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> Created by Holepunch, a Tether-backed company Is this the same Tether as in the USDT stablecoin that's been accused of pumping up the volume in Bitcoin marke
by treyd 3y ago
> Created by Holepunch, a Tether-backed company
Is this the same Tether as in the USDT stablecoin that's been accused of pumping up the volume in Bitcoin markets and possibly being secretly insolvent?
- meragrin_ 3y agoSeems so. https://tether.to/en/tether-bitfinex-and-hypercore-launch-holepunch-a-platform-for-building-fully-encrypted-peer-to-peer-applications/ https://tether.to/en/tether-bitfinex-and-hypercore-launch-ho...
- ursuscamp 3y agoThe same company. The claims about pumping Bitcoin are ridiculous, but being secretly insolvent? It seems unlikely at this point, but maybe.
- Uptrenda 3y agoThis seems like an unneeded attempt to try politicalize a technical innovation...
- humbleferret 3y agoGenuine curiosity: What's the issue with a company being backed by Tether? I understand that, as it stands today, Holepunch appears to be operated or contributed to by several staff members from Bitfinex and Tether. However, if Holepunch is open source and Tether were to implode, Holepunch would still exist and could be adopted by anyone, irrespective of Tether/Bitfinex, etc., correct?
- rockooooo 3y agoOpen-source projects where all the developers work for one company tend not to do too well when that company dies, especially if there isn't a large ecosystem around the software yet.
- oohffyvfg 3y agobecause using kleptocurrencies implies bad engineering decisions. code will likely have Blockchain were you could have used a queue, etc. it's like seeing something was a java applet or activex component in the 2000s
- rglullis 3y agoNon-sequitur.
- actionfromafar 3y agoYes, I guess. But it's still a signal if you are in a hurry.
- yieldcrv 3y agoyou realize the biggest tether controversy involves them being briefly 800% more solvent than banks, instead of 1,000% more solvent than banks? and we know that because they’ve been investigated by multiple authorities in the US and paid fines for that specific reason? just making sure we are on the same page about the controversy
- deleted 3y ago[deleted]
- rglullis 3y agoBanks can be rescued by governments. Tether can not. Banks are allowed to have fractional reserve. Tether's whole promise was that they would keep 1:1 reserves.
- garydevenay 3y ago[flagged]
- rglullis 3y agoThe fact that you are using loaded words (stolen from the population) and putting words in my mouth (by asserting that I agree with banks getting bailouts) shows that you are absolutely dishonest.
- broken-kebab 3y agoBut exchange like: - A is better than B! - B has bailouts fearure! Clearly implies that you either really mentioned bailouts as a positive feature, or that commentary of yours makes no sense. Why do you call your opponent dishonest? If you mean something else it's probably better to explain than to immediately enter holywar mode.
- rglullis 3y agoMy point is that you can not compare Tether with a bank and say "Tether has more reserves than banks" and ignore why it is so. It's pure gaslighting and I'm honestly surprised that so many people are buying this bullshit.