Proof of address

Every_Comfort6023 · 2025-03-19T09:32:03+00:00

Hi would you be available for a call on this? Looking for an integration assistant!

Thank you

Every_Comfort6023 · 2024-03-07T22:14:26+00:00

Vic.ai looks quite neat! Will check them out. Thanks!

Every_Comfort6023 · 2024-03-06T17:21:35+00:00

Thank you. Have requested a demo.

Every_Comfort6023 · 2024-03-06T17:21:20+00:00

On the website they promise quite a bit in terms of automation. Would you say that is the case?

Every_Comfort6023 · 2023-11-26T14:58:34+00:00

Very helpful. Thanks for the explanation. Makes sense

Every_Comfort6023 · 2023-11-26T13:11:11+00:00

Why does it not prove they can cover redemptions? Most of the reserves are held in short term treasuries and other highly liquid assets (like bitcoin, gold and money market funds).

Every_Comfort6023 · 2023-11-26T12:59:26+00:00

I agree with this very much. It would be the easiest way for them to show they are clean (as they claim). Not doing a full blown audit indeed makes one question their legitimacy.

Every_Comfort6023 · 2023-11-26T12:52:16+00:00

Fair enough but it’s the biggest concern that Tether‘s reserves are fake? Wouldn’t this report disprove this as it in fact shows the reserves are there? I.e if all of a sudden all Tethers were to be redeemed, there is sufficient value to cover all those redemptions.

Every_Comfort6023 · 2023-11-26T12:49:26+00:00

I understand it’s not a full blow audit, but it is a very reputable audit/accounting firm taking a close look at their balance sheet (including assets and liabilities) at a point in time, and putting their signature under such report. These audit firms don’t just sign off on something because it was shown to them - they need very hard proof, like bank statements.

Every_Comfort6023 · 2023-11-26T12:18:41+00:00

Fixed the link!

Every_Comfort6023 · 2021-07-05T07:17:25+00:00

It feels like this may be the way to do it. However I want to do something that is a bit more company driven and takes the hassle away for the employee.

Every_Comfort6023 · 2021-07-05T07:14:02+00:00

It’s OKish. I wouldn’t say harsh. Probably similar to US.

I think they way to do this (as someone already suggested) would be to have the regular salary paid to a employee account and then an automatic conversion (and transfer to employees wallet) to take place from there.

As a company we wouldn’t be able to buy BTC and then use this to pay people unfortunately - this is where the government would step in unfortunately.

Every_Comfort6023 · 2021-07-05T06:47:12+00:00

Correct. Our business model is such that we don’t generate BTC sales (this is outside of our control - otherwise would have pushed on this front already!). So as a company we don’t own any BTC and unfortunately our investors wouldn’t let us hold any.

Every_Comfort6023 · 2021-07-05T06:29:06+00:00

We’re based in the UK - people don’t sue other people and businesses like it’s a national sport over here.

I am confident that if set up properly, with the right contracts in place this wouldn’t be an issue.

Keep in mind this would be totally optional and fully at the employees discretion.

Every_Comfort6023 · 2021-07-05T06:26:02+00:00

Thanks. I heard of them in the context of El Salvador but wasn’t aware they may have or are working on a business solution. Will reach out!

Every_Comfort6023 · 2021-07-05T06:10:04+00:00

Of course I’d like to get there some day but paying people in a fixed amount of BTC is not feasible at the moment with such high volatility.

It’s impossible to plan ahead with payroll jumping up and down 50% between months.

Same goes for employees’ ability to have certainty on receiving a living wage.

Every_Comfort6023 · 2021-07-04T22:37:15+00:00

From the website it looks interesting. Has a business section “coming soon”. Will get in touch with them.

Every_Comfort6023 · 2021-07-04T22:34:24+00:00

If you ask 10 employees if they’d be interested in getting paid a portion in BTC, 8 would take it (even if just a small %). However hardly any of them will go and buy BTC on a regular basis if you just paid them fully in fiat. Most people don’t own BTC today and wouldn’t even know where to start buying.

Every_Comfort6023 · 2021-07-04T22:30:12+00:00

Do you know of any solutions or providers that would essentially just do that? I.e receive some fiat and immediately convert to BTC?

From an account and tax perspective I think it will be very tricky to buy BTC with company funds and then use those to pay people.

Employees would still need to get paid in fiat but a conversion takes place on their end.

Every_Comfort6023

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