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Tether Critical Announcement

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Re: Tether Critical Announcement

#181

Post by shobith »

zaarn wrote: post #171
shobith wrote: post #156

Earlier quoted context omitted.

> We literally are mining coal to burn it in powerplants to energize servers and GPUS to waste clock cycles to find "coins". I'm curious to know what the carbon footprint of a human is, that way we can compare it to the GPUs doing an equivalent amount of work (which I think will be tricky to determine in the first place). > The world is the realm and how we use its people and resources matters, especially when its to…

According to rensmart.com, 1KWh is approx. 0.5 kg of CO2 saved/used. A RX480 uses 160W on average according to TomsHardware, mining might pull more but lets use that as a conservative example. A Mining Rig, decent one, might have 4 cards and pull 100Watts for itself (conservative estimate). That puts the total power of the rig at 750Watts (approximately) This will yield a hashrate of about 20MH/s for each card or 80M…

Thank you for the numbers!

Assuming those estimates are correct (I haven't verified it), I think it's hard for me to believe that there are fewer than 191K people working to manage an equivalent number of financial transactions in USD.

I tried this wolfram query: http://www.wolframalpha.com/input/?i=number+of+people+workin...

Yes, we are increasing entropy outside of ourselves but not within, if the population of humans is increasing, humans have acquired more negentropy from the environment and are "winning" against entropy as they get better at extracting energy from the environment, we'll run out of energy in the form of fossil fuels soon, so we'll have to find another source of energy, because we need more energy to decrease entropy.

Let me be clear(er) in saying that I don't support burning fossil fuels, I think OP linked mining bitcoins directly to burning coal -- we're mixing two very separate arguments here. Burning fossil fuels for generation of electricity is a topic on its own.

Re: Tether Critical Announcement

#182

Post by sanxiyn »

dcw303 wrote: post #133

Looking at the attacker's address in Omni Explorer: https://omniexplorer.info/lookupadd.aspx?address=16tg2RJuEPt... I'm finding this a little confusing as it looks like BTC blockchain addresses can also be Tether addresses. Is this correct? They are currently holding $30.9M USDT. If they transfer this to another USDT address, I assume it would show up here, like the 3 inbound tx from 31okFF1rUu8jjPEVuajycTRBp82Nteo4M…

> I'm finding this a little confusing as it looks like BTC blockchain addresses can also be Tether addresses. Is this correct?

Yes. Tether is so-called Smart Property (with Property ID 31) stored using Omni Layer. Omni Layer stores transactions on Bitcoin Blockchain. Transaction data is encoded as output script, which uses OP_RETURN opcode and zero value. OP_RETURN opcode allows 80 bytes of data. Omni Layer uses 4 bytes ("omni") of 80 as a prefix to coexist with other systems using OP_RETURN.

Re: Tether Critical Announcement

#183

Post by ActsJuvenile »

kobeya wrote: post #143
MichaelGG wrote: post #47

Earlier quoted context omitted.

This also illustrates the absurdity of so called "money laundering". Just moving money around between private parties is somehow a serious crime. Hint: It's not. Money laundering is just a cheat code for prosecutors to get easy points when they can't actually find real wrongdoing. The funny part is that Tethers came into being after Bitfinex was hacked, right, as a way to help them out? Sometimes we say after someone…

> The funny part is that Tethers came into being after Bitfinex was hacked, right, as a way to help them out? No, Tether is completely unrelated and existed (or was in the process of being stood up) years prior. It just became widely used in 2017 after some exchanges (bitfinex being a big one) switched to it for USD for a variety of reasons.

iFinex acquired an ICO called "Tether" that no one cared about. I can help you buy 1 year old ICO for peanuts.

There is a letter signed by iFinex CEO that he owns both Bitfinex and Tether: http://article78againstnydfs.com/docs/317-cv-01882-BitfinexC...

Re: Tether Critical Announcement

#184

Post by simias »

mrb wrote: post #150
ActsJuvenile wrote: post #116

Earlier quoted context omitted.

They just got hacked for $30 mil. Pretty safe to say they are in the red at this time.

No. They blacklisted the stolen tethers, and all they now have to do is issue a new batch of $30 million worth of tethers. In no way this puts them in the red.

As as been pointed out above they can't unilaterally blacklist tethers, the other parties have to accept the modified client.

Re: Tether Critical Announcement

#185

Post by dmitriid »

patio11 wrote: post #4

If you haven't been following along, here's why this matters: Tethers is a sole-source cryptocurrency, pegged to the US dollar. Bitfinex produces it, though they're cagey (some would say outright lying at times) about the level of involvement. The primary purpose of tethers is money laundering, even more so than cryptocurrency generally. Bitfinex was cut off from the US financial system, which makes it impossible for…

> If you haven't been following along, here's why this matters:

This is the only thing that matters: no matter how many faults, and bugs, and breaches, and unauthorised transactions there are, people still flock to these poorly specified, even more poorly executed soap bubbles with no real-life uses.

This like the tenth time something like this happened this year (or just last month, I lost track). And still, somehow, there are (perceived) millions upon millions of dollars in these systems.

Re: Tether Critical Announcement

#186

Post by foxhop »

zaarn wrote: post #171
shobith wrote: post #156

Earlier quoted context omitted.

> We literally are mining coal to burn it in powerplants to energize servers and GPUS to waste clock cycles to find "coins". I'm curious to know what the carbon footprint of a human is, that way we can compare it to the GPUs doing an equivalent amount of work (which I think will be tricky to determine in the first place). > The world is the realm and how we use its people and resources matters, especially when its to…

According to rensmart.com, 1KWh is approx. 0.5 kg of CO2 saved/used. A RX480 uses 160W on average according to TomsHardware, mining might pull more but lets use that as a conservative example. A Mining Rig, decent one, might have 4 cards and pull 100Watts for itself (conservative estimate). That puts the total power of the rig at 750Watts (approximately) This will yield a hashrate of about 20MH/s for each card or 80M…

Thank you for this.

Re: Tether Critical Announcement

#187

Post by troc »

mrb wrote: post #154
ActsJuvenile wrote: post #128

Earlier quoted context omitted.

Bitfinex got hacked for 119,756 BTC last year, and Tether got hacked for $30 mil today. Both are owned by iFinex LTD, and had the same CEO till earlier this year. Total amount they have lost comes out to $1 Billion. How are you still claiming "They may not be"?

Bitfinex already fully financially recovered from the 119k BTC theft by repurchasing the last of the BFX debt tokens a few months ago.

and those tokens were traded at how many pennies to the dollar ?

Re: Tether Critical Announcement

#188

Post by simias »

ActsJuvenile wrote: post #177
darawk wrote: post #152

Earlier quoted context omitted.

I was a Bitfinex customer when they got hacked. I lost 30% of my funds on that day. I couldn't be happier with how they handled it. They paid me back in full and did the best they could with the situation they had. People being upset with them over it is insane to me. As far as I can tell, it's mostly people who had nothing to do with it spectating from the sidelines. If an exchange you use ever gets hacked, I certai…

Only a shill would claim to be happy with a 30% haircut scenario. Flagged.

They said "They paid me back in full" so I assume he did not lose the 30% in the end? Admittedly I'm not sure I understand what they mean.

I also wish that "everybody I disagree with is a shill" meme stayed in 4chan and reddit, it's incompatible with reasonable discussion.

Re: Tether Critical Announcement

#189

Post by ActsJuvenile »

chx wrote: post #149
ActsJuvenile wrote: post #111

Earlier quoted context omitted.

Tell your friends they should shutdown the company immediately to avoid prison time. Using USD to back any token or digital asset 1:1 is a serious crime as demonstrated by Liberty Reserve.

What...? Liberty Reserve was a money laundering operation and had nothing to do with 1:1 or whatever. If there's something in the US Criminal Code about that, you need to cite it but I believe there isn't.

You would have to pay me lawyer's fee to give you the code along with an explanation.

In the meantime take my word for it.

Re: Tether Critical Announcement

#190

Post by mrb »

simias wrote: post #184
mrb wrote: post #150

Earlier quoted context omitted.

No. They blacklisted the stolen tethers, and all they now have to do is issue a new batch of $30 million worth of tethers. In no way this puts them in the red.

As as been pointed out above they can't unilaterally blacklist tethers, the other parties have to accept the modified client.

But since Tether Limited are the ones who back the tokens with real dollars, they can effectively unilaterally pressure anyone to upgrade the client. Those who don't upgrade and accept stolen tethers will be left with worthless unredeemable tokens.
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