Tether: The Story So Far
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Tether: The Story So Far
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Re: Tether: The Story So Far
#2Well, at least the author showcases their bias in the first sentences.
Re: Tether: The Story So Far
#3Well, at least the author showcases their bias in the first sentences.
I'd be interested if you think there's anywhere I make a strong claim without appropriately strong evidence. There are a lot of strong claims, but I'm justifiably confident of them. Many of them are cited inline.
Re: Tether: The Story So Far
#4Tether supply is 4.2 billion, Madoff defrauded 60+ billion, so tether is nothing compared to Madoffs scheme. Also, tether is stablecoin - people don't buy it for investment purposes. Patio11 is still sour that he was against bitcoin when it was $1 and it seems to be difficult to get over it, therefore the strongly negative bias towards everything crypto.
However if you take into account where the writer is coming for, the article is quite good at explaining the situation.
Re: Tether: The Story So Far
#5Tether supply is 4.2 billion, Madoff defrauded 60+ billion, so tether is nothing compared to Madoffs scheme. Also, tether is stablecoin - people don't buy it for investment purposes. Patio11 is still sour that he was against bitcoin when it was $1 and it seems to be difficult to get over it, therefore the strongly negative bias towards everything crypto. However if you take into account where the writer is coming for…
Tether has gigantic red flags including not being able to actually exchange it for dollars even though it is pegged to dollars. It's so brazen it's hard to even believe it.
Re: Tether: The Story So Far
#6Tether supply is 4.2 billion, Madoff defrauded 60+ billion, so tether is nothing compared to Madoffs scheme. Also, tether is stablecoin - people don't buy it for investment purposes. Patio11 is still sour that he was against bitcoin when it was $1 and it seems to be difficult to get over it, therefore the strongly negative bias towards everything crypto. However if you take into account where the writer is coming for…
Tether has gigantic red flags including not being able to actually exchange it for dollars even though it is pegged to dollars. It's so brazen it's hard to even believe it.
I'm not advocating for tether. But it is not a ponzi scheme. And I think that most of the users understand what tether is - they are not excepting returns, they also understand that it is unregulated vehicle where the backing can disappear any time if the issuers get into trouble. I would guess biggest use-case is moving fiat between exchanges without having compliance issues, which you would have with banks.
Re: Tether: The Story So Far
#7my recent experiences with cryptocurrencies have been the large number (10+) of tinder matches I've gotten from women in Hong Kong or Shenzhen who within 2-3 conversations try to convince me to buy into the latest "digital currency their uncle told them would go to $5 in a week."
Each time I ask them for more information in understanding the underlying value of the digital asset they're trying to charm me with and then all I get are screenshots of the values going up mixed with invitations to visit them in China.
it was frustrating the first 2-3 times before becoming comical.
Re: Tether: The Story So Far
#8Begin by assuming it is a fraud.. then gather information and start to imagine it is not a fraud. What then is the conclusion?
Re: Tether: The Story So Far
#9my recent experiences with cryptocurrencies have been the large number (10+) of tinder matches I've gotten from women in Hong Kong or Shenzhen who within 2-3 conversations try to convince me to buy into the latest "digital currency their uncle told them would go to $5 in a week." Each time I ask them for more information in understanding the underlying value of the digital asset they're trying to charm me with and th…
The good side of being ugly guy like me is that I always can spot these scams and never even respond to them - I just instantly block them. Because I know that no such a beautiful lady would actually approach me.
However I guess the scammers will soon figure this out and start using normal looking ladies in these contacts. Similar to those "bang ugly chicks near you" advertisements on porn sites.
Re: Tether: The Story So Far
#10Well, at least the author showcases their bias in the first sentences.
I'd be interested if you think there's anywhere I make a strong claim without appropriately strong evidence. There are a lot of strong claims, but I'm justifiably confident of them. Many of them are cited inline.
It is more about the general "conspiracy" tone of the article. It is like "OMG banks can create money, what a conspiracy" by some people who are surprised by the facts on how financial system works when they finally learn some basics.
There is strong demand for any kind of vehicle which allows transferring value digitally outside of the traditional banking system. I don't think tether users trust tether because they advertise on their website that it is "backed", but more because they have strong need for something like it and there are no alternatives.
Of course the huge demand has been spotted by many others and now there are loads of these "stablecoins". Some are more regulated and might take quickly over if feds decide to stop tether.