Fractional Reserve Stablecoin Tether Only 74% Backed by Fiat Currency, Say Lawyerssubmitted by Bitcoin_Exchange7 to u/Bitcoin_Exchange7 [link] [comments]
According to documents released by USD stablecoin tether’s (USDT) lawyers, the company behind the stablecoin only has enough fiat reserves to back a little less than three-quarters of its existing supply — 74%. Tether executives had previously publicly promised that each tether was backed one-to-one to the USD, a claim that has been disproven by the lawyers’ document release. The need to release the figures comes from the recent claims by the U.S. attorney general in New York that cryptocurrency exchange Bitfinex, which shares its CEO with Tether, used reserves to plug holes left from a problematic outsourcing agreement earlier in 2018. The document notes that the funds are invested, and the arrangement mimics a fractional reserve system.
WSJ: Facebook Seeks Reported $1 Billion for FB Coin Amid Talks With Visa, MasterCard
According to a report from the Wall Street Journal this week, social media giant Facebook is seeking investments worth $1 billion for its rumored cryptocurrency stablecoin. Citing unnamed sources, the WSJ writes that Facebook is currently talking with payment networks Visa and MasterCard about potential support for the plan. The project, known as FB Coin, has already been rumored for about a year, with various options for its form, including an option for payments on a combination of WhatsApp, Facebook Messenger and Instagram. As Cointelegraph has previously reported, interest in a fiat-centric FB Coin has already reportedly come from within cryptocurrency circles, specifically in the form of VC investment mogul Tim Draper. The WSJ notes that a large fiat backing is necessary in order to avoid volatility.
Vitalik Buterin Tweets ETH Development Proposals After Elon Musk’s “Ethereum” Tweet Bait
Elon Musk, tech entrepreneur and Tesla CEO, and Ethereum’s co-founder Vitalik Buterin engaged in a relatively one-sided Twitter discussion this week after Musk tweeted one word: “Ethereum.” In response, Buterin extended an invitation for Musk to attend Ethereum’s DevCoin in October, with Musk parrying back with a question concerning future Ethereum network development. Buterin then laid out a five-point list of his top picks for the network’s development: the creation of a “globally accessible financial system, including payments, store of value [...] insurance,” as well as a disintermediated ETH-powered digital identity infrastructure. He also proposed the creation of registries and certificates that would be digitally signed, certified and even revoked on-chain.
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Devcoin is an ethically inspired cryptocurrency designed to support open source programmers and writers worldwide. Devcoin s can be merge mined with Bitcoin, earned by developing, writing or completing tasks known as bounties, or purchased on various exchanges. I would like to note that Devcoin was able to work on a beta bitcoin-0.3.24 version of Bitcoin according to bitcointalk.org conversation and there is a bitcoin-0.3.24 file with 3 others at the ... Bitcoin Discussion General discussion about the Bitcoin ecosystem that doesn't fit better elsewhere. News, the Bitcoin community, innovations, the general environment, etc. Discussion of specific Bitcoin-related services usually belongs in other sections. On day 1 of Bitcoin SV DevCon, leaders and innovators from across the Bitcoin SV ecosystem took the virtual stage to showcase the unbounded potential of the Bitcoin SV blockchain in creating next-generation applications. Devcoin stands out from the other Bitcoin-like currencies because it is the only currency which can be generated by non-miners, as a reward for the open source work they create.
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Learn how the Bitcoin network works (as Satoshi Nakamoto intended), why Bitcoin SV's massive scaling supports enterprise use, and what tools you can use to build powerful applications. CDC Bitcoin Talk ตอนที่ 24 ประจำปี 2020 สวัสดีครับ ตอนแรกว่าจะมาคุยกันถึงเรื่อง project ION ... Check out the Cryptocurrency Technical Analysis Academy here: https://bit.ly/2EMS6nY Use the coupon code "August2020" to get $40 off of the Cryptocurrency Te... Best-selling author Robert Kiyosaki outlines a scenario of a gold and Bitcoin crash, but says it might be based on an illusion of an economic recovery. "When... In this video I talk about how Devcoin is slowing losing value and I try to give a reasonable and fact based approach to my reasoning behind my prediction. Twitter: https://twitter.com ...