5 ms·
Here we are again, with a steady stream of nocoiner comments validating their long held positions while bitcoin slowly marches ahead year after year.
by psychlops 6y ago
Here we are again, with a steady stream of nocoiner comments validating their long held positions while bitcoin slowly marches ahead year after year.
- ceejayoz 6y agoMadoff’s fraud took decades to unravel, too. You’d have looked silly declining to invest there, until the collapse.
- psychlops 6y agoMadoff took in large sums of money, gave out little and lied about solvency. Tether is 1/30th the market cap of bitcoin, yet there is a magical belief (based on anonymous articles) that it's the primary source of price levitation. If true, Grayscale would have this same power.
- ceejayoz 6y ago> Madoff took in large sums of money, gave out little and lied about solvency. That's exactly what Tether has done? Large sums? Check - tens of billions. Gave out little? Check - https://cointelegraph.com/news/tether-explains-why-it-hasnt-burned-any-usdt https://cointelegraph.com/news/tether-explains-why-it-hasnt-.... Lied about solvency? They admit in this suit that they weren't 1:1 backed, despite asserting it on their website. They also claimed to be regularly audited, until they had to admit they'd never completed one. (Still haven't, to my knowledge?)
- psychlops 6y agoOh, don't get me wrong, I'm not supporting Tether. Tether may completely fall off the edge of the world and nobody would care. There would be a minor impact on the price of bitcoin and things will move on. As I mentioned, I believe the proof of insolvency is weak, but I don't think it matters long term either way. Better alternatives will supercede them soon enough. USDC and possibly Libra will be excellent choices.
- deleted 6y ago[deleted]