Bitcoin Forum

I am looking to convert by bitcoin into tether for not playing on the volatility in the market right now. Does anyone know if Tether would be a good option for that ?

Also does anyone know where is their official thread on bitcointalk to read up more about it ?

Read (carefully) the terms of service at tether.to/legal. You're in for a rude awakening.

Is the point you referring to Anti-Money laundering ?

How would they actually keep a check on that ? And do they have control to pull out tether from a particular wallet ?

No, forget the money laundering. It's the part about tethers being totally at their discretion as to whether they decide they're worth anything. Also their banking relationships are screwed.

There's no shortage of places with real dollars and you're not depending on an anonymous companys good will ,or lack of.

Well tbh, My point was not to get the money into my real account right away because no one in my family knows about it.

What do you mean by places with real dollars? I would obviously have to convert to usd and pay taxes right away. Correct ?

Exchanges like Gemini and bitstamp have real dollars. Tethers are just tokens that are offered by a company that is reassuring you they're redeemable for real dollars. No one but that company values them as real dollars.

Read this from here https://tether.to/legal/   'There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.'

Do you find that reassuring? Gemini has fdic insurance for your dollars, a banking charter and actual regulation. There is no comparison.

Yes, even if you left dollars on an exchange the sale of your bitcoin would be taxable. I'm willing to guess that the same applies for tether if any regulator cracked down on it.

An alternative is real dollars on btc-e which doesn't care who you are, but that's a risk too.

IMO using tether is a gamble that should only be used if your willing to lose the value of the tether, Tether itself states they are under no obligation to redeem it for any value whatsoever but people have been considering it safe enough to trade with so if enough people trust a backed token that is not guaranteed in any way to be honored then just the trust alone seems to be enough to make the token hold it's value. I would not like to see a run on it though nor will I hold my btc in a non backed token no matter how convenient as I feel the risk is higher than the market fluctuations.

I know this is not a popular opinion but every time you trade one cryptocurrency for another it is a taxable event, e.g. when you want to lock in your profits by converting some altcoin to more stable Bitcoin you have to pay tax on your paper profits on the altcoin. I have thoroughly researched the issue and I'm pretty sure that unless you are a tax attorney specializing in cryptocurrencies I know more about it than you do. Not many actually do this and are in for a rude awakening at some point.

Tether is one of them as there are many options in the crypto money world. You need to follow carefully and be sure to act as you may be fit for your investment.

Tether has always been and will be a temporary place to go to in case you wanted to go to fiat and prevent some possibly losses due to drops but it is not a long term option because of its risks and even in short term it has a lot of risks since it is a centralized coin which a shady background.
in short you can use it and enjoy but don't be fooled by the false sense of security.

What a load of bullshit, try backing those claims up.

You can't.