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

Yup materialize your savings for a 2% a year compounding tax free return.

Urban dwellers might be more limited but for people who have unused or underused space, this is a way to get a return on that space.

Salt, granulated sugar, powdered sugar, brown sugar, socks, underwear, under-shirts, vinegar, soap bars, toothbrushes, razor blades, feminine products, toilet paper, paper towels, napkins, trash bags, freezer bags, sandwich bags, foil paper, parchment paper, plastic wrap, wax paper, candles, matches, diapers, pet supplies (litter, etc.), gardening supplies, building supplies, repair supplies, medical supplies, fire wood, wood pellets, long lasting appliances and furniture, kitchenware, dinnerware, sheets and pillowcases, blankets,comforter,bedspreads, Maintenance, renovations, Efficiency upgrades.

Some liquid soaps and chemicals have a limited shelf life of just a couple of years so it might be better to avoid unless you know the shelf life. Also be careful buying more than you need which can lead to waste. Be careful being wasteful just because you have lots of stuff at home. Buying alcohol ahead of time in bulk works if you have the discipline not to drink more. Also to get a good return you need to use the full life of your stuff before replacing from your stash, not replace early because it's right there.

There is also a macroeconomic benefit to this approach. It can get the economy out of keynesian recessions when people save by buying.

And the Bahamas does annual reports on the total amount of reserves its banks hold, and the government numbers aren't close to what Tether claims to deposit in Deltec, even if Deltec were the only bank in the Bahamas.

There's a quaint and quirky thing in the UK called a premium bond, which you can buy and which the government guarantees to buy back from you at its initial fixed value (1 bond costs 1 British pound). Every month, a lottery system pays out prizes to holders of bond numbers, as chosen by "ERNIE" - "Electronic Random Number Indicator Equipment".

https://en.wikipedia.org/wiki/Premium_Bond

You mean this interview?

https://www.reddit.com/r/Buttcoin/comments/l5m2my/gregory_pe...

See my previous comments, the Deltec Deputy CEO claims that he was simultaneously Professor of Finance in a Lebanon University, administering Swiss investment funds, oh and working for a company in Jacksonville FL. He gave his interview from his gaming setup, and talked all about seeing all the Tethers personally from their operations (Why? You're just their bank).

You're going to forgive me on being a little skeptical here.

Especially when his LinkedIn has him graduating HEC Lausanne in 2001 with a Masters in Science...

when he was fifteen...

Funnily enough, Deltec bank removed him from their website when this interview was published, then re-added them when people asked questions, and then arranged a very quick website complete "redesign" (I use that word lightly - this looks like a WordPress template that they've struggled to fill with any content whatsoever - most of the pages are effectively empty, many of the buttons to "learn more" are not linked to anywhere).

This is such a scam.

Almost all fiat deposits into Bitfinex create USDT.

Thats an additional fact that the amount is in line with the amounts that would be deposited into any big exchange.

If Coinbase minted USDC whenever someone deposited, you would see the same kind of growth.

The basis of your entire post is assuming impropriety based on pretty normal behavior with the addition of the business quirk of when USDT is created.

The ability for impropriety is a good enough reason to avoid it, and their unilateral willingness to do so without any discussion can reinforce that. But people thought everything you thought since the beginning of Tether in like 2014 or so, but the reality is that it “only went fractional reserve” in 2018. Its kind of like they threw up their hands and said “well people think its a ponzi anyway might as well cover this business debt!” The irony being that the NY AG investigation actually proved that prior to 2018 it functioned exactly as promised, barring their 2017 distress by having nowhere to put their fiat deposits.

But if you assume that it hasnt come crashing down because Bitfinex does what they said, then it still does make sense: crypto prices pump after Tether mints because it is people depositing into the exchange and then buying crypto.

Any way glad USDC and DAI are growing a lot now, which have grown by the same orders of magnitude.