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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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[–] • 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.

[–] • 0 pt

Hey. I’ve got a bunch of.... ummmm.... tungsten coins. They have the same weight as gold, so if you store your gold with me I’ll totally give you these instead, don’t worry, I’ll keep the real gold safe. Oh and I promise to never make more tungsten coins than gold that I have stored. Pinky swear.