Paolo ArdoinoVerified account

You can’t possibly make a $ or % number for exactly how much fake-$ demand is responsible for BTC price. The goal is to trigger real-$ demand by inducing the reflexive phenomenon that @hasufl wrote about above. “Oh shit, look, people are buying Bitcoin, I should buy Bitcoin!”

A lot of people are claiming all the rise is from tether printing. Not this more nuanced take of it being kindling for real demand. Which is more plausible of a possibility.

Agreed. Skeptics overstate the case with “It’s literally all Tether”, and then that nuance-lacking strawman version, which is the only version that really gets surfaced, is easily knocked down.

The thing I'm not convinced about yet is whether skeptics are getting the cause-effect backward and it's actually: More tether printing coming from more money flowing into crypto sphere and finding its way to tether, due to its important role in crypto. Like how USDC has grown.

Sure, but you’re just describing the plausible deniability of it all again. We cannot know if it’s legit-and-private or fraud. We can only infer, and all common sense signals suggest the same thing.https://twitter.com/joekelly100/status/1347142182751367169 …

Sure, round numbers / pre-authing isn’t indicative of anything either way. Legit proof would mean transparency around what on earth is actually backing them, because it sure as fuck isn’t $23 billion. But that’s not going to happen. Also, when were the “billions of redemption?”