AFAIK MXN never claimed to be backed by USD, but Tether claimed that USDT are ba... | Hacker News

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wmf on May 11, 2020 | parent | context | favorite | on: Bitcoin Halving Just Occured

AFAIK MXN never claimed to be backed by USD, but Tether claimed that USDT are backed 1:1 by USD in a bank account. We now know that there aren't $6B in that account but people still choose to trade USDT near par with USD; I guess this is analogous to how the value of the USD didn't fall when it became no longer gold-backed.

arcticbull on May 11, 2020 [–]

...which is literally the flagship problem BTC purports to attempt to solve.

AnthonyMouse on May 11, 2020 | [–]

Which is why USDT isn't Bitcoin. Its purpose is to solve a different problem.

testrun on May 12, 2020 | | [–]

Which is?

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