11–20 of 92 posts
Tether looks like they have been caught with their hand in the cookie jar a few too many times.
I might trust a stablecoin backed by a big bank, but nothing else.
Tether is "USD-ramp-as-a-service". In the crypto world, there are many anonymously operated exchanges, with no fiat-money banking relationships. Those exchanges tend to offer features that a lot of traders want, like providing a market for any arbitrary token (regulated exchanges tend to be slower with token listings, due to always pondering if something is a security). And yes, if your money is tainted (whether it's…
Surly everyone now knows either consciously, or deep in their heart, that Tether is a scam, but just goes along with it because it's a useful way of not paying tax when you want on sell your coins?
Tether is "USD-ramp-as-a-service". In the crypto world, there are many anonymously operated exchanges, with no fiat-money banking relationships. Those exchanges tend to offer features that a lot of traders want, like providing a market for any arbitrary token (regulated exchanges tend to be slower with token listings, due to always pondering if something is a security). And yes, if your money is tainted (whether it's…
Is tether even a true blockchain or is it just 'INSERT INTO ledger' with extra steps?
Tether is "USD-ramp-as-a-service". In the crypto world, there are many anonymously operated exchanges, with no fiat-money banking relationships. Those exchanges tend to offer features that a lot of traders want, like providing a market for any arbitrary token (regulated exchanges tend to be slower with token listings, due to always pondering if something is a security). And yes, if your money is tainted (whether it's…
Pegged by fiat, not by algorithm. Surely the future for such an oracle is an algorithmic peg, as several honest projects continue to forge.
> A token that derives its utility from being shady (an unregulated way to move US dollar without KYC or AML) will obviously have shady elements to it.
I don't think this is sound logic. It's perfectly plausible for a token to be shady in the sense of opacity before inspection and yet be transparent in the sense of its logic and operations. Monero is an example of such a project.
> However, I (and the broader crypto market, going off tbe market ccapitalisation, anple liquidity, and the $1=$1USDT peg maintaining) trust Tether because of their actions and history of preserving the peg, and protecting all deposits.
You may speak for your trust endorsement, but I think you go too far by translating price and liquidity into community trust. It's a calculation based on the small number of plausible available options.
If you tell a starving person that you'll feed her for life if she performs a tapdancing number on an abandoned minefield, she may conclude that the risk is worth it for her. It doesn't mean that she trusts landmines.
> While Tether made misrepresentations after a banking fiasco, they have fully settled their case with NYAG. The USG doesn't tend to settle unless they are satisfied.
A settlement from the office of the NY Attorney General - which it itself not exactly a paragon of truth or justice in the first place - is not an endorsement from the NY or US governments as you seem to imply.
And if it were, this is hardly the authority to which you'd want appeal to if indeed blockchain tech is to be as transformative to society in the long-term as its enthusiasts (yours truly included) hope.
So you need to decide whether they're a risk or not. To me, the idea of having what is effectively a bank with a $60b+ balance sheet that has no auditor and no regulators, seems kind of risky.
We also know, via the NYAG case, that they have in the past, said things that were not true (specifically continuing the claim to have a 1:1 USD backing after they no longer had those funds).
The other aspect of Tether is "who's using them"? There are a range of stablecoins available now, multiple of whom are better regulated and audited than Tether. So why would rational organizations place $60b+ with Tether, when the risk is higher, and it's not like this is an investment where higher risk == higher return.
>35 minutes Anyone got a summary? Is there anything new in here that hasn't already been said in previous tether posts?
Surly everyone now knows either consciously, or deep in their heart, that Tether is a scam, but just goes along with it because it's a useful way of not paying tax when you want on sell your coins?
The exchanges won't give you free USDT either, they charge something in return.
The only way this could be a problem if they would use USDT from within Tether to buy crypto. I have not seen any evidence of this.