kurtwuckertjr posted on October 28, 2019 21:48:42
Ever wanted the worst parts of fiat to combine with the worst parts of the bitcoin economy? That’s tether. A fractionally back “fake” dollar issued by thieves in order to artificially pump the price of BTC so insiders can launder out “real” dollars in a giant Ponzi scheme that exists between venture capital firms that own Blockstream, Bitfinex, Block One and Tether Corp.
mistergrin posted on May 15, 2019 17:36:18
In late April 2019, Bitfinex and Tether's parent company iFinex got "outed" by New York financial regulators for "losing" $750 million of Tether funds in late 2018. At that point, their USDT/Tethers were no longer backed 1-to-1 with US dollars anymore. Many crypto influencers are saying this may cause a "bank run" with everyone trying to withdraw funds from Bitfinex - much
Crypto Anonymous posted on April 20, 2019 23:29:36
Indeed there is no proof at all that circulating tokens are fully backed by USD and thus the fractional reserve banking theory Tether is accused of can't be debunked so far. The mere fact that they aren't able/willing to provide an official audit despite their promise to do so, makes it all the more suspicious. It has been the only functioning stablecoin for the longest time though and due to its liquidity
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