This is how the US continues to lose to Asia.
Bitfinex and Tether required to end all trading activity with New Yorkers
511–517 of 517 posts
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#512Earlier quoted context omitted.
You can easily withdraw USD/EUR you got from trading in USDT.
You're missing the point: trading means that you have to find someone willing to do the trade with you. If no one wants to buy your Tethers then you're doomed. Redeeming is completely different - the issuer of your asset has a legal obligation to buy them from you (or at least that's how it should work for assets that aren't scam).
So why not short it against USD? The choice is there on Kraken, it's arguably the easiest win possible if you are convinced USDT will eventually go to zero in the next few years? It's certainly not going to shoot above $1.
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#513Earlier quoted context omitted.
It’s absolutely not true that investing in any assets besides cash will shield you from inflation. Inflation impacts companies very differently, and you want a preservation of real earnings power taking into account the need to replace plant and equipment over time. The best inflation protection would come from a company with a pure revenue royalty with fixed expenses. The worst would be a company with bad pricing po…
Is there an easy way to determine which companies are which? Do I need to be well-studied in business, or is there a chart or key statistic I can look at to tell one from the other?
This article gives a lot of good criteria for finding companies that should thrive in an inflationary environment: https://horizonkinetics.com/app/uploads/Q1-2020-CVALUE-Revie...
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#514Earlier quoted context omitted.
If everything is fine and dandy with them why are they stopping trading in NY? Why is the AG claiming they lied about reserves, the one thing they really-really shouldn't have been? (Insert "you had one job" meme.)
I didn’t write that everything is fine and dandy with them. The world toolset doesn't function under a “your either with us or against us” mentality, it functions as a gradient. That gradient is that the NY AG case showed Tether was functioning properly until 2017/2018. If you were around crypto at that point in time, you would know that people would not have believed they had full reserves ever. Just reread what I w…
I am not sure how you interpret the AG report to think it shows they were functioning properly. They haven't shown proof of backing at any point. They have shown they had the money in the account at one point which is nowhere close to showing you have backing. Statement of balance is completely meaningless, especially when it comes from ac transfer done from your sister company like a day before.
All the AG report shows is just more evidence it's one huge scam.
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#515Earlier quoted context omitted.
Is 'pretty normal business behavior' pretending two entities (bitfinex and Tether) are arms lengths entities with no relationship to each other to hide the conflict of interest, along with the provably lying about the actual backing of the coin, and using what were supposed to be customer trust funds to bail out what was supposed to be an explicitly stated unrelated business? If so - be aware those are felonies in ma…
Surprisingly, yes. That is fairly normal in financial institutions. It seems nonsensical at a first glance, but: https://www.investopedia.com/articles/analyst/090501.asp
Your linked article keeps calling "The Chinese Wall" an "offensive and racist term." I don't understand that. I always assumed that the term refered to the Great Wall of China, i.e. a large, famous and fortified wall designed to keep groups on opposite sides separated, hence its metaphorical use in business. Is there some other connotation with regards to that term that I'm unaware of?
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#516Earlier quoted context omitted.
I still am waiting for a source on this, unless the implication is that those meat-space trades are all illegal / ML and therefore not tracked....
What kind of source would you be looking for Its like cellular service in an underground subway station: people tell you it arrived and use it and nobody thinks about it afterwards. There wont be a source about that whether you believed it or not. USDT is as frictionless so it just has use.
I mean, all functioning governments track the net value of imports / exports (that's the main job of customs departments).
Most functioning governments also keep a balance of payments (https://www.imf.org/external/np/sta/bop/bop.htm).
If the flow of imports / exports doesn't line up with the net flows of payments, someone would raise a flag.
So yeah, unless it's ML / illegal trades, we could at least figure out a way to track it.
Re: Bitfinex and Tether required to end all trading activity with New Yorkers
#517Earlier quoted context omitted.
This is the most cogent answer I've seen regarding BTC utility for those living under less stable regimes. Usually it's a hand-wavy "something something Venezuela something," which, as bad as Venezuela is, makes it seem like crypto is only really relevant in exceptional cases of instability. Thanks for the effort.
Venezuelan and bitcoin whitepaper lover here I've posted several times that the adoption of bitcoin in venezuela is pure bull** Is only used for corruption/drugs money laundering, more details on https://news.ycombinator.com/item?id=25599693 So please, the fact that some venezuelan hners say they use bitcoin doesn't make bitcoin a real valid alternative and widely used Venezuelans right now only care to protect again…
Hey firekvz, very interesting to hear a take on crypto from someone who actually knows what's happening on the ground. I was wondering if you'd be interested in having a chat for a policy paper I am working on. It would be beyond helpful because as you said the media and a lot of major research paints a very different picture.