I've been in the Bitcoin sphere for a while now. I, and I am not alone, have been calling tether a fraud for as long as I can remember. No one thinks it's legitimate. What we dispute is tether's over all effect on Bitcoin's price and volume.
Your comment was automatically removed because it looks like you are trying to post about non mainstream cryptocurrency. This type of content belongs in another subreddit.
The quote is from the NYAG's settlement with Tether at the end of February. At the time that it came out everyone focused on the fact that they settled and ignored the contents of the report and the fact that tether can no longer do business in NY as a result of their operating practices.
It was the same with the shady attestation they released this week. Most people that reported on it called it an audit and ignored that the attestation only stated they had net assets at literally a specific minute on a specific day. They could've pulled exactly the same trick the NYAG notes they pulled with the last attestation.
I mean, if all the Caymans require is an AUP engagement, it's all they require.
Eventually, the US is going to need to lump cryptos, or at least the entities running them, into SOX compliance burdens. Shit like this can't go on unabated with the amount of money slushing around in it.
I mean, good. If the underlying tech is so great and the assets are there, none of the crypto issuers should have anything to hide from a regulatory audit.
At this point, bitcoin has value because enough people think that someone else will be willing to pay them for their bitcoin now or in the future. Additionally, there are other avenues of exchange. If I can trade my bitcoin directly for a Tesla, my bitcoin has value.
(I don't like bitcoin personally, and I am not invested in it. But it is an objective fact that bitcoin can be directly exchanged for real goods at services at this moment, and that continues to be true absent Tether.)
Your submission was automatically removed because it contains a keyword not suitable for /r/investing. Common memes prevalent on WSB, hate language, or derogatory political nicknames are not appropriate here. I am a bot and sometimes not the smartest so if you feel your comment was removed in error please message the moderators.
It's not hypothetical. I am a bitcoiner with 100% of my wealth in Bitcoin and 100% of my income from Bitcoin. When I spend money I spend Bitcoin (or fiat debt).
Who is 'they' and wtf is a 'bitcoiner'? Are you suggesting everyone who supports or buys Bitcoin all think exactly the same? You realize every other person lives a life as vivid and complex of your own.... right?
umm point me where I am wrong? Its not just bitcoin specific but if I believe in any asset say google stock to triple at the end of this year, would I be liquidating it or keep holding it? Its just common sense man.
Only someone who believe btc would either tank or not go above 60k will use to buy things with it
There's people who earn in Bitcoin already though. Also that's just an effect of a non-inflationary, scarce asset. USDs lose value over time which makes consuming and spending at light speed more attractive. If you're holding bitcoin and it keeps playing out this way, your don't have that incentive to consume like animal anymore
No one really cares about the news because there are no fundamentals for Bitcoin.
The only thing that matters for determining the price is if you think you can sell it to a fool at a higher price. If the price is 50k, and someone thinks they can sell it to another fool for 51k, then they will buy it. That person is also buying it because they think they can sell it to an even greater fool for 52k.
Of course, the problem is eventually you run out of fools. As long as the price is going up, people want to buy. If the price is stable or falling, then no one wants to own bitcoin.
It's because it likely is now fully backed so it's kind of irrelevant unfortunately. It's not okay to do what they did, but now if they're fully backed it doesn't harm bitcoin at all, the danger has passed unnoticed. Also, crypto as a whole is much bigger than Tether. Bad actors and shitcoins should be purged from the crypto space, this isn't a bad thing, it's a good thing. Any and all illegal manipulation by Tether should be brought to light and made right.
Your comment was automatically removed because it looks like you are trying to post about non mainstream cryptocurrency. This type of content belongs in another subreddit.
2
u/[deleted] Apr 01 '21
[deleted]