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What really amazes me about the whole thing is that after celcius and now ftx, tether manages to have peoples' trust and manages to have a bunch of apologists,

What really amazes me about the whole thing is that after celcius and now ftx, tether manages to have peoples' trust and manages to have a bunch of apologists, to the point that in this whole threat there is 0 mention about usdt or tether, while it should at least be mentioned or discussed in here, even tho it has no direct relation, they are the org with most obscure and shady things about them, even the whole business of binance was built around their USDT pairs it's also quite funny how Binance now acts as a total legit org that has not wrongdoings when they have shown no proof of their BUSD backings and they built their empire on top of tether

dibt 4y ago
>...What really amazes me about the whole thing is that after celcius and now ftx, tether manages to have peoples' trust... I've never held/used Tether, and that won't change. There's no reason to use it. However, it's worth pointing out that Tether DID go through what FTX is going through right now. They handled it surprisingly well. This article says they had $10 billion redemptions in May: https://www.cnbc.com/2022/05/17/tether-usdt-redemptions-fuel-fears-about-stablecoins-backing.html https://www.cnbc.com/2022/05/17/tether-usdt-redemptions-fuel... This article says they had $1.6 billion redemptions in June: https://www.coindesk.com/markets/2022/06/15/tether-sees-new-wave-of-redemptions-as-fear-of-market-contagion-spreads/ https://www.coindesk.com/markets/2022/06/15/tether-sees-new-... There are rumors that FTX was/is missing as much as $5 billion of customer deposits. That's what lead to their withdrawal issues. >while it should at least be mentioned or discussed in here, even tho it has no direct relation It's a stable coin, not a centralized exchange. No comparison. Though, both should be able to honor 100% of withdraws at any moment. You are likely to label me as an apologist. Again, I don't trust it. I couldn't care less if it stops existing tomorrow. I just haven't seen any concrete evidence it can't honor redemptions. The opposite was proven in May and June.
- qeternity 4y ago
  > This article says they had $10 billion redemptions in May This is only impressive if they actually had $10B of cash and equivalents to return/liquidate in that period. Of course the accusation is that Tether is largely unbacked, and so redeeming $10B of nothing is a lot less impressive.

dibt 4y ago

>...What really amazes me about the whole thing is that after celcius and now ftx, tether manages to have peoples' trust... I've never held/used Tether, and that won't change. There's no reason to use it. However, it's worth pointing out that Tether DID go through what FTX is going through right now. They handled it surprisingly well. This article says they had $10 billion redemptions in May: https://www.cnbc.com/2022/05/17/tether-usdt-redemptions-fuel-fears-about-stablecoins-backing.html https://www.cnbc.com/2022/05/17/tether-usdt-redemptions-fuel... This article says they had $1.6 billion redemptions in June: https://www.coindesk.com/markets/2022/06/15/tether-sees-new-wave-of-redemptions-as-fear-of-market-contagion-spreads/ https://www.coindesk.com/markets/2022/06/15/tether-sees-new-... There are rumors that FTX was/is missing as much as $5 billion of customer deposits. That's what lead to their withdrawal issues. >while it should at least be mentioned or discussed in here, even tho it has no direct relation It's a stable coin, not a centralized exchange. No comparison. Though, both should be able to honor 100% of withdraws at any moment. You are likely to label me as an apologist. Again, I don't trust it. I couldn't care less if it stops existing tomorrow. I just haven't seen any concrete evidence it can't honor redemptions. The opposite was proven in May and June.

qeternity 4y ago
> This article says they had $10 billion redemptions in May This is only impressive if they actually had $10B of cash and equivalents to return/liquidate in that period. Of course the accusation is that Tether is largely unbacked, and so redeeming $10B of nothing is a lot less impressive.