There's a lot of FUD, but very little evidence of wrongdoing. It seems mostly like one person on a campaign to discredit Bitfinex because of some grudge. https://twitter.com/Bitfinexed is the person spreading the FUD, they're also shitposting all over Reddit and elsewhere. Seems like now the 'media' is going along for the ride and enjoying the ad revenue.
An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
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Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#12My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable. https://unum.one The code is open source and can be found here: https://github.com/unumone/unum If anyone wants to hel…
Can you give me the tldr what a normal person would use this for or what it accomplishes?
For a normal person/business to ever use a cryptocurrency, there needs to be one that is price stable. Meaning it's going to be worth the same $ tomorrow that it's worth today.
Imagine if you could send money anywhere, with almost no fees. That was the dream of bitcoin, but currently bitcoin fees are crazy high, and the community isn't close to solving it yet. Ethereum seems to be more scalable and has a benevolent dictator moving it forward.
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#13My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable. https://unum.one The code is open source and can be found here: https://github.com/unumone/unum If anyone wants to hel…
I thought people found USDT problematic because they found no way to audit whether each USDT has a corresponding USD to balance it?
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#14My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable. https://unum.one The code is open source and can be found here: https://github.com/unumone/unum If anyone wants to hel…
From where does the contract pull the current price of USD? Wouldn’t it be vulnerable to receiving incorrect pricing data?
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#15There's a lot of FUD, but very little evidence of wrongdoing. It seems mostly like one person on a campaign to discredit Bitfinex because of some grudge. https://twitter.com/Bitfinexed is the person spreading the FUD, they're also shitposting all over Reddit and elsewhere. Seems like now the 'media' is going along for the ride and enjoying the ad revenue.
This "FUD" could be easily dismissed by showing a bank account statement containing these $814M. The fact that Bitfinex doesn't do that means they have something to hide or are in serious trouble.
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#16My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable. https://unum.one The code is open source and can be found here: https://github.com/unumone/unum If anyone wants to hel…
I am flagging you again since this is the second time I see a clickjacking[1] and investors could think that you are pegging your cryptocurrency to fiat currency when indeed is something completely different.
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#17Stable coin systems are going to be massively important and there's a ton of different projects trying to make it happen.
This [1] is a really solid explanation on how one of them, Dai from MakerDAO, works.
[1] https://medium.com/cryptolinks/maker-for-dummies-a-plain-eng...
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#18There's a lot of FUD, but very little evidence of wrongdoing. It seems mostly like one person on a campaign to discredit Bitfinex because of some grudge. https://twitter.com/Bitfinexed is the person spreading the FUD, they're also shitposting all over Reddit and elsewhere. Seems like now the 'media' is going along for the ride and enjoying the ad revenue.
Whether the accusations are true or not, I wouldn't hold a single dollar in Tether after reading this on their website:
> “There is no contractual right or other right or legal claim against us to redeem or exchange your tethers for money. We do not guarantee any right of redemption or exchange of tethers by us for money.”
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#19My latest side-project is an alternative to Tether (the "mystery" in the title). It's similar in that the currency is pegged to the dollar, but it's implemented as a smart contract on the Ethereum block chain, so the reserve (held by the smart contract and not touchable by me) is instantly auditable. https://unum.one The code is open source and can be found here: https://github.com/unumone/unum If anyone wants to hel…
From where does the contract pull the current price of USD? Wouldn’t it be vulnerable to receiving incorrect pricing data?
I've gone back and forth on this. Current plan is to use Oracalize.
Re: An $814M Mystery Near the Heart of the Biggest Bitcoin Exchange
#20There's a lot of FUD, but very little evidence of wrongdoing. It seems mostly like one person on a campaign to discredit Bitfinex because of some grudge. https://twitter.com/Bitfinexed is the person spreading the FUD, they're also shitposting all over Reddit and elsewhere. Seems like now the 'media' is going along for the ride and enjoying the ad revenue.
This "FUD" could be easily dismissed by showing a bank account statement containing these $814M. The fact that Bitfinex doesn't do that means they have something to hide or are in serious trouble.
No, it's pretty normal for private companies not to share that kind of data.