Don't want to sound like a @Bitfinexed mocking bird but if Tether fails then the #Bitcoin $BTC price will also fail. Fake Tethers move to BTC and pump the price (look at the inferior price of USDT vs USD) then moved from BTC back to USD or another tether (premium on Gemini USD)
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Replying to @EagleESBD @Bitfinexed
There is absolutely zero evidence Tether is not fully backed. Bitfinex, who owns Tether, have consistently been good actors in the space. We can thank them for Segwit2x being defeated without more bloodshed, among other things.
@Bitfinexed on the other hand, bad actor!2 replies 0 retweets 3 likes -
they lack any transparancy, have been hacked and expect us to believe that they're storing dollars up to back usdt but no one can actually convert that shit into actual fiat. correct me if im wrong please. bitcoin's core tennet is to eliminate the need to trust
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I had a lot of coins on finex when they were hacked. Took a 36% haircut. I still believe they are good guys. If you do the math on what they have earned in fees the last couple of years, the hack is nothing. There is no rational reason for them to throw away their position.
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Obviously not, but if they have the money the should simply publish the accounts using an independent auditor as a minimum. I dont get how its supposed to work, they lodge money and print tether? where does original money come from. can you cash in your usdt for fiat? Stinks
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If they publish the accounts with an independent auditor then it opens the door for the IRS to come in and claim taxes since USD is the product of their employer (the FED)
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Look up Liberty Reserve. See how it worked out.
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