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Tether Says Its Newest Stablecoin Is Backed by Gold in Swiss Vault

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XFactor
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Joined: Mon Sep 06, 2010

Tether Says Its Newest Stablecoin Is Backed by Gold in Swiss Vault

Postby XFactor » Thu Jan 23, 2020

https://finance.yahoo.com/news/tether-s ... ccounter=1

Well dang. I don't know what to think about this one! :pop:

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agnostic
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Location: PNW

Re: Tether Says Its Newest Stablecoin Is Backed by Gold in Swiss Vault

Postby agnostic » Thu Jan 23, 2020

Hacked in 3-2-1...
Oh, nothing in there? Musta been rehypothicated
It is better to remain silent and be thought a fool, than to open your mouth and remove all doubt. ... Honest Abe

XFactor
Posts: 538
Joined: Mon Sep 06, 2010

Re: Tether Says Its Newest Stablecoin Is Backed by Gold in Swiss Vault

Postby XFactor » Thu Jan 23, 2020

I'm thinking Tether is scam. Kinda like the FED and Fort Knox combined!

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InfleXion
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Re: Tether Says Its Newest Stablecoin Is Backed by Gold in Swiss Vault

Postby InfleXion » Thu Jan 23, 2020

A gold backed currency sounds good, but it's a crypto. Backing a speculative currency with a stable market seems counterintuitive. If it's tied to gold so is the price/value of the currency. Cryptospeculators probably wouldn't go for it since they can't get something for nothing. Sounds like a gimmick to me, but maybe they are just using the crypto aspect solely for blockchain tracking in which case it could take off. I suppose if demand goes up they can create and sell more Stablecoins, and use the profit to buy gold to back the new coins so the value doesn't go down, but I don't see how the value could go up unless they buy more gold without issuing more coins. So the only real draw is that it's backed by gold.. but then again maybe a stable crypto is just what the market needs.
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