BitShares Forum
Main => General Discussion => Topic started by: joele on March 17, 2015, 02:38:06 am
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Bitfinex and Poloniex are adopting Tether
https://www.bitfinex.com/pages/announcements/?id=31
http://www.marketwired.com/press-release/tether-now-integrated-with-poloniex-exchange-1995274.htm
https://tether.to
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who says they have to be our competitor ?
what about partner ? :P :P
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http://www.coindesk.com/realcoin-relaunches-tether-avoid-altcoin-association/
The title is: Realcoin Rebrands as 'Tether' to Avoid Altcoin Association
Speaking to CoinDesk, CEO Reeve Collins emphasized this line of reasoning, stating:
"We're not an altcoin, we're not our own blockchain. We're a service, a token that represents dollars. Our speciality at Tether is currencies on the blockchain, so Tether means a digital tie to a real-world asset and the digital assets that we're focused on is currencies."
In addition to the strategic repositioning, Tether also announced new partnerships in the bitcoin space, including agreements with Hong Kong-based bitcoin exchange Bitfinex, as well as fellow Brock Pierce-backed startups Expresscoin, GoCoin and ZenBox.
"These assets are created and destroyed on the fly. These are purely digital dollars. This is just representing dollars in our bank account," Collins explained.
Collins indicated that the number of Tether tokens in circulation will always equate to the dollars in its bank account, adding that there are no pegs or formulas that complicate the process for its partners.
For example, early crypto 2.0 platform BitShares has notably launched BitShares X, a family of decentralised autonomous companies (DACs) that issued its asset-backed token, BitUSD.
Collins positioned Tether as a more simplistic solution than those offered by its competitors, noting that its offerings, USTether (US+), EuroTether (EU+) and YenTether (JP+) cease to exist when they are redeemed with the service.
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"These assets are created and destroyed on the fly. These are purely digital dollars. This is just representing dollars in our bank account," Collins explained.
Collins indicated that the number of Tether tokens in circulation will always equate to the dollars in its bank account, adding that there are no pegs or formulas that complicate the process for its partners.
So basically, its like bitUSD, which is also created and then destroyed when redeemed, except that you have to trust the centralized party called Tether, instead of having everything be on the blockchain.
For example, early crypto 2.0 platform BitShares has notably launched BitShares X, a family of decentralised autonomous companies (DACs) that issued its asset-backed token, BitUSD.
Collins positioned Tether as a more simplistic solution than those offered by its competitors, noting that its offerings, USTether (US+), EuroTether (EU+) and YenTether (JP+) cease to exist when they are redeemed with the service.
Indeed, they made it simpler than Bitshares by removing the blockchain and inserting themself as a centralized party that you must trust in order to use the system.
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"These assets are created and destroyed on the fly. These are purely digital dollars. This is just representing dollars in our bank account," Collins explained.
Collins indicated that the number of Tether tokens in circulation will always equate to the dollars in its bank account, adding that there are no pegs or formulas that complicate the process for its partners.
So basically, its like bitUSD, which is also created and then destroyed when redeemed, except that you have to trust the centralized party called Tether, instead of having everything be on the blockchain.
For example, early crypto 2.0 platform BitShares has notably launched BitShares X, a family of decentralised autonomous companies (DACs) that issued its asset-backed token, BitUSD.
Collins positioned Tether as a more simplistic solution than those offered by its competitors, noting that its offerings, USTether (US+), EuroTether (EU+) and YenTether (JP+) cease to exist when they are redeemed with the service.
Indeed, they made it simpler than Bitshares by removing the blockchain and inserting themself as a centralized party that you must trust in order to use the system.
Short run, has more volume and may make headway but longrun.. once hackers find a way or they have legal troubles then its back to square 1 for them.. i suspect its a shortterm play for them to get their money and run anyways.
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I requested beta access a while ago to get this integrated into metaexchange, but no response yet... If you'd like to see metaexchange get integrated with tether, give them a shout :)
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Short run, has more volume and may make headway but longrun.. once hackers find a way or they have legal troubles then its back to square 1 for them.. i suspect its a shortterm play for them to get their money and run anyways.
Except that they're using fiat backing so hackers aren't near the problem. Transactions like that can be reversed AFAIK unless you have a network of ATM users + cards at your disposal. Not something a typical hacker would have... So in some ways, it could be safer.
Really you have to worry about theft without the hacked component. However thats true everywhere. Everyone claims they're hacked in these low margin businesses. I just SMH.
Well I suppose hackers could issue more of the currency on external exchanges ... lol. An hack that randomly inflates the money supply into the hands of thieves.