[treyd]

> Created by Holepunch, a Tether-backed company

Is this the same Tether as in the USDT stablecoin that's been accused of pumping up the volume in Bitcoin markets and possibly being secretly insolvent?

[humbleferret]

Genuine curiosity: What's the issue with a company being backed by Tether?

I understand that, as it stands today, Holepunch appears to be operated or contributed to by several staff members from Bitfinex and Tether. However, if Holepunch is open source and Tether were to implode, Holepunch would still exist and could be adopted by anyone, irrespective of Tether/Bitfinex, etc., correct?

[rockooooo]

Open-source projects where all the developers work for one company tend not to do too well when that company dies, especially if there isn't a large ecosystem around the software yet.

[oohffyvfg]

because using kleptocurrencies implies bad engineering decisions. code will likely have Blockchain were you could have used a queue, etc.

it's like seeing something was a java applet or activex component in the 2000s

[rglullis]

Non-sequitur.

[actionfromafar]

Yes, I guess. But it's still a signal if you are in a hurry.

[ursuscamp]

The same company. The claims about pumping Bitcoin are ridiculous, but being secretly insolvent? It seems unlikely at this point, but maybe.

[meragrin_]

Seems so.

https://tether.to/en/tether-bitfinex-and-hypercore-launch-ho...

[Uptrenda]

This seems like an unneeded attempt to try politicalize a technical innovation...

[yieldcrv]

you realize the biggest tether controversy involves them being briefly 800% more solvent than banks, instead of 1,000% more solvent than banks?

and we know that because they’ve been investigated by multiple authorities in the US and paid fines for that specific reason?

just making sure we are on the same page about the controversy

[rglullis]

Banks can be rescued by governments. Tether can not.

Banks are allowed to have fractional reserve. Tether's whole promise was that they would keep 1:1 reserves.