[aent]

Over 17 billion total last year. A shady company with no proof of actually holding any funds and real proof that they were kicked out of all the banks they tried to use, a court case against them and a text on their own website that says that they are not backed by USD but "some other assets" prints 21 billion fake dollars and everyone is ok with that.

[DougN7]

I don’t understand how they can do that? Who trades with them for fake money?

Edit: Just because I say I have a billion dollars doesn’t mean someone will trade a billion dollars worth of anything with me, so who does with Tether?

[aent]

See my comment below, they probably co-opted a lot of other exchanges on the scheme by giving out billions for IOUs

[wmf]

People who aren't allowed to use real money because no bank will touch them are using Tether.

[pavlov]

The whataboutism is stunning. The cryptocurrency community doesn’t seem to mind a giant scam at the heart of Bitcoin if you just mutter something about banks and Fed and QE. “Surely real money is much worse, now let’s enjoy the pump”

[aent]

I think one of the reasons it's allowed to go on is that a lot of exchanges are in on it.

This passage on tether's website specifically:

>tether is always 100% backed by reserves which include other assets and receivables from loans made by Tether to third parties

makes it sound like if you are an exchange, you can ask for a billion dollars of tether and give back an IOU written on a napkin saying you pinky promise you owe them that billion. So tether gives out free cash to anyone who asks and in exchange can print fake money of their own and sell it on bitfinex.