Explain Tether to me.
Explain Tether to me
Ryder Sanders
Christian Fisher
it's literally nothing
Charles Kelly
scam
Brody Perez
etymology:
From Middle English tether, teder, from Old English *tēoder and/or Old Norse tjóðr ( > Danish tojr); both from Proto-Germanic *teudrą (“rope; cord; shaft”), of uncertain origin. Perhaps from Proto-Indo-European *dewtro-, from Proto-Indo-European *dew- (“to tie”), or from Proto-Indo-European *dewk- (“to pull”). Cognate with North German Tüder (“tether for binding the cattle”).
noun:
tether (plural tethers)
a rope, cable etc. that holds something in place whilst allowing some movement
(by extension) the limit of one's abilities, resources etc.
(dialectal) The cardinal number three in an old counting system used in Teesdale and Swaledale. (Variant of tethera)
Eli Cox
its a scam, just like getting a good GPA in college
Jonathan Garcia
In theory they give you digital USD for your deposit of real USD, then like a bank they use that real USD to make the whole operation profitable while still being able to handle withdrawals but not a run on the bank.
In practice, they were given a license to print money with little to no oversight, in all likelyhood the current cash coverage on the issued Tether is probably around 10% or less.
Thomas Cruz
tokens backed by wet farts in taiwan
Andrew Mitchell
Based
Jacob Williams
how is that legal? also can you buy tethers on exchange
Carson Young
As opposed to the current fractional reserve system? No bank in the world keeps enough money on hand to cover all their liabilities so why give Tether such a hard time about it.
Nathan Adams
Depends if ((they)) run Tether or not.
Criticizing the banking system is another shoah, goyim.
Jose Sanchez
Jow Forums will hate this answer but either they have the money, dollar for dollar, or are able to summon that much in cold hard cash (negating the possibility of any runs and making it as risk-free as any other fractional reserve bank).
Think I'm full of shit?
William Thomas
it works like the bank. it's just imagine numbers on the screen with nothing backing it but no one complains because it works.
Austin Morales
i got a thread about me made on buttcoin for saying this
reddit.com
Daniel Roberts
you give company money, they give you coins in return, and you can use the coins on exchanges that accept them, if you transfer the coins to bitfinex then they turn into usd, the catch is that nobody audited it so potentially they could print it out of thin air
Adam Cox
Maker Dai is 100% collateralized in ETH to a constant USD tether. Would definitely choose this over USDT.
Levi Garcia
That's not true
Tether is a company directly run by Bitfinex to avoid regulation, so it's not necessarily to be a profitable business.
Evan Miller
Have any of you tried withdrawing tether into USD fiat? Because it's never worked and Ive been waiting for my account approval for over 18 months. I've only heard of select people claim they were able to refund tether for fiat. It's definitely a scam yet people trade it like it has actual value. One of the NEETs here holds like 2.3m in tether.
Caleb Brown
There are multiple exchanges where you can sell tethers at. Tether's own service is only useful if you have large amount of USDT.
Juan Richardson
>Want to trade into DAI
>The people trading it on my exchange make it really fucking hard to trade for without overpaying for it
Brayden Allen
seems like a personal problem.