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Tether Critical Announcement

tether.to

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Re: Tether Critical Announcement

#251

Post by sctb »

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.

Do you mind not posting comments that the guidelines clearly ask us not to?

> Don't accuse others of astroturfing or shillage. Email us and we'll look into it.

> Don't feed egregious comments by replying; flag them instead. When you flag something, please don't also comment that you did.

https://news.ycombinator.com/newsguidelines.html

Re: Tether Critical Announcement

#252

Post by ryanlol »

ActsJuvenile wrote: post #176
darawk wrote: post #158

Earlier quoted context omitted.

It's perfectly reasonable to assume $600 million has flown in via Taiwan. Note that that doesn't mean that local Taiwanese have personally bought $600 million. Tether creates an arbitrage opportunity. If you have a Taiwanese bank account, whenever Tether gets out of sync, to say, 0.99, you can simply arbitrage that away and make a risk-free profit. That is what is happening. The demand isn't coming from Taiwan per se…

No one is going to deposit 600 mill in a hacked exchange via Tether crypto-Hawala using Taiwanese shell bank accounts. People with real money would instead wire the funds to Gemini or ItBit or even a terribly managed company like Coinbase. KISS

Sure “No one”, I don’t think the same necessarily holds for many.

Re: Tether Critical Announcement

#253

Post by nadam »

foxhop wrote: post #68

The abstractions and tech which cryptocurrency works on is fragile in most of the same ways as the layers that came before it (credit cards/banks/etc). Try to look at all this holistically. How many people and resources do we dedicate on this planet to keep track of money, economy, mine the coins, cash the checks, swipe the cards, keep the lines working? All of these abstractions make trade faster and more liquid but…

Proof of work is not the only scheme to ensure consensus. There are multiple projects based on some kind of proof of stake. One of the most promising such projects is EOS in my opinion. I suggest you not to gain knowledge about cryptocurrencies on HN. Yes, cryptocurrency forums may be an echo chamber, but HN seems to be the other way around. Lot of HN-ers are extremely cynical about cryptocurrencies, so you will mostly hear the bad news here. Reality is not as black and white as most commenters here suggest.

Re: Tether Critical Announcement

#254

Post by mccoyspace »

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…

Back in 2012/2013 there was something called "Mt Gox codes". It was a USD transfer mechanism that was supported by Gox, btc-e, early bitfinex and others. You could magically and instantly get a USD balance transferred from one exchange to the other. It was pretty crazy to see in operation as funds would instantly flow from Japan to Hong Kong to Russia/Bulgaria/wherever-btcE-was.

It was shut down by US authorities sometime in the Spring of 2013 as I recall. Tether is playing a similar inter-exchange roll today. At least now there is some kind of public ledger, but that may not be saying much.

Re: Tether Critical Announcement

#255

Post by matthewrudy »

darawk wrote: post #158
ActsJuvenile wrote: post #93

Earlier quoted context omitted.

Tether announcement on their own website mentions their Taiwan banks have frozen all international wire transfer since April 18: https://tether.to/announcement/ Tether has printed $600 million worth of tokens since, so either: 1) Local Taiwanese have deposited $600 million to buy Bitcoins through domestic wires, OR 2) Tether is lying and printing tokens out of thin air. Place your bets gentlemen.

It's perfectly reasonable to assume $600 million has flown in via Taiwan. Note that that doesn't mean that local Taiwanese have personally bought $600 million. Tether creates an arbitrage opportunity. If you have a Taiwanese bank account, whenever Tether gets out of sync, to say, 0.99, you can simply arbitrage that away and make a risk-free profit. That is what is happening. The demand isn't coming from Taiwan per se…

I once wired $30k USD from my UK to Taiwan bank account.

It worked fine, but had to go into the bank in person with ID to get the funds approved.

Not sure what it'd be like if I moved $100ks.

Re: Tether Critical Announcement

#256

Post by mavdi »

krisives wrote: post #210
SrslyJosh wrote: post #129

#buttcoin

Use the chrome extension it automatically does it https://chrome.google.com/webstore/detail/bitcoin-to-buttcoi...

Have all the fun :) While I steadily get rich. I hope they'll make an extension for "fiat money to food on table" when this whole corrupt financial systems comes crashing down (again).

Re: Tether Critical Announcement

#257

Post by alwaysnotright »

ActsJuvenile wrote: post #105
dangero wrote: post #83

I released a paper earlier this year talking about how we can reasonably lock cryptocurrency to fiat, but unfortunately the space is still rather immature. A single provider of USD tokens is extremely dangerous. Best case scenario would be if there were many companies like Tether and you could spread your token purchases between them automatically to minimize counterparty risk. Stellar and Ripple are closest to solvi…

Ripple is a scam and Jed McCaleb has been dumping thousands of Ripples a day since forever. You shouldn't encourage new users to buy Ripples.

Jed McCaleb left Ripple pretty early and started Stellar instead, which is probably why he is dumping Ripple.

Re: Tether Critical Announcement

#258

Post by mancerayder »

ActsJuvenile wrote: post #176
darawk wrote: post #158

Earlier quoted context omitted.

It's perfectly reasonable to assume $600 million has flown in via Taiwan. Note that that doesn't mean that local Taiwanese have personally bought $600 million. Tether creates an arbitrage opportunity. If you have a Taiwanese bank account, whenever Tether gets out of sync, to say, 0.99, you can simply arbitrage that away and make a risk-free profit. That is what is happening. The demand isn't coming from Taiwan per se…

No one is going to deposit 600 mill in a hacked exchange via Tether crypto-Hawala using Taiwanese shell bank accounts. People with real money would instead wire the funds to Gemini or ItBit or even a terribly managed company like Coinbase. KISS

What's wrong with Coinbase? (I ask as a naive fool with a bit of money stored there).
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