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Stop spouting lies and non-sense. There is no evidence whatsoever that Tether is a "scam" or that it has been "pumping" BTC. You might as well claim that 911 wa

by Geee 4y ago

Stop spouting lies and non-sense. There is no evidence whatsoever that Tether is a "scam" or that it has been "pumping" BTC. You might as well claim that 911 was an inside job and we didn't go to the moon. Same type of people spout these "truths". Claiming something to be true in the complete absence of evidence, or contrary to existing evidence, makes you a nutjob. Tether is an integral part of the whole cryptocurrency ecosystem, and it's insane to claim that the global industry operates closely with a "scam that soon unravels" without the industry players being worried at all. Large exchanges are not some shadowy operations which can just close their eyes when they are exposed to risk.

r00fus 4y ago
It makes sense if you consider all of crypto as a scam (greater tulip theory).
jazzyjackson 4y ago
> Large exchanges are not some shadowy operations which can just close their eyes when they are exposed to risk. is this sarcasm? because the 2008 mortgage crisis showed that yes, large non-shadowy institutions can absolutely keep their eyes closed.
AlexandrB 4y ago
You'd think that after 2008 it would be obvious that even experienced financial institutions can be fooled into ignoring red flags when money is on the line. Greed is a hell of a drug. This same comment could have been posted about LUNA and large crypto investors like 3AC 6 months ago. > LUNA/UDT is an innovative part of the whole cryptocurrency ecosystem, and it's insane to claim that the global industry operates closely with a "scam that soon unravels" without the industry players being worried at all. Large investors are not some shadowy operations which can just close their eyes when they are exposed to risk. The red flags around Tether are many, but the biggest is that it would be easy for them to prove that USDT is backed 1:1 with USD if it actually was. The fact that they've consistently avoided offering such proof is all the evidence I need. It's the same reason no one believes Craig Wright is Satoshi.
- Geee 4y ago
  They have provided transparency reports with third-party audits: https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports There is no evidence that they have been fabricating those numbers.
  - kasey_junk 4y ago
    The difference between what this transparency report provides and what a money market fund provides (cusip level detail on everything it holds) is not evidence it’s fabricating numbers but it’s certainly alarming. If you had a fund that provided that report instead of their normal reports it would have investors headed for the hills (independent of the regulatory requirements).

by Geee 4y ago

r00fus 4y ago

It makes sense if you consider all of crypto as a scam (greater tulip theory).

jazzyjackson 4y ago

> Large exchanges are not some shadowy operations which can just close their eyes when they are exposed to risk. is this sarcasm? because the 2008 mortgage crisis showed that yes, large non-shadowy institutions can absolutely keep their eyes closed.

AlexandrB 4y ago

You'd think that after 2008 it would be obvious that even experienced financial institutions can be fooled into ignoring red flags when money is on the line. Greed is a hell of a drug. This same comment could have been posted about LUNA and large crypto investors like 3AC 6 months ago. > LUNA/UDT is an innovative part of the whole cryptocurrency ecosystem, and it's insane to claim that the global industry operates closely with a "scam that soon unravels" without the industry players being worried at all. Large investors are not some shadowy operations which can just close their eyes when they are exposed to risk. The red flags around Tether are many, but the biggest is that it would be easy for them to prove that USDT is backed 1:1 with USD if it actually was. The fact that they've consistently avoided offering such proof is all the evidence I need. It's the same reason no one believes Craig Wright is Satoshi.

Geee 4y ago
They have provided transparency reports with third-party audits: https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports There is no evidence that they have been fabricating those numbers.
- kasey_junk 4y ago
  The difference between what this transparency report provides and what a money market fund provides (cusip level detail on everything it holds) is not evidence it’s fabricating numbers but it’s certainly alarming. If you had a fund that provided that report instead of their normal reports it would have investors headed for the hills (independent of the regulatory requirements).