Bitfinex and Tether required to end all trading activity with New Yorkers

Post by jkhdigital » Tue, Feb 23, 2021, 2:01 PM UTC

pavlov wrote: post #79

lettergram wrote: post #57

It appears from the link in the settlement agreement: https://ag.ny.gov/sites/default/files/2021.02.17_-_settlemen... Tether wasn’t backed at all times. The argument was that this happened due to asset seizures in Poland and Portugal in 2017-2018. https://www.theblockcrypto.com/post/95207/bitfinex-tether-ne... Seems to me they couldn’t prove malicious intent, so they suggested they stop trading. Frankly this seems a…

> (probably is now) This kind of argumentation makes cryptocurrency proponents so insufferable. There’s no evidence Tether is backed, but somehow we can just assume in a parenthesis that they probably are, and then go on a tangential rant about banks or fiat or digital gold or something.

Post by lettergram » Tue, Feb 23, 2021, 2:02 PM UTC

pavlov wrote: post #79

lettergram wrote: post #57

It appears from the link in the settlement agreement: https://ag.ny.gov/sites/default/files/2021.02.17_-_settlemen... Tether wasn’t backed at all times. The argument was that this happened due to asset seizures in Poland and Portugal in 2017-2018. https://www.theblockcrypto.com/post/95207/bitfinex-tether-ne... Seems to me they couldn’t prove malicious intent, so they suggested they stop trading. Frankly this seems a…

> (probably is now) This kind of argumentation makes cryptocurrency proponents so insufferable. There’s no evidence Tether is backed, but somehow we can just assume in a parenthesis that they probably are, and then go on a tangential rant about banks or fiat or digital gold or something.

Post by jkhdigital » Tue, Feb 23, 2021, 2:03 PM UTC

gzer0 wrote: post #83

jkhdigital wrote: post #69

Earlier quoted context omitted.

Correlation is not causation. And your mental model of how the cryptocurrency markets work is likely way too simplistic--did you know that cryptocurrency perpetual swap derivatives clear over $350B in daily volume? Pretend for a moment that Tether pulls a Nixon, and closes the "dollar window" ending redeemability. Then what would be the difference between Tether and e.g. the BitMEX XBTUSD perpetual swap contract? Jus…

Editing my response because OP has edited theirs- putting my original comment out of context.

Post by psychlops » Tue, Feb 23, 2021, 2:04 PM UTC

ceejayoz wrote: post #76

psychlops wrote: post #56

Here we are again, with a steady stream of nocoiner comments validating their long held positions while bitcoin slowly marches ahead year after year.

Madoff’s fraud took decades to unravel, too. You’d have looked silly declining to invest there, until the collapse.

Post by dgellow » Tue, Feb 23, 2021, 2:05 PM UTC

lettergram wrote: post #84

bhouston wrote: post #70

Earlier quoted context omitted.

The issue is that if it isn’t backed they can print more at any time. But they claim it is backed to avoid inflation devaluation of the currency. Banks are not lower to print currency but tether can at any time. The potential for fraud sufrounding tether is huge and no one is checking over them. Do you trust them? They are already known for lying. This is why banking regulations exist.

> The issue is that if it isn’t backed they can print more at any time. That’s how all banking works. China, for instance, never even publish how much money they click into existence. Not saying it’s correct, just explaining how the system really works. They really do “create” money. Even synthetic shares are created on the stock market (largely when creating ETF blocks), see “naked shorts”. It happens all the time.…