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Title: TETHER-Allegedly backed 1-to-1, by traditional currency held in Tethers reserves Post by: hefo73 on November 28, 2017, 04:26:13 PM Hi,
did someone spot these Tether-coins? they say on their website: 100% Backed Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD. I can not believe this! Circulating Supply is 674,967,839 USDT. Have a look at the market cap chart on coinmarketcap ( https://coinmarketcap.com/currencies/tether/ ) what is your opinion? what if exchanges have a giant amount of this coin and it turns out Tether is not backed! and who does need a coin with the same value of USD. what comes next? a coin of the same value as EURO, Rubel,....? Title: Re: TETHER-Allegedly backed 1-to-1, by traditional currency held in Tethers reserves Post by: NUFCrichard on November 29, 2017, 08:52:43 AM It's all over the internet now that Tether seems dodgy as sin.
They clearly aren't backed by anything, I mean you can't deposit or withdraw unless you speak directly to Bitfinex. Bitfinex also don't have a bank, so where are their $750m being stored? Is it in cash in a room somewhere!? Follow Bittrexed on twitter, you'll get running updates there about Tether. Title: Re: TETHER-Allegedly backed 1-to-1, by traditional currency held in Tethers reserves Post by: squatter on November 29, 2017, 09:12:15 AM It's all over the internet now that Tether seems dodgy as sin. They clearly aren't backed by anything, I mean you can't deposit or withdraw unless you speak directly to Bitfinex. By their terms, they aren't backed by anything. I'm guessing that legally, this is the only way they feel they can survive. If USDT is linked to an underlying currency (USD), that makes it a derivative. That requires licensing, since Tether was/is serving US residents (among other jurisdictions that probably require formal registration for derivative instruments). I'm not going to vouch for Tether, but my guess is that they actually have the USD backing the circulating supply. I don't think that Friedman LLP would have put their reputation on the line without some assurance of that. I'm guessing they are "banking like criminals" as Bitfinex's CFO once called it. The money is sitting in bank accounts where the bank doesn't know what it's for. And Tether/Bitfinex has no realistic way to get people their money. Bitfinex also don't have a bank, so where are their $750m being stored? Is it in cash in a room somewhere!? Follow Bittrexed on twitter, you'll get running updates there about Tether. Bitfinex recently reopened USD and EUR deposits/withdrawals. However, the bank has a very small balance sheet, so I'm skeptical that it's sustainable. Also, the problem is not necessarily insolvency. It's easy to park money in bank accounts around the world. It's increasingly hard for an unregulated/unlicensed exchange to freely wire $$ with increasing volumes. I actually think that Bitfinex's reliance on Taiwanese banks is what triggered Taiwan's AML reforms this year. Title: Re: TETHER-Allegedly backed 1-to-1, by traditional currency held in Tethers reserves Post by: KingScorpio on November 29, 2017, 10:23:52 AM Hi, did someone spot these Tether-coins? they say on their website: 100% Backed Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD. I can not believe this! Circulating Supply is 674,967,839 USDT. Have a look at the market cap chart on coinmarketcap ( https://coinmarketcap.com/currencies/tether/ ) what is your opinion? what if exchanges have a giant amount of this coin and it turns out Tether is not backed! and who does need a coin with the same value of USD. what comes next? a coin of the same value as EURO, Rubel,....? this is alt fashioned scam, they simply printed usdollars marked as tether, to make people believe its valuable the reserves will in the end proof as nonexistent, reserve banking is the oldest most successful scam in human history regards Title: Re: TETHER-Allegedly backed 1-to-1, by traditional currency held in Tethers reserves Post by: KingScorpio on November 29, 2017, 10:26:19 AM It's all over the internet now that Tether seems dodgy as sin. They clearly aren't backed by anything, I mean you can't deposit or withdraw unless you speak directly to Bitfinex. By their terms, they aren't backed by anything. I'm guessing that legally, this is the only way they feel they can survive. If USDT is linked to an underlying currency (USD), that makes it a derivative. That requires licensing, since Tether was/is serving US residents (among other jurisdictions that probably require formal registration for derivative instruments). I'm not going to vouch for Tether, but my guess is that they actually have the USD backing the circulating supply. I don't think that Friedman LLP would have put their reputation on the line without some assurance of that. I'm guessing they are "banking like criminals" as Bitfinex's CFO once called it. The money is sitting in bank accounts where the bank doesn't know what it's for. And Tether/Bitfinex has no realistic way to get people their money. Bitfinex also don't have a bank, so where are their $750m being stored? Is it in cash in a room somewhere!? Follow Bittrexed on twitter, you'll get running updates there about Tether. Bitfinex recently reopened USD and EUR deposits/withdrawals. However, the bank has a very small balance sheet, so I'm skeptical that it's sustainable. Also, the problem is not necessarily insolvency. It's easy to park money in bank accounts around the world. It's increasingly hard for an unregulated/unlicensed exchange to freely wire $$ with increasing volumes. I actually think that Bitfinex's reliance on Taiwanese banks is what triggered Taiwan's AML reforms this year. oh it will take quite a while till people will realise the scam potential of banking, the problem however is that legislation onlz creates a banking cartel scam around the so called licenses regards |