It may be counterintuitive, but the best thing that could happen to Bitcoin would be for Tether to collapse in a cloud of dust. Tether is continually cited as a large risk factor to Bitcoin by people who have gotten past the "it's not real money" objection. But I think it's worth considering what happens if the collapse never comes. If government investigation, findings of wrongdoing, admission of lies, and punishmen…
Can you (or anyone) give me a few more keywords to find more info about that claw-back of funds? I'm new to the crypto space and my google-fu is lacking today, can't find anything about Ethereum defective contract and subsequent claw-back of funds.
$1M bounty for details on Tether’s backing
191–200 of 326 posts
Re: $1M bounty for details on Tether’s backing
#192Last week CFTC fined both Tether and Bitfinex $42.5M for allegedly not holding enough reserves and colluding together. https://www.cftc.gov/PressRoom/PressReleases/8450-21 Seems like a fairly small fine in grand scheme of things no? If the critics are right and $70B+ supply is just made up paper money, then it'll be huge losses for all Tether holders. I'd conjecture it would tank the entire crypto market - and possib…
Tether claimed their excess reserves were $160 million. So the fine is a quarter of that.
Tether has claimed their excess reserves is almost exactly $160m for more than a year. Two ways to confirm:
- Go look at the wayback machine on their transparency page
- Look at the difference in their attestations
This implies they loot the interest rate yield on their reserves
Re: $1M bounty for details on Tether’s backing
#193It may be counterintuitive, but the best thing that could happen to Bitcoin would be for Tether to collapse in a cloud of dust. Tether is continually cited as a large risk factor to Bitcoin by people who have gotten past the "it's not real money" objection. But I think it's worth considering what happens if the collapse never comes. If government investigation, findings of wrongdoing, admission of lies, and punishmen…
Can you (or anyone) give me a few more keywords to find more info about that claw-back of funds? I'm new to the crypto space and my google-fu is lacking today, can't find anything about Ethereum defective contract and subsequent claw-back of funds.
A good overview can be found on the Wikipedia page for Ethereum Classic. ETHC is made up of the users and miners who didn't want to "claw-back" those funds.
Re: $1M bounty for details on Tether’s backing
#194Earlier quoted context omitted.
I think the better trade would be to do a hedged short against bitcoin, perhaps using futures; if Tether collapses, Bitcoin is going to get hurt as well.
> if Tether collapses, Bitcoin is going to get hurt as well. That's one theory. Another is that the only way out of Tether will be BTC and the pressure will likely push BTC up, at least for a while.
On BTC/USDT markets. It will collapse the USD/BTC markets that futures contracts use.
Re: $1M bounty for details on Tether’s backing
#195How can one profit from a crypto bubble? I’ve heard of an ETF for shorting Bitcoin but never saw any specifics. Can anyone provide a reputable brokerage for shorting crypto currencies?
LedgerX.
Re: $1M bounty for details on Tether’s backing
#196It may be counterintuitive, but the best thing that could happen to Bitcoin would be for Tether to collapse in a cloud of dust. Tether is continually cited as a large risk factor to Bitcoin by people who have gotten past the "it's not real money" objection. But I think it's worth considering what happens if the collapse never comes. If government investigation, findings of wrongdoing, admission of lies, and punishmen…
Can you (or anyone) give me a few more keywords to find more info about that claw-back of funds? I'm new to the crypto space and my google-fu is lacking today, can't find anything about Ethereum defective contract and subsequent claw-back of funds.
Here's the wiki article: https://en.wikipedia.org/wiki/The_DAO_(organization)
Re: $1M bounty for details on Tether’s backing
#197Earlier quoted context omitted.
Christ this may as well be numerology.
I'll play! Teth - Er Teht: The Phoenician letter name ṭēth may mean "spinning wheel" https://en.wikipedia.org/wiki/Teth ER: Abbreviation for Emergency Room "Teth" + "ER" = Spinning dangerously out of control, putting one or more lives at risk. How did I do?
Your user name is "nine" and you're studying a Wikipedia page about the Semitic letter which means '9' in gematria. Is any of this a coincidence?
Nein!
Re: $1M bounty for details on Tether’s backing
#198It may be counterintuitive, but the best thing that could happen to Bitcoin would be for Tether to collapse in a cloud of dust. Tether is continually cited as a large risk factor to Bitcoin by people who have gotten past the "it's not real money" objection. But I think it's worth considering what happens if the collapse never comes. If government investigation, findings of wrongdoing, admission of lies, and punishmen…
Can you (or anyone) give me a few more keywords to find more info about that claw-back of funds? I'm new to the crypto space and my google-fu is lacking today, can't find anything about Ethereum defective contract and subsequent claw-back of funds.
IIRC, back in the day, there was the original DAO. They released this very large contract, citing "the code is the law".
The code had a bug, and someone drained the $50M or so contract.
Since everyone lost a bunch of money, the majority agreed to fork Ethereum and roll back the hack, leading to "Ethereum" (with the roll back), and "Ethereum Classic" (without the rollback).
Re: $1M bounty for details on Tether’s backing
#199Earlier quoted context omitted.
I've never held any coin but why can't it be true? The money is imaginary anyway and while you can talk about backing dollars with tanks and bomb at the end of the day is there are believers there is a market snd one market can outlive another. Saving depositors in regular banking is pure belief as well.
If a bank makes a loan to somebody else, the value of that loan is recorded as an asset. Customer deposits at a bank are recorded as liabilities. Even when banks loan out money to other people, they are careful to make sure that their assets exceed liabilities--and not by a small amount, but by something like 10%. Now, not all loans are repaid, and when that happens, the bank will take a write-off of that asset, redu…
> a 5% drop in the price of Bitcoin would make Tether literally insolvent.
Didnt BTC go down to 30K from 60K just recently?
Re: $1M bounty for details on Tether’s backing
#200Earlier quoted context omitted.
There are firms that look for good opportunities to short stocks. Find some credible bad news, short the stock, then publicize the bad news. If the news is actually true, this might even be considered a public service (as well as obviously a way to make money). They probably wouldn’t do until they actually got a tip. Also, they might short crypto-related stocks if that’s easier.
I am curious about how that type of activity doesn't constitute insider trading? Presumably having "bad news" would constitute material nonpublic information?
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