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davidgerard-co-uk-5641		Tether printer go brrrrr — cryptocurrency’s substitute dollar problem – Attack of the 50 Foot Blockchain			.html	text/html	2425	207	77	Tether printer go brrrrr — cryptocurrency's substitute dollar problem – Attack of the 50 Foot Blockchain In the early days, Tether claimed that every tether was backed 1-1 by US dollars held in a bank account. These claims turned out to be false — and iFinex, Tether's parent company, admitted this to the New York Attorney General's Office in 2019. The Tether reserve is apparently made of loans to others, loans to other iFinex companies — yeah, they literally counted putting dollars in their other pocket as a "loan" that was an "asset" — Bitcoins, other cryptocurrencies they found down the back of the sofa, and maybe even some US dollars — though there's no evidence for that last one. Twitter user Desogames posted an interesting hypothesis: that Tether's "dollar" backing is holdings of USDC stablecoins. 4 Comments on "Tether printer go brrrrr — cryptocurrency's substitute dollar problem"	./cache/davidgerard-co-uk-5641.html	./txt/davidgerard-co-uk-5641.txt