Tether loaned USDT to investors and illegally traded in New York, says NYAG

Post by gruez » Wed, Jul 10, 2019, 12:03 PM UTC

logicchains wrote: post #59

solotronics wrote: post #52

Earlier quoted context omitted.

Gemini and Coinbase are on the forefront of legitimizing cryptos. They go out of their way to cooperate with American authorities, which is a good move for their business model. Contrast this with a crypto exchange based outside of the US that would loose their clientele if they worked with the American government in any way. Why you ask? Do research about Americans trying to open bank accounts in Europe. Basically u…

Most crypto is traded outside of the US though; most of the volume is on Binance and Bitmex. In this sense they cut themselves off from many customers. The advantage of their business model seems to be that with less competition from other US-law-abiding exchanges (because there are so few of them), they can charge much higher fees: Coinbase fees are higher than most large non-US exchanges, and Gemini fees are insane…

Post by oarsinsync » Wed, Jul 10, 2019, 12:06 PM UTC

logicchains wrote: post #59

solotronics wrote: post #52

Earlier quoted context omitted.

Gemini and Coinbase are on the forefront of legitimizing cryptos. They go out of their way to cooperate with American authorities, which is a good move for their business model. Contrast this with a crypto exchange based outside of the US that would loose their clientele if they worked with the American government in any way. Why you ask? Do research about Americans trying to open bank accounts in Europe. Basically u…

Most crypto is traded outside of the US though; most of the volume is on Binance and Bitmex. In this sense they cut themselves off from many customers. The advantage of their business model seems to be that with less competition from other US-law-abiding exchanges (because there are so few of them), they can charge much higher fees: Coinbase fees are higher than most large non-US exchanges, and Gemini fees are insane…

Post by jki275 » Wed, Jul 10, 2019, 12:09 PM UTC

SimonPStevens wrote: post #46

Alex3917 wrote: post #29

Earlier quoted context omitted.

> In the US trading crypto to crypto has tax liabilities. Or, more accurately, just because you record the ownership of an asset on a blockchain doesn't mean you're allowed to violate the law.

I believe it's not as clear cut as that. I believe that in many jurisdictions there are various rules that allow trading within certain assets classes to not be treated as a taxable event for capital gains purposes unless you trade outside the class back to a regular currency. The taxable event can occur only when you realise the profit or loss. Whether this is the case with crypto currencies is all dependent on how…

Post by jki275 » Wed, Jul 10, 2019, 12:12 PM UTC

Havoc wrote: post #102

ForHackernews wrote: post #56

Earlier quoted context omitted.

Since it's very difficult to convert USDT into real USD, if people were desperately trying to exit their Tether positions, they'd likely do it by changing for other cryptocurrencies like bitcoin.

>Since it's very difficult to convert USDT into real USD, The irony in this sentence should given even the most hardened USDT fan something to think about

Post by ryanlol » Wed, Jul 10, 2019, 12:15 PM UTC

chx wrote: post #80

repomies68 wrote: post #44

Earlier quoted context omitted.

Well, don't know for these stablecoins but to me the "normal crypto" meaning bitcoin is very easy to understand and use. It is like commodity nowadays - it is up to the user whether to use it for scetchy things or for normal things.

ROTFLMAO Are you serious? You need to establish presence at an exchange meaning you need to scan and send your ID to a company which more likely than not -- does QuadrigaCX ring a bell -- is run by scammers. Then you need to buy bitcoin and store it somewhere... and then send it to someone. The sending costs an unknown amount, takes an unknwon amount of time, the receiver gets something but none of you can predict ho…