Joe Lubin talks about Tether

August 29, 2018 Ethereum

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Tether is the biggest controversy in the crypt right now. But Joseph Lubin, co-founder of Ethereum, does not buy the charges against Tether.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Tether is a & nbsp;" stablecoin " pegged to the value of the US dollar Tether tokens are thought to be a way for investors or sellers to exit the bitcoin by trading it for quarries & nbsp; the cable price & nbsp; right or near $ 1 for its duration. "data-reactid =" 16 "> Tether is a" stablecoin "pegged to the value of the US Dollar. Tether tokens are meant to be a way for investors or sellers to get out of the bitcoin by trading it for tether. The price of the cable remained at around $ 1 for its duration.

<p class = "canvas-text canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " But the accusations swirled around to the company, Tether, which claims that all cables are supported by US dollars held in bank accounts, but will not publicly identify its banks. In December 2017, the CFTC cited Tether and Bitfinex, a huge bitcoin exchange started cable offer in 2015, the two companies share a managing director . And I June n, a research article from the University of Texas concluded that the increase in bitcoin end of 2017 was largely due to the manipulation of the cable market . "data-reactid =" 17 "> But the accusations broke around the company, Tether, which states that all the ropes they are backed by US dollars held in bank accounts, but will not publicly identify props banks. In December 2017, the CFTC sued Tether and Bitfinex, a huge bitcoin exchange that began offering the tether in 2015; the two companies share a managing director . And I June, a research paper from the University of Texas concluded that the bitcoin run-up at the end of 2017 was mainly due to the manipulation of the cable market.

<p class = "canvas atom canvas -text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " To quell doubts about its reserves , Tether has exploited former FBI director Louis Freeh and his law firm DC & Nbsp; Freeh, Sporkin & Sullivan, to conduct a survey of its compliance, including a control of its bank balance sheets Freeh's company found that on June 1, Tether effectively held $ 2.555 billion in two banks enough to match all shooters in reserve, plus a $ 7 million cushion. publicly the Freeh report in June, but the many vocal skeptics were not satisfied In August, the Wall Street Journal highlighted the " opaque way in which the bindings are created ", which intensified the Tether control Many cryptocurrency enthusiasts and viewers are convinced that the company is a truf it's elaborate. "data-reactid =" 18 "> To quell the doubts about his reservations, Tether has exploited the former director of the FBI Louis Freeh and his law firm DC Freeh, Sporkin & Sullivan, to conduct a survey of its compliance, including a check on bank balances, the Freeh company found that on June 1, Tether effectively held $ 2.54 trillion in two banks, sufficient to satisfy everyone the shooters in reserve, plus a $ 7 million pillow, Tether publicly published the Freeh report in June, but the many skeptical vowels were not satisfied. In August, the Wall Street Journal highlighted the "opaque way in which strings are created, "which intensified Tether's scrutiny." Many cryptocurrency enthusiasts are curious that the company is an elaborate scam.

Joseph Lubin is not in agreement.

Co-founder of Ethereum Joseph Lubin (AP Photo / Richard Drew)

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" Tether is an interesting project, "Lubin told Yahoo Finance for our final show on Tuesday. "Based on our analysis, which consists of talking to a group of people in space, w and I believe that the cables are supported 1 to 1 by US dollars in bank accounts … With respect to market manipulations, they are not sure that the manipulations of the market are tied directly to the Tether, if they exist. "" data-reactid = "31"> "Tether is an interesting project" Lubin told Yahoo Finance about our Show of the final round on Tuesday. "Based on our analysis, which consists of talking to a group of people in space, w and I believe that cables are supported 1 to 1 by US dollars in bank accounts … As for market manipulations, I'm not sure that market manipulations are tied directly to the Tether, if they exist. "

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Lubin, whose company Consensys is developing Decentralized apps built on blockchain, is one of the most respected veterans in cryptographic space. Ethereum which he co-founded, is an intelligent platform and vehicle contract for most initial coin offerings (ICO). The native token of Ethereum, ether, is the cryptocurrency n. 2 by market capitalization, although its price fell by 70% in 2018. "data-reactid =" 32 "> Lubin, whose company Consensys is developing decentralized blockchain-based apps, is one of the most respected veterans in cryptographic space Ethereum, which he co-founded, is a platform of intelligent contracts and the vehicle for most initial tokens (ICO) offerings.The native token of Ethereum, ether, is the cryptocurrency No. 2 by market capitalization, although its price has dropped by 70% in 2018.

The apparent defense of Lubin of Tether may surprise those who believe that the token and the company behind it are somehow fraudulent, or it may have some weight with the skeptics.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "But Lubin also put on guard on Tether ", I t is not yet 100% solid in terms of history, d in my point of view. I expect many more token to grow in price and take their place. "" data-reactid = "34"> But Lubin also warned about Tether, "I t is not yet 100% solid in terms of history, from my point of view. many other stable price tokens will rise and take their place. "

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" As for the correction of the current cryptocurrency with all the major currencies that have seen great declines in 2018 so far (especially the ether), Lubin predicts: "I think there will be a series of unreasonably exuberant prices, followed by corrections, probably … Each peak, I believe, will bring a wave of new activities and will bring fundamental infrastructure to the ecosystem. "" data-reactid = "35"> Regarding the current cryptocurrency correction, with all the major currencies that have seen large declines in 2018 up to now (especially the ether), Lubin predicts: "I think that there will be a series of unreasonably exuberant price increases, followed by corrections, probably … Each peak will, I believe, bring a wave of new activities and bring critical ecosystem infrastructure. "

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<p class = "canvas-atom ca nvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Daniel Roberts covers cryptocurrency and blockchain on Yahoo Finance Follow him on Twitter @ readDanwrite . & nbsp; "data-reactid =" 37 "> Daniel Roberts covers cryptocurrency and blockchain on Yahoo Finance Follow him up Twitter @ readDanwrite .

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Joe Lubin talks about Tether

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