India doesn't know what it's doing. They will ban something, then unban it, and then kinda ban it, and then put more restrictions on it. They don't know what they want to do, This is India's financial tech minister even saying it... You hear that? they will leave a window for experimentation of cryptocurrency... Wow, that litterally could mean anything...
In quick summary, Bitfinex acts as Federal reserve. They say each tether is equal 1usd. They can issue infinite amount of tethers. As I said last month alone 6.4 billion was issued out of thin air. Then they use them to buy Bitcoins. They also cross trade to bid price up. Where you or I need to spend real money to buy cryptos, the guys behind BitFinex just print tethers. If you look at stats. Only around 20-25 percent of crypto transactions are taking place in real money, the rest are stable coins with tethers being the largest one. if enough people will try to cash out, pyramid will fall very quickly.
%% India meddles in business so much; they may occasionaly get one right /law of averages. Bit con is easy to steal, if its not easy to steal\ there sure are some supergood thieves that make the WSJ newspapers......
They must be so confused at this point, might even think that it's some Pakistani propaganda (smiles) Prime minister meanwhile : (Smashing the table with a fist) ,,Only the paranoid survive !"
Cute, but clips like these only reinforce my point. all they have to do is produce an audit from a reputable firm. Been 7 years, and the only time they hired auditors they fired them for not understanding their business model. And for something that represents roughly 3/4 of daily volume, I would say it a a red flag.
Not again. Last I checked, they were planning to tax cryptos severely, but not ban them. They need to make up their minds already.
Yeah, all in good fun. If you’re not actively trading crypto, stablecoins and especially tether will remain a mystery. Sometimes the pair I want to trade is pooled with USD or USDT or BTC or ETH or BNB. It’s just a pipe to flow liquidity through to get to the destination pool of the token/coin I want. Whether it’s backed by USD or not makes no difference as long as the peg is maintained during the transaction. Crypto is a great market to trade but probably not for everyone.