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Honestly the reply you got was sort of justified. I find that when HN discusses crypto almost nobody has any idea what they are talking about. >The NYAG, in it
by wickoff 7y ago
Honestly the reply you got was sort of justified. I find that when HN discusses crypto almost nobody has any idea what they are talking about.
>The NYAG, in its original injunction, said they did not want to prevent Bitfinex or Tether from continuing operations, but did move to prevent Tether from lending any further funds to Bitfinex, a move Bitfinex opposed.
I am not sure what evidence you are talking about, but if NYAG is satisfied then I am too. Also in the grand scheme of things Tether is irrelevant. There are bunch of stablecoins available these days.
What is your complaint against binance? They are solvent, they don't liquidate people because they don't have margin trading enabled yet, they are opening a regulated US exchange in September. When they got hacked they've covered the loss themselves despite being unregulated.
Of course Bitmex automatically liquidates people, what other option do they have? Collect KYC info and hire an of army of international debt collectors? You know your liquidation price before you open a position. If your position gets anywhere near it's because you are being an overleveraged gambler rather than a disciplined trader. It's 100% your fault.
I've heard more complaints about Coinbase or Kraken not processing fiat withdrawals for months at a time, than I've heard about Binance or Bitmex doing anything wrong.
- earthtolazlo 7y agoNearly all trading volume occurs in Tether, compared to dollars or other stablecoins. Tether by their own admission says that they're only 74% backed by "cash and cash equivalents." https://www.bloomberg.com/news/articles/2019-04-30/tether-says-stablecoin-is-only-backed-74-by-cash-securities https://www.bloomberg.com/news/articles/2019-04-30/tether-sa... I'm assuming that "cash equivalents" refers to Bitcoin and other cryptocurrency that would crater the market if actually sold for fiat. Not to mention this was before nearly two billion tethers were dropped on the market. I have a hard time believing that institutional investors sent billions of dollars to an unregulated and unaudited institution that used this guy to move around its money: https://www.bloomberg.com/news/articles/2019-05-03/ex-nfl-owner-is-said-to-have-ties-to-850-million-crypto-mystery https://www.bloomberg.com/news/articles/2019-05-03/ex-nfl-ow... When Tether/Bitfinex blow up (either by indictment or by finally just running out of greater fools' money), so will the rest of the cryptocurrency market, particularly Tether-based exchanges like Binance. Mt Gox will look tiny by comparison.