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I just heard ceo of Robin Hood get asked if, at 5:11 am, they had the 3 trillion to cover the gap. They said no. This is the same as owning paper silver. If there’s a run/squeeze, you’ll just be holding worthless paper. How about with Bitcoin? Say you buy through PayPal or cashapp. Could the same thing happen? Or is it different because Bitcoin is already an “intangible” asset? I’m asking because I am actually retarded.

I just heard ceo of Robin Hood get asked if, at 5:11 am, they had the 3 trillion to cover the gap. They said no. This is the same as owning paper silver. If there’s a run/squeeze, you’ll just be holding worthless paper. How about with Bitcoin? Say you buy through PayPal or cashapp. Could the same thing happen? Or is it different because Bitcoin is already an “intangible” asset? I’m asking because I am actually retarded.

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[–] • 0 pt

The little coin called Tether.

If tether didn’t exist, btc wouldn’t be above $2k.

It’s not btc that’s fractional, it’s the tether. At about 3% ratio.

Meaning there is about 30x more Tether to buy BTC with than actual dollars.

Meaning if people want actual dollars (not T, can’t really spend T on your mortgage) there’s only so many, and they’re all held at Coinbase.

[–] • 2 pts

Huh. Somebody made a coin that can buy more coins than it actually bought?

Coinbase ain't only bank

[–] • 0 pt

You didn’t know?

Ya btc is worth 56k $T, not 56k $USD.

Coinbase is the only real place to covert btc to USD in the US.

It’s called a controlled off ramp.

G’luck trying to spend the $T you bought with your BTC.

If there was ever a run on $USD from BTC it would get bad.

$1T cap, with probably only $100m in real $USD avail. Or about 100x.

[–] • 1 pt

Tether's market cap is far too low to move bitcoin any more. That argument no longer works.

Also, Tether is not just listed on Coinbase.

[–] • 0 pt

Lol.

[–] • 0 pt

tether isn't on coinbase at all, they have a different dollar token called USDC, which is actually backed and can save you a trip to the tax collection office.