Not sure how it works myself but you can't use exchange without trusting 3rd party.
You can if you're a miner.
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 23449. (Read 26712671 times)
January 16, 2015, 01:47:23 AM
Not sure how it works myself but you can't use exchange without trusting 3rd party.
You can if you're a miner.
January 16, 2015, 01:39:25 AM
https://www.bitfinex.com/pages/announcements/?id=31
What do you guys think about this "tether" thing ?
What do you guys think about this "tether" thing ?
it seems to be a US nubits
Quote
Transparent
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
might be really interesting
Well it reintroduces the trusted third party, the elimination of which was the main innovation of Bitcoin. How it can be 100% transparent is something I'll have to look into more carefully before I can comment on.
Not sure how it works myself but you can't use exchange without trusting 3rd party. Now if these "tethers" are on transparent "blockchain" and i can hold a multisig private key, that would make an audit a no brainer. They literally just have to show that they bank account holds the outstanding amount of tethers. Which is leaps and bounds above current audit options
January 16, 2015, 01:37:20 AM
Doesn't that make you a bitcoiner?
No more than using soap makes me a Soaper. Now, if I climbed on a soap box and spoke in tongues about soap being the answer to all of mankind's problems, THEN I'd be a Soaper.
January 16, 2015, 01:35:00 AM
https://www.bitfinex.com/pages/announcements/?id=31
What do you guys think about this "tether" thing ?
What do you guys think about this "tether" thing ?
This type of thing (I'm sure there will be other services similar to tether) will be a game changer -- IF the entities backing the funds prove trustworthy.
January 16, 2015, 01:23:59 AM
Doesn't that make you a bitcoiner?
No more than using soap makes me a Soaper. Now, if I climbed on a soap box and spoke in tongues about soap being the answer to all of mankind's problems, THEN I'd be a Soaper.
January 16, 2015, 01:20:44 AM
https://www.bitfinex.com/pages/announcements/?id=31
What do you guys think about this "tether" thing ?
What do you guys think about this "tether" thing ?
it seems to be a US nubits
Quote
Transparent
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
might be really interesting
Well it reintroduces the trusted third party, the elimination of which was the main innovation of Bitcoin. How it can be 100% transparent is something I'll have to look into more carefully before I can comment on.
Ditto. https://wallet.tether.to/request_invite
Applied for beta access.
January 16, 2015, 01:19:27 AM
https://www.bitfinex.com/pages/announcements/?id=31
What do you guys think about this "tether" thing ?
What do you guys think about this "tether" thing ?
it seems to be a US nubits
Quote
Transparent
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
might be really interesting
Well it reintroduces the trusted third party, the elimination of which was the main innovation of Bitcoin. How it can be 100% transparent is something I'll have to look into more carefully before I can comment on.
EDIT: ok, so they hold their reserves in a bank account. That makes them vulnerable to the bank going under, assets seized by the government, embezzlement, etc. AND they require KYC compliance.
There would be some applications where this would be useful, kind of like DWOLLA was used to make deposits and withdrawals to MtGox, but basically this is just a faster lower cost wire transfer.
January 16, 2015, 01:19:26 AM
each tether crypto currency is 1:1 with fiat apparently, i wonder if they can really back up something like that.
Could be another scammy downfall in the long run.
Hell i'd love some crypto fiat tho, using blockchain tech everyday without bitcoin shit volatility
Could be another scammy downfall in the long run.
Hell i'd love some crypto fiat tho, using blockchain tech everyday without bitcoin shit volatility
January 16, 2015, 01:17:09 AM
https://www.bitfinex.com/pages/announcements/?id=31
What do you guys think about this "tether" thing ?
What do you guys think about this "tether" thing ?
it seems to be a US nubits
Quote
Transparent
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
might be really interesting
I'm 100% supporting this. Transparency never was a bad thing, plus they certainly went up on my "most honest" exchanges list. Well done BFX.
January 16, 2015, 01:05:12 AM
https://www.bitfinex.com/pages/announcements/?id=31
What do you guys think about this "tether" thing ?
What do you guys think about this "tether" thing ?
it seems to be a US nubits
Quote
Transparent
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.
might be really interesting
January 16, 2015, 01:01:38 AM
TL;DR: You got nothing. You make up "facts," and, when called on it, retort with "don't seem to be arguing in good faith."
Why not warn people about our uppity negro Obama letting filthy wetbacks put money in the same banks where white folks keep theirs? Or is aztecminer doing a good job? Why not warn them about 9/11 too, just to be an all-in-one libertard cliche? Oh wait, BitChick's financial adviser from the nuthouse, rptiela or whatever his name, already got that covered. Okay then, everything seems to be in order...
Have I missed anything ugaise?
I have a friend who is the CEO of a local bank and we were talking over Christmas Dinner about it. He complained that his FDIC premiums went up even though it's a very conservative bank with high lending standards but he was getting effectively punished because of misbehavior by other banks. The bank had to pay for the premiums by either taking it out of their profit margin or by increasing fees such as NSF charges.
You are poisoning the well by lumping in real problems with conspiracy theories that I have never even mentioned and are completely irrelevant anyway. That's what I mean by arguing in bad faith.
January 16, 2015, 01:00:01 AM
January 16, 2015, 12:55:11 AM
https://www.bitfinex.com/pages/announcements/?id=31
What do you guys think about this "tether" thing ?
What do you guys think about this "tether" thing ?
January 16, 2015, 12:52:26 AM
sry 
(away from the box where all my pictures are stored, right on the HD, the old school way, before we had clouds)
(away from the box where all my pictures are stored, right on the HD, the old school way, before we had clouds)
No-no. Keep up! It's not a hard drive, it's a "personal cloud".
January 16, 2015, 12:50:32 AM
January 16, 2015, 12:46:49 AM
MARK KARPELES is Satoshi.. I mean think about it. It fits perfectly.
If anything he'd be Satoshi's evil twin
January 16, 2015, 12:44:09 AM
i lol'd
very bullish, just bought another satoshi
January 16, 2015, 12:42:15 AM
January 16, 2015, 12:40:05 AM
i lol'd
January 16, 2015, 12:07:00 AM
...
So TL;DR: FDIC has never been unable to pay? But you're worried that it might, some day? Gotcha.
BTW, you say FDIC hiked its rates? Yet I haven't noticed it on my bank statements. I'm sure I'm unwittingly paying for those too, tho. Perhaps through inflation? Nope, the US dollar seems to be fine. It's almost as if ...nah.
Also, don't seem to remember FDIC being bailed in/out. Sauce? (not that I doubt your learnings)
So TL;DR: FDIC has never been unable to pay? But you're worried that it might, some day? Gotcha.
BTW, you say FDIC hiked its rates? Yet I haven't noticed it on my bank statements. I'm sure I'm unwittingly paying for those too, tho. Perhaps through inflation? Nope, the US dollar seems to be fine. It's almost as if ...nah.
Also, don't seem to remember FDIC being bailed in/out. Sauce? (not that I doubt your learnings)
You don't seem to be arguing in good faith, so I'm not going to expend the effort of goggling sources. History is filled with firsts. Things never happen until they do. I'm trying to warn people to be careful with whom they trust their money, but if you think that warning is unwarranted, I don't think I'll be able to convince you otherwise.
"It's easier to fool people than to convince them that they have been fooled."~ Mark Twain
TL;DR: You got nothing. You make up "facts," and, when called on it, retort with "don't seem to be arguing in good faith."
Why not warn people about our uppity negro Obama letting filthy wetbacks put money in the same banks where white folks keep theirs? Or is aztecminer doing a good job? Why not warn them about 9/11 too, just to be an all-in-one libertard cliche? Oh wait, BitChick's financial adviser from the nuthouse, rptiela or whatever his name, already got that covered. Okay then, everything seems to be in order...
Have I missed anything ugaise?
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