The incentives at work here are that if a CEO of a public company makes false statements of this kind goes to jail.
This is like the CEO of the bank that held Bernie Madoff's money going on record before Madoff's fall saying he holds Bernie's money and it's all there.
If Tether is unbacked Howard Lutnick is going to jail, so it is irrational to believe Tether is unbacked at this point.
For those doubting that Tether is fully backed, note that Howard Lutnick, CEO of Cantor Fitzgeral, one of the largest investment banks and a public company, has stated that Cantor Fitzgeral manages Tether’s money and indeed the money is all there and invested in US treasury bonds
No question but I wanted to say, I was pulling my hair out trying to figure out which js framework was less of an overkill, and finding htmx was pure joy
If LLMs were actually intelligent they would decide on their own what to do irrespectively of what they have been ordered by anybody else.
Just like intelligent people do.
In reality it is exactly the opposite. The very rich can pay advisors to create all the privacy schemes they want, “optimize” their taxes, etc.
Financial privacy would benefit the middle class way more than the very rich.
Come on guys, do some research, Tether now publishes audited reserve reports as part of the settlement with the US Department of Justice. ~70% of tether in circulation are backed by Treasury Bills and cash deposits, so immediately redeemable. The other ~30% in short term commercial paper can pose a bit of risk but unless they did something really stupid (and they are all but stupid) nothing to put the backing at risk.
Tether is here to stay and if you feel giddy at the idea of it going down ask yourself why you are rooting for someone to fail...
I don’t understand why these contracts don’t let addresses that make this particular error recover their funds, it would be easy to implement at contract creation or am I missing something?
Will reply here rather than in all the sub-threads: I’m not saying lying is good, I’m pointing my finger at the paradox that on one side everybody is scandalized that Tether is not shut down, on the other everybody is happy to keep their money with big institutions that are proven to be even worse.
You are right, they lied, and people could have been harmed if there were a “bank run” on Tether.
But in practice there was not and nobody suffered any damage, zero, nada, nicht.
While big banks got fined for actually taking money illegally out of people’s pockets and nobody said let’s shut them down
Don’t really get you guys saying Tether should be shut down… the big banks get routinely fined with much bigger fines for much bigger crimes, are we gonna shut them all down then?
At least Tether did not steal from nor defraud anyone.
Just as a random example: https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-...
You are right; also I would imagine the tax authority does not even care too much about where the money came from, they just want to make sure you paid enough taxes.
Criminal investigation agencies of course do care.
He says that Tether can redeem any request because his company holds their money. If Tether is unbacked this is security fraud