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Tether: We've onboarded FBI, Secret Service to our platform

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Why you think thats not possible ?

You control the nodes you control DAI‍
You control a single corrupt main dev you control DAI see Monero
Thats a post from someone who doesn't know reality.All teoraticly.You control⁠ 51% of nodes you control the whole blockchain.Governance is a big problem

not going to happen.
Because there will be always⁢ risks on node providers and devs who upgrade codes.Also decentralized is in most cases DPOS︀ which means you need to collect a specific amout of assets and you control the︁ whole blockchain.
Decentralized is only theoraticly which big whales have proofed in the past to︂ be a mythos
 
Can YOU then explain reality to‍ the rest of us who aren't smart enough to know reality either? 🙄

According to the⁠ "guru" of Bitcoin, I'll post this in his own words:
 
this fight over the asset that will serve humankind⁠ as money (which is not the same function as "cash" btw) probably forever is already⁤ over, it's decided for quite a while - no need to get distracted, incentives talk⁣

there are other opportunities like distributed computing machines, tokenization of whatever, smart contracts, ... but⁢ that's different story
 
There are many diffrent possibilities.In bitcoin look who is⁠ updating code.
You control the big miners which are companies and at one time it⁤ was way over 51% located in china you can control the whole blockchain.

At decentralized⁣ projects its way easier.They basicly have DPOS governance.Which means you need only enough coins or⁢ supporters to implement your nodes to control the whole blockchain.
Since only a small part︀ of all holders are activly voting in governance you don't need a majority stake to︁ control the nodes.Normaly 10% of all coins are enough to control the nodes.
The next︂ issue are codes for upgrades on nodes.If you find a corrupt dev he can hide︃ malcious code in the update taking control over the blockchain without even having a single︄ coin.
In theory people who are running nodes should check the code before implementing but︅ in reality nearly noone is checking code because its time consuming or just because they︆ have no knowledge as many node holders are doing so only for the profit.

Next attack can be incentives to coin holders which we also had for a time where︇ a scammer group offered coin holders benefits for supporting their proposals or delegating voting power︈ to them.This way you can gain cheap voting power.You won't belive what people do for︉ the benefit of some peanuts.We were able to defend that blockchain but the fight was︊ very long and we had to really get all whales involved to limit their governance︋ control.

Their goal was to receive enough voting power to be able to take out︌ the coins from the reserve development fund which were at that time arround 25 milllion︍ USD worth.
 
DAI is backed by USDC. What happens if USDC gets‍ frozen? DAI loses its peg.
DAI is backed by US treasuries directly held by Makerdao.⁠ What happens if the US governments gets involved and requires mandatory KYC/AML? DAI loses its⁤ peg.

I would even go as far as saying that DAI is one of the⁣ worst stablecoins out there. It simply adds another layer of potential points of failure on⁢ top of other stablecoins. You would be better off just holding USDC in that case.︀

https://www.benzinga.com/markets/cr...s-700m-in-us-treasuries-for-collateralization
 
Thank you for this! Valid points. 😉

True, but also︁ adds another time delay to implement, right? 🙄 Maybe enough time to swap DAI for (XMR︂ or BTC)?

How many times have we truly seen the government act in less than︃ a few months? 🙄

Anyway, I'll govern myself accordingly! 😉
 
A indictment dropped over Christmas.

https://www.scribd.com/document/695103420/Jicha-Indictment#fullscreen&from_embed
Bit of a weird one (pump/dump/ponzi)

but having looked‌ at it.

Source USI-Tech's Horst Jicha indicted, arrested in Florida

Count 1 - Securities Fraud‍ Conspiracy
Count 2 - Securities Fraud
Count 3 - Wire Fraud Conspiracy
Count 4 -⁠ Money Laundering Conspiracy

Activities occurred 2017 to August 2018

Count 1 - 6 yrs (⁤18 U.S. Code § 3301 - Securities fraud offenses)
- (b)Limitation.,
No person shall⁣ be prosecuted, tried, or punished for a securities fraud offense, unless the indictment is⁢ found or the information is instituted within 6 years after the commission of the offence.︀
- § 371, which require an overt act in furtherance of the conspiracy, the︁ statute of limitations begins to run on the date of the last overt act.
- Dodd–Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, § 1079A(b)(1)(b), 124︂ Stat. 1376, 1862-64 (2010).

Count 2 - The statute of limitations for mail fraud and︃ wire fraud prosecutions is five years (18 U.S.C. § 3282), except for mail and wire︄ fraud schemes that affect a...

Count 3 - 5 or 10
Count 4 - 5︅ or 10

No mention of continuance or 10 substance.

So technically

From Wednesday, 1 August︆ 2018
Added 6 years

Result: Thursday, 1 August 2024​


This is true, note there︍ is a notorious scammer called Tobias Graf, that's launched a novel way to provide on-chain︎ privacy (perhaps made enough money through scams to launch something real).

USDT

wpUSDT

@wpUSDT

wpUSDT elevates transaction privacy with a 1:1 USDT collateral wrap, while maintaining seamless interoperability with Ethereum!️ Powered by
 
So WHY do fiat backed stablecoins⁠ (USDT, USDC, etc) get frozen?

Because there is an entity in the background that holds⁤ fiat in a bank account. The bank cOmpLiEs with rULEs aND reGUlatiOnS and the stablecoin⁣ issuer's bank account is at bank's mercy, hence the issuer extends the cOmPlianCe to on-chain⁢ activity.

We have seen the problems of algo stablecoins (eg the one wellington's friend Raul︀ Pal was pushing) and likely there wont be any futher experiements like that of huge︁ size.

However we do have on-chain exchanges and trading platform and you can express delta︂ neutral position on those and then tokenize that position. What is better is that such︃ activity requires a short position, which most of the time is collecting funding premium on︄ said exchanges. So in essence, go short, get stable value and get paid. There are︅ a few of such projects already operational for a while with more coming up. Obviously︆ it comes with its own set of risks, but its not banking compliance risk.
 
He was arrested in Broward County, Florida. This man︆ is about to find out the LACK of prison conditions of the outsourced jails the︇ feds use in Broward County. After the business failure, he should have moved back to︈ Germany 😛

He's toast! They know his name and they put handcuffs and shackles on him.︉ It's over for this guy unless he starts "composing" and singing (read snitching) on others︊ more valuable to the feds. In the feds, it's the original one-to-many dBase relationship. They︋ got him, he needs to bring in people and money multiple orders of magnitude more︌ valuable than him to even be considered for a reduction in sentence (e.g. 5K1.1 MOTIONS,︍ AND RULE 35 MOTIONS).

RIP, Horst Jicha doh948""

@wellington , can you expand on this, please?
 
1) Never stated Raoul Pal︅ was a friend.
2) I concur but disagree. Stablecoins that are not issued nor have︆ their funds in the US banking system is the way to go.
- HKD (pegged︇ to the Dollar in sorts)
- AED (pegged to the Dollar)

Both locations work with︈ both sides of a polarised world.
- SGD already exists *needs more adoption*

USD isn't︉ the reserve currency people claim it to be, EURODOLLAR is, the USD is just the︊ settlement of the EURODOLLAR system, which is 400 trillion dollar debt based system.

There isn't︋ 400 trillion dollars floating around hence the demand for dollars... it ain't oil etc causing︌ the demand for dollars.

HKD/AED would provide an extension of the EuroDollar system but outside︍ of the overzealous US Gov.

Algorithmic stablecoins are fine IF backed by on-chain Bitcoin, ETH,︎ Gold etc ~ That's something i can get behind. the incentive there needs to be️ based on a fee for transaction cut off OR a fee when funds don't move‌ for sometime.

The interest in supporting it needs to be in the form of recognising‍ it needs to exist.

It can also be re-packaged (backing) as short term collateral loans⁠ overnight to provide incentives.

What would you like to know?

This was one of his ponzi schemes:⁤ Moonberg Review: Mooncoin Ponzi token investment fraud

Also did some mining scheme (basically stole the⁣ funds).
 
Did you mean wUSDT or wpUSDT?

Also this:‍

Trying to understand wrapped USDT and others...
 
you mean like stablesats?

Would be great if such a position could︀ be created in a decentralized way by oneself without being held on an exchange. stablesats︁ if im correct is using okx, seems even more opaque than banking compliance.
 
yah, then its totally safe man 😉

jokes aside, just checked:⁠ stablesats still uses okx. seems all good until its not all of a sudden.

"This repo currently implements a single USD hedging strategy based on the perpetual bitcoin inverse futures⁤ available on the OKEx exchange. It uses CCXT to abstract the REST API exchange connection,⁣ making it possible to port the same strategy to a different exchange using a similar⁢ contract. Given the request-response nature of the REST API, the Dealer is explicitly executed in︀ a periodic fashion to update its position based on the changed conditions. There are no︁ requirements for high frequency execution and the re-hedging period is linked to the rate of︂ change in USD liability."
https://github.com/GaloyMoney/dealerhttps://stablesats.com
However if that could be made without trust or︃ the only trust being the oracle, it would be a great invention.
 
Yes there are purely decentralized solutions for this. A few on eth and solana as⁤ well, probably other chains too.
 
I think the most prominent at the moment would be CRVUSD https://crvusd.curve.fi/#/ethereum/markets

These have been‌ around for long time Frax Finance

There was UXD on Solana, but apparently they changed‍ their system or something ( this is how it used to work: https://uxdprotocol.medium.com/overview-of-uxd-protocol-7762a38cb477 )

You have Ethena Labs coming up https://twitter.com/ethena_labs and some people already have access to it but⁠ not public yet as far as I can see.

So this used to be popular,⁤ not sure what the state is now abracadabra.money

Can even collateralize NFTs to issue stablecoin⁣ https://jpegd.io/

Some more reading on the technical comparisons Multi-angle comparative analysis of four potential native⁢ stablecoins: GHO, crvUSD, dpxUSD, HOPE
 
In order not to derail⁢ this topic, if you have more info about the information you shared above, please DM︀ me with it and I'll go down the rabbit hole. If you have it in︁ email form or Telegram or other messenger form, just let me know, and I'll provide︂ the necessary contact information.

Merci beaucoup
 
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