Can I buy a pizza with it or pay my bills with it? Can my employer pay me in it? Or is it just an “emperor’s new clothes” thing? I just don’t see the tangible value in it. Rhetorical questions, BTW, I know you can’t buy a pizza with it, at least outside of some edge cases that I’m not aware of.
I thought what made money money was everyone agreed it was valuable and was willing to exchange it for goods and services directly. I don’t see that with crypto.
He managed to keep it up until all of a sudden he couldn’t. Madoff was undone when he had to produce 440 million that he didn’t have.
Meanwhile, Tether was able to meet billions on withdrawals, several times. After Terra collapsed, I seem to recall they saw $15B in redemptions, but I can’t find any reputable links on that. If Tether was a scam, shouldn’t it have failed a long time ago?
People outside of crypto don’t realize how massive Tether is, and how much money it has under management. As much as the crypto bros dislike Central Banks, Tether has turned into one. If Tether were to ever implode, it would take most Crypto businesses with it.