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The early days of crypto were an under-regulated wild west but most projects are now moving from sleazy to more formal regulation. There is evidence that Tethe
by smoovb 4y ago
The early days of crypto were an under-regulated wild west but most projects are now moving from sleazy to more formal regulation. There is evidence that Tether is making moves to improve.
- ceejayoz 4y ago> There is evidence that Tether is making moves to improve. Such as? There is concrete evidence that Tether has repeatedly defrauded the field.
- smoovb 4y agoThe fact the NYAG settled for $18.5M is as concrete as it gets. If there were more wrong doing than a frozen bank account, why would NYAG settle with no wrongdoing admitted?
- ceejayoz 4y agoA whole bunch of very guilty companies have settled “with no wrongdoing admitted”. That’s entirely standard. If that’s your only evidence of turning things around, ooof. https://www.wsj.com/articles/SB10001424127887324767004578491410503567462 https://www.wsj.com/articles/SB10001424127887324767004578491...
- smoovb 4y agoClients have successfully redeemed 10% of outstanding USDT, which happens to be the fractional reserve requirement for major US banks. Evidence they are at least as liquid as any US bank is required to be. https://www.investopedia.com/terms/f/fractionalreservebanking.asp https://www.investopedia.com/terms/f/fractionalreservebankin...
- ceejayoz 4y agoBernie Madoff was able to fulfill withdrawals for years, until the house of cards collapsed. Being able to redeem 10% isn't something to brag about. Bank depositors have the FDIC as a backstop, too.
- smoovb 4y agoTether is nothing like Bernie Madoff (not an investment or path to riches) and everything like a state issuing currency. As long as the core constituents have a stake in it (the elite exchanges), then it will go on with out issue. The risk to Tether is not default, a but an attack.