211–220 of 421 posts
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Why would someone ever take the other end of that bet?
We're talking crypto investors here. The ones that preach diversification, and then sell every single one of their alt coins when the bitcoin bubble is deflating.
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> You can exchange USDT for fiat, on demand, for exactly 1 USD/USDT, but only at Bitfinex My understanding is this isn't the case. My understanding is Bitfinex will take your USD and convert to USDT which you can then use to buy crypto. But it won't take your USDT and turn it back into dollars. In fact, my understanding is the only way to turn USDT back into USD is either directly through Kraken or indirectly through…
As a US citizen, I can no longer access Bitfinex. My personal experience, when I could, is that you are never exposed to USDT on the site at all except as an option to transfer your deposited USD to another exchange via tether. They may have changed that, but I don’t know. As for withdrawing, you can’t withdraw to the US any more, but you can still make international USD wires to banks in other jurisdictions, specifi…
One exciting "feature" of all this is that most tickers that price out crypto currency values treat USD and USDT as one and the same. I've yet to see Bitfinex, for example, show up on a ticker as "BTC / USDT" (which is what, in fact, the pairing is).
It worries me because people use these things to inform their "investment" decisions and my hunch is most of the data they use is not quite on the up & up.
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Yes, but you know that in reality, you can go do it right now, right?
Can you? Any actual, verified customer of Tether here willing to provide a demo?
If this is a grand jury subpoena, things could get ugly fast in the crypto space. Despite all talk of decentralization, the major exchanges pose a systemic risk.
How trustworthy is Kraken? Tether looks like a good short since if it is a fraud it will go way down and if it isn't a fraud it will stay right where it is. I'm in the US and would like to short Tether. But I want to get paid if I'm right.
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Yes, but you know that in reality, you can go do it right now, right?
And you know that, in reality, it's not guaranteed, right?
The SEC took much stronger action with AriseBank.[1] Emergency asset freeze. Receiver appointed. ICO shut down. The SEC alleges AriseBank "falsely stated that it purchased [a Federal Deposit Insurance Corporation]-insured bank which enabled it to offer customers FDIC-insured accounts." Clearly, the SEC has had it with people running these huge scams. [1] https://www.sec.gov/news/press-release/2018-8
For example, "Texas Banking Commissioner Charles Cooper finalized a cease-and-desist order on Friday that said the company, which is registered to a Texas address, is not authorized to engage in the business of banking in the state. The order also noted that Texas law prevents use of the word “bank” in a way that implies to the public that the person is engaged in the business of banking in this state."
That was on Friday ... and, in an astonishing display of ignorance and arrogance, they published an open letter stating that they refuse to comply. As the department said, they have had a bunch of cases where people have used the term “bank” in a name, but they had never ever seen a firm refuse to back down. So they sent in the sherifs to ensure that they actually do cease and desist.
I'm not saying that there's nothing worth investigating in the Crypto space, but I wish the SEC spent half the time it spends chasing down shady ICOs looking into fraud at Goldman Sachs and other Wall St. banks. You know, the institutions that whose scale dwarfs crypto and actually has enormous economic repercussions?
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Who is "you"? From the terms of service: "Absent a reasonable legal justification not to redeem Tether Tokens, and provided that you are a fully verified customer of Tether, your Tether Tokens are freely redeemable... Furthermore, residents of certain U.S. states are not permitted to be customers of Tether; are not permitted to cause Tethers to be issued or redeemed; and, are not permitted to hold Tether Tokens. Begi…
You is anyone. You can go open an account right now and do it.
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How is not having to deal with fiat currency an advantage for traders ? They still need to do cost-basis accounting for taxes, and this just shifts their risk of to . I understand how this benefits exchanges (Because they can claim they don't need to follow KYC), but how does it benefit their users ? They'll also eventually need to convert USDT into USD - which they can withdraw. If you have an exchange that you can…
Token transfers are much faster than wires/ACH and have less regulatory overhead. It benefits you to sell your bitcoins for USDT on one exchange and send the tether to another one. This is much faster and cheaper than selling for real USD and wiring the money to the second exchange. Or hypothetically you could pay for stuff that's priced in dollars without the friction and fees of the traditional banking system. I do…
Why wire money from one exchange to another? Is it to trade instruments that are available on one but not the other? Is it because your exchange does not have fiat withdrawals? Is it to take advantage of pricing arbitrage, because one of the two exchanges does not allow fiat withdrawals (How will you cash out, then, without paying a premium, that will eat your arbitrage?)
If so, why not just wire the bitcoins? Or Eth, or litecoin, or whatever? Why introduce conversion to USD or USDT as an intermediate step?
Tether seems to be solving a non-problem - or at least, it's not solving it in a way where its alleged USD peg provides any value. Use litecoin, or bch, or dogecoin, or whatever.