DaRude
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January 16, 2015, 08:39:25 AM

https://www.bitfinex.com/pages/announcements/?id=31

What do you guys think about this "tether" thing ?

it seems to be a US nubits

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Tether currency is 100% backed by actual assets in our reserve account and can be viewed and verified in real-time.

might be really interesting Smiley

Well it reintroduces the trusted third party, the elimination of which was the main innovation of Bitcoin. How it can be 100% transparent is something I'll have to look into more carefully before I can comment on.

Not sure how it works myself but you can't use exchange without trusting 3rd party. Now if these "tethers" are on transparent "blockchain" and i can hold a multisig private key, that would make an audit a no brainer. They literally just have to show that they bank account holds the outstanding amount of tethers. Which is leaps and bounds above current audit options