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No, it's pretty normal for private companies not to share that kind of data.
Legally - yes, but when such company act as a semi-bank, costumers can reasonably expect some transparency, especially when rumors are going around.
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Legally - yes, but when such company act as a semi-bank, costumers can reasonably expect some transparency, especially when rumors are going around.
They're under no obligation whatsoever.
I wouldn't trust private company that claims to back crypto currency 1-to-1 with USD, but doesn't back these claims with numbers in any way. The fact that they are not legally obligated to do so doesn't change that.
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They're under no obligation whatsoever.
obligation != trust. I wouldn't trust private company that claims to back crypto currency 1-to-1 with USD, but doesn't back these claims with numbers in any way. The fact that they are not legally obligated to do so doesn't change that.
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I am flagging you again since this is the second time I see a clickjacking[1] and investors could think that you are pegging your cryptocurrency to fiat currency when indeed is something completely different. [1] https://news.ycombinator.com/item?id=15796016
What's the problem? He's talking about a projected related to TFA. We do that all the time on HN, in fact it's encouraged. And if you look at the other responses, people are clearly interested in this project, although many are skeptical (justifiable in the world of cryptocurrencies). I know nothing about it, but on face value it doesn't look like any type of a scam. In fact, it looks like he's trying to solve a big…
He should clearly explain upfront what he is doing for the massive public and the risks involved following his approach, which is perfectly understandable as it happens with every other investment.
My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable. https://unum.one The code is open source and can be found here: https://github.com/unumone/unum If anyone wants to hel…
I am flagging you again since this is the second time I see a clickjacking[1] and investors could think that you are pegging your cryptocurrency to fiat currency when indeed is something completely different. [1] https://news.ycombinator.com/item?id=15796016
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Whether the accusations are true or not, I wouldn't hold a single dollar in Tether after reading this on their website: > “There is no contractual right or other right or legal claim against us to redeem or exchange your tethers for money. We do not guarantee any right of redemption or exchange of tethers by us for money.”
I don't use tether either, but this seems like total unsubstantiated nonsense to me.
They must be spreading FUD about themselves, right?
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Not in financial businesses it’s not.
You evidently have no idea. At a lot of places, that's the crown jewels, and would never be revealed publicly.
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Legally - yes, but when such company act as a semi-bank, costumers can reasonably expect some transparency, especially when rumors are going around.
They're under no obligation whatsoever.
Then we can assume the money does not exist, and that it's an $800M fraud.
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Can you give me the tldr what a normal person would use this for or what it accomplishes?
For a normal person/business to ever use a cryptocurrency, there needs to be one that is price stable. Meaning it's going to be worth the same $ tomorrow that it's worth today. Imagine if you could send money anywhere, with almost no fees. That was the dream of bitcoin, but currently bitcoin fees are crazy high, and the community isn't close to solving it yet. Ethereum seems to be more scalable and has a benevolent d…