3 ms·

If bitfinex doesn't have dollars to give for usdt, all they have to do is give an equivalent amount of bitcoin based on a bitcoin index like the one cme, cboe,

If bitfinex doesn't have dollars to give for usdt, all they have to do is give an equivalent amount of bitcoin based on a bitcoin index like the one cme, cboe, and bitmex use. I just wish binance, kraken, poloniex would support bitusd also. Two of them support bitshares already, so atleast there is a path to bitusd. unfortunately bitusd float is nowhere as big as usdt. Edit: disclaimer: own some bitshares. Edit2: would be interesting if bitmex converted or pegged some of their swap products into decentralized currencies that you could trade on other exchanges.

goldenkey 9y ago
That is beyond silly. They used the fake tethers (USDT) to buy up bitcoins increasing the price. And you think that it is okay for them to pay their debts in the very currency they manipulated?
- naveen99 9y ago
  Silly maybe, but its reality on bitmex. https://www.bitmex.com/app/perpetualContractsGuideExamples https://www.bitmex.com/app/perpetualContractsGuideExamples
  - goldenkey 9y ago
    Ah, the lovely world of yesteryear, reminiscent of 2008s synthetic instruments. At least this time these people are actually greedy POS looking for money in a zero sum game. With 2008 ordinary people got hurt badly for just having 401ks. Here you simply have greed overpowering logic. Oh my.
    - naveen99 9y ago
      > greed overpowering logic Isn't that the best kind of greed ? Greedy logical people make more money than illogical non greedy people.
      - goldenkey 9y ago
        Greed is anticorrelated with logic as it is usually a vice that causes poor decisions made by overweighing possible gains and minimizing possible losses. It is a non rational mode of human weakness, and can even be correlated with evil ie. Nestle and formula / water fiasco, Microchip companies hushing fab workers with birth abnormalities/ health issues
        naveen99 9y ago
        There are greedy algorithms in computing that make sense sometimes.
        goldenkey 9y ago
        We are referring to monetary greed here. Depending on what the resource's value is (cheap CPU cycles), yes, greed can make sense.
fragsworth 9y ago
> If bitfinex doesn't have dollars to give for usdt, all they have to do is give an equivalent amount of bitcoin This only works as long as their bitcoin holdings don't drop in value below the amount of tether they've printed. Backing USDT this way is incredibly unsafe.
- naveen99 9y ago
  Yes. Which is my main fear with issuing bitusd on the bitshares network.

goldenkey 9y ago

That is beyond silly. They used the fake tethers (USDT) to buy up bitcoins increasing the price. And you think that it is okay for them to pay their debts in the very currency they manipulated?

naveen99 9y ago
Silly maybe, but its reality on bitmex. https://www.bitmex.com/app/perpetualContractsGuideExamples https://www.bitmex.com/app/perpetualContractsGuideExamples
- goldenkey 9y ago
  Ah, the lovely world of yesteryear, reminiscent of 2008s synthetic instruments. At least this time these people are actually greedy POS looking for money in a zero sum game. With 2008 ordinary people got hurt badly for just having 401ks. Here you simply have greed overpowering logic. Oh my.
  - naveen99 9y ago
    > greed overpowering logic Isn't that the best kind of greed ? Greedy logical people make more money than illogical non greedy people.
    - goldenkey 9y ago
      Greed is anticorrelated with logic as it is usually a vice that causes poor decisions made by overweighing possible gains and minimizing possible losses. It is a non rational mode of human weakness, and can even be correlated with evil ie. Nestle and formula / water fiasco, Microchip companies hushing fab workers with birth abnormalities/ health issues
      - naveen99 9y ago
        There are greedy algorithms in computing that make sense sometimes.
        goldenkey 9y ago
        We are referring to monetary greed here. Depending on what the resource's value is (cheap CPU cycles), yes, greed can make sense.

fragsworth 9y ago

> If bitfinex doesn't have dollars to give for usdt, all they have to do is give an equivalent amount of bitcoin This only works as long as their bitcoin holdings don't drop in value below the amount of tether they've printed. Backing USDT this way is incredibly unsafe.

naveen99 9y ago
Yes. Which is my main fear with issuing bitusd on the bitshares network.