[2018-03-21] Controversial Tether Issues $300 Mln In New Tokens, Critics React

[Morenod]

Tether, the altcoin backed by fiat currencies USD and EUR, has issued another 300 mln USDT tokens priced at $1 per token on Tuesday March 20, according to data from Omni Explorer.

In mid-February, Tether had released 86 mln in euro-backed EURT and 61.1 mln in US dollar-based USDT on the Ethereum (ETH) Blockchain.

https://cointelegraph.com/news/controversial-tether-issues-300-mln-in-new-tokens-critics-react

[DooMAD]

Well, if I wasn't convinced before (although I'm fairly sure I already was), it's pretty clear that USDT is not decentralised, not transparent and not trustless.  It just doesn't come close to the general ethos most cryptocurrencies tend to abide by.  The close ties with 'finex only raise further concerns.  Traders should feel a deep sense of foreboding that if this really is being used to manipulate the price of Bitcoin, there's going to be carnage when it all begins to unravel.  But it's less distressing for the bitcoin HODLers and accumulators, though (1 BTC = 1 BTC).  

Can't wait for that audit they're clearly never going to have.  

Is it fair to say that attempting to peg any blockchain-based coin to a fiat currency is just an inherently bad idea?  Really struggling to see any upsides here.

[alani123]

Truly a sad thing that Tether keeps plaguing crypto. Exchange should really find a better way to facilitate trade other than providing a platform for this sad excuse of a crypto. Disbelievers are now connecting the price rise with Tether's issuing of tokens... Bitfinex is playing a big role in that, I don't see how that exchange is still trusted.

[bbc.reporter]

$300 million? I heard it was only $3 million.

In any case, why are you all trying to criticize them for it? All that $300 million goodness and more will be in the market to buy bitcoins, and after that comes the natural course of value transfer from bitcoin to altcoins hehehe.

[akamit]

Remember when Bitcoin price peaked at $19k+, it was because Tether issued $800m and bought Bitcoin.
And later they dumped all, and that is why we have seen that massive dip in Bitcoin. Tether just manipulated the Bitcoin market.

SEC or Court maybe, have called Tether owner for the above mentioned reason.

I've seen this news somewhere but I can't remember exactly where, but it most probably I've seen on Facebook.

And now they have created another $300m, the question is why - to pump Bitcoin again?
If this is the case then some people may be very happy, because bitcoin price will rise again and maybe get a new peak.
But don't forget about the consequences will occur when they will dump again. During the last p&d by Tether lots of people also lost lots of money as far as I can understand.

Peace - need a sleep.