From e9f43b56ee91cc7e5f9ef1d7a59aa819ec745365 Mon Sep 17 00:00:00 2001 From: Gerald Bauer Date: Fri, 8 Jan 2021 22:10:49 +0100 Subject: [PATCH] Update README.md --- README.md | 20 ++++++++++++++++++++ 1 file changed, 20 insertions(+) diff --git a/README.md b/README.md index 8d4985d..8473a53 100644 --- a/README.md +++ b/README.md @@ -172,6 +172,26 @@ It's like writing about bond yields without mentioning inflation and the Fed. § +Now you have Tether and $USDT. 22 billion almost dollars governed by a five-page disclaimer +that $USDTs are backed by whatever Tether wants, at whatever valuations Tether finds convenient. +No credit rating, no bank, no auditor, no offices, no CEO and CFO, no guarantee whatsoever. + + § + +The USDT/USD peg is founded on the premise that people won't try to cash out en masse. +As long as they don't, USDT printing can continue. + + § + +Why should Tether spend all its money (it is theirs, after all - +$USDT holders don't have a legal claim on Tether's reserves) +trying to save the crypto markets, when they collapse? +How many years would it take them to rebuild their war chest, +assuming that crypto bounces back? +Why not party on a yacht in Monaco instead? + + § + People will believe anything, as long as it gives them an easy answer to the most important question in the universe: "How can I become rich quickly and without working?"