I do not think tether is a ponzi scheme or scam.

TWagner92

newbie

Activity: 85

Merit: 0

Quote from: icyboy89 on February 08, 2018, 12:37:45 AM

Quote from: Viper1 on February 08, 2018, 12:22:24 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".

Viper1

sr. member

Activity: 686

Merit: 320

Quote from: icyboy89 on February 08, 2018, 12:37:45 AM

Quote from: Viper1 on February 08, 2018, 12:22:24 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?

History is filled with people that had lots of money and yet still did something illegal to get even more. There seems to a point where they start to think they're above the law, immune etc. What's logical and smart to us just doesn't seem to be the case for them for some reason. I remember hearing one rich person say something about it reaching a point where it was no longer being about the money, but all about the "game".

MkGregor

jr. member

Activity: 224

Merit: 9

Bitcoinus Community Manager

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.

icyboy89

newbie

Activity: 26

Merit: 0

Quote from: Viper1 on February 08, 2018, 12:22:24 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?

TWagner92

newbie

Activity: 85

Merit: 0

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/

Viper1

sr. member

Activity: 686

Merit: 320

Quote from: icyboy89 on February 08, 2018, 12:18:08 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.

Bernie Madoff ran his Ponzi scheme for 25+ years... Just sayin.

icyboy89

newbie

Activity: 26

Merit: 0

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.

Topic: I do not think tether is a ponzi scheme or scam. (Read 176 times)