New FATF cryptocurrency regulate guidance is totally disaster!

[FastPony]

Define "best". It is the most popular one (highest volume / market cap). Personally, I would prefer DAI, though.

And yes, Tether didn't (have to) admit to any wrongdoing. What you quoted is just this NYAG lady ranting, because she couldn't prove anything. Her statement has no relevance.

 

[Golden Fleece]

Define "best". It is the most popular one (highest volume / market cap). Personally, I would prefer DAI, though.

And yes, Tether didn't (have to) admit to any wrongdoing. What you quoted is just this NYAG lady ranting, because she couldn't prove anything. Her statement has no relevance.

Obviously, you do not know how the legal process works in the U.S. It was not a rant. It was an official legal "finding" by an investigative arm of the State of New York. These official legal findings explain why Bitfinex and Tether both settled the case. The settlement agreement is available to the public.

9. In order to signal to the market that each tether held by users is equal to one U.S. dollar, Tether has long represented that for every outstanding tether issued and trading in the market, the company holds one U.S. dollar (“USD”) in reserve “backing” the tether. From its inception in 2014 until late February 2019, Tether represented that every outstanding tether was “backed” by, and thus should be valued at, one U.S. dollar. For example, Tether represented to users that “Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USDT is always equivalent to 1 USD.”

45. Tether’s misrepresentation would continue until late February 2019, at which time Tether updated its website to note that “[e]very tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, ‘reserves’).” Tether did not announce that it had changed its disclosure, and indeed there were no media reports about the change until several weeks later on March 14, 2019.

49. At no time did Bitfinex or Tether disclose to the market that Tether had transferred at least $625 million to Bitfinex, or that Bitfinex had experienced critical liquidity issues because of loss of approximately $850 million to Crypto Capital.

https://ag.ny.gov/sites/default/fil...xecution_version.b-t_signed-c2_oag_signed.pdf

 

[OTR365]

So, $18.5 million is a small fine?

Yes it was, compared to their market cap (currently $50 billion). A long court battle settled with a tiny slap on the wrist, just enough to let the NYAG to keep their faces. Unless the saga continues, it was a clear victory for Tether.

 

[JohnLocke]

I wonder why it is that hard to get a court order to see the liquidity they claim to have or force them to shut down the operation. That's what governments and other authorities to all the day with small operations with no interest to them.

That said, I already read storys about Tether some time ago, first I did like many around here, just invested blindly 50K in this coin while I thought my money were secure there. Then I realized a big mistake and moved the funds out of there again, ending up in DAI at the moment.

 

[369]

Define "best". It is the most popular one (highest volume / market cap). Personally, I would prefer DAI, though.

And yes, Tether didn't (have to) admit to any wrongdoing. What you quoted is just this NYAG lady ranting, because she couldn't prove anything. Her statement has no relevance.

How many people lost nearly everything using DAI Defi ?

I wonder why it is that hard to get a court order to see the liquidity they claim to have or force them to shut down the operation. That's what governments and other authorities to all the day with small operations with no interest to them.

That said, I already read storys about Tether some time ago, first I did like many around here, just invested blindly 50K in this coin while I thought my money were secure there. Then I realized a big mistake and moved the funds out of there again, ending up in DAI at the moment.

Maybe because Tether coworks with Rothschilds bank ?

 

[JohnLocke]

looks like it is almost impossible to secure anything in the Crypto world.

If it is not USDC, then Tether so USDT, DAI ... the list goes on.

 

[khinkali]

What about Paxos? They are very heavily regulated. Obviously that can be the opposite of what you want, but it seems pretty safe to park money in their USD and gold backed tokens

 

[369]

looks like it is almost impossible to secure anything in the Crypto world.

If it is not USDC, then Tether so USDT, DAI ... the list goes on.

The purpose of crypto was to promote digital money and run a testnet and look for new innovations.
Regulated crypto will replace in the next years all unregulated crypto.
Unregulated crypto is only as long popular as you can use it to pay your bills or exchange against fiat.

People need to realize that governments ALWAYS and INSTANTLY destroyed any alternative money and put the founders in the prison.The history is full of them.Destroying bitcoin would be so easy which MtGOX showed or the chinese holding more than 51% of hash power but they never touched it.
JPM pushing bitcoin since 2009 were reports showed that they were logging to bitcoin exchanges on average 50 times per day.

Once regulated and governmental crypto comes out the purpose for current cryptos will end.