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You can wire real USD to Bitfinex.
by umanwizard 9y ago
You can wire real USD to Bitfinex.
- ceejayoz 9y agoYes, and Bitfinex promptly gives it to Tether. Which they control. https://medium.com/@bitfinexed/spoiler-alert-the-institution-buying-tethers-is-bitfinex-themselves-f56af29ce60c https://medium.com/@bitfinexed/spoiler-alert-the-institution... https://www.coindesk.com/bitfinex-tether-break-silence-go-media-offensive/ https://www.coindesk.com/bitfinex-tether-break-silence-go-me...
- umanwizard 9y agoSure, I'm not disputing this, just giving one plausible way Tether might be getting real USD.
- ceejayoz 9y agoOh, they're certainly getting some. The suspicion is they're siphoning it off to their personal accounts, and that they're claiming to have received way more USD than they actually have so they can issue USDT that aren't actually backed to manipulate the market.
- umanwizard 9y agoIn that case, I'm confused by your question: "where's the USD to buy the Tether coming from?" You seem to have changed what you're suspicious about.
- ceejayoz 9y agoFor clarity, there's a variety of very suspicious things about Tether. While they're clearly receiving some USD, they're printing $100M in Tether every couple days now. If I claim to have $50k, you'll probably assume it comes from my job. If I claim to have $2B, as Tether does, you'll probably want some proof. Tether's promised regular audits, but they've released none and their supposed auditor has now scrubbed any mention of them off their site.
- makomk 9y agoThere's been a fair amount of conspiracy-theory-like thinking around Tether in general, with people making a morass of self-contradictory claims about it and shifting their positions every time someone points out one of the claims doesn't stand up.
- umanwizard 9y agoTo be fair, tether really is quite shady. I think the real truth is probably somewhere in between.