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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
by 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 agoFor 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]