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I'm far from being a crypto apologist, but your comment is based solely on your opinion of other crypto companies. The article is quite clear that Paxos is a r
by monooso 3y ago
I'm far from being a crypto apologist, but your comment is based solely on your opinion of other crypto companies.
The article is quite clear that Paxos is a regulated Trust Charter, and "...100% backed by the safest sorts of short-term collateral".
- a2800276 3y ago[flagged]
- legutierr 3y agoAre you asserting somehow that blockchain tech violates the fundamental physical laws of the universe?
- gryfft 3y ago[flagged]
- deleted 3y ago[deleted]
- jorams 3y ago> Paxos is a regulated Trust Charter Developments in the crypto world have made clear that this doesn't necessarily mean much in this space, so that's why people remain skeptical. Two examples: Prime Trust filed for chapter 11 bankruptcy last month and turned out to have mishandled many millions in customer assets. Fortress Trust was hacked and then bought by Ripple, presumably to cover the losses, just days ago. Now neither of these are Paxos, and it's possible that Paxos is well managed, but if all the other trees keep falling at some point people are going to judge the forest as a whole.
- jedimind 3y agoYou could make the exact same argument about the traditional banking system.
- davidgerard 3y ago[flagged]
- withinboredom 3y agoThe difference is that the government will save the banks, but probably not this random company.
- FabHK 3y ago> No depositor has ever lost a penny of insured deposits since the FDIC was created in 1933. https://www.fdic.gov/consumers/banking/facts/ https://www.fdic.gov/consumers/banking/facts/
- troupo 3y ago> and "...100% backed by the safest sorts of short-term collateral". Tether also claims to be backed by something.
- malfist 3y agoIt's also complete nonsense. Safest short term collateral? Cash. A dollar will always be worth a dollar.