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Comment by crypt1d | Hacker News Reader

While I can see how it helps clear the bad image of the industry, the two are not directly related. The ETF was/is going to get approved regardless.

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How does it help clear the bad image? There are seemingly no large crypto orgs left that are untouched by criminal convictions.

There are no criminal charges involving Coinbase or Kraken. Litigation by SEC yes, criminal charges no. There’s a very meaningful difference there. The first type can ruin your business, the second put you behind bars too.

Not your keys, not your crypto. Never use exchanges.

No large crypto orgs left? Tether has a market cap of $88bn alone.

Tether has been convicted of fraud.

If that meant anything the USDT to USD peg would collapse as it could no longer be redeemed for fiat.

It means something, and tether will collapse.

Most people can't redeem USDT from Tether... Read their terms. You can only redeem USDT for USD if you bought directly from them, and even then it needs to be more than $100k. If you fulfill those two requirements, they'll let you redeem if they want to. They state in their terms that redemption is entirely at their discretion, and they can just say no if they gambled the reserves away.

So you tell me someone has 88bn us dollar or real assets somewhere stored away safely?

Somehow I doubt that. That would mean someone invested this in a save and independent way with enough return to keep it inflation save and apparently has no other idea on how to invest that even more magical.

How is tether really pegged safely?

I think you are preaching to the choir here, maybe I misread the intent of the OP above me.

That's why the ETFs are coming from non-crypto orgs - Blackrock, Fidelity, etc.

Where do you think they get their BTC to fund the ETFs?

There are seemingly no large tradfi bank or organization left that are untouched by criminal convictions. So then what?

Traditional banks aren't trying to prove that people should trust them. People already trust them, and even if they don't, they're already regulated enough that consumers know the government will step in to bail them out.

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