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I'm sorry, but claiming "attestations" aren't "worth the pixels they're rendered into" is a gross oversimplification and honestly, an outright lie. You clearly

I'm sorry, but claiming "attestations" aren't "worth the pixels they're rendered into" is a gross oversimplification and honestly, an outright lie. You clearly are trying to do a good thing here by making people aware of risk, but you are inaccurately stating that attestations aren't meaningful. This is skepticism for skepticism's sake, if you have anything real to indicate what's being claimed by stablecoin attestations isn't true or does not mean that there is $1 USD backing every attested stablecoin, please come forward with that information. Otherwise, it's wildly irresponsible to continue to say what you're saying.

deleted 5y ago
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ceejayoz 5y ago
> I'm sorry, but claiming "attestations" aren't "worth the pixels they're rendered into" is a gross oversimplification and honestly, an outright lie. Nope. For an example of why they're useless: https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal https://ag.ny.gov/press-release/2021/attorney-general-james-... > In the face of persistent questions about whether the company actually held sufficient funds, Tether published a self-proclaimed ‘verification’ of its cash reserves, in 2017, that it characterized as “a good faith effort on our behalf to provide an interim analysis of our cash position.” In reality, however, the cash ostensibly backing tethers had only been placed in Tether’s account as of the very morning of the company’s ‘verification.’ > On November 1, 2018, Tether publicized another self-proclaimed ‘verification’ of its cash reserve; this time at Deltec Bank & Trust Ltd. of the Bahamas. The announcement linked to a letter dated November 1, 2018, which stated that tethers were fully backed by cash, at one dollar for every one tether. However, the very next day, on November 2, 2018, Tether began to transfer funds out of its account, ultimately moving hundreds of millions of dollars from Tether’s bank accounts to Bitfinex’s accounts. And so, as of November 2, 2018 — one day after their latest ‘verification’ — tethers were again no longer backed one-to-one by U.S. dollars in a Tether bank account.
- TameAntelope 5y ago
  This has nothing to do with the validity of attestations, and I think it's pretty sad that the conversation is revolving around specific instances instead of the legal concept. Nothing here invalidates the concept of attestations, this only calls into question the reputation of the individual firm that issued the attestation, which is the whole point of attestations.

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ceejayoz 5y ago

> I'm sorry, but claiming "attestations" aren't "worth the pixels they're rendered into" is a gross oversimplification and honestly, an outright lie. Nope. For an example of why they're useless: https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal https://ag.ny.gov/press-release/2021/attorney-general-james-... > In the face of persistent questions about whether the company actually held sufficient funds, Tether published a self-proclaimed ‘verification’ of its cash reserves, in 2017, that it characterized as “a good faith effort on our behalf to provide an interim analysis of our cash position.” In reality, however, the cash ostensibly backing tethers had only been placed in Tether’s account as of the very morning of the company’s ‘verification.’ > On November 1, 2018, Tether publicized another self-proclaimed ‘verification’ of its cash reserve; this time at Deltec Bank & Trust Ltd. of the Bahamas. The announcement linked to a letter dated November 1, 2018, which stated that tethers were fully backed by cash, at one dollar for every one tether. However, the very next day, on November 2, 2018, Tether began to transfer funds out of its account, ultimately moving hundreds of millions of dollars from Tether’s bank accounts to Bitfinex’s accounts. And so, as of November 2, 2018 — one day after their latest ‘verification’ — tethers were again no longer backed one-to-one by U.S. dollars in a Tether bank account.

TameAntelope 5y ago
This has nothing to do with the validity of attestations, and I think it's pretty sad that the conversation is revolving around specific instances instead of the legal concept. Nothing here invalidates the concept of attestations, this only calls into question the reputation of the individual firm that issued the attestation, which is the whole point of attestations.