3 ms·

They are the equivalent of an unregulated bank in the 1900s before deposit insurance, they will stay afloat as long as they keep up appearances and don't make s

They are the equivalent of an unregulated bank in the 1900s before deposit insurance, they will stay afloat as long as they keep up appearances and don't make stupid mistakes. However the moment they create a catalytic event, the entire house of cards falls down. The equivalent of a bank run. https://www.youtube.com/watch?v=xE5klz0yUT0 https://www.youtube.com/watch?v=xE5klz0yUT0

BelenusMordred 6y ago
The New York Attorney General proved in court they had at least 95% in cash deposit backing. How much does your bank have again? Last I looked in most places on Earth it's a few percent although the US removed any cash requirement so no one even has to report it anymore. I guess you folks will argue "well we have guns" but step and think about how that looks. Sounds like the mob to me. Hating crypto is fun and cool yeah, but being wrong over and over again for so many years must really hurt. Please put your money where your mouth is, no one seems willing to do so these days and I truly wonder why. Playing that "market can remain solvent longer than you" nonsense is ridiculous, the overhead on buying bitcoin futures going short is a fraction of a percent, supposedly "low-cost" ETF's charge nearly a magnitude more. Shorting bitcoin tether is literally a few clicks away for everyone on the planet, why not go bet everything you have on it. Watching all these people so proudly sure of themselves yet somehow you aren't all the richest people in the room? Please consider the very real possibility you are completely wrong and have been for years while mindless repeating this crap. Tether itself is a short on bitcoin, billions are stashed away in it, if it collapses all the coins will rise as people race for the exits. You could rolling in it right now or you could just be another one in this list: https://hn.algolia.com/?q=tether https://hn.algolia.com/?q=tether Choose your own adventure friend.
- 1experience 6y ago
  The New York Attorney General proved in court they had at least 95% in cash deposit backing. Can you provide a source for this claim?
- throwaway9d0291 6y ago
  > The New York Attorney General proved in court they had at least 95% in cash deposit backing. I think that's a deceptive mischaracterisation of what the NYAG has done, unless you have more information than what I found. The NYAG has accused [0] Bitfinex/Tether of misappropriating up to $900M (which I'm guessing where your missing 5% comes from) of Tether's reserves to cover up some other dodgy stuff they were doing. But absence of lawsuits covering the other 95% doesn't mean that the NYAG has "proven" that the rest of the money is there. > Please put your money where your mouth is, no one seems willing to do so these days and I truly wonder why. > Shorting bitcoin tether is literally a few clicks away for everyone on the planet, why not go bet everything you have on it. Speech isn't pay-to-win. Nobody has to bet their life savings shorting Bitcoin futures in order to participate in a discussion. [0]: https://www.bloomberg.com/news/articles/2019-07-29/crypto-exchange-blocked-from-tether-reserves-for-now-in-lawsuit https://www.bloomberg.com/news/articles/2019-07-29/crypto-ex...

BelenusMordred 6y ago

The New York Attorney General proved in court they had at least 95% in cash deposit backing. How much does your bank have again? Last I looked in most places on Earth it's a few percent although the US removed any cash requirement so no one even has to report it anymore. I guess you folks will argue "well we have guns" but step and think about how that looks. Sounds like the mob to me. Hating crypto is fun and cool yeah, but being wrong over and over again for so many years must really hurt. Please put your money where your mouth is, no one seems willing to do so these days and I truly wonder why. Playing that "market can remain solvent longer than you" nonsense is ridiculous, the overhead on buying bitcoin futures going short is a fraction of a percent, supposedly "low-cost" ETF's charge nearly a magnitude more. Shorting bitcoin tether is literally a few clicks away for everyone on the planet, why not go bet everything you have on it. Watching all these people so proudly sure of themselves yet somehow you aren't all the richest people in the room? Please consider the very real possibility you are completely wrong and have been for years while mindless repeating this crap. Tether itself is a short on bitcoin, billions are stashed away in it, if it collapses all the coins will rise as people race for the exits. You could rolling in it right now or you could just be another one in this list: https://hn.algolia.com/?q=tether https://hn.algolia.com/?q=tether Choose your own adventure friend.

1experience 6y ago
The New York Attorney General proved in court they had at least 95% in cash deposit backing. Can you provide a source for this claim?
throwaway9d0291 6y ago
> The New York Attorney General proved in court they had at least 95% in cash deposit backing. I think that's a deceptive mischaracterisation of what the NYAG has done, unless you have more information than what I found. The NYAG has accused [0] Bitfinex/Tether of misappropriating up to $900M (which I'm guessing where your missing 5% comes from) of Tether's reserves to cover up some other dodgy stuff they were doing. But absence of lawsuits covering the other 95% doesn't mean that the NYAG has "proven" that the rest of the money is there. > Please put your money where your mouth is, no one seems willing to do so these days and I truly wonder why. > Shorting bitcoin tether is literally a few clicks away for everyone on the planet, why not go bet everything you have on it. Speech isn't pay-to-win. Nobody has to bet their life savings shorting Bitcoin futures in order to participate in a discussion. [0]: https://www.bloomberg.com/news/articles/2019-07-29/crypto-exchange-blocked-from-tether-reserves-for-now-in-lawsuit https://www.bloomberg.com/news/articles/2019-07-29/crypto-ex...