OMG.
Tether.
Let's talk about Tether, can we talk about Tether, PLZ Mac, I've been DYIN' to talk about Tether with all you ALL DAY
Tether.
Let's talk about Tether, can we talk about Tether, PLZ Mac, I've been DYIN' to talk about Tether with all you ALL DAY
https://twitter.com/SaraRydholm/status/1439543184770707459
Y'all, I get if no one else is following this with foam flecks at the corners of their lips and eyes bulging like I am, but:
C*ypto has been in a slow motion car wreck for years. The rugpull to end all rugpulls is coming.
This entire mess is about to dwarf the Madoff scandal.
C*ypto has been in a slow motion car wreck for years. The rugpull to end all rugpulls is coming.
This entire mess is about to dwarf the Madoff scandal.
The short version: A prominent c*yptoc*rrency used to convert fiat in and out of the marketplace, originally sold on being stable (exchanging 1 coin for one USD), is showing signs of... making shit up. Going full money printer.
Furthermore, the ppl behind the coin (most of whom literally already have documented histories/reputations as scammers) are the SAME PPL who run one of the biggest c*ypto exchanges running.
Imagine the kind of abuse that could occur if you owned the US Treasury AND, say, Chase.
Imagine the kind of abuse that could occur if you owned the US Treasury AND, say, Chase.
Anybody remember Backpage?
Yeah, this has been in motion for awhile.
After Craigslist ended its "Adult" section, a lot of sex workers offering services migrated to Backpage. This caused it to become the focus of... well, a lot of people.
Including Kamala Harris.
Whatev.
Yeah, this has been in motion for awhile.
After Craigslist ended its "Adult" section, a lot of sex workers offering services migrated to Backpage. This caused it to become the focus of... well, a lot of people.
Including Kamala Harris.
Whatev.
Anyway, in 2018, Backpage was seized by the feds. When that happens, not only are the assets of the seized entity frozen, but the assets of accounts they dealt with.
Guess who did a lot of business with Backpage? Enough to be seized, anyway?
Yeah. The c*ypto exchange, B*tfinex.
Guess who did a lot of business with Backpage? Enough to be seized, anyway?
Yeah. The c*ypto exchange, B*tfinex.
(Apologies for the censorship, if I don't do it I'll be drowned in bots.)
Now, here's the thing: Y'know how when you go to a bank, they have "FDIC Insured" on a sign out front? That sign— a result of the Depression— means, if the bank goes under? You will get your money back.
Now, here's the thing: Y'know how when you go to a bank, they have "FDIC Insured" on a sign out front? That sign— a result of the Depression— means, if the bank goes under? You will get your money back.
Your account is *insured.* FDIC stands for "Federal Deposit Insurance Corporation."
Back in the day, panics/runs on banks, where everyone lined up to pull their money out based on fear/rumors/the news, meant banks could collapse and go insolvent in a single day.
Back in the day, panics/runs on banks, where everyone lined up to pull their money out based on fear/rumors/the news, meant banks could collapse and go insolvent in a single day.
The FDIC makes sure that can't happen. If a bank fucks up, overextends, and goes insolvent? Its customers are protected.
There is nothing like this in c*ypto. If an exchange can't meet withdrawals?
Because, say... maybe the feds froze its accounts?
It's fucked.
There is nothing like this in c*ypto. If an exchange can't meet withdrawals?
Because, say... maybe the feds froze its accounts?
It's fucked.
That is.... unless it owns a money printer.
Like, say, its own coin, with a reputation with being exchangeable, dollar-for-dollar.
Maybe you see where this is going.
Like, say, its own coin, with a reputation with being exchangeable, dollar-for-dollar.
Maybe you see where this is going.
So basically, that's where we're at right now. The exchange has been spinning plates for YEARS at this point. It's becoming increasingly obvious they do NOT have the cash on hand they claim to, the USD dollars backing the currency do not exist. It's all smoke and mirrors.
-B*finex's owners claimed they did not also own Tether, only admitting it *after* being outed by The Paradise Papers
-No audits of accounts are being run
-The official EULAs/language on their sites is getting shadier & shadier
-They're fighting FREEDOM OF INFORMATION ACT REQUESTS
-No audits of accounts are being run
-The official EULAs/language on their sites is getting shadier & shadier
-They're fighting FREEDOM OF INFORMATION ACT REQUESTS
And the NY Attorney General is ON RECORD saying these people are scamming hardcore. They are literally banned from operating in NY, and the info discovered by the NYAG is the info B*finex/Tether is trying desperately RIGHT NOW to keep for going public.
This story has been cookin' for years and may still be a while out from popping like a ripe zit, but the day IS coming.
In case you're wondering why there seems to have been a significant uptick in predatory c*ypto scams, lately?
IMO, a lotta folks realize the clock's ticking.
In case you're wondering why there seems to have been a significant uptick in predatory c*ypto scams, lately?
IMO, a lotta folks realize the clock's ticking.
The value of Tether and B*tcoin are strongly correlated, and when the houselights on this show go up, I'd be VERY surprised if the crash isn't a thing of legend.
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