Earlier quoted context omitted.
It helps with transferring cash between exchanges
Any quantity of Bitcoin can be transferred between exchanges for pennies these days.
That's not useful if you are trying to arbitrage Bitcoin between 2 exchanges.
Tether loaned USDT to investors and illegally traded in New York, says NYAG
21–30 of 133 posts
Re: Tether loaned USDT to investors and illegally traded in New York, says NYAG
#22Re: Tether loaned USDT to investors and illegally traded in New York, says NYAG
#23I still don't see how the State of New York can claim jurisdiction. I mean, it can "claim it" but good luck getting Bitfinex and Tether to comply.
For one, because they allow people from New York to transact with them. https://iapps.courts.state.ny.us/nyscef/ViewDocument?docInde...
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Re: Tether loaned USDT to investors and illegally traded in New York, says NYAG
#24Re: Tether loaned USDT to investors and illegally traded in New York, says NYAG
#25USDT has a strong following in APAC countries. Also for some crypto users part of its allure is that it’s vaguely sketchy - it means they are less likely to have their funds blacklisted, a feature which Tether maintains the ability to do but has never enforced as far as I’m aware. If you are getting into the space now USDC is an audited stablecoin backed by Coinbase and Circle which has the second highest issuance af…
If you want to buy cryptocurrency, why not just buy Bitcoin? In contrast, I don't see a worthy reason to sell US dollars for any stablecoin.
Look at the marketcap of tether. There's obviously a use case.
Re: Tether loaned USDT to investors and illegally traded in New York, says NYAG
#26USDT has a strong following in APAC countries. Also for some crypto users part of its allure is that it’s vaguely sketchy - it means they are less likely to have their funds blacklisted, a feature which Tether maintains the ability to do but has never enforced as far as I’m aware. If you are getting into the space now USDC is an audited stablecoin backed by Coinbase and Circle which has the second highest issuance af…
"vaguely sketchy"
What does that mean?
That doesn't sound like a positive thing.
Re: Tether loaned USDT to investors and illegally traded in New York, says NYAG
#27I still don't see how the State of New York can claim jurisdiction. I mean, it can "claim it" but good luck getting Bitfinex and Tether to comply.
Yeah, Bitfinex and Tether won't have anything to worry about... ...as long as they don't want to have USD denominated bank accounts, or transact with USD, or do business with people with USD denominated bank accounts. Which, of course, they do. If you touch the US financial system in any way, or if any of your counterparties do, or if your counterparties want to have other counterparties that do, then you need to car…
What are your thoughts on Gemini?
Re: Tether loaned USDT to investors and illegally traded in New York, says NYAG
#28USDT has a strong following in APAC countries. Also for some crypto users part of its allure is that it’s vaguely sketchy - it means they are less likely to have their funds blacklisted, a feature which Tether maintains the ability to do but has never enforced as far as I’m aware. If you are getting into the space now USDC is an audited stablecoin backed by Coinbase and Circle which has the second highest issuance af…
Tether is technologically superior and has 90% of marketshare compared to any other stable coin.
If FUD scares you then crypto trading is not for you
Re: Tether loaned USDT to investors and illegally traded in New York, says NYAG
#29Earlier quoted context omitted.
The reason is when you have some other crypto holding and you want to close out your position but not have any reportable tax or legal liability. Of course you’re trading one set of liabilities and legal ramifications for a whole new set. Plus a hell of a lot of counter party risk.
> The reason is when you have some other crypto holding and you want to close out your position but not have any reportable tax or legal liability. In the US trading crypto to crypto has tax liabilities.
> 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.
Re: Tether loaned USDT to investors and illegally traded in New York, says NYAG
#30This would explain the mini Bitcoin rally