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It certainly is strange that Tether hasn’t been shut down for counterfeiting, which is essentially what they are doing. I assume people in the banking industry
by teh_infallible 5y ago
It certainly is strange that Tether hasn’t been shut down for counterfeiting, which is essentially what they are doing.
I assume people in the banking industry allow them to operate as a way to hold leverage over the crypto markets and absorb capital that would otherwise flow to altcoins.
- gruez 5y ago> It certainly is strange that Tether hasn’t been shut down for counterfeiting, which is essentially what they are doing. It really isn't counterfeiting. If you made fake hundred dollar bills and passed them off, that'll be counterfeiting. However, if you decided to give a bunch of people $100 IOUs and claim they're "totally backed by real dollars in a vault somewhere", but they're not, then it's just fraud. The NY AG and/or CFPB were able to prosecute/fine them for that, but they also got rid of the "totally backed by real dollars in a vault somewhere" claim, so whether they're currently committing fraud is unclear.
- leoh 5y agoYou can’t pull a rug out from under your own feet
- repomies69 5y agoThere are some other stablecoins, like USDC (about half the size of Tether. Why would Tether need to be closed down while USC not? Or do you think all of them should be shut down? Tether is just an IOU note. I don't have problems with IOU notes, unless someone forces me to use them. Personally I haven't used tether and probably never will, however I don't have any problem if someone else wants to use it.
- arez 5y agoyou don't understand the problem of printing IOUs and buying btc with it. You don't have to care, but you will if everything goes to zero