You're well aware of what the proprietor of Tether itself states it to be yet you choose to believe your own alternate reality of what Tether actually is. Got it.

I told you its commonly held in the bitcoin community. we are all crazy in this way. Are you suggesting there is some sort of class action suit?

I'm suggesting your beliefs are unmoored from reality.

You are suggesting everyone that is respected in bitcoin's beliefs are unmoored. This is common knowledge. You are misunderstanding what tether is for and who is behind it.

Is there a class action lawsuit list of those that were damaged?

they don't exist.

No, I'm suggesting your beliefs are unmoored from reality, including your compulsion to intentionally conflate an objective fact like Tether committing fraud against its users and tying that to unrelated groups of people like BTC holders and what they think.

The state of NY investigated Tether on behalf of its residents and secured a settlement from the company. They found and reported clear evidence of fraud. But it's not fraud in your alternate universe, because reasons.

I'll leave it at that and let others who view our exchange to decide who is operating in reality. Good luck to you.

I meant to be clear that legally it was fraud. That doesn't make bitcoiners think its an immoral venture. They don't. They support it en masse.

Obviously not a scam - buying crypto is no different than buying USD or any other currency - just because you have something physical doesn't mean it has anymore value. The problem with crypto is it's a threat to fiat currency and to businesses that charge fees for transactions, and they have deep pockets. if crypto gets big enough, the lobbyists/government will heavily regulate it crushing it's value, so I don't see it ever being used by more than 1% of the world. Furthermore the volatility makes it not a viable option for significant usage, but more so as investment/speculation. If you believe the blockchain technology is going to revolutionize the world in some way than go all in on it, but I don't see it's application as a viable currency

The difference is there's no audited accounting of where your money goes for some crypto products, such as Tether. You have to take it at faith that they're not risking the reserves in garbage debt to earn extra yield for themselves. Or won't use the reserves to bail out their own interests, again.

The people benefitting from a fraud support said fraud. It's ok though because they sleep well at night.

Yes thats elementary morality.

I'm not sticking up for anyone. I'm pointing out that if are u aligned with the principles of bitcoiners you will support tether. If you are anti tether the bitcoiners will look at you odd. This confuses some people. It's just reality.

It doesn't make it morally correct.

I'm confused. Who got hurt in the settlement awarded and what were their damages?

The holders who lost half their Tether reserves from Tether misappropriating their funds to bail out an unrelated company owned privately by the executives. They only became whole when Tether was later bailed out.

Confusion seems to be a perpetual state for some.

So no one lost anything?

tether goes on like nothing happened and as if everyone supports and trusts the company?

Adam back the most prominent trusted bitcoiner is taking pictures with tether and kraken owners

Everyone loves tether man.

What reality am I missing here?

Bernie Madoff's victims have received over 80% of their losses back via clawbacks and lawsuits and that may eventually reach 100%. Does that mean Madoff didn't commit a crime?

We have all already admitted to the legal stuff you posted. We called it legally fraud. Everyone still loves and trust tether, this is observable truth. I'm observing reality. What are you trying to prove?

I don't have to prove anything - the NY attorney general did. The fact that Tether's current holders are comfortable with Tether has nothing to do with the holders defrauded in 2018. They don't absolve the company's past malfeasance. Since 2018, Tether has repeatedly promised to have an independent audit of its reserves yet has never done so. History repeats itself, as do cycles of human greed and blind self-interest.

Ya we've both agreed on this 10 times.

Whats the point going forward tho? Tether is highly held by bitcoiners. Bitcoiners like tether. Bitcoiners trust tether. Tether is a fraud in the eyes of the law.

Is that all?

Hey Jbouton,

How much of maxi's "loving tether" is related to the insurmountable systemic risk associated with Tether? Any comments on the vested interest of all these people related to tether not just surviving, but thriving?

If tether blows up the whole space is ****ed, at least in the longer near term.

Tether is not simply a fraud in the eyes of the law. It's a fraud in the eyes of the users they defrauded. This isn't a legal technicality. It's theft of funds. Which has nothing to do with what BTC owners think of it, just like how my neighbor's thoughts about my house being robbed have nothing to do with the crime. You are arguing that a randomly-selected uninjured party's opinion about people being defrauded has anything to do with the people defrauded or the crime. You're outdoing yourself in blabbering complete nonsense.

I think the space will be fine. I don't think tether is going to blow up. If it didn't I don't know why we think that would matter.

No I completely agree with you, I couldn't agree more. Now what?

Then we're done. On to the next fraudulent company in the crypto space.

Well some people think that BitcoinSV has all of the desired qualities that Bitcoin core crippled.

I believe this is what it takes to be considered an "expert".

This or else have a photo on a boat on vacation with other "experts."