Bitcoin Forum

Hey crypto friends! have you the latest news about tether? Tether announced the results of some company's audit, and it was discovered that Tether coin (USDT) backed by USD reserves. so Tether has proved their  fairness. I am sure this piece of news will help market to go up)) Read the news and hope for the best.

You didn't provide any link to the news? I read the article and you expect me to believe that Bitfinex has  $2,610,998,913 USD (https://coinmarketcap.com/currencies/tether/) just allocated for tether? Seriously dude? I ain't buying that shit. They print tether out of thin air and they are extremely shady. I ain't believing those muthafuckers.

Article: https://cointelegraph.com/news/tether-has-enough-usd-to-back-tokens-says-law-firm-in-unofficial-statement

A boggy from my left nostril is priced at $1 but don't go thinking that  i will buy it back from you for any price because if you read up on UDST then this is what they are saying.

Pumps on BTC was feed by USDT and i can see a few arrest coming but what would I know after panic selling BTC when it was over $18k  :D :D :D

There was no audit,  they had a Law firm look at a few bank accounts that totaled the US Dollar Tether amount.

No actual audit has occurred, easy way to fool the Laywers.
I believe the info came from foreign banks.

Pay someone at the bank to Lie to the stupid laywers.
Move the funds from one account to another a few days apart and show the old record.

Borrow the amounts on credit to fill the accounts and return the money next week to fool the fools.  ;)

A full audit would have verified that money in the bank was not debt but only there for the backing of tether alone.

A dumb ass attorney that did not verify their debt structure , is just more smoke and mirrors to fool the stupid.

Plus the lie that no firm would run a full audit, kind of shows they are lying.   :P

Believe what you want, but tether is nothing more than fairy dust.

can you give the link to the source about news here ? so your thread will be good to bring this information.
i think there are some peoples say that tether is scam. They need to see your news.

Do you have some link to read more about what you're saying? If it´s so, I´d thank you to give it. :)

The report was for one particular day - its only performance. Tether is very sly. I dont belive them.

the question is whether ALL of the Tether coins they released so far is backed equally by US dollar or not. otherwise we knew that USDT is backed by USD to some extent and the problem that was raised last year was the fact that they kept releasing new USDT coin and the current circulating supply of it is huge which makes you wonder whether they actually have that much fiat in reserve.
according to coinmarketcap.com the current circulating supply of Tether is 2.6 billion.

@Pursuer

Yes, exactly this. If Theter team is trying to be transparent, why won't they show those dollars backing USDT sitting on bank account? Maybe because they don't have it? I wonder what would happen if all USDT holders tried to cash out their crypto dollars...

people don't buy/sell USDT with USD. that doesn't make sense. what they do is that they buy/sell cryptocurrencies with USDT. for example you deposit fiat on exchanges, buy bitcoin then while trading you can use USDT to sell your bitcoin or altcoins to go to and stand out of the bear market. for example on Poloniex you sell your LTC for USDT to stay out of the bear market and then buy back when it  reaches bottom.

so technically if some day USDT started dropping for whatever reason price of cryptocurrencies should not change because people would use their USDT to buy different coins to stay out of USDT dump. but the panic is a different story, the market panic call cause price drops.

I think USDT price will be weak if most people start to dump USDT, and maybe it can pump the price of cryptocurrency paired by USDT
People who believe the value of 1 USDT = 1 USD will assume that the price of cryptocurrency skyrocketed because USDT price dropped, for example, the last few days the price of 10,000 USDT = 1 Bitcoin  if the USDT price weakens then the price of cryptocurrency will rise against USDT e.g. 12,000 USDT = 1 Bitcoin

Everybody knows Tether is backed but the US Dollar. This isn't the main problem with it. The problem do they really have the same amount of dollars than the number of tether? Displaying the stats on their site is not a proof. People shouldn't believe anything like this. We need to see an undeniable proof that they really have all the funds

If they have finally done the much awaited audit that is very good.  Why did it take them this long to do the audit? Well, since they have done it at last I will return my confidence on tether after withdrawing it since the whole tether story began.

USDT is the way to keep the value of digital money, but only suitable when kept in exchange, to transfer to another exchange, the transfer fee is quite high, I think that is not appropriate. need to be adjusted!