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- 17:59 < FILE0001> Anyway long story short, obviously of course as you already expected its not backed by anythign
- 18:00 < bofh_> and like, basically bitfinex prints more tether whenever the BTC charts start dropping, it's kinda hilarious.
- 18:00 < FILE0001> the exchange at one point accidentally admitted that they were issuing them backed by, wait for it... the projected cash value of their crypto holdings
- 18:00 < FILE0001> which, the act of manufacturing more tether tokens pumps "cash" into the crypto economy and makes the projected value of their tokens go up
- 18:00 < bofh_> WAIT THEY ACTUALLY ADMITTED THAT?!?
- 18:01 < FILE0001> yeah some like BitfinexChris or soemthing went on the support forums to argue with people who were smarter than him and had seen that there was fishy shit going on
- 18:01 < FILE0001> and he basically explained all that not realizing that what he was saying was absolutely insane
- 18:01 < FILE0001> it got deleted later but it was capped to /r/buttcoin
- 18:02 < FILE0001> this has allowed bitfinex to also suck up all the *actual* cash in the crypto economy too
- 18:02 < FILE0001> because of real dollars getting exchanged for tether tokens
- 18:02 < FILE0001> so theres a ton of entirely manufactured value there that does not represent actual money that is actually inside the crypto market
- 18:03 < FILE0001> thde giant market cap of bitcoin is an extremely fictitious number
- 18:03 < FILE0001> history repeats itself first as tragedy then as farce
- 18:04 < FILE0001> bitcoin is the farce part, for financial markets & regulation
- 18:04 < bofh_> like it's basically SimEconomy 3000
- 18:04 < FILE0001> right and if you type CASH it prints money
- 18:04 < bofh_> ALOAL YES
- 18:05 < FILE0001> and if you type JOKE it collapses and drags the world actual-real-things economy with it
- 18:05 < bofh_> Auuuuuuuuuuuuuuuuuuugh damn it!!!1!
- 18:05 < FILE0001> thats like, the good side of all of this though ,is that because of this fictitious market cap, bitcoin is actually not as entwined with the rest of the world market as it's claimed to be
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