Crypto article. Has this been discussed?

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Anyone Seen Tether’s Billions?

A wild search for the U.S. dollars supposedly backing the stablecoin at the center of the global cryptocurrency trade—and in the crosshairs of U.S. regulators and prosecutors

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Bloomberg business article

Even the most pro crypto people are becoming wary of Tether.

USDC seemed to be the next stable of choice, but wait...

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The firm previously said USD Coin was backed 1:1 by dollars in a bank account, only to then reveal cash made up just over 60% of its reserves

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CNBC article

I think most of the talk lately is regulation is coming for stable coins and that might be needed for the long run.

I’m not familiar with Jacobin. Not surprising if they have an agenda. Most do. A friend just sent me that link.

That’s one reason I’m looking for another opinion.

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Tether. It claims tether is created out of thin air in a very murky way.

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this isnt false. Tether says they have it backed but no one believes them.

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the statement that a large majority of Bitcoin isn’t bought with dollars, but with Tether.

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i dont believe this at all.

I stopped reading here:

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Given that cryptocurrencies don’t produce anything of material value, this enormous waste of resources renders the whole enterprise a negative-sum game. Investors can only cash out by selling their coins to other investors — but only after the miners and various cryptocurrency service providers take the house’s rake. In other words, investors cannot — in the aggregate — cash out for even what they put in, as cryptocurrencies are inefficient by design.

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Stop reading articles written by retards.

Its like saying the Visa network is worthless because it produces nothing of "material" value.

But the dude forgets what a network actually is, and thus, has no clue what Bitcoin is.

I dont know shite about Tether because well, I dont need it and have never interreacted with it. However, if he is so wrong on the beginning, I doubt he is right at all.

The guy is clearly setting a false frame from which to paint a picture.