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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We are professionals with a deep understanding and a strong belief in cryptography and blockchain. We believe that open-source development is a true key towards decentralization and building an inclusive economy and, given that, the CUT project belongs to all the people from the crypto community. 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. What is Devcoin? Devcoin is an ethically inspired cryptocurrency created in 2011 to support open source programmers and writers worldwide. Devcoin is one of the longest running blockchain based digital currencies. Devcoins can be merge mined with Bitcoin or purchased on various exchanges. Devcoin gives people a way to keep their money with open source developers, with the option of taking the money back if it is needed. In other words, with a typical donation, you give the money to a person or organization, and if later you find that the charity is ineffective, or you need your money back because you're in dire straits, the money is gone and there's nothing you can do about it. Statistics. The Deviant Coin price is currently $ 0.003717 with a 24-hour trading volume of $ 76.00 across 2 exchanges. The DEV price is down -5.79% in the last 24 hours. Deviant Coin reached its highest price on May 17, 2018, when it was trading at its all-time high of $ 7.43.. Description
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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 ... An Introduction to Devcoin - 480p - Duration: 3:04 ... Bitcoin: What Bill Gates, Buffett, Elon Musk & Richard Branson has to say about Bitcoin? - Duration: 5:35. Vipul Jain Recommended for you. 5 ... Devcoin development project, earn Devcoins @ http://Devtome.com https://bitcointalk.org/index.php?topic=216139.0 Devcoin development project, earn Devcoins @ http://Devtome.com https://bitcointalk.org/index.php?topic=216139.0 Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin. He is the author of “Mastering Bitcoin ...