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mk  ·  1 day ago  ·  link  ·    ·  parent  ·  post: The Tether Conundrum

If you send BTC to Bitfinex, and buy USDT, they can always supply as much as you need. But if it were backed by USD, then they should have supply issues during high demand, at least temporarily. It actually appears they are creating USDT at the market price of BTC. Oddly, when BTC drops in price, you'd expect them to destroy USDT to keep the peg as BTC value that lead to the creation of USDT was lost. But, they actually printed more as BTC fell. I didn't see if they quarantined more however, perhaps that's how they are propping up the price?: https://wallet.tether.to/transparency

    All tethers are pegged at one-to-one with matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by actual assets in our reserve account. As a fully transparent company, we publish a real-time record of all value held and transferred in and out of our reserve account.

They don't do this. An audit would be easy. That's what stinks the most. If they could audit, I am sure they would.

I definitely wouldn't hold any.

kleinbl00  ·  1 day ago  ·  link  ·  

So Tether claims to have thirty million bucks in reserve. They have a market cap of like a billion dollars. That's a 3% fractional reserve - if they were a legit US thrift they'd need a hundred million but that's probably new to them because until you're at $110m your reserve requirement is 3%.

Look - I wouldn't buy any. The whole idea is dumb. But all they're doing is pretending to be a bank while also playing the ponies with other peoples' money. Sure - they claim to be 100% backed but they obviously aren't because if they were their currency would inflate and defeat the whole goddamn point and everything blows up.

I'm fully willing to believe that they claim they're "100% backed" the full reserve requirements which would have been 3% because that's the sort of stupid shit the crypto sphere is doing these days. Which, yeah, is bullshit. Audit? Yeah, I have as little faith in that as you do. I guess I'm so jaded that I wouldn't trade with anyone who wanted to trade my dollars for coupons period. You can solve that one by inspection.

mk  ·  2 days ago  ·  link  ·    ·  parent  ·  post: The Tether Conundrum

It freaks me out. Even if USDT was being run as advertised, it’s a terrible system that shouldn’t exist. This technology is supposed to minimize the need for trust. I only wonder how big the fallout will be.

https://mobile.nytimes.com/2017/11/21/technology/bitcoin-bitfinex-tether.html

I wish they would go down sooner than later. The whole thing stinks.

mk  ·  5 days ago  ·  link  ·    ·  parent  ·  post: Pubski: January 17, 2018

Lost my grandma today. Last grandparent. :(

FirebrandRoaring  ·  5 days ago  ·  link  ·  

So terribly sorry. Grandparents are special.

Dala  ·  3 days ago  ·  link  ·  

Sorry for your loss.

rocketyak  ·  5 days ago  ·  link  ·  

Really sorry to hear =(

mk  ·  6 days ago  ·  link  ·    ·  parent  ·  post: Crypto crash discussion thread

Fundamentals is why the second post on r/ethtrader is a Bob Ross joke, and the second post on r/ripple is a suicide hotline.

mk  ·  6 days ago  ·  link  ·    ·  parent  ·  post: Crypto crash discussion thread

Just plain old vanilla cryptocoaster! This was inevitable, IMO. Such run up. Much gains.

FirebrandRoaring  ·  6 days ago  ·  link  ·  

We're no longer getting crazy rich?

steve  ·  6 days ago  ·  link  ·  

I’m still roasting hot dogs over a burning stack of Benjamins...

katakowsj  ·  5 days ago  ·  link  ·  

I filled my indoor pool with Fiji water yesterday.

FirebrandRoaring  ·  5 days ago  ·  link  ·  

No, I meant "we, the late and miserable ones".

steve  ·  5 days ago  ·  link  ·  

I'm totally messing with you... I wish I had the kind of guts to have gotten in big when it all started. The only thing semi-accurate about my previous statement with regard to my financial situation is that I eat hot dogs...

mk  ·  9 days ago  ·  link  ·    ·  parent  ·  post: Happy Saturday Hubski. Have some delightful frogs.

Frog toad frog frog.

mk  ·  11 days ago  ·  link  ·    ·  parent  ·  post: Bitcoin price "plunges" after ZOMG THE MUTHERFUCKING APOCALYPSE

Good job, past Mark.

mk  ·  11 days ago  ·  link  ·    ·  parent  ·  post: Bitcoin price "plunges" after ZOMG THE MUTHERFUCKING APOCALYPSE

However, I don't own any BTC.

mk  ·  11 days ago  ·  link  ·    ·  parent  ·  post: Can't un-share a post

Circledots to the clockwise gone witter-shins? Ok, thanks.

mk  ·  12 days ago  ·  link  ·    ·  parent  ·  post: Fish Feel Pain. Now What?

Oh they will, those fuckers. Without question.

wasoxygen  ·  9 days ago  ·  link  ·  

mk  ·  12 days ago  ·  link  ·    ·  parent  ·  post: Fish Feel Pain. Now What?

    Does that mean you're a vegetarian, mk?

No, a monster, I am afraid.

blackbootz  ·  12 days ago  ·  link  ·  

A tasty monster, no doubt. The fish will love eating you when the time comes.

mk  ·  12 days ago  ·  link  ·  

Oh they will, those fuckers. Without question.

wasoxygen  ·  9 days ago  ·  link  ·  

mk  ·  12 days ago  ·  link  ·    ·  parent  ·  post: Fish Feel Pain. Now What?

Yes, I bet it feels awful conducting those experiments; but consider that if people are to change laws around the treatment of fish, they must be convinced first. As crazy as it sounds, those fish might suffer so that others do less.

For any of us that eat fish that we haven’t caught, we ask others to do as much on our behalf.

_refugee_  ·  12 days ago  ·  link  ·  

That is a very fair point, and the other side of the issue which I hadn't considered. It's just hard to read about these experiments, honestly. Hard to read about them and feel good about humans.

rd95  ·  12 days ago  ·  link  ·  

If it helps at all, ideally speaking, these days experiments are much more controlled to minimize as much animal suffering as possible. The regulations and enforcement aren't flawless, but it's genuine progress.

mk  ·  12 days ago  ·  link  ·    ·  parent  ·  post: A letter about Google AMP

Oy, I forgot about that. I’ll revisit.

mk  ·  12 days ago  ·  link  ·    ·  parent  ·  post: A letter about Google AMP

    Did you know you can replace jQuery out of Hubski entirely? You can even get sparklines with a special font.

That would be a fun project.

FirebrandRoaring  ·  12 days ago  ·  link  ·  

You still haven't gotten back to me about the design proposal.

mk  ·  12 days ago  ·  link  ·  

Oy, I forgot about that. I’ll revisit.

Sorry, this comment is private.