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Just trying to be open-minded: has anyone thought to have given the Tether folks the benefit of the doubt? Isn’t it possible they are well aware of the possible

by smaili 9y ago

Just trying to be open-minded: has anyone thought to have given the Tether folks the benefit of the doubt? Isn’t it possible they are well aware of the possible risks but have the numbers to justify their printing? Again, just trying to look at it from another perspective since we’ve already heard the criticisms.

deft 9y ago
They lie about where the tether is coming from. They claim they have that much USD in the bank and it is exchangable at any time 1:1 to the USD. It's not actually.
albntomat0 9y ago
If they did, it would be in their best interests to prove it, via some statement from a reputable bank or such, that users would trust holding $500+ million.
- xiphias 9y ago
  No reputable bank would take part in this (or at least not give its name), as it's illegal
luma 9y ago
If they were interested in clearing the air they would respond. They haven't done so, which leaves everyone to speculate on what's happening, and of all the possibilities, not many of them add up to anything good.
frgtpsswrdlame 9y ago
It is possible but it's hard to blame people for having little faith when you consider the history of cryptocurrency scams and the unwillingness of Tether people to provide any proof for dollar backing of Tether.
rapsey 9y ago
100M a day open mind? That's a bit too open minded. > Isn’t it possible they are well aware of the possible risks but have the numbers to justify their printing? They could easily be transparent. They choose not to.
- deleted 9y ago
  [deleted]
- bby 9y ago
  Rejected by Wells Fargo and no transparency. No reason to trust them. I'd go 30-40% of my portfolio short on Tether if it was possible.
ForHackernews 9y ago
Do you really think 300M USD have been deposited with Tether since Tuesday? I guess it's possible, but that's an awful lot of money.
eximius 9y ago
They claim to have a dollar backing each Tether. They've printed 1.6 Billion Tether. They are completely opaque in every conceivable way that could inspire confidence in them. Yes, we've thought of it and dismissed it repeatedly.

by smaili 9y ago

deft 9y ago

They lie about where the tether is coming from. They claim they have that much USD in the bank and it is exchangable at any time 1:1 to the USD. It's not actually.

albntomat0 9y ago

If they did, it would be in their best interests to prove it, via some statement from a reputable bank or such, that users would trust holding $500+ million.

xiphias 9y ago
No reputable bank would take part in this (or at least not give its name), as it's illegal

luma 9y ago

If they were interested in clearing the air they would respond. They haven't done so, which leaves everyone to speculate on what's happening, and of all the possibilities, not many of them add up to anything good.

frgtpsswrdlame 9y ago

It is possible but it's hard to blame people for having little faith when you consider the history of cryptocurrency scams and the unwillingness of Tether people to provide any proof for dollar backing of Tether.

rapsey 9y ago

100M a day open mind? That's a bit too open minded. > Isn’t it possible they are well aware of the possible risks but have the numbers to justify their printing? They could easily be transparent. They choose not to.

deleted 9y ago
[deleted]
bby 9y ago
Rejected by Wells Fargo and no transparency. No reason to trust them. I'd go 30-40% of my portfolio short on Tether if it was possible.

ForHackernews 9y ago

Do you really think 300M USD have been deposited with Tether since Tuesday? I guess it's possible, but that's an awful lot of money.

eximius 9y ago

They claim to have a dollar backing each Tether. They've printed 1.6 Billion Tether. They are completely opaque in every conceivable way that could inspire confidence in them. Yes, we've thought of it and dismissed it repeatedly.