Lawson Baker on Tether

a photo of crypto expert reviewer Lawson Baker

Lawson Baker is the Head of Project Zero at TokenSoft, a token sale platform for performing secure and compliant token sales.

expert reviewed cryptocurrency Tether logo

Tether is a cryptocurrency that represents real-world assets like the Dollar and Euro on cryptocurrency markets.

Stablecoin

Tether reviews by Lawson Baker

πŸ”‘ 0 positive | πŸ’© 2 negative

2018

  • πŸ’©

    Tether’s withdrawal fees smell like shit. Absolute shit.

    Can anyone name a single financial service with a withdrawal fee that increases in size as a percentage as the size of the withdrawal increases?

    2018-11-27 | Full Review

  • πŸ’©

    Tether is an outsourced banking relationship for inter-exchange transfers. This activity has a high operational lift and is a high risk activity. It was likely never meant to make money. Thus, the price is not reflected in the asset/service.

    2018-08-07 | Full Review

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πŸ’©

XRP is a security. Ripple is the issuer. Brad Garlinghouse, Chris Larsen, and other Ripple executives are subject to the anti-fraud laws under SEC jurisdiction.

2018-04-04 | Full Review

πŸ’©

Governance is hard. See the EOS (on-chain governance) low retail voter turnout for electing the Block Producers and the Zcash Foundation Community Governance Process (off-chain governance meets social signaling).

Currently, around 5% of EOS holders have staked tokens to vote for the Block Producers. 15% is needed.

The EOS low voter turnout is a result of low retail participation and centralization of the initial investors.

2018-06-12 | Full Review

πŸ”‘

[S]tablecoins represent a simpler product to audit [versus banks]. However, these organizations (i.e., exchanges) are very complex. TUSD (i.e., trust company and development/issuer company are separate) is likely a safer approach than the exchange company and development/issuer company being combined.

2018-09-10 | Full Review

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πŸ”‘

The success of Tether, despite severe flaws in centralization and lack of transparency, is the only rebuttal necessary. There’s strong demand from the crypto community for a decentralized stablecoin; that is undeniable.

2017-12-16 | Full Review

πŸ’©

If Tether can't just publicly show their bank statements, accounts, signed powers of attorney docs, and executives' authorized signatures against issued tokens, then it's very likely it's a fractional reserve gone *very* wrong.

Lesson: Trusted third parties are security holes.

Donald McIntyre, Co-Founder of Global Financial Access and Business Development at ETCDEV

2018-06-20 | Full Review

πŸ’©

Just because a document shows a certain bank balance amount on a certain date doesn't mean the funds are unencumbered/free and clear.

An audit, which Tether refuses to provide and which companies large and small undertake on a regular basis, would answer that question.... Additionally, assuming, arguendo, that Tether is backed 1:1 (which I otherwise do not), that much cash sitting in a bank should trade not at par but at a discount commensurate with the credit rating of the bank.

2018-06-20 | Full Review

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