I simply do not believe that the core tenets of crypto (decentralization, trustlessness, irreversible, “hard money,” etc) are good things to have in a currency. I don’t think trustlessness extends past cryptocurrency in a meaningful way beyond things captured entirely on the blockchain as that breaks down at the boundary between on and off chain (ie garbage in garbage out). I believe humans are fallible and trust is a massive optimization - and a system that doesn’t take those into account isn’t worth the NAND it’s stored on.
I’ve yet to see anything solved with a blockchain better than a classical solution - 12 years and billions of dollars scammed later. Such a thing would change my mind, and I would certainly eat my, err, hat (Hi Mr McAffee) and admit publicly, on Twitter, and here, and anywhere, that I was totally and incredibly wrong.
At least I’m on message! :)
In fact as I recall they continued to tell people they were backed 1:1 for many months after the seizure.
Remember BFX and Tether pretended to be two separate companies until the paradise papers because of course those clowns used Appleby. [1]
[1] https://news.bitcoin.com/paradise-papers-reveal-bitfinexs-de...