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People who want a liquid USD tethered asset on many exchanges and aren't needlessly paranoid over absurd conspiracy theories that have yet to present a single o

• ric2b 9y ago
  Bitfinex is also lacking in evidence when it comes to showing that Tethers are backed by USD.
  • um_ya 9y ago
    How would they prove it? Twitter a picture of the bank balance?
    • ncallaway 9y ago
      At the very least, inform the public about which banking institutions they are currently using ever since Wells Fargo dropped out. Contracting a reputable firm to conduct an in-depth audit and publicly releasing the results would also be a useful step.
      • FireBeyond 9y ago
        And not refuse to name banks without an NDA signed and in place...
        • komali2 9y ago
          Did I misread the article, or weren't the banks they refused to name the banks involved in shutting them out of the US?
          • FireBeyond 9y ago
            As far as I believe Wells Fargo is the bank that severed ties: "After Wells Fargo severed ties, Tether won’t name its banks" "On Dec. 2, Bitfinex released a quarterly report announcing it would no longer serve U.S. customers because it’s too expensive to do business with them. This followed Wells Fargo & Co.’s decision earlier in the year to end its role as a correspondent bank through which customers in the U.S. could send money to Bitfinex and Tether’s banks in Taiwan. Bitfinex and Tether filed suit against Wells Fargo, but later withdrew the case." "However, Ronn Torossian, a spokesman for Bitfinex and Tether, refused to identify their current banks unless a reporter signed a non-disclosure agreement, an offer that wasn’t accepted."
  • tardo99 9y ago
    This is what regulation is for. No regulation? Then people are stealing. History suggests it's that simple.
• hinkley 9y ago
  Precautionary Principle. Likelihood of a problem x the cost of the problem happening = how much you should worry/care/act When someone asks 'how sure you are' about something and you say 'really sure', unless you pull out a slide deck with numbers and graphs, that's an emotional estimate, and has no bearing on the precautionary principle. We naked apes get tripped up by this because we are used to dealing in social interactions, where your intuition works pretty well. Statistics, not so much. You loan your friend your car when you're pretty sure that they won't wreck it, scratch it, make it smell like pork rinds. A business is not your friend. There's no social capital at play. Without that social capital you would never lend your car to a business. You don't owe them the benefit of the doubt nor do you reap a non-monetary benefit from doing so. Only when there is such a benefit (community building, networking, etc) would you even consider doing so. I have certainly defended companies in forums because I felt they represented some part of a world I wanted to live in. That's my social capital in that case. The best way to predict the future is to create it, and I had a small part in that. I participated. But in this case if you're wrong, instead of losing out on a toy, or a pillow that is always the exact right temperature, or a fridge that always has chocolate milk in it, you're going to lose money, face, and probably that world you hoped for. There's been enough shenanegans that the confirmation bias that kicks in if Tether is allowed to continue to grow and turns out to be a pyramid scheme has a real potential to have deleterious effects on the whole concept. How willing are you to back Tether if it means there will never be a similar company that is actually legitimate? What are the objective odds of that outcome at this point? If you really want this world, you should be demanding transparency from everyone you support in this space at this point.