also are you a fan of matt damon movies yes yes i am yes yes this is his voice this is matt damon talking to you right now matt matt talk to me brother i think you should buy bitcoin i will buy that bitcoin i will on URL_TOKEN yeah i bought some bitcoin yeah matt damon told me to do it on the radio i love that man i loved him when we see goodwill hunting when we see a URL_TOKEN ad with um you know what they say that's coming next maddie yeah maddie mccons yeah that's when it's over that is when it's PROFANITY_TOKEN over yeah they're trying to get everybody um you know now that we're at the end of this episode i think it's a good time to talk about tether okay let's do it open up that reddit thread i got to read that but you can explain it to me too all right everyone if i talk about crypto in the um uh bog brother voice does it make it more acceptable do it bumped ones with tata sideways so in that bizinacci bit that's like that's like a joke it's like you know the bog brothers calling in to print a bunch of stable coin which represents u.s currency and that's what this shit's supposed to be tether and they've printed money before and they've now printed on uh well let's explain tether more basically tether is what what a stable coin is is something that's backed by uh the american dollar one to one yeah so for every tether that's created it means that they have a dollar of american currency in their reserves so basically what it means is someone can exit crypto trades like if they're in bitcoin and they want to exit they can exit into tether yes and that basically without having to go to uh dollars and that in the beginning was i guess to avoid like taxable events or something like that uh but it's also so that they can make trades easier and they don't have to go back and forth between the dollar which is a tougher thing to do yes so now i guess tether is the amount of tether that exists now is like NUMBER_TOKEN billion dollars or something yeah and it's supposed to all be backed by the us dollars and you know normally people are like transparent about that and how they how they do that and what they actually have in their reserves because it can't just be money right they don't have NUMBER_TOKEN billion dollars sitting in an account somewhere so they they are a buyer of commercial paper which i guess is i don't really know what it is but i guess it's like some form of debt or something right but it would basically if they really did had NUMBER_TOKEN billion dollars it would make them like one of the biggest purchasers of commercial paper in the world besides like jp morgan or something like that right and this is like a small company yeah of of people that do not basically show zero transparency yeah so what could happen here is like if they find out if the world finds out that um they don't actually have the money to back up the amount of tether that people are holding it could basically crap crash the whole crypto industry basically i think yeah now correct me if i'm wrong on that that
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