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Each disabled token is pure profit to Tether. They're not cashing them out to the US Treasury, as with Bitcoins recovered from criminal operations.
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I mean, basically you're correct, but they are claiming that they don't have to be pulled kicking and screaming into compliance, but rather they are easy for law enforcement to work with. In other words, please don't let the SEC find an excuse to go after us. To me, it's oddly reminiscent of SBF testifying to Congress that they were the responsible ones who are in favor of regulation on crypto, in order to polish the…
I dont think they will end up like cz, they are one of the biggest buyers of government bonds. The way skeptics in the space take it is that they offer an outlet for a cbdc thats compatible with the existing banking system.
Here’s more detail from the NY fed about treasury liquidity overall https://libertystreeteconomics.newyorkfed.org/2023/10/how-ha...
That might explain why it has not crashed completely yet. As a rule of thumb, never trust service providers that should, by all common sense, fail, but miraculously don't.
Can you explain this 'common sense'? I was under the impression that Tether was in the business of taking USD (with the promise of returning it) and earning interest on that USD without paying any interest on it. If that's true, it sounds like a dream business to me
[1] https://amycastor.com/2023/12/28/crypto-collapse-mt-gox-payo...
[2] https://davidgerard.co.uk/blockchain/2023/12/06/bitcoin-goes...
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Still not a partnership. Tether spin.
obviously spin, but "partnership" doesn't bother me much. Partnership doesnt mean equal partners. Someone might have a business "partnership" with a warlord, that lets them live as long as you prive payments.
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The common sense is that they would make a lot more money by doing fractional reserve (leaving them open to a bank run collapse) and there is nothing really to stop them from doing that.
As with most common sense, that’s completely wrong. Deceptively operating at a fractional reserve would eventually end with everyone involved losing everything and spending large portions of their remaining lives in prison. Common sense is rarely either.
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Do we “know” that? We have evidence for it, but there’s more uncertainty than you’re letting on. To be clear, I have zero financial interest in any crypto, I just think it’s premature to assume the worst just because of the industry.
Yes, the NY investigation was all about this: they patched up the loss and quietly changed their terms to being backed by cash or equivalents . And they later detailed the $1bn Tether printed for Celcius in return for collateral (once Celcius collapsed and they claimed it was fully repaid). Understand: for modern banks this kind of fractional behaviour is considered normal. It's only from the weird Bitcoin perspectiv…
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It's not exactly a secret. The US dollar's proliferation is an extremely good thing to happen in the world - our modern banking system is one of our greatest inventions.
For whom?
So... Half the appeal of crypto and Tether & co has been a separation from the current financial system and 'deep state,' yet here we are embracing both with hugs. The cryptoverse is no place for making sense.
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obviously spin, but "partnership" doesn't bother me much. Partnership doesnt mean equal partners. Someone might have a business "partnership" with a warlord, that lets them live as long as you prive payments.
> Partnership doesnt mean equal partners. It still implies some sort of meeting of the minds. You wouldn't say you've entered a "partnership" with the IRS because you paid your taxes, nor a "partnership" with the police because they pulled you over and searched your car.
You really do catch more flies with honey.
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> Partnership doesnt mean equal partners. It still implies some sort of meeting of the minds. You wouldn't say you've entered a "partnership" with the IRS because you paid your taxes, nor a "partnership" with the police because they pulled you over and searched your car.
"I'm excited to work with the Philadelphia Police Department in our new partnership and am thankful they agreed to negotiate yet another meeting with the parole board after I helpfully divulge where I hid more of the remaining bodies." You really do catch more flies with honey.
If there is 0 control over things, it's not a partnership.