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by camus2
3065 days ago
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Tether story is extremely interesting in the crypto world because it goes against everything crypto currencies like bitcoin were supposed to be: - it's completely centralized, a single actor emits tethers. - it's completely opaque as it relies on the trust that the actor that emits tethers actually has the money to back the claim that 1 tether == $1, yet you cannot redeem a tether for a dollar directly. Bitfinex TOS even say that they don't have to give you dollars for your tethers, I'm not making this up. Tether is shrouded in secrecy yet crypto traders happily trade them, despite the fishy history of bitfinex a company no respectable bank wants to make business with. How can anyone think this is going to end well? |
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That bit's not entirely true. I believe it was but hasn't been since Jan 1. The actual wording is
"Tether will not issue Tether Tokens for consideration that is other Digital Tokens (for example, bitcoin), and will not redeem Tether Tokens for other Digital Tokens; only money will be accepted upon issuance, and only money will be provided upon redemption"
There are various other caveats requiring you not to be a criminal etc but that's fairly standard boilerplate.
As to the rest of your comment, I entirely agree.