Tether reserves backed by 2.9% cash
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Re: Tether reserves backed by 2.9% cash
#2Why print money when a private company can just create its own?
Just imagine what's going to happen when there's a bank run on Tether.
Re: Tether reserves backed by 2.9% cash
#3Re: Tether reserves backed by 2.9% cash
#4Why print money when a private company can just create its own? Just imagine what's going to happen when there's a bank run on Tether.
Presumably, USDT would lose value. What then?
Re: Tether reserves backed by 2.9% cash
#5Re: Tether reserves backed by 2.9% cash
#6Why print money when a private company can just create its own? Just imagine what's going to happen when there's a bank run on Tether.
Its unbelievable that someone stoles a $20,000 car and do 15 behind bars, yet here we have folks that embazzled $850,000,000 and AG will sit down with them to kibdly negotiate a plea deal and penalize them 4% of what they stole.
I mean seriously what the hell happened to Lady Justice??
Re: Tether reserves backed by 2.9% cash
#7Re: Tether reserves backed by 2.9% cash
#8> Chief Technical Officer Paolo Ardoino
Can't say this news comes out as a surprise. I'm actually surprised by the fact that there are any reserves at all.
What is really interesting about Bitfinex / Tether is to research the history of the people who started these entities, especially their history prior to Bitcoin's existence.
Here's a taste:
https://nicolaborzi.medium.com/the-lawless-rollercoaster-of-...
As much as I'm a proponent of crypto, some folks very early on intuitively realized that the friction-less nature of the new technology made it the perfect vessel for running scams:
https://steemkr.com/bitcoin/@binyamin/bitfinex-s-founder-see...
Re: Tether reserves backed by 2.9% cash
#9The pitch is clearly a lie, but I'm also not too worried about them counting commercial paper and t-bills as "cash."
Re: Tether reserves backed by 2.9% cash
#10Why print money when a private company can just create its own? Just imagine what's going to happen when there's a bank run on Tether.
It’s an interesting thought isn’t it.
Many of us in the haze of an enlightenment narrative in the 90s thought the web would empower through a decentralised model, and while it’s done that of course, it has also created powerful new sources of centralised power, monopolies, and walled gardens, that have challenged (and often won against) existing legal, societal, and political structures and norms.
It starts feeling a bit Neal Stephenson or Max Barry if you imagine a world in which monetary policy underpinning Western (and other) economies is further removed from existing political (especially democratic) levers.
Weber’s argument that states draw their legitimacy from a monopoly on the legitimate use of force is largely supported in Western economies by a monopoly on the legitimate exchange of value as well.
What does international trade, yet alone your annual tax return, look like in a world in which “govcoin” is just one (and a lower preferred one at that) of many currencies used day-to-day?