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Old Today, 06:35 AM   #33801
jbouton
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Join Date: Jul 2019
Posts: 42
Re: Bitcoins - digital currency

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Originally Posted by RT View Post
The damage to the crypto ecosystem if Tether is what people like me suspect it is would be massive.

Even if everyone switched to another stablecoin overnight, any new fish would be scared away.
Absolutely not.

Tether is a private coin created for private investors in bitfinixed "club". Sure there are people that believe that the government should control and regulate everything but if you believe in the free market then you support tethers right to exist. Tether also has a right to claim to be back 1 to 1 but to not actually have a 1 to 1 reserve ration. This is what free market means.

A concerted campaign was launched against tether to create fud by the opponents of the private club.

Tethers peg may break in the future and naysayers will think they have won. But nothing will happen. Bitcoin won't die and the price and markets will move on. There is no scam and no one being scammed. Tether, when you have the underlying details, creates a private price signal for investors privy to its workings and its driving the losers nuts.

And then the scores and scores of ignorant people that don't know anything about economics crying foul and who basically only know the phrase "fractional reserve" think they know something that the educated people can't see.

A faction of ignorance trying to tell the experts they don't know what they are talking about about.

Tether FUD... you fell for it.
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Old Today, 07:09 AM   #33802
RT
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Join Date: Aug 2004
Posts: 40,258
Re: Bitcoins - digital currency

Quote:
Originally Posted by jbouton View Post
Absolutely not.

Tether is a private coin created for private investors in bitfinixed "club". Sure there are people that believe that the government should control and regulate everything but if you believe in the free market then you support tethers right to exist. Tether also has a right to claim to be back 1 to 1 but to not actually have a 1 to 1 reserve ration. This is what free market means.

A concerted campaign was launched against tether to create fud by the opponents of the private club.

Tethers peg may break in the future and naysayers will think they have won. But nothing will happen. Bitcoin won't die and the price and markets will move on. There is no scam and no one being scammed. Tether, when you have the underlying details, creates a private price signal for investors privy to its workings and its driving the losers nuts.

And then the scores and scores of ignorant people that don't know anything about economics crying foul and who basically only know the phrase "fractional reserve" think they know something that the educated people can't see.

A faction of ignorance trying to tell the experts they don't know what they are talking about about.

Tether FUD... you fell for it.
Ok, of all the paranoia and psuedo-soverign citizen stuff in this descent into madness, the bolded is my favorite.
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Old Today, 07:38 AM   #33803
jbouton
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Re: Bitcoins - digital currency

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Ok, of all the paranoia and psuedo-soverign citizen stuff in this descent into madness, the bolded is my favorite.
So a free market to you means government controlled?
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Old Today, 09:59 AM   #33804
Didace
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Re: Bitcoins - digital currency

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Denying that people and businesses with NY addresses operate in NY and calling them "foreign entities" is so ballsy I'm kinda rooting for them to win now.
A "foreign entity" is a company incorporated in a different state. I have no idea if that is the case here, but the lawyer could be correct.
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