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Tether’s operators have said the token is backed by a basket of dollar-based assets equal to the size of the tokens outstanding, but it has not released granula

by rland 4y ago

Tether’s operators have said the token is backed by a basket of dollar-based assets equal to the size of the tokens outstanding, but it has not released granular details of these reserves Trust me, dude! Meanwhile: Stablecoin holders could not claim deposit insurance to recoup any losses and operators were not able to access bank standing facilities This (the losing all of your money, thing) happened in 1929 to a lot of people. Yes, it is possible to lose all your money. Yes, this can go to zero. There is a long, long way down. I just don't see how anyone in their right mind has the appetite for risk to stay in Cryptosecurities right now.

randomhodler84 4y ago
- throwaway742 4y ago
  Honestly the last few crashes have shook my confidence a bit. BTC seems to be less of the hedge I thought it was. It seems to be pretty heavily correlated with other assets.
  - piva00 4y ago
    A speculative asset is... A speculative asset. Very few people joined the BTC bandwagon on principles, most of the space is crowded by speculators trying to get rich quick, it's been pretty obvious for the past 4-5 years at least.
    - throwaway742 4y ago
      I've held BTC for well over 5 years now. I already got much more out of it than I initially put in so I'm not really too worried. I actually did invest based on my principles. My faith might be a little bit shaken, but at this point I feel like I might as well see the experiment out. Maybe I am a fool.
- spupe 4y ago
  > Bitcoin is a long term bet on collapse. Honest question: if you truly believe that, how do you account for the infrastructure required to mine it in a post-apocalyptic society? How do you guys envision a post-apocalyptic world where BTC is even remotely viable?
  - jbhouse 4y ago
    sound like FUD to me! /s
  - randomhodler84 4y ago
    - sgt101 4y ago
      You are starving. How many bitcoins for my turnip? I say all of them, and also I say you are my slave now. I think we just did a trade in a hyper-adversarial environment.
    - rglullis 4y ago
      Calm down, Michael Saylor... In a hyper adversarial environment we want guns, ammo, access to fresh water and land that can be easily protected. Any kind of trade will be done with someone who you can meet physically, and you will be either bartering or using some completely local currency. To think that people would depend on a global distributed ledger is so incredibly stupid, it makes me wonder if you are not just trolling.
      - labrador 4y ago
        I don't like to assume ill intent so I'm going to say that it's possible to be delusional like that because I had girlfriend who turned out not to be joking about these kinds of fantasies. Those kind of delusions is how people lose their life savings on some scheme the rest of us can tell is insane right out of the gate.
        4y ago
- bilekas 4y ago
  > Bitcoin is a long term bet on collapse. Bitcoin is and always was the canary in the fiat coal mine. Spoken like someone who everyone should listen to. /s
  - randomhodler84 4y ago
    It’s all just a matter of timing. If you got 4y to stash some funds nobody seems to have regretted it so far.
    - bilekas 4y ago
      Again you're seeing it as some kind of investment. If anything BTC is not a reliable investment Do whatever you want with your money, but don't profess to preach it as a "canary in the fiat coal mine.". It's just irresponsible.
- shreyshnaccount 4y ago
  If you really believe in collapse, why not buy land, weapons, solar and wind assets? Why buy a crypto currency that's useless without a shit ton of energy and grids (that will also stop existing in a total collapse, right?). If there is a total collapse, why'd a person care that you have btc? Why'd anyone trade btc? Wouldn't everyone barter? Your point makes no sense given itself, and I suggest you start a tautology and self contradiction book club
  - shreyshnaccount 4y ago
    Sorry. This was rude of me.
- shreyshnaccount 4y ago
  Also, quick question, what age group and nationality do you belong to, if you don't mind.
- syntheweave 4y ago
  Don't get Bitcoin for a bet on a collapse in which sufficient infrastructure remains for a global computing network - get privacy coins. If the ledger is public someone will figure you out and use it to attack you. I say that having done the reasoning for my own portfolio and allocating some to a "privacy basket"; Bitcoin is just the first iteration of cypherpunk ideals for money, and it has successors now. But really, most of my holdings aren't premised on a collapse but a hedge on uncertainty about what governments are doing next. The core premises that got Bitcoin started are still in effect. You can remove all the onramps and it's still the case.
Proven 4y ago
overtonwhy 4y ago
"The order further finds that Tether and Bitfinex’s combined assets included funds held by third-parties, including at least 29 arrangements that were not documented through any agreement or contract, and that Tether transferred Tether reserve funds to Bitfinex, including when Bitfinex needed help responding to a “liquidity crisis.”" https://www.cftc.gov/PressRoom/PressReleases/8450-21 https://www.cftc.gov/PressRoom/PressReleases/8450-21

by rland 4y ago

randomhodler84 4y ago

throwaway742 4y ago
Honestly the last few crashes have shook my confidence a bit. BTC seems to be less of the hedge I thought it was. It seems to be pretty heavily correlated with other assets.
- piva00 4y ago
  A speculative asset is... A speculative asset. Very few people joined the BTC bandwagon on principles, most of the space is crowded by speculators trying to get rich quick, it's been pretty obvious for the past 4-5 years at least.
  - throwaway742 4y ago
    I've held BTC for well over 5 years now. I already got much more out of it than I initially put in so I'm not really too worried. I actually did invest based on my principles. My faith might be a little bit shaken, but at this point I feel like I might as well see the experiment out. Maybe I am a fool.
spupe 4y ago
> Bitcoin is a long term bet on collapse. Honest question: if you truly believe that, how do you account for the infrastructure required to mine it in a post-apocalyptic society? How do you guys envision a post-apocalyptic world where BTC is even remotely viable?
- jbhouse 4y ago
  sound like FUD to me! /s
- randomhodler84 4y ago
  - sgt101 4y ago
    You are starving. How many bitcoins for my turnip? I say all of them, and also I say you are my slave now. I think we just did a trade in a hyper-adversarial environment.
  - rglullis 4y ago
    Calm down, Michael Saylor... In a hyper adversarial environment we want guns, ammo, access to fresh water and land that can be easily protected. Any kind of trade will be done with someone who you can meet physically, and you will be either bartering or using some completely local currency. To think that people would depend on a global distributed ledger is so incredibly stupid, it makes me wonder if you are not just trolling.
    - labrador 4y ago
      I don't like to assume ill intent so I'm going to say that it's possible to be delusional like that because I had girlfriend who turned out not to be joking about these kinds of fantasies. Those kind of delusions is how people lose their life savings on some scheme the rest of us can tell is insane right out of the gate.
      - 4y ago
bilekas 4y ago
> Bitcoin is a long term bet on collapse. Bitcoin is and always was the canary in the fiat coal mine. Spoken like someone who everyone should listen to. /s
- randomhodler84 4y ago
  It’s all just a matter of timing. If you got 4y to stash some funds nobody seems to have regretted it so far.
  - bilekas 4y ago
    Again you're seeing it as some kind of investment. If anything BTC is not a reliable investment Do whatever you want with your money, but don't profess to preach it as a "canary in the fiat coal mine.". It's just irresponsible.
shreyshnaccount 4y ago
If you really believe in collapse, why not buy land, weapons, solar and wind assets? Why buy a crypto currency that's useless without a shit ton of energy and grids (that will also stop existing in a total collapse, right?). If there is a total collapse, why'd a person care that you have btc? Why'd anyone trade btc? Wouldn't everyone barter? Your point makes no sense given itself, and I suggest you start a tautology and self contradiction book club
- shreyshnaccount 4y ago
  Sorry. This was rude of me.
shreyshnaccount 4y ago
Also, quick question, what age group and nationality do you belong to, if you don't mind.
syntheweave 4y ago
Don't get Bitcoin for a bet on a collapse in which sufficient infrastructure remains for a global computing network - get privacy coins. If the ledger is public someone will figure you out and use it to attack you. I say that having done the reasoning for my own portfolio and allocating some to a "privacy basket"; Bitcoin is just the first iteration of cypherpunk ideals for money, and it has successors now. But really, most of my holdings aren't premised on a collapse but a hedge on uncertainty about what governments are doing next. The core premises that got Bitcoin started are still in effect. You can remove all the onramps and it's still the case.

Proven 4y ago

overtonwhy 4y ago

"The order further finds that Tether and Bitfinex’s combined assets included funds held by third-parties, including at least 29 arrangements that were not documented through any agreement or contract, and that Tether transferred Tether reserve funds to Bitfinex, including when Bitfinex needed help responding to a “liquidity crisis.”" https://www.cftc.gov/PressRoom/PressReleases/8450-21 https://www.cftc.gov/PressRoom/PressReleases/8450-21