Tether has an update, filed under Who Could Possibly Have Seen This Coming.pic.twitter.com/W7Xzw4TMjJ
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So Tether is literally worthless yes
Presently the market is valuing it at approximately 98 cents on the dollar, but I think the correct value is much closer to zero than it is to 98 cents. (This view is basically impossible to express via an instrument without being exposed to the cryptocurrency economy.)
This is some crypto ouroboros shit
“Loans”
So is this now fractional reserves of fractional reserves?
0/1 is a fraction!
I’m their defense...It kinda is how it works in the clown school crypto currency world...
Not how it works, anywhere else. Not that it works here :)
That's as good as money, those are IOU's! https://www.youtube.com/watch?v=7GSXbgfKFWg …
Oh no! Our sub-prime loans backed by less popular imaginary currencies have tanked, causing this “primary” institution (banking on “triple-A” imaginary currency’s swear) to be insolvent! We did not lose your money: Its just that no one will bail us (therefore you) out.
Oh no! Our sub-prime loans backed by less popular imaginary currencies have tanked, causing this “primary” institution (banking on “triple-A” imaginary currencies I swear) to be insolvent! We did not lose your money: Its just that no one will bail us (therefore you) out.
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