitcoin exchange platforms. Sending Bitcoin could take 30 mins. Sending Fiat could take upto a day or more if you got close to a weekend.

Tether previously Realcoin fixed that problem, holding the same amount or increasing Bitcoin amounts, while being being able to make 5 to 25% every time until the prices on the exchanges became the same.

Very profitable and made possible by Tether.

It's never been scammy at all, they with Simon Dixon helped to rectify the Bitfinex hack. Where I would have lost about $50k, if I remember right, without Tether helping out. Clearly not scammers.

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Discussion

YODL 1d ago

Oh, think I missed your sarcasm when calling them out above, seems obvious now.

Of course, I'm not convinced they've got the reserves they claim, but that's something I don't care enough to dig into, and I gather others have looked into it as well as they can.

Didn't SBF make his early money doing something similar? Some sort of arb with Japanese exchanges if memory serves.

Joe Bloggs 1d ago

Jamaican I believe and SBF was a puppet for US Congress people and Biden to launder money behind a closed door that would be captured and closed off for their good. Zelensky is now Bitcoin rich lol

Tether is buying US Teasuries and by so much they cannot be touched.

YODL 1d ago

Will take your word for it. Seem to remember the whole thing was made possible with unique connections to some financial systems, or maybe he's a wizard like many claimed 🤷‍♂️ Wish I'd done that, free money sounds nice

And yeah, tether been making some solid inroads with US lately. And my god the profitability (with so few employees)!

Joe Bloggs 1d ago

SBF has hie own page on WEF website, his parents were majorly involved major democratic donors. SBF is getting pedo diddly treatment. SBF had meetings with the SEC and FED Chair Powell. The whole thing was gamed, SBF got to pay for his parents gains, but he'll do less time than Ross William Ulbricht and in luxury conditions. Probably gets out from time to time too.

YODL 1d ago

Yeah, think he was doing interviews skewing favorable not long ago...from prison! I don't follow the story too closely. Tempted to say F him, but expect the true story is complicated, so that feels wrong. Eh, at least he enjoyed some wild parties and riches for a while, I guess 🤷‍♂️

Joe Bloggs 1d ago

The guy was a nobody, a week later he was doing big interviews explaining how he was king, more like he was invented like Epstein, they called me Jeff...

Joe Bloggs 1d ago

Taking about scammy, this DM, I wonder if they will spot the;-

YODL 1d ago

Would hope so. Nice one heheh