Paolo ArdoinoVerified account

This right here. The fact that the guy who is the #1 candidate for being Satoshi (which may or may not be true I don’t know) vigorously defends Tether and refuses to even acknowledge the findings in the NYAG settlement shows how deep this cartel runs. Tragic.https://twitter.com/bitcoinlawyer/status/1416071318768869382 …

the NYAG did not find that tether is fractional, and also did not allege tether price manipulation of bitcoin. it only argues about whether tether adequately disclosed lending money to bitfinex (which is now repaid in full). and even that was settled without admitting fault.

Your summary is accurate. The only findings by the NYAG related to the fact that Tether/Bitfinex misrepresented its reserves/backing on several occasions. However, the fact that Tether neither admitted nor denied those findings doesn’t make them any less true.

Many of us who support Bitcoin but don’t support Tether do so based on this history of misrepresentation. Phil Potter lied multiple times about the relationship between the two entities & that Tether was fully backed 1:1 by US dollars (when it wasn’t).

If someone lies to me over and over I’d be a fool to suddenly believe them because that person says I should. If they can’t provide evidence to back up their claims after demonstrating their lack of credibility I’m going to assume that they are full of it. It’s common sense.

1. There is an attestation now 2. We went one step further with the breakdown of reserves (we did not have to, yet we did) 3. NYAG case was announced in 2019. Tether grew 60B since then -> Tether is trusted. Tether keeps the peg with 1$ everywhere -> Tether is trusted.