What's with the intertial scrolling on these fancy pages? It's so frustrating lol
Tether: The Story So Far
71–80 of 241 posts
Re: Tether: The Story So Far
#72> The dominant use case for cryptocurrency is speculation. Speculators want to put value into the system, somehow have it become greater, and then take more value out of the system than they put in. This chestnut gets trotted out pretty regularly. What it ignores is the economic activity, largely untraceable, relating to payments outside of the US regulated financial system. Remember the ongoing problem in the US wit…
> the economic activity, largely untraceable
This chestnut gets trotted out pretty regularly. We have a case posted here just a week or two ago of someone finally having a good enough reason to trace a bunch of transactions, find the culprits, and arrest them.
These are not untraceable.
Re: Tether: The Story So Far
#73> The dominant use case for cryptocurrency is speculation. Speculators want to put value into the system, somehow have it become greater, and then take more value out of the system than they put in. This chestnut gets trotted out pretty regularly. What it ignores is the economic activity, largely untraceable, relating to payments outside of the US regulated financial system. Remember the ongoing problem in the US wit…
Not sure if "hey, it's not JUST for speculation it's good for criming too!" is much of an argument, but you do you.
I'm curious, if people in China or North Korea would use it to evade some of their unjust laws, would you still dismiss it as "just for crime" too?
Re: Tether: The Story So Far
#74Your daily reminder that you can short Tether if you want. All these people writing these articles, and the freely moving market price hovers right around 1:1. Funny how when people are asked to bet, despite the fact that there's almost no risk of loss for shorting it, their convictions disappear.
Where can you sell Tether short in a market that's not controlled by these same unscrupulous manipulators? Shorting makes sense in regulated public markets with plenty of liquidity. Cryptocurrencies aren't like that.
(Outside of the USA) On Poloniex you can short USDT vs. USDC (USDC is the non-sketchy version of Tether) and make your riches. If you put your money where your mouth is! https://poloniex.com/marginTrading#usdc_usdt
Re: Tether: The Story So Far
#75Earlier quoted context omitted.
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.
Fractional reserve banking has the same problem, yet provides a real, functional purpose for finance. Tether has a purpose - to be a savings account is not that purpose.
The minor difference is that you can withdraw your balance from banks, but you cannot redeem Tethers to what it's supposed to be backed by: U.S. dollars.
Re: Tether: The Story So Far
#76> The dominant use case for cryptocurrency is speculation. Speculators want to put value into the system, somehow have it become greater, and then take more value out of the system than they put in. This chestnut gets trotted out pretty regularly. What it ignores is the economic activity, largely untraceable, relating to payments outside of the US regulated financial system. Remember the ongoing problem in the US wit…
> This chestnut gets trotted out pretty regularly. What it ignores is the economic activity, largely untraceable, relating to payments outside of the US regulated financial system. You follow this up with some political points that I generally agree with, but I don't believe have anything to do whatsoever with any significant portion of cryprocurrency's use. Beyond speculation, cryptocurrency is used for: - Money lau…
I don't think these people realize they're working against their own argument when they are disabusing people of legitimate uses of a financial instrument.
Re: Tether: The Story So Far
#77> I have looked, quite a bit. I have not found a good use case yet I'm always surprised that intelligent and knowledgeable people claim this. You haven't even found a single use case? You don't think buying a VPN anonymously is a good use case? Or see the need for uncensorable donations? (Remember how the U.S. shut down Wikileak's PayPal donations when they exposed their war crimes?) Or that cryptocurrencies allow bu…
All of your use cases involve anonymity. Crypto currencies don’t provide anonymity. Sure it’s not directly tied to your name and address, but it’s quite possible to make that tie. Such cases are on the news fairly frequently.
Re: Tether: The Story So Far
#78> I have looked, quite a bit. I have not found a good use case yet I'm always surprised that intelligent and knowledgeable people claim this. You haven't even found a single use case? You don't think buying a VPN anonymously is a good use case? Or see the need for uncensorable donations? (Remember how the U.S. shut down Wikileak's PayPal donations when they exposed their war crimes?) Or that cryptocurrencies allow bu…
All of your use cases involve anonymity. Crypto currencies don’t provide anonymity. Sure it’s not directly tied to your name and address, but it’s quite possible to make that tie. Such cases are on the news fairly frequently.
You're right that Bitcoin is only pseudo-anonymous. But there are cryptocurrencies like Monero which provides much better anonymity.
Also, anonymity isn't black and white. It would be very difficult for the Venezuelan government to prevent you from buying Bitcoin in-person and then walking out of the country, with your Bitcoin keys written on a small piece of paper or even memorized.
Re: Tether: The Story So Far
#79Earlier quoted context omitted.
Yeah, people have been saying that the Tether stuff is super shady and just waiting for the bubble to pop for the better part of 3 years. It's very much been an open secret.
This is pretty revisionist. My own experience lurking in crypto communities (and reading the replies to @Bitfinixed), was to insist that everything was fine and furiously deny that Tether was a scam, and accuse me of being a dirty fiat shill for pointing out that Tether was a scam, right up until Tether starting admitting under oath in court that they were never backed by reserves, at which point the conversation swi…
> admitting under oath in court that they were never backed by reserves
Huh. Did I miss something? If they were never backed by reserves how could $800 million of their funds ended up seized?
Re: Tether: The Story So Far
#80> I have looked, quite a bit. I have not found a good use case yet I'm always surprised that intelligent and knowledgeable people claim this. You haven't even found a single use case? You don't think buying a VPN anonymously is a good use case? Or see the need for uncensorable donations? (Remember how the U.S. shut down Wikileak's PayPal donations when they exposed their war crimes?) Or that cryptocurrencies allow bu…
All of your use cases involve anonymity. Crypto currencies don’t provide anonymity. Sure it’s not directly tied to your name and address, but it’s quite possible to make that tie. Such cases are on the news fairly frequently.
the other open secret is that you just create a new identity in an isolated sub namespace
you ring fence all the addresses in that space with Monero over VPN or TOR: Monero swapped to Bitcoin, Monero swapped to Ether, Monero swapped to Tether (ERC20/OMNI/TRC20), a general balance in Monero since merchants accept that too, and transact there. Swap back out to Monero if you need a withdrawal.
Pencil pushers can track addresses on one transparent blockchain all fuckin day till your grandma gets tainted coins after Thanksgiving and all her accounts closed by some paranoid compliance officer and overzealous dumbass public servant, while the rest of us get every good and service we expected anonymously.