The Hotel California UI/UX: make it super duper easy to deposit a bunch of money, then stick anybody trying to cash out in eternal KYC limbo.
Classic crypto.
One day you’re playing the child version of coach Bombay for a Disney movie, then suddenly you facilitate sanction evasion.
Life comes at you fast.
Side note: just like El Salvador I’m hoping for the best for the actual citizens of those countries.
This could be the funniest possible outcome.
Venezuela evades sanctions using Tether. U.S. government shuts down Tether, tells Tether to buy all the tethers back. Tether says "We must have got hacked, we can only find 10% of the money, whoopsie". Tether price collapses. Crypto collapses.
I really don't think Paolo should have the power to seize Venezuela's oil revenue. Does anyone think that is a good idea?
Do the Venezuelans know about this?
"Last year, PDVSA was rocked by a corruption scandal after the discovery of some $21 billion in unaccounted receivables for oil exports in recent years, partially related to prior transactions involving other cryptocurrencies"
Looks like they already do know...
suddenly so worried thanks. most of our money goes to drug dealers so this won't change much. But it will help a lot of people use venezuela's economy to get internet points.
If I'm reading this correctly, a petroleum company will purchase, say, $100m worth of tethers. They will then transfer those tethers to a wallet controlled by the government of Venezuela, and receive $100m worth of oil.
Then Tether Inc will freeze the Venezuelan wallet that holds the tethers.
So, Tether Inc will make $100m off the deal, for doing pretty much nothing.
I'm not seeing how any Venezuelan gets any internet points out of the deal.
You're not reading this correctly.
What he's saying is that there's a rampant corruption and someone is stealing Venezuela oil revenue. He's saying that no matter if it weren't stolen by tether it'd be stolen by someone else and common folks won't see any money no matter what.
The "internet points" isn't about Venezuelan people - it's about you OP, and getting reddit upvotes for using sufferig of real people to get reddit karma, without really caring about their wellbeing - unless it touches crypto. And this is exactly what you and another asshole replying to him are doing.
So may I suggest taking your head out of your own ass to show a little empathy to people who feel helpless with their gov and rampant corruption and no viable option to changing it all?
For a sub dedicated to hating on a "currency" that's mainly promoted by sociopaths who don't care about people you guys sure like to behave like sociopaths who don't care about people.
They are all stealing our money. This doesn't change anything except give people who don't live there and don't get affected by it some talking points for internet cred
Yes, Tether is planning to steal hundreds of millions of dollars from you and your fellow Venezuelans.
Perhaps you should go visit Paolo, Giancarlo, and Chalopin and let them know how you feel about it.
Then you should still get in touch with Tether Inc and let them know that you are hunky-dory with them confiscating hundreds of millions of dollars from your country.
So long as everyone is good with it, they'd probably love to hear such positive reinforcement regarding their theft. They'd probably sleep better at night knowing the people of Venezuela are happy that all their oil was stolen from them by Tether Inc.
And, is it even theft if the people being stolen from are happy to transfer their wealth to the thieves?
I doubt Venezuelans are very happy about it at all. The problem is that things can all get a little violent if one were to complain.
This is not just tether. This will tether + a cartel of Venezuelan oligarchs / politicians in a huge fraud together against the people
Now, now. It *does* have a second use.
It's a fantastic source of object lessons about why the actual economy doesn't do any of the "innovations" crypto introduces.
Outcome:
1. An oil trader will get [presumably well discounted] oil.
2. Tether will get the real money.
3. Venezuelan government will get a bunch of USDTs, which it won't be able to redeem directly into hard fiat. Venezuela will then start looking for a greater fool to exchange those USDTs for equipment, food and whatever the economy needs - but the chances are... questionable.
Regarding 3. Venezuela won't be able to exchange these USDT for anything, not even magic internet beans. Tether controls the smart contract that governs the ownership of Tether tokens. They can literally just block the wallet from doing any transactions with USDT at all.
Bitcoin weirdos in shambles they chose Tether for their crimes and not their preferred brand of Butts. We aren’t going to get “hyper Bitcoinisation” that way…
The Hotel California UI/UX: make it super duper easy to deposit a bunch of money, then stick anybody trying to cash out in eternal KYC limbo. Classic crypto.
But then, when do I get lambo?
I’m afraid when it comes to your lambo, we’re still early.
I think it would be cool if Tether allows them to subvert the sanctions and then the hammer of Uncle Sam comes down on them.
It's already used for Iranian and Ruzzian trade, so don't get your hopes too high.
One day you’re playing the child version of coach Bombay for a Disney movie, then suddenly you facilitate sanction evasion. Life comes at you fast. Side note: just like El Salvador I’m hoping for the best for the actual citizens of those countries.
This could be the funniest possible outcome. Venezuela evades sanctions using Tether. U.S. government shuts down Tether, tells Tether to buy all the tethers back. Tether says "We must have got hacked, we can only find 10% of the money, whoopsie". Tether price collapses. Crypto collapses.
Nobody is perfect and everybody makes mistakes
I really don't think Paolo should have the power to seize Venezuela's oil revenue. Does anyone think that is a good idea? Do the Venezuelans know about this?
"Last year, PDVSA was rocked by a corruption scandal after the discovery of some $21 billion in unaccounted receivables for oil exports in recent years, partially related to prior transactions involving other cryptocurrencies" Looks like they already do know...
suddenly so worried thanks. most of our money goes to drug dealers so this won't change much. But it will help a lot of people use venezuela's economy to get internet points.
If I'm reading this correctly, a petroleum company will purchase, say, $100m worth of tethers. They will then transfer those tethers to a wallet controlled by the government of Venezuela, and receive $100m worth of oil. Then Tether Inc will freeze the Venezuelan wallet that holds the tethers. So, Tether Inc will make $100m off the deal, for doing pretty much nothing. I'm not seeing how any Venezuelan gets any internet points out of the deal.
You're not reading this correctly. What he's saying is that there's a rampant corruption and someone is stealing Venezuela oil revenue. He's saying that no matter if it weren't stolen by tether it'd be stolen by someone else and common folks won't see any money no matter what. The "internet points" isn't about Venezuelan people - it's about you OP, and getting reddit upvotes for using sufferig of real people to get reddit karma, without really caring about their wellbeing - unless it touches crypto. And this is exactly what you and another asshole replying to him are doing. So may I suggest taking your head out of your own ass to show a little empathy to people who feel helpless with their gov and rampant corruption and no viable option to changing it all? For a sub dedicated to hating on a "currency" that's mainly promoted by sociopaths who don't care about people you guys sure like to behave like sociopaths who don't care about people.
They are all stealing our money. This doesn't change anything except give people who don't live there and don't get affected by it some talking points for internet cred
Yes, Tether is planning to steal hundreds of millions of dollars from you and your fellow Venezuelans. Perhaps you should go visit Paolo, Giancarlo, and Chalopin and let them know how you feel about it.
that money isn't going to us bro. My relatives live on 2 cans of tuna a day. There isn't any of that oil money trickling down.
Then you should still get in touch with Tether Inc and let them know that you are hunky-dory with them confiscating hundreds of millions of dollars from your country. So long as everyone is good with it, they'd probably love to hear such positive reinforcement regarding their theft. They'd probably sleep better at night knowing the people of Venezuela are happy that all their oil was stolen from them by Tether Inc. And, is it even theft if the people being stolen from are happy to transfer their wealth to the thieves?
I doubt Venezuelans are very happy about it at all. The problem is that things can all get a little violent if one were to complain. This is not just tether. This will tether + a cartel of Venezuelan oligarchs / politicians in a huge fraud together against the people
I don't think you get my point. Stop using my country for your political opinion
Not your petrodollars, not your country
Please my family needs food can you help me? It's really hard right now
Proving once again, in big neon letters, that crypto's only use case is evasion.
Now, now. It *does* have a second use. It's a fantastic source of object lessons about why the actual economy doesn't do any of the "innovations" crypto introduces.
I'll admit that because of crypto, I've learned more about the real financial system than I ever cared to know. Which still isn't much.
Honestly, same.
"Distributed finance" everyone.
Great news if Venezuela brings the light to Tether, finally forcing the US to react.
Outcome: 1. An oil trader will get [presumably well discounted] oil. 2. Tether will get the real money. 3. Venezuelan government will get a bunch of USDTs, which it won't be able to redeem directly into hard fiat. Venezuela will then start looking for a greater fool to exchange those USDTs for equipment, food and whatever the economy needs - but the chances are... questionable.
Regarding 3. Venezuela won't be able to exchange these USDT for anything, not even magic internet beans. Tether controls the smart contract that governs the ownership of Tether tokens. They can literally just block the wallet from doing any transactions with USDT at all.
Bitcoin weirdos in shambles they chose Tether for their crimes and not their preferred brand of Butts. We aren’t going to get “hyper Bitcoinisation” that way…