• hark@lemmy.world
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    9 months ago

    I don’t know why you’re getting downvoted. People think bitcoin cannot possibly be controlled because it’d take a lot of hardware power to override blockchain entries, but there are other ways to control it. Tether is one good example where the value of that is supposedly backed by underlying assets which include… bitcoin. So they’re buying bitcoin with tether and tether is deriving part of its supposed value from bitcoin. Tether hasn’t been audited and they’re free to print however many tethers they want. Yeah, that’s not insane at all…