Re: [05-03-2019] Coinbase CEO Suggests Using USDC Stablecoin Instead Of Tether
All traders know that Tether is much better than many other stablecoins, even now when it became known that it is backed by USD by 76% ( in this I see only advantages). USDT has become more transparent for everyone.
What are you talking about? In what way is having 25% your tokens completely unsecured advantageous? In what way is continually refusing to allow an independent audit transparent? In what way does lying to your customers for years, silently changing your terms and conditions, backing away from your promises, and printing money out of thin air, make you better than your competitors?Tether is looking more and more like a scam every day. I can't understand why anyone in their right mind would continue to use it.
He will think it's all fine until he decides to withdraw to USD and finds out he's in that 25% with no backing and he's money is gone.
You lend someone some money and he brings back 75% and says he lost the rest. When does it become a bad thing when you kick his ass for it? When he loses 30% or 35% because 25% is fine for some people so maybe their limit is at 30?
If USDT is OK now when does it stop being OK?Agreed to the suggestions that Tether needs to be more transparent and should be audited, however, I reckon that it has become very clear that the issue is not about Tether printing USDT out of nothing. That was fud. The real issue is Bitfinex's $850m was taken by a questionable money processor and covered it by taking a loan from their Tether fund.
Also does the New York attorney general have the power to charge Bitfinex with something? Can they enforce New York regulations on a company based in Hong Kong? What caused this, are there Bitfinex users from New York?
I reckon this might be gross overreach by the US government. Let us celebrate if Bitfnex wins the case hehehe.