Earlier quoted context omitted.
[flagged]
You're being downvoted because when the user asked if there was any more reading material you told them "google it". That's rude and unhelpful.
There's also no connection, just tin foil hat
Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
61–70 of 149 posts
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#62Earlier quoted context omitted.
The thing is, a lot of people just assume they must simply be doing good business. The continued existence of the economically impossible entity is, to many, proof not only of its solvency, but also of it's quality as a financial partner. Most people don't look any further than that. Obviously, a large number do look further than that, and many, many people would never take the bait. But don't underestimate the numbe…
You're acting like people just have blind faith, ignoring they undergo routine audits
Tether has not completed a single audit yet
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#63Each disabled token is pure profit to Tether. They're not cashing them out to the US Treasury, as with Bitcoins recovered from criminal operations.
It's an interesting question: What does that mean? Maybe it's better to look at cryptocurrencies as financial securities, shares in an asset controlled by a private company (as has been said many times before). Could General Electric 'disable' the shares of a shareholder? What would that mean? The shareholder can't sell their shares, I suppose, but GE's equity would remain the same (not counting any market movement t…
The SEC is arguing that most cryptocurrencies, especially the ones that enable this level of control, are securities.
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#64So... Half the appeal of crypto and Tether & co has been a separation from the current financial system and 'deep state,' yet here we are embracing both with hugs.
The cryptoverse is no place for making sense.
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#65Earlier quoted context omitted.
Perhaps "the opportunity to address the concerns" is in contrast to being shut down with no opportunity for corrective action. Kinda like someone released on parole is happy for an opportunity to work and obey the law.
Still not a partnership. Tether spin.
obviously spin, but "partnership" doesn't bother me much. Partnership doesnt mean equal partners. Someone might have a business "partnership" with a warlord, that lets them live as long as you prive payments.
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#66Earlier quoted context omitted.
You're acting like people just have blind faith, ignoring they undergo routine audits
Tether has not completed a single audit yet
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#67So... Half the appeal of crypto and Tether & co has been a separation from the current financial system and 'deep state,' yet here we are embracing both with hugs. The cryptoverse is no place for making sense.
The appeal is in having a choice; having an option to use an alternative (crypto) monetary system, a hybrid, or fiat.
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#68So... Half the appeal of crypto and Tether & co has been a separation from the current financial system and 'deep state,' yet here we are embracing both with hugs. The cryptoverse is no place for making sense.
“Fascist governments encouraged the pursuit of private profit and offered many benefits to large businesses, but they demanded in return that all economic activity should serve the national interest.”
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#69Earlier quoted context omitted.
Certainly nobody involved in cryptocurrency has ever been known to take dumb risks, lose everything, and end up rotting in prison.
Good point, let’s presume literally all of crypto is actively doing all of our worst fears, and not bother with a pesky thing like proof.
Except we know of occasions they printed tether in return for collateral promises, rather than actually for cash. Not to mention filling a hole with Bitfinex stock when one of their processors got raided.
Now, it's just a question of degree: they're so profitable they can recover from being fractional rapidly. OTOH, why mess with a working formula?
Re: Tether reveals partnerships with Secret Service, FBI in letter to U.S. Senate
#70That 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.
The difference between Tether and a standard bank actually seems pretty small to me. Tether doesn't look like they have enough money to pay back people holding Tether tokens. Banks don't have enough money to pay back depositors. Both muddle along fine.
Theoretically the banks have lower risk due to regulatory actions. We've had enough financial crisises now that a reasonable person could discount that. Given the levels of debt and spring-loaded derivatives, any institution is at risk these days. We can imagine a history book entry saying "XYZ couldn't return their depositors money" for pretty any actor in these markets.
The banks get bailouts of course, but that tends to be action outside the official rules; so maybe Tether will get it to? The differences here are mostly about how long the game has been played, not what the game is. Tether doesn't seem to be less reputable than the banks. It outlasted Credit Suisse for example. I'm not calling anything, but maybe Tether is going to behave a lot like another bank.