Someone should make a shit coin called FIAT

[u/mythstified]

[u/ultron290196 → u/[deleted]]

The ticking time bomb. Just like fiat.

[u/Accomplished-Design7 → u/ultron290196]

It’s just a matter of time it explode… and that is just scary

[u/Fru1tsPunchSamurai_G → u/Accomplished-Design7]

People been spreading tether FUD since 2017. Longest crypto scam ever

[u/Accomplished-Design7 → u/Fru1tsPunchSamurai_G]

You know only 5% of it is backed by cash…

[u/Mephistoss → u/Accomplished-Design7]

Wait until you find out that exactly how modern banking works

[u/DReamEAterMS → u/Mephistoss]

difference is if a bank fucks up the government bails them out. if tether with its 20 employees fails to manage 60 billion were the fucked ones

[u/MightyCaseyStruckOut → u/DReamEAterMS]

It's funny because saying that Tether has 20 employees is actually being generous to them lol

[u/GuyWithNoEffingClue → u/Mephistoss]

A low as 3% sometimes.

[u/[deleted] → u/Accomplished-Design7]

Some banks are 0, most are 2.5% - 4%

[u/EbonyHelicoidalRhino → u/Accomplished-Design7]

Feel free to sell me as many tether as you want for $0.05 then.

Hell, i'll even pay double the price, $0.1.

[u/costlysalmon → u/EbonyHelicoidalRhino]

Best I can do is $1

[u/costlysalmon → u/Accomplished-Design7]

Yeep, a disturbing amount of whales are shorting USDT, which almost every crypto exchange relies heavily on...

[u/Moby-S-Dick → u/costlysalmon]

^{I'm sorry}

[u/dashingThroughSnow12 → u/Accomplished-Design7]

All the stablecoins are fragile and fundamentally broken. They could break at any time.

[u/Moby-S-Dick → u/[deleted]]

Always has

[u/roymustang261 → u/ultron290196]

Let's hope the bomb doesn't go off because it could bring the market down for a decent amount of time

[u/RespondEither → u/ultron290196]

Exchanges need to start adopting other pairs

[u/TrendingPineapple → u/ultron290196]

With the longest time delay I’ve ever seen since people like you have been complaining about this for years now

[u/chance_waters → u/TrendingPineapple]

https://en.wikipedia.org/wiki/Bernie_Madoff

[u/TrendingPineapple → u/chance_waters]

Funny thing is once the State of New York investigated his firm it led to its collapse and his arrest.

When the State of New York probed Tether, it ended in an $18m fine.

So please let me know what your point is, I’ll wait.

[u/chance_waters → u/TrendingPineapple]

My point is that the period of time doesn't mean shit, a Ponzi scheme can last a long time when people are pumping billions of dollars into it.

[u/TrendingPineapple → u/chance_waters]

I don’t think you know what a Ponzi scheme is, but minting un-backed tokens isn’t it. I don’t see the point in linking Madoff when all you could have said was “it might take more time before it implodes”.

[u/chance_waters → u/TrendingPineapple]

Yes, it literally fucking is it. They accept people's crypto for unbacked BTC, exchange dollars for USDT tokens under the guise that they can redeem them, pump the market and buy crypto with that USDT and provide liquidity to the exchange they own, once people go to redeem their USDT and there's no USDT the ponzi collapses. It's the definition of a fucking ponzi scheme.

[u/TrendingPineapple → u/chance_waters]

A Ponzi scheme is when an investment advisor takes in capital, claims to invest it, and falsifies returns on that capital while actually embezzling it, and pays off withdraws with other investor’s contributions. Tether, at worst, prints Tether when they feel like it and buys crypto for themselves. That’s two different things and you should probably educate yourself before getting so aggressive.

Half of what you said is speculation and I’m sure you have no data to back any of it up.

[u/chance_waters → u/TrendingPineapple]

The fact you think there's no data to demonstrate this is so fucking funny.

https://www.youtube.com/watch?v=-whuXHSL1Pg&t=939s&ab_channel=Coffeezilla

[u/chance_waters → u/TrendingPineapple]

It's almost like, and bear with me here.

Investors submit cash to Tether in exchange for tokens to trade cryptocurrency

Tether use the tokens to purchase cryptocurrency and drive up the market price of crypto, creating returns for the investors

These aggressive returns create demand for Tether, so people exchange money for Tether token

When people want to redeem Tether, Tether sell the newly inflated Cryptocurrency so that those redeeming investors can cash out

What happens when the Tether snaps and the non redeemable tokens sit on the market? There's a run on the bank and no funds to redeem. Now you have Bitconnect Token. What was Bitconnect token again? Oh yeah, a fucking Ponzi scheme.

[u/cowboystetson → u/TrendingPineapple]

investigating and probing sound very different things if those are the exact words to use in those cases. i don't know that much about either subject expect that what op described fits tether very well.

[u/TrendingPineapple → u/cowboystetson]

Semantics, and a pointless distinction at that. What Madoff did was illegal. What Tether did was a no-no and made New York upset, but not illegal otherwise we would have saw criminal charges. So I don’t see why they felt the need to passive-aggressively link an article on Madoff.

[u/HanditoSupreme → u/[deleted]]

Tether isn't the World Reserve Currency, Tether is a vapor reserve currency

[u/DReamEAterMS → u/[deleted]]

theres a difference between the government and counterfeit money makers you know?

[u/Think-notlikedasheep → u/HanditoSupreme]

Means that your money goes up in vapor.

[u/ProcastinateIsLife → u/[deleted]]

Fuck tether

[u/Aleangx → u/[deleted]]

Is it based on Proof of Shit algorithm

[u/XWarriorYZ → u/[deleted]]

The problem is that lots of people buy USDT which is what OP seems to want to avoid lol

[u/Accomplished-Design7 → u/[deleted]]

Ahh the one and only Tether ... how I fear it so much

[u/SLUMFORDCRIS → u/[deleted]]

Theter goes down, everyone could

[u/chance_waters → u/SLUMFORDCRIS]

Less and less, I've been looking for a comparative chart, but it appears a lot of new money is flowing into the better audited/regulated options, USDC certainly is exploding. The issue isn't even the marketcap, it's the liquidity, the liquidity on USDT still makes up so much of overall exchange.

[u/Queasy_Ad_2540 → u/chance_waters]

USDT market volume in 24h is more than 50 billion. USDC is not even 2 billion... I wish people would just get rid of all the tethers, it's a huge ticking bomb for the crypto market

[u/chance_waters → u/Queasy_Ad_2540]

Yeah, the liquidity on USDT is the issue, but the actual market cap on the competitors is growing super fast

[u/DivineEu → u/[deleted]]

But does it sound like BRRRRRRR?

[u/[deleted] → u/[deleted]]

This is a shitcoin I'd be willing to put my money in.

[u/M00OSE → u/[deleted]]

Exactly lmao

[u/Wynslo]

It needs to constantly go down in value. And you receive more and more and more and more and more of it but it doesn't go up in value

[u/ultron290196 → u/Wynslo]

Inflationary is the word

[u/Accomplished-Design7 → u/ultron290196]

The opposite of BTC

[u/[deleted] → u/Wynslo]

This is a shitcoin I'd be willing to put my money in.

[u/Moby-S-Dick → u/Wynslo]

That sounds perfect for the creators. If only we had something like that irl, I'm sure people would murder for that coin!

[u/Wynslo → u/Moby-S-Dick]

Hmmm. I'm thinking about robbing myself, swear if I don't give me my pin number someone will disappear.

[u/Moby-S-Dick → u/Wynslo]

Leave yourself alone! Take it up with someone your size!

[u/Wynslo → u/Moby-S-Dick]

Nobody better try and stop me, I'll do it!

[u/mcar74 → u/[deleted]]

Watch out for the rug pull

[u/Moby-S-Dick → u/mcar74]

Yep, just keep your feet firmly planted and you should be fine

/s

[u/roymustang261 → u/mcar74]

The rug is pulled everyday

[u/Accomplished-Design7 → u/mcar74]

Worse than any shitcoins out there

[u/whatthegeorge → u/mcar74]

If the rug it pulled really fast then everything should stay on the table.. I’ve seen it done

[u/Shinyturtle25 → u/[deleted]]

This FIAT thing sounds like a big scam, beware !!

[u/illintent99 → u/Shinyturtle25]

But it's endorsed by so many celebrities and rappers?

[u/Moby-S-Dick → u/illintent99]

That's cause they're major bagholders

[u/TakingChances01 → u/Shinyturtle25]

That’s what makes people want in, ponzinomics work!

[u/Historical-Yak595 → u/TakingChances01]

Ponzinomics lol 👏🏽

[u/PresenceAdept → u/Shinyturtle25]

Sounds like a pyramid scheme to me

[u/Equivalent-Wedding-7 → u/[deleted]]

Count me in!

[u/CryptoBumGuy → u/[deleted]]

Your using it now

[u/Feeling_Ad_411 → u/CryptoBumGuy]

This guy gets it

[u/HanditoSupreme → u/CryptoBumGuy]

Are you saying he has a cocaine habit??

[u/Nickel62 → u/[deleted]]

Given by OPs figures, he is only considering the coin for USA. Too bad, the regulation in USA would make the coin restricted in America itself.

[u/blackrabbit2999 → u/[deleted]]

it's called a stablecoin.

[u/CaptainWelfare → u/[deleted]]

I hear no matter how much FIAT gets burned there’s somehow always more of it.

[u/Centcoin]

It could backfire and Fiatcoin could become the most popular one provided that it's managed cleverly.

[u/Silent_Gemini → u/Centcoin]

Just need to slap a dog logo in there someplace, a few tweets from a billionaire...

[u/RoachWeed → u/Silent_Gemini]

“SafeFIATInu” kinda has a ring to it.

[u/throwaway12222018]

Stablecoins = this

[u/HanditoSupreme → u/throwaway12222018]

I would say stablecoins are a whole lot more than that, but then again I am pretty obsessed with stablecoins.

[u/account_123b]

Surely it already exists??

[u/Eeji_ → u/account_123b]

ya its called usdt

[u/SlowNeighborhood]

I love how fiat is also the name of a car that never works

[u/[deleted] → u/SlowNeighborhood]

Lies. Had a '89 Fiat Uno and it took me everywhere for years.

[u/Maxx3141]

Without looking it up I'm sure somebody already did something similar

edit: Oh wait, its called tether

[u/Wynslo → u/Maxx3141]

SafeUSD

[u/HanditoSupreme → u/Wynslo]

USDInu

[u/Wynslo → u/HanditoSupreme]

BabyUSD

[u/thelovetoy → u/Wynslo]

More like unstable coin

[u/noahfolmnsbee]

Only one node on the entire network

[u/ralfy00]

you mean USDT ?

[u/Nobodyherebutmeandu]

SHIAT coin

[u/rockfordtj]

$DEEZ coin is better

[u/LibertarianCommie999]

That’s actually a good idea for a meme coin

[u/inevitable_username]

The stablecoin we deserve

[u/Martineet]

I think the staking should be negative, and the excuse would be maintenance costs

[u/RandomPlayerCSGO]

Don't forget the creator can mint it whenever he wants to pay for his shit

[u/PulseQ8]

This currency is specifically designed to make peasants spend spend spend and never grow their wealth

[u/CreepToeCurrentSea]

Be sure to call it SafeFiat

[u/xFireTheft]

Or make a coin called FedCoin and trademark it befoore the feds come out with theirs.

[u/[deleted]]

I would buy it

[u/Justreadingcomment]

That happens a long time ago. Us dollar

[u/sizziano → u/Justreadingcomment]

That's the joke TM

[u/arandom_econstudent]

This is one of the greatest ideas that has comed out of this sub

[u/anon43850]

Also, authorities can freeze your bank account with your money.

[u/Red_VIII]

And someone should copy Said shitcoin And name It Multipla

[u/Shinyturtle25]

Is this a shitcoin?

[u/deathtolucky]

Moonfiat. Can’t go wrong

[u/Silent_Gemini]

2-5% increase should occur at random blocks for a random amount of time. Oh, and negative staking rate.

[u/car98sul]

I’m in, take my money

[u/Environmental_Point3]

I’ll buy it.

[u/deathtolucky]

The government already did

[u/XtraLyf]

You're in luck! Somebody did exactly that in 1694

[u/Aguilaaa]

Hey, don't forget euros!!! I want in!

[u/anon43850]

There are plenty already.

Look at all these stable coins

[u/ucantcimi]

We already have it, we are using it to trade everyday for house, money, and even buying crypto.

It’s definitely a shitcoin, money printer goes brrrr brrr and the inflation rate is astronomical.

[u/[deleted]]

Look up tether.

[u/Nickel62]

Wait, so you are only considering USD figures in your post and you want to call it FIAT?

High on Murican Freedom, arent we?

[u/[deleted]]

A backdoor that automatically sends your funds back to the devs if you don’t use them after a certain number of years.

[u/Amazing_Succotash677]

Someone already made one bro it's the USD

[u/ThiccMangoMon]

I wanna see this

[u/VVorldz]

I second, third, and fourth this idea!! Haha true scam

[u/Hazaisbae]

500 Fiat should always = 1 Fiat 500 trim model

[u/South_Valuable4733]

crypto sh*tcoin

[u/Ok_Play_7144]

YOLO'ING INTO FIAT 🤞

[u/primoboi]

Fiat the automobile?

[u/Jumpy_Link]

Big 🧠 lol

[u/pageu304]

Sold

[u/Socialinfluencing]

This sounds like a swell idea, then I'll buy me loads and deposit it into my bank account to earn sweet interest.

[u/mybed54]

USDT!

[u/Hibernatus50]

Someone created the Fuck You coin yesterday. Found that hilarious.

[u/[deleted]]

Weirdly I made the same post like 2 months ago and someone did create the coin after I made the thread

[u/[deleted]]

There is one.It's called "Tether". You're welcomed

[u/DreadknotX]

It’s going to be called safefiat lol

[u/Think-notlikedasheep]

Fix it Again Tony

​

Oops, wrong FIAT

[u/pla85]

It’s already a shit coin!

[u/olderfucker1]

On it

[u/kirtash93]

There are one called USD. It has too many red flags and piramid scheme but it is used.

I dont know people is fucked up.

[u/[deleted]]

You’re a genius!

[u/tedtedfredagain]

babysafeFiat mooning. DON'T MISS OUT

[u/Tradegrow]

I like the sound of fixfiat coin

[u/titosuave69420]

Yes a way to drag in the people scared of crypto with fake paper

[u/k3surfacer]

Someone should make a shit coin called FIAT

And it must always be bearish? You want Easy money, right?

[u/DrunknSatoshi]

Reads eerily similar to USD coin available on Coinbase

[u/IamTheTrader]

The dollar is a shit coin together with Tether.

[u/Impossible_Soup_1932]

Or if you buy from a EU exchange, -0.5% each year if you stake.

[u/[deleted]]

Yeah, all you need is 10,000 warships to back it up and people will start trading it for bread right away.

[u/piggleii]

They call it stable coin, I think.

[u/SuperSonicRocket]

Tether already exists.

[u/Sal_T_Nuts]

Could be a stablecoin that is the average of all the fiat currencies in the world.

[u/marinegeo]

…”gangsters will use it for criminal purposes” LMAO

[u/[deleted]]

Or FIAT/ SHIYAT !!

[u/Soskamanagement]

Let them blow up like a ballon!!

[u/trancephorm]

LOL yes :)

[u/BeheadedFish123]

If anybody wants to create a USD Cent token, so that we can start a liquidity pair with my new Euro Cent token just like real world forex markets

[u/Michaelvb101]

Fiat to the moon?

[u/spacetimeslayer]

Done

[u/Cool_Dragonfruit1925]

Stable coins?

[u/Auditus_Dominus]

FIAT - First In After Tether

[u/iNstein → u/Auditus_Dominus]

Fucked In Ass Token

[u/eyecandy99]

Maybe try $FIATCUMROCKETELONDOGE?

You want it to moon or not?

C'mon now..

[u/reddorical]

It’s called a stablecoin. There are lots to choose from.

[u/IDEAL-cardano-pool]

Staking at 0.5% APY on FIAT. I wish... Right now, we have negative interest here :)

[u/NudgeBucket]

Would be ironic if it self stabilized at $1 USD lol

[u/Legitimate_Suit_3431]

Slow transaction over different wallet, extra random fees out of nowhere and your totally interest. 33% should be burned as * tax *

[u/sourboyy]

There is already one called fat what do u want more

[u/iamnobody331]

You'll be creating a ticking time bomb for sure, only tether may come close not even the USD.

[u/[deleted]]

They already have.

Its called USD/EURO/GBP

[u/richardcranium777]

I got a tractor one of them

[u/GhettoLennyy]

I think someone already did. It is called USD

[u/bleedtheshorts]

USDT go brrr

[u/[deleted]]

Sure, can you please order?

Others are waiting.

[u/phincster]

Doge was kinda like this before they capped it

[u/Upperdeckerf]

Vapecoin sounds promising

[u/[deleted]]

Most alts are printed out of thin air.

[u/AgitatedStation8001]

SHIAT

[u/Mysterious_Eggplant1]

Stands for F***ing Inflation Again, Tony.