15 ms·

> it's hard to see what the crypto community is so in love with here It is easy to see what the crypto community is so in love here. They provide a way for tr

> it's hard to see what the crypto community is so in love with here It is easy to see what the crypto community is so in love here. They provide a way for traders, globally, to sit in "dollars", they bought up a whole bunch of bitcoin for what is now super cheap (and they are a large holder) [0], and are now reaping in the profits from that and their US bonds. The longer that rates stay high, the more money they make. [0] https://www.coindesk.com/markets/2024/01/18/tether-purchased-another-89k-bitcoin-for-380m-remaining-11th-largest-btc-holder/ https://www.coindesk.com/markets/2024/01/18/tether-purchased...

arcticbull 3y ago
And as usual, you come in with ad hominems. Nice to see some things never change. [edit](Ah, I see you stealthily removed them. I maintain the people who have to resort to calling names are usually in the weakest position - although I do enjoy yelling at clouds from time to time). Long-dated bonds go down in price when interest rates go up, as our friends at SVB learned. So the bonds they claimed to have years ago should be significantly under face value on their books. Unless they're the world's greatest hammock-based trading team. The question is why wouldn't the crypto community embrace USDC over USDT where they have actual, verified deposits, and a redemption process? And why is it always so much to ask for an audit? You know if they produced an audit from an actual auditor who didn't run away from them (like last time) I'd believe them, right?
- latchkey 3y ago
  Fine, I'll remove that bit. I don't see it as an ad hominem to describe the way you make comments, but hey... if it irks you so badly, I can remove it. They got rid of their long dated papers [0]. Because the crypto community is FAR bigger outside of the US and those people don't want the US to have direct control over their funds. This line is bluring now that USDT is starting to enforce blacklists. [0] https://blockworks.co/news/tether-says-usdt-stablecoin-now-backed-by-t-bills https://blockworks.co/news/tether-says-usdt-stablecoin-now-b...
  - arcticbull 3y ago
    > They got rid of their long dated papers [0]. Which they would have had to take a loss on, so where is that loss? See what I mean? Either they're the world's greatest traders, or something doesn't add up. And it's not like they have a sterling reputation for honesty. Again, this would be very easy for them to clear up, by just hiring an auditor. Not that big an ask for 1/10th of a trillion dollars under management.
    - latchkey 3y ago
      ¯\_(ツ)_/¯ businesses have losses and gains. Agreed that they could and should be more transparent. Disagree that they should just go out of business or that they are horrible people just because they exist and don't play the game the way you want it played.
      - deleted 3y ago
        [deleted]
      - FireBeyond 3y ago
        > they are horrible people just because they exist and don't play the game the way you want it played Multiple people involved have lied multiple times, materially, about their business operations. Not just "lack of candor" or transparency, but active deception. Reducing that to "don't play the game the way you want it played" is facile.
        latchkey 3y ago
        With that logic, JP Morgan should have gone out of business long ago, or at least broken up significantly. I don't hear you screaming their name. https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-...
        FireBeyond 3y ago

arcticbull 3y ago

And as usual, you come in with ad hominems. Nice to see some things never change. [edit](Ah, I see you stealthily removed them. I maintain the people who have to resort to calling names are usually in the weakest position - although I do enjoy yelling at clouds from time to time). Long-dated bonds go down in price when interest rates go up, as our friends at SVB learned. So the bonds they claimed to have years ago should be significantly under face value on their books. Unless they're the world's greatest hammock-based trading team. The question is why wouldn't the crypto community embrace USDC over USDT where they have actual, verified deposits, and a redemption process? And why is it always so much to ask for an audit? You know if they produced an audit from an actual auditor who didn't run away from them (like last time) I'd believe them, right?

latchkey 3y ago
Fine, I'll remove that bit. I don't see it as an ad hominem to describe the way you make comments, but hey... if it irks you so badly, I can remove it. They got rid of their long dated papers [0]. Because the crypto community is FAR bigger outside of the US and those people don't want the US to have direct control over their funds. This line is bluring now that USDT is starting to enforce blacklists. [0] https://blockworks.co/news/tether-says-usdt-stablecoin-now-backed-by-t-bills https://blockworks.co/news/tether-says-usdt-stablecoin-now-b...
- arcticbull 3y ago
  > They got rid of their long dated papers [0]. Which they would have had to take a loss on, so where is that loss? See what I mean? Either they're the world's greatest traders, or something doesn't add up. And it's not like they have a sterling reputation for honesty. Again, this would be very easy for them to clear up, by just hiring an auditor. Not that big an ask for 1/10th of a trillion dollars under management.
  - latchkey 3y ago
    ¯\_(ツ)_/¯ businesses have losses and gains. Agreed that they could and should be more transparent. Disagree that they should just go out of business or that they are horrible people just because they exist and don't play the game the way you want it played.
    - deleted 3y ago
      [deleted]
    - FireBeyond 3y ago
      > they are horrible people just because they exist and don't play the game the way you want it played Multiple people involved have lied multiple times, materially, about their business operations. Not just "lack of candor" or transparency, but active deception. Reducing that to "don't play the game the way you want it played" is facile.
      - latchkey 3y ago
        With that logic, JP Morgan should have gone out of business long ago, or at least broken up significantly. I don't hear you screaming their name. https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-...
        FireBeyond 3y ago