Exposing Tether [video]
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Exposing Tether [video]
1–10 of 92 posts
Re: Exposing Tether [video]
#2Nobody cares. It's fractionally funded just like 99.999% of banks. Nothing to see here, move on.
Isn't it funny how this anti-Tether garbage is constantly submitted to HN even during the week when a Tether competitor collapsed? Pathetic!
https://www.theregister.com/2021/06/17/iron_cryptocoin_titan...
Re: Exposing Tether [video]
#3>35 minutes
Anyone got a summary? Is there anything new in here that hasn't already been said in previous tether posts?
Re: Exposing Tether [video]
#4>35 minutes Anyone got a summary? Is there anything new in here that hasn't already been said in previous tether posts?
I watched this yesterday.
It's nothing new but it is a well put together timeline and entertaining watch that covers the background of both the companies, the people behind the companies and a lot of the things they've said and done. You probably don't need the visuals if you just wanted to listen in the background.
Whilst he's very reticent to literally say it's a scam, he does heavily imply that it looks very, very shady. He admits to owning cryptocurrency but (pretty much) comes to the conclusion that if Tether implodes it would probably hurt the crypto world considerably, and for crypto to stand a better long term chance it doesn't need something as (potentially) sketchy as Tether so heavily intertwined.
Re: Exposing Tether [video]
#5Tether is "USD-ramp-as-a-service". In the crypto world, there are many anonymously operated exchanges, with no fiat-money banking relationships. Those exchanges tend to offer features that a lot of traders want, like providing a market for any arbitrary token (regulated exchanges tend to be slower with token listings, due to always pondering if something is a security). And yes, if your money is tainted (whether it's because you're trying to move capital out of China, or maybe you're the founder of something USG doesn't like such as Sci-Hub), then you NEED to use a non-KYC, non-AML exchange.
Non-KYC, non-AML exchanges have tended to be shady. There are so many losses over the years. Tether, on the other hand, has maintained its $1 = 1 USDT peg since its inception, except for very brief periods of time. It does what it says, and it's probably the biggest, most liquid, and most stable way to keep dollars outside of the traditional regulated financial system.
Here's the realities about Tether:
• No one has ever been scammed by Bitfinex or Ether. There is no monetary loss, ever.
• When Bitfinex got hacked a few years ago, they worked out a repayment program, and fully repaid all creditors.
• While Tether made misrepresentations after a banking fiasco, they have fully settled their case with NYAG. The USG doesn't tend to settle (in crypto cases) unless they are satisfied.
Re: Exposing Tether [video]
#6Tether is "USD-ramp-as-a-service". In the crypto world, there are many anonymously operated exchanges, with no fiat-money banking relationships. Those exchanges tend to offer features that a lot of traders want, like providing a market for any arbitrary token (regulated exchanges tend to be slower with token listings, due to always pondering if something is a security). And yes, if your money is tainted (whether it's…
Ponzi schemes always seem great until the final collapse.
Re: Exposing Tether [video]
#7>35 minutes Anyone got a summary? Is there anything new in here that hasn't already been said in previous tether posts?
>Anyone got a summary?
basically he dig founders schetchy curriculum, bitfinex ties and evolving (scammy) policies around mantaining 1:1 rate with $
Re: Exposing Tether [video]
#8Tether is "USD-ramp-as-a-service". In the crypto world, there are many anonymously operated exchanges, with no fiat-money banking relationships. Those exchanges tend to offer features that a lot of traders want, like providing a market for any arbitrary token (regulated exchanges tend to be slower with token listings, due to always pondering if something is a security). And yes, if your money is tainted (whether it's…
Ponzi schemes always seem great until the final collapse.
Do you really think the New York Attorney General would have settled with a "ponzi scheme" with a $62 billion market cap?
The USA isn't shy about pursuing crypto operators.
It's also hard to call a 0% interest, zero return token, a ponzi scheme.
Re: Exposing Tether [video]
#9Tether is "USD-ramp-as-a-service". In the crypto world, there are many anonymously operated exchanges, with no fiat-money banking relationships. Those exchanges tend to offer features that a lot of traders want, like providing a market for any arbitrary token (regulated exchanges tend to be slower with token listings, due to always pondering if something is a security). And yes, if your money is tainted (whether it's…
i wouldnt trust a benevolent (offshore) dictator with my money but if it suits your needs, go ahead
Re: Exposing Tether [video]
#10Tether is "USD-ramp-as-a-service". In the crypto world, there are many anonymously operated exchanges, with no fiat-money banking relationships. Those exchanges tend to offer features that a lot of traders want, like providing a market for any arbitrary token (regulated exchanges tend to be slower with token listings, due to always pondering if something is a security). And yes, if your money is tainted (whether it's…
> No one has ever been scammed by Bitfinex or Ether. There is no monetary loss, ever.
Yet. Like all frauds, they succeed until they don't. People thought they made money in Enron, Madoff, etc until it unraveled and there was nothing.
> When Bitfinex got hacked a few years ago, they worked out a repayment program, and fully repaid all creditors.
Tether is so monumentally different. In fact, Bitfinex repaid creditors with tokens, the value of which are denominated in USDT and almost certainly have been inflated through Tether issuance. So basically Bitfinex repaid a hack with massive fraud.
> While Tether made misrepresentations after a banking fiasco
When your core business is trust and transparency, this isn't an "oh well" type of issue.
> The USG doesn't tend to settle unless they are satisfied.
Categorically untrue. Also, the NYAG is not the USG in the slightest. If I were Tether, I would be a lot more concerned about the SDNY USAG than I would be about the NYAG.