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Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

finance.yahoo.com

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Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

#41

Post by redcobra762 »

fsmv wrote: post #27
scaredginger wrote: post #23

Earlier quoted context omitted.

Can you explain this 'common sense'? I was under the impression that Tether was in the business of taking USD (with the promise of returning it) and earning interest on that USD without paying any interest on it. If that's true, it sounds like a dream business to me

The common sense is that they would make a lot more money by doing fractional reserve (leaving them open to a bank run collapse) and there is nothing really to stop them from doing that.

As with most common sense, that’s completely wrong. Deceptively operating at a fractional reserve would eventually end with everyone involved losing everything and spending large portions of their remaining lives in prison.

Common sense is rarely either.

Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

#42

Post by redcobra762 »

Facemelters wrote: post #20
kranke155 wrote: post #19

Earlier quoted context omitted.

This totally explains it. Tether should have been on the same court as FTX.

?

Crypto bad, can’t you see? No need to justify claims when you’re bashing The Bad Thing.

Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

#43

Post by ForHackernews »

redcobra762 wrote: post #41
fsmv wrote: post #27

Earlier quoted context omitted.

The common sense is that they would make a lot more money by doing fractional reserve (leaving them open to a bank run collapse) and there is nothing really to stop them from doing that.

As with most common sense, that’s completely wrong. Deceptively operating at a fractional reserve would eventually end with everyone involved losing everything and spending large portions of their remaining lives in prison. Common sense is rarely either.

Certainly nobody involved in cryptocurrency has ever been known to take dumb risks, lose everything, and end up rotting in prison.

Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

#44

Post by CPLX »

tz18 wrote: post #33
Supermancho wrote: post #28

Earlier quoted context omitted.

You're not the only one to have seen the Chinese real estate, from the Alberta coast to Florida. If you want to move money, ofc you can[1]. There is commerce with China. If you want to avoid controls (including punitive ones), real estate is not a preferred choice. This "vehicle" took a huge hit around 2016ish[2], which is why Chinese transfers fell dramatically crashing a number of luxury markets (US locales) with i…

The Alberta coast??

Hey man with climate change anything is possible.

Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

#45

Post by fragmede »

yterdy wrote: post #40
alexb_ wrote: post #37

Earlier quoted context omitted.

It's not exactly a secret. The US dollar's proliferation is an extremely good thing to happen in the world - our modern banking system is one of our greatest inventions.

For whom?

everyone with a lot of them

Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

#46

Post by mteam88 »

woodruffw wrote: post #35

Weird phrasing. It isn't clear that responding to OFAC listings makes one a "partner" of the FBI or Secret Service; to my knowledge, entities that do business in the US (or anywhere the US's financial limbs can reach) have to respond to OFAC listings. Am I missing something here?

I think it relates to this quote from the article:

"Tether is grateful for the opportunity to address the concerns raised by U.S. lawmakers, and we are committed to continuing Tether’s close work with law enforcement in the U.S. and globally. Tether seeks to be a world class partner to the U.S. as we continue to assist law enforcement and expand dollar hegemony globally."

~ a dedication to working together in the future

Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

#47

Post by mteam88 »

kranke155 wrote: post #19
kristjank wrote: post #9

That might explain why it has not crashed completely yet. As a rule of thumb, never trust service providers that should, by all common sense, fail, but miraculously don't.

This totally explains it. Tether should have been on the same court as FTX.

That is an unfounded assertion. SBF et al committed a crime and defrauded thousands.

Tether is a profitable business cooperating with the US govt.

Please don't dispense slanderous accusations unless you know what you are talking about.

Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

#48

Post by dannyw »

charcircuit wrote: post #38
phyalow wrote: post #36

Earlier quoted context omitted.

Not actually true, while MakerDAO (DAI's issuer) cant microtarget and freeze, DAI itself still has alot of systematic risk, i.e. it has a large part of its backing assets in USDC, Circle could freeze this part of their balance sheet VERY easily. They also have "RWA" i.e. more traditional financial products in the mainstream financial system to generate a yield, it would be easy enough for the service providers to be…

It's the collateral that would be frozen. It's not your stablecoins.

Without collateral, your stable coin would no longer be stable.

Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate

#49

Post by WhereIsTheTruth »

WhereIsTheTruth wrote: post #32
snowwrestler wrote: post #24

Earlier quoted context omitted.

The FBI has offices around the world.

Again, what they gonna do globally? What's their mission? Is it to "as we continue to assist law enforcement and expand dollar hegemony globally."?

The CIA doesn't need to release a PSA to let everyone know of their actions, they have infiltrated SWIFT, have you ever read a join letter between Visa and the FBI?

https://www.spiegel.de/international/world/how-the-nsa-spies...

Now what makes you believe the FBI chose to take the lead in making sure the USD remains the currency of choice even in a digital form

This is what the CIA do, that the FBI can't:

https://www.europarl.europa.eu/doceo/document/E-9-2023-00168...

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