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The lack of trust means that the only thing left to guarantee (to a normal person) that the system is working is transparency.
by pclmulqdq 4y ago
The lack of trust means that the only thing left to guarantee (to a normal person) that the system is working is transparency.
- jqpabc123 4y agotransparency Has anyone seen the financial records for Tether?
- bavell 4y agoI'm pro-crytpo but Tether is a scam imo.
- jqpabc123 4y agoAs Tether goes, so goes the entire crypto eco-system. Tether underwrites the entire crypto marketplace. It is involved in more than half of all crypto trades. And it's unlimited supply is totally controlled by crypto market makers with every incentive to use it to manipulate the crypto market. It's like giving NASDAQ and the NYSE control over the Federal Reserve. No possible conflict of interest there, right? https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin https://www.theverge.com/22620464/tether-backing-cryptocurre...
- saurik 4y agoTether is a centralized bank that happens to use a blockchain as a backend. When people say "crypto is transparent" that doesn't mean you can't build things that are not transparent that use crypto. Similarly, one can benefit from a fully-open laptop (with open firmware running Linux or whatever) even if it allows people to still develop closed source software that runs on it, and even if some of that software is merely a front for software that runs on it is just a client for some remote server whose behavior cannot be modeled... because on the locked down device (imagine an iPhone) you can never develop something whose behavior is transparent as you can never discount what the platform is letting the developer hide from you.
- pclmulqdq 4y agoTether is basically a bank with none of the regulations, not actually a blockchain. All transactions done in USDT are public, but the backing money isn't. But trust me, it's all there, and it's totally not in speculative Chinese bonds.