4 ms·

It's not the "same trick", because they're not doing any of the shit Tether is doing. Honestly it's wildly irresponsible to just claim without evidence that US

It's not the "same trick", because they're not doing any of the shit Tether is doing. Honestly it's wildly irresponsible to just claim without evidence that USDC isn't what it claims to be. With Tether, there was tons of evidence. With USDC, there's absolutely zero. Also, "attestations" aren't meaningless. They're not full audits, but they're not meaningless.

ceejayoz 4y ago
> It's not the "same trick" To be clear, I'm referring to "calling attestations audits". Both Tether and USDC are using that same trick. There are two options; they don't know the difference (incompetent), or they know the difference and still choose to publicly conflate the two (fraudulent). Neither is good. > Also, "attestations" aren't meaningless. They're not full audits, but they're not meaningless. They are meaningless for purposes of "does this organization control the money they claim to control".
- TameAntelope 4y ago
  Attestations are not meaningless when determining whether or not something an organization claims as true is true. It’s just a talking point by anti-crypto to claim otherwise. Attestations are used for similar purposes all the time, but only in crypto is it “not good enough”.
  - ceejayoz 4y ago
    > Attestations are not meaningless when determining whether or not something an organization claims as true is true. Well, sure. The problem is the claims are too narrow to be useful. "Here's my bank balance" - roughly what Tether and other attest to - isn't even enough info for me to get a mortgage. The bank will want substantially more info; they want to know how I got that bank balance, how much I owe to other people, whether I'm employed to continue building it, etc. Again, Tether attested to bank balances, and those attestations were truthful, but they entirely lacked the very important context of "we didn't have money yesterday, and we won't have money tomorrow".
    - TameAntelope 4y ago
      For Tether, yes. For USDC, none of the other, shady things have happened to put Circle's attestation under scrutiny. The entire concept of attestations isn't in question here, only how Tether's attestation doesn't line up with its other actions.
      - deleted 4y ago
        [deleted]

ceejayoz 4y ago

> It's not the "same trick" To be clear, I'm referring to "calling attestations audits". Both Tether and USDC are using that same trick. There are two options; they don't know the difference (incompetent), or they know the difference and still choose to publicly conflate the two (fraudulent). Neither is good. > Also, "attestations" aren't meaningless. They're not full audits, but they're not meaningless. They are meaningless for purposes of "does this organization control the money they claim to control".

TameAntelope 4y ago
Attestations are not meaningless when determining whether or not something an organization claims as true is true. It’s just a talking point by anti-crypto to claim otherwise. Attestations are used for similar purposes all the time, but only in crypto is it “not good enough”.
- ceejayoz 4y ago
  > Attestations are not meaningless when determining whether or not something an organization claims as true is true. Well, sure. The problem is the claims are too narrow to be useful. "Here's my bank balance" - roughly what Tether and other attest to - isn't even enough info for me to get a mortgage. The bank will want substantially more info; they want to know how I got that bank balance, how much I owe to other people, whether I'm employed to continue building it, etc. Again, Tether attested to bank balances, and those attestations were truthful, but they entirely lacked the very important context of "we didn't have money yesterday, and we won't have money tomorrow".
  - TameAntelope 4y ago
    For Tether, yes. For USDC, none of the other, shady things have happened to put Circle's attestation under scrutiny. The entire concept of attestations isn't in question here, only how Tether's attestation doesn't line up with its other actions.
    - deleted 4y ago
      [deleted]