[2019-06-03] Bitfinex is looking to launch Tether on the Lightning Network

[bbc.reporter]

Hehehe is Bitfinex moving very quickly to spread Tether in different platforms to make it resistant from shutdowns? The lawyers in the New York attorney general's office will be shaking their heads.

Also, how can Tether be issued in the Lightning Network?



As the stablecoin wars continue to heat up, Bitfinex is looking to bring USDT to more blockchains, announcing earlier today that it will launch its stablecoin on EOS’s blockchain. Currently, Tether is issued on the Omni Layer, Ethereum, and TRON. In the next couple of weeks, the company is also planning to issue USDT on Blockstream’s federated sidechain Liquid.

But chief technology officer Paolo Ardoino told The Block that the firm has ambitions to bring the stablecoin to other blockchains, saying that it will launch the coin on Lightning Network sometime this year. As part of those efforts, Bitfinex has joined a group of developers and companies called RGB, which is working to put more assets on the Lightning Network.

Tether would be the first mainstream asset to be issued on the Lightning Network, which could help the second layer protocol in furthering its adoption. Tether’s competitors, USD Coin, TrueUSD, PAX, Gemini dollar are all issued exclusively on Ethereum.

Read in full https://www.theblockcrypto.com/2019/05/31/bitfinex-is-looking-to-launch-tether-on-the-lightning-network-by-the-end-of-the-year-and-an-exec-says-its-one-of-the-coolest-things-theyve-ever-done/

[pushups44]

I'm not a fan of the lack of transparency of Tether, and of its lack of one-to-one backing with U.S. dollars, but if Bitfinex will issue the token on the Lightning Network I am all for it. The more people who use the LN the better.

[Bitcoin Miners]

I think such migration of Tether on Lightning network is possible because it was built on Bitcoin network. So, if Bitcoin can be transacted with Segwit address and Lightning network, why Tether can not do the same? It is just technical steps required to finish for the migration on Lightning Network. I imagine the scenario, in which Tether has two options to do transactions like Bitcoin has now: Legacy or Segwit addresses. It will be great for Tether transactions and its users.

[Herbert2020]

Hehehe is Bitfinex moving very quickly to spread Tether in different platforms to make it resistant from shutdowns? The lawyers in the New York attorney general's office will be shaking their heads.

i don't think that is the reason why they are doing that because Tether is still controlled by one company since it is centralized and its shutdown is still super easy only if the government wants to shut it down. all it takes is an FBI raid of their headquarters for it to disappear no matter on what networks it runs.

[mu_enrico]

since it is centralized and its shutdown is still super easy only if the government wants to shut it down. all it takes is an FBI raid of their headquarters for it to disappear no matter on what networks it runs.

This!

They will be very dumb if they think they can fight the US Government who take down Afghanistan and Iraq. Perhaps Tether wants to print more USDT out of thin air in all popular mainstream coins. Alternatively, maybe they want to use the cheaper/faster network, and I see that LN is quite suitable for this purpose.

[Adriano2010]

Even if will move on Lightning Network they will not get the trust back because of the problem how tokens are created, so is their choice but i think they should create new backed up stable coin.

[bbc.reporter]

Hehehe is Bitfinex moving very quickly to spread Tether in different platforms to make it resistant from shutdowns? The lawyers in the New York attorney general's office will be shaking their heads.

i don't think that is the reason why they are doing that because Tether is still controlled by one company since it is centralized and its shutdown is still super easy only if the government wants to shut it down. all it takes is an FBI raid of their headquarters for it to disappear no matter on what networks it runs.

Why have the FBI not done it yet? That would be gross overreach and out of their jurisdiction. However, you are right. It would take a raid, but the growth of USDT is still shaking their heads hehehe.

[Khuongcute2503]

Hehehe is Bitfinex moving very quickly to spread Tether in different platforms to make it resistant from shutdowns? The lawyers in the New York attorney general's office will be shaking their heads.

Also, how can Tether be issued in the Lightning Network?



As the stablecoin wars continue to heat up, Bitfinex is looking to bring USDT to more blockchains, announcing earlier today that it will launch its stablecoin on EOS’s blockchain. Currently, Tether is issued on the Omni Layer, Ethereum, and TRON. In the next couple of weeks, the company is also planning to issue USDT on Blockstream’s federated sidechain Liquid.

But chief technology officer Paolo Ardoino told The Block that the firm has ambitions to bring the stablecoin to other blockchains, saying that it will launch the coin on Lightning Network sometime this year. As part of those efforts, Bitfinex has joined a group of developers and companies called RGB, which is working to put more assets on the Lightning Network.

Tether would be the first mainstream asset to be issued on the Lightning Network, which could help the second layer protocol in furthering its adoption. Tether’s competitors, USD Coin, TrueUSD, PAX, Gemini dollar are all issued exclusively on Ethereum.

Read in full https://www.theblockcrypto.com/2019/05/31/bitfinex-is-looking-to-launch-tether-on-the-lightning-network-by-the-end-of-the-year-and-an-exec-says-its-one-of-the-coolest-things-theyve-ever-done/

I support Bitfinex about bringing Tether on LN. But the problem I want to ask is whether they really have enough money to control their USDT? Too many recent scandals made me lose faith in them.

[beerlover]

The damaged has already been done to their reputation, and it is like taking medicine after death, bitfiniex tether is already on its way to the grave and I am afraid if it’s not also on its way to dragging bitfiniex along too, because I can see that many people are already considering moving some of their investment in tether and their holding in bitfiniex to other reliable exchanges like Binance ahead of the court judgment.

I honestly don’t understand why some management would have gone far in creating a wonderful image for their company and use greed to just destroy their work. I do hope they get off this and whatever method they are using to revive their system ahead of its destruction works for them.

[guoyu78]

Hehehe is Bitfinex moving very quickly to spread Tether in different platforms to make it resistant from shutdowns? The lawyers in the New York attorney general's office will be shaking their heads.

i don't think that is the reason why they are doing that because Tether is still controlled by one company since it is centralized and its shutdown is still super easy only if the government wants to shut it down. all it takes is an FBI raid of their headquarters for it to disappear no matter on what networks it runs.

Why have the FBI not done it yet? That would be gross overreach and out of their jurisdiction. However, you are right. It would take a raid, but the growth of USDT is still shaking their heads hehehe.

He FBI is not taking actions not because it is out of their jurisdiction, but because they still have it being handled in court, but I thought anything that has to do with court, operations ought to have been halted, so why is tether still operating?

Secondly, even if they raid their head office, their operation is something that can be run anywhere since it was built on a blockchain technology, and physical location is just away to really create hype for the project, not that it was really necessary, I do hope they get done with this tether case, so that investors would know the decision to make as quick as possible.

[ricardobs]

What are the implications of getting the coin on lightning network, and why is the reason this is been done, will it still remain a stablecoin once the lightning network is being implemented into it or it would turn out to be a normal coin like bitcoin but with more or less no transaction fees, I have a lot of questions running in my mind towards this new development and I really hope that someone who is much knowledgeable about it could enlighten me.

[Shatterlean22]

This won't fix the problems plaguing usdt and is not confusing enough that usdt is available on three different crypto block chains already? I remember when I want to withdraw my usdt from a exchange I really don't know which version of usdt they have