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Ponzi schemes always seem great until the final collapse.
by readams 5y ago
Ponzi schemes always seem great until the final collapse.
- dannyw 5y agoDo you really think the New York Attorney General would have settled with a "ponzi scheme" with a $62 billion market cap? The USA isn't shy about pursuing crypto operators. It's also hard to call a 0% interest, zero return token, a ponzi scheme.
- freeAgent 5y agoThe NYAG isn’t the only US law enforcement agency and the NYAG investigation only covered through 2019 when ISDT was much smaller.
- beforeolives 5y ago> It's also hard to call a 0% interest, zero return token, a ponzi scheme. Much easier if we mention that only 3-4% of the entire Tether supply is backed by actual dollars.
- dannyw 5y agoThe same way your bank account is <3-4% backed by dollars, and the rest in the form of Treasury notes, bonds, credit, and loans. Just like Tether. Welcome to fractional reserve banking. It's been this way, with every single account, for decades now.
- beforeolives 5y agoNo, it's not the same at all. Tether is not a bank. Banks are audited and bank deposits are insured. Banks can't print money unilaterally. Tether doesn't have the same regulations apply to it.