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Ah, articbull as usual. So after the govt seizes almost one billion from tether, they are not fully backed anymore? Color me surprised!!

by 1996 6y ago

arcticbull 6y ago
And yet going from 1:1 backed (ostensibly but not ever audited) to 1:0.7 backed it still traded 1:1. That’s my issue with it. The fact that they got caught with their pants 30% down is the least surprising thing ever imo. In fact as I recall they continued to tell people they were backed 1:1 for many months after the seizure. Remember BFX and Tether pretended to be two separate companies until the paradise papers because of course those clowns used Appleby. [1] [1] https://news.bitcoin.com/paradise-papers-reveal-bitfinexs-devasini-and-potter-established-tether-already-back-in-2014/ https://news.bitcoin.com/paradise-papers-reveal-bitfinexs-de...
- 1996 6y ago
  I agree with you, I just find your consistent and persistent myopia interesting: for you, nothing can ever be good in crypto!
  - arcticbull 6y ago
    Well, I wouldn’t call it myopia (naturally, I suspect anyone with such a myopia wouldn’t haha by virtue of not being able to see past your blinders - but I digress). I’ve done and continue to do a lot of research to challenge my opinions on this subject and any other I feel passionate about. For instance, I’m a lefty and I watch a ton of Fox. I simply do not believe that the core tenets of crypto (decentralization, trustlessness, irreversible, “hard money,” etc) are good things to have in a currency. I don’t think trustlessness extends past cryptocurrency in a meaningful way beyond things captured entirely on the blockchain as that breaks down at the boundary between on and off chain (ie garbage in garbage out). I believe humans are fallible and trust is a massive optimization - and a system that doesn’t take those into account isn’t worth the NAND it’s stored on. I’ve yet to see anything solved with a blockchain better than a classical solution - 12 years and billions of dollars scammed later. Such a thing would change my mind, and I would certainly eat my, err, hat (Hi Mr McAffee) and admit publicly, on Twitter, and here, and anywhere, that I was totally and incredibly wrong. At least I’m on message! :)

Ah, articbull as usual. So after the govt seizes almost one billion from tether, they are not fully backed anymore? Color me surprised!!

by 1996 6y ago

Ah, articbull as usual. So after the govt seizes almost one billion from tether, they are not fully backed anymore? Color me surprised!!

arcticbull 6y ago

And yet going from 1:1 backed (ostensibly but not ever audited) to 1:0.7 backed it still traded 1:1. That’s my issue with it. The fact that they got caught with their pants 30% down is the least surprising thing ever imo. In fact as I recall they continued to tell people they were backed 1:1 for many months after the seizure. Remember BFX and Tether pretended to be two separate companies until the paradise papers because of course those clowns used Appleby. [1] [1] https://news.bitcoin.com/paradise-papers-reveal-bitfinexs-devasini-and-potter-established-tether-already-back-in-2014/ https://news.bitcoin.com/paradise-papers-reveal-bitfinexs-de...

1996 6y ago
I agree with you, I just find your consistent and persistent myopia interesting: for you, nothing can ever be good in crypto!
- arcticbull 6y ago
  Well, I wouldn’t call it myopia (naturally, I suspect anyone with such a myopia wouldn’t haha by virtue of not being able to see past your blinders - but I digress). I’ve done and continue to do a lot of research to challenge my opinions on this subject and any other I feel passionate about. For instance, I’m a lefty and I watch a ton of Fox. I simply do not believe that the core tenets of crypto (decentralization, trustlessness, irreversible, “hard money,” etc) are good things to have in a currency. I don’t think trustlessness extends past cryptocurrency in a meaningful way beyond things captured entirely on the blockchain as that breaks down at the boundary between on and off chain (ie garbage in garbage out). I believe humans are fallible and trust is a massive optimization - and a system that doesn’t take those into account isn’t worth the NAND it’s stored on. I’ve yet to see anything solved with a blockchain better than a classical solution - 12 years and billions of dollars scammed later. Such a thing would change my mind, and I would certainly eat my, err, hat (Hi Mr McAffee) and admit publicly, on Twitter, and here, and anywhere, that I was totally and incredibly wrong. At least I’m on message! :)