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Showing 4 of 4 results by cryptohashbrown
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Board Bitcoin Discussion
Topic OP
Government Attitudes in Latin America
by
cryptohashbrown
on 19/10/2019, 11:53:34 UTC
Latin America seems like ground zero for adoption but some governments are starting to take a hostile attitude towards private issuance of money. This article touches on some of it https://medium.com/altcoin-magazine/dows-panel-explores-different-perspectives-on-blockchain-and-cryptocurrencies-5475ce187312
Post
Topic
Board Altcoin Discussion
Re: Tether: not even a scam
by
cryptohashbrown
on 26/01/2018, 17:11:34 UTC
Just want to share this in case someone missed it:

http://www.tetherreport.com/

It argues that Tether printing is what is driving the BTC market through fake demand. Seems pretty sound to me.

Please debate, I want it to be wrong.
Post
Topic
Board Altcoin Discussion
Re: Tether: not even a scam
by
cryptohashbrown
on 22/01/2018, 16:47:07 UTC
Quote from: ulhaq on January 20, 2018, 09:03:58 AM
Quote from: cryptohashbrown on January 19, 2018, 10:01:37 PM
Ok, there's something I don't get,

Please, ELI5 here. Tether's utility within the crypto community is to provide safe-parking for your gains when the market is going red, right? Why does it matter whether or not you can cash out USDT if you could cash out changing to BTC and going to any fiat exchange?

I can see why Tether should have a 1:1 back up in some bank, ethically... But for market purposes, all they need to do is keep their value pegged to relative $USD within exchanges.

Idk, is there something I'm missing? Can't see what all the fuzz is about besides negative media attention...

Because they cannot control the "peg". The price is based on what people are willing to pay for it. That's why the value is not always $1 USD, it fluctuates up and down. If people lose confidence because they cannot exchange USDT for USD (because maybe they don't have the reserves), then the price of USDT will plummet.

Great,

So under this logic, all they really need is a reasonable fractional reserve and that would make them as "legitimate" as any bank. I guess my position now is that I'd appreciate clarity from them on these grounds. I don't see that it would hurt them to disclose this information, instead of claiming to actually own all that money in fiat, which I doubt.

Thanks for answering.
Post
Topic
Board Altcoin Discussion
Re: Tether: not even a scam
by
cryptohashbrown
on 19/01/2018, 22:01:37 UTC
Ok, there's something I don't get,

Please, ELI5 here. Tether's utility within the crypto community is to provide safe-parking for your gains when the market is going red, right? Why does it matter whether or not you can cash out USDT if you could cash out changing to BTC and going to any fiat exchange?

I can see why Tether should have a 1:1 back up in some bank, ethically... But for market purposes, all they need to do is keep their value pegged to relative $USD within exchanges.

Idk, is there something I'm missing? Can't see what all the fuzz is about besides negative media attention...