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Comment by EdwinLarkin | Hacker News Reader

I wonder about volatility of these crypto exchanges. Cant a single government of a large nation deal a serious blow to such a company?

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I wonder what the collapse of the 46 billion fake tether dollars will do to it too.

These exchanges could be a good way to short it for when it eventually happens, the only question is how to predict the timing.

Tether most of the time slightly valuable than real dolar which strongly indicate nobody printing tether to pump BTC. It is well debated yet i havent seen any solid argument about fake tethers. I also think cryptos will eventually crash but stable coins are real deal. They will be around even if people stop trading shitcoins.

That would be trivially easy to prove with a simple audit, which they have not done, so the default assumption must be that there is something fishy with them.

It's actually worse than that. They fired their auditor, presumably when that auditor uncovered the fraud and refused to produce a positive report.

They claim to have 46 billion dollars but are very shady about which bank it's supposed to be in. That's quite a large amount of money to hide, it's like claiming I have the Ever Given in my bathtub. Someone would notice.

And we know from the NYAG report that in the past they’ve:

- Not had 100% reserves

- Not been forthcoming about it

There’s no obvious reason to suspect that they’ve cleaned up their act. As the saying goes, a cheat is always a cheat.

Do yourself a favor and do some digging on the folks behind Tether and BitFinex.

Look in particular at their track record starting in Italy in the 90's.

Then draw your own conclusion about the actual existence of their claimed 46B USD reserve.

Actually, I think a large portion of the market has realized these are fake and just don't care. As long as everyone treats them like they're real, they're real. The risk is some sort of run on the bank where everyone tries to cash out to fiat, but I can't imagine what would cause that at this point.

This is true of any company, crypto or not.

Just ask Jack Ma.

https://www.cnn.com/2021/04/13/tech/ant-group-restructuring-...

US deregulation would. Coinbase has a captive market. US customers would love to use one of the many much cheaper foreign exchanges but are prohibited from doing so.

100% agree.

Coinbase is a total ripoff fee-wise.

No one uses them outside of the US because they aren't competitive at all, either on rates or on features.

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