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Title: I do not think tether is a ponzi scheme or scam. Post by: icyboy89 on February 08, 2018, 05:18:08 AM I think everyone is over exaggerating on the tether FUD. Tether existed from November 2015 till now and has not
crashed. If tether were a scam, they would have gotten out much earlier like Bitconnect. CFTC has subpoenaed tether since Dec last year and did not say anything bad about tether in the senate hearing. From what I know, Bitfinex and Tether are the same company and exchanges that want to use tether pay the company 1 USD to receive 1 tether. In that case that 1 tether is backed by the 1 USD that other exchanges purchased from it. So, I do not see how they do not have the money backed as others claim. They may or may not have it fully backed (No one knows until its fully audited). But if you doubt they do not have the resources to back 2 billions dollars I would say you're wrong. Keep in mind, they do not have to generate all the 2 billion USD dollars themselves as most of the money are from other exchanges that purchased the tether with real USD. if you combine all the money that the exchanges make (Binance, Bittrex, Cryptopia+Others+ Bitfinex themselves), 2 billion is not unreasonable given how much money all these exchanges combined make per year. Title: Re: I do not think tether is a ponzi scheme or scam. Post by: Viper1 on February 08, 2018, 05:22:24 AM I think everyone is over exaggerating on the tether FUD. Tether existed from November 2015 till now and has not crashed. If tether were a scam, they would have gotten out much earlier like Bitconnect. CFTC has subpoenaed tether since Dec last year and did not say anything bad about tether in the senate hearing. From what I know, Bitfinex and Tether are the same company and exchanges that want to use tether pay the company 1 USD to receive 1 tether. In that case that 1 tether is backed by the 1 USD that other exchanges purchased from it. So, I do not see how they do not have the money backed as others claim. They may or may not have it fully backed (No one knows until its fully audited). But if you doubt they do not have the resources to back 2 billions dollars I would say you're wrong. Keep in mind, they do not have to generate all the 2 billion USD dollars themselves as most of the money are from other exchanges that purchased the tether with real USD. if you combine all the money that the exchanges make (Binance, Bittrex, Cryptopia+Others+ Bitfinex themselves), 2 billion is not unreasonable given how much money all these exchanges combined make per year. Bernie Madoff ran his Ponzi scheme for 25+ years... Just sayin. Title: Re: I do not think tether is a ponzi scheme or scam. Post by: TWagner92 on February 08, 2018, 05:22:41 AM Its not really over exaggerating things. Its basing from the facts and news. In terms of auditing, Tether have called a quit to its auditors thus making them more shady. Trust is the most important thing in crypto and they have broken it.
https://news.bitcoin.com/tether-severs-ties-with-its-auditor-leaving-its-accounts-shrouded-in-mystery/ Title: Re: I do not think tether is a ponzi scheme or scam. Post by: icyboy89 on February 08, 2018, 05:37:45 AM Bernie Madoff ran his Ponzi scheme for 25+ years... Just sayin. Again, no way to prove 100%. But think about it, the Bitfinex CEO is already super rich from just operating one of the largest exchange. Probably, he has a billion or more in legit money+ cryptos already. Why risk lifetime jail and bounty on your head just to make another billion or two from printing tether? Title: Re: I do not think tether is a ponzi scheme or scam. Post by: MkGregor on February 08, 2018, 05:57:10 AM I have always said, that Tether is nonsense. Until a proper audit is done, I'm not touching this thing with a three-yards-long pole. Why?
Because BTC will jump back in value, tether can disappear in split of second. Thinking long-term.Not short term. Title: Re: I do not think tether is a ponzi scheme or scam. Post by: Viper1 on February 08, 2018, 06:01:20 AM Bernie Madoff ran his Ponzi scheme for 25+ years... Just sayin. Again, no way to prove 100%. But think about it, the Bitfinex CEO is already super rich from just operating one of the largest exchange. Probably, he has a billion or more in legit money+ cryptos already. Why risk lifetime jail and bounty on your head just to make another billion or two from printing tether? Title: Re: I do not think tether is a ponzi scheme or scam. Post by: TWagner92 on February 09, 2018, 05:24:05 AM Bernie Madoff ran his Ponzi scheme for 25+ years... Just sayin. Again, no way to prove 100%. But think about it, the Bitfinex CEO is already super rich from just operating one of the largest exchange. Probably, he has a billion or more in legit money+ cryptos already. Why risk lifetime jail and bounty on your head just to make another billion or two from printing tether? Even super rich billionaire will always find ways how to be more richer and its not about because of the money instead its because of the "Fame". As viper had said "History is filled with rich people doing illegal things to get more richer". |