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Of course HN in it’s infinite wisdom can’t get the causal connection between BTC rising and tether printing right. Tether is being printed because btc is pumpi

Of course HN in it’s infinite wisdom can’t get the causal connection between BTC rising and tether printing right. Tether is being printed because btc is pumping. They have to print tether to maintain the peg at 1$. If the price keeps rising due to demand for tether they need to print and sell tether. It does not matter if you can redeem your tethers for dollars because they buy tether when the price goes below 1$ to maintain the peg.

PragmaticPulp 6y ago
> Tether is being printed Tether doesn't claim to "print" anything. Supposedly, Tether is 1:1 backed by actual dollars being paid in to the Tether corporation. If Tether corporation is "printing" Tethers without having received corresponding deposits, that's the fraud.
- sethgecko 6y ago
  Yes it is backed because when they print a new tether they sell it for 1$ which they put it in their treasury.
  - mekster 6y ago
    No, people sell BTC to get Tether, in which case, what did the previous BTC owner buy if it's not backed up with USD?
dang 6y ago
Please don't use allcaps for emphasis on HN - it's basically yelling and the site guidelines ask you not to: https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html. You can put *asterisks* around text and it will get italicized. And (this just in!) it's much easier to get literal asterisks now: https://news.ycombinator.com/formatdoc https://news.ycombinator.com/formatdoc Also, please don't post supercilious dismissals of the community. It's tedious and dyspeptic. If you're commenting here, you're as much "HN" as anyone else is. If you know more than other users, that's wonderful—please share some of what you know, so the rest of us can learn. https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sort=byDate&type=comment&query=share%20know%20learn%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor...
Lerc 6y ago
Who sells tether for less than a dollar for them to buy? Surely if it is pegged to a dollar you should be able to hold out for that price.
- deleted 6y ago
  [deleted]

PragmaticPulp 6y ago

> Tether is being printed Tether doesn't claim to "print" anything. Supposedly, Tether is 1:1 backed by actual dollars being paid in to the Tether corporation. If Tether corporation is "printing" Tethers without having received corresponding deposits, that's the fraud.

sethgecko 6y ago
Yes it is backed because when they print a new tether they sell it for 1$ which they put it in their treasury.
- mekster 6y ago
  No, people sell BTC to get Tether, in which case, what did the previous BTC owner buy if it's not backed up with USD?

dang 6y ago

Please don't use allcaps for emphasis on HN - it's basically yelling and the site guidelines ask you not to: https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html. You can put *asterisks* around text and it will get italicized. And (this just in!) it's much easier to get literal asterisks now: https://news.ycombinator.com/formatdoc https://news.ycombinator.com/formatdoc Also, please don't post supercilious dismissals of the community. It's tedious and dyspeptic. If you're commenting here, you're as much "HN" as anyone else is. If you know more than other users, that's wonderful—please share some of what you know, so the rest of us can learn. https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sort=byDate&type=comment&query=share%20know%20learn%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor...

Lerc 6y ago

Who sells tether for less than a dollar for them to buy? Surely if it is pegged to a dollar you should be able to hold out for that price.

deleted 6y ago
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