Quote:
Originally Posted by ShopCat
To come back to the op, Tether settlement agreement announced.
https://www.theblockcrypto.com/post/95207/bitfinex-tether-new-york-ag-settlement-lawsuit?
Looks like there were times in the past when Tether was not in fact represented 1 to 1 by USD as presented. Part of the agreement is now Tether has to supply quarterly updates on USDT reserves backing.
One big issue I have with this article is how the author claims shock that no USD is being used to buy on exchanges that literally either do not service the United States, or do not yet have Tether listed... How is that shocking at all? Coinbase still doesn't even have ADA listed.
So now that it is shown that Tether did not have their 1 to 1 reserves at times in the past, but does have a 1 to 1 reserve now, and will have to prove it quarterly going forward, what changes? |
Indeed. This appears as shady as it gets. I'll say it again, if there is to be widespread adoption of a digital currency, it has to start out better than all this. That's why I thought that Facebook's initial announcement that it was entering the fray (Libra) seemed like a good idea. Building a "stablecoin" off of a basket of currencies seems like the only real way to go. We'll see if they can accomplish this in 2021!
-Wayne