el kaka22
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Merit: 1165
www.Crypto.Games: Multiple coins, multiple games
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January 06, 2021, 08:11:42 PM |
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I think the scary part is that usdt kept its 1 dollar valuation and that is very scary. The deal is that, USDT is backed by USD and many people believe that, I personally don't believe that, how many people have cashed out their USDT to USD so far? Believe me not nearly enough, it is not even 10% of the people use USDT, what do they use it for ? Either buying bitcoin, or selling their bitcoin for USDT, so majority of the users of USDT just believes that its worth 1 dollars, and that's it, it is just a "belief" they have and thats it.
This is scary because the moment when 1 usdt does not equal to 1 dollars, the moment the tether company can't cover that, we are going to have a bad situation in our hands. Sure we had tens of billions of dollars that went into bitcoin market that wasn't from USDT, so we are not going to crash and burn, but we can't deny that it won't be nothing neither.
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