Tether: not even a scam

[karma_project]

I think this is a very reliable token. And it is very useful because at sharp fluctuations of the market traders are looking for stability. This token is very stable.

[normensky012]

I am really confused and same time leave with too much question about tether. It's like the only way you could get your fiat back is buying btc again and trade it to btc agains't your local fiat. At first I was oddly confused, what's the use of tether at all if you can't redeem it back. The only use of it from my knowledge is to trade against other crypto. That's all.

[Hueristic]

I am really confused and same time leave with too much question about tether. It's like the only way you could get your fiat back is buying btc again and trade it to btc agains't your local fiat. At first I was oddly confused, what's the use of tether at all if you can't redeem it back. The only use of it from my knowledge is to trade against other crypto. That's all.

It can be used as a hedge against bTC price falling without having to use a fiat portal, that and it can be created out of thin air and used to pump. I think those are it's 2 main uses.

[ThunderCatSteve]

I am really confused and same time leave with too much question about tether. It's like the only way you could get your fiat back is buying btc again and trade it to btc agains't your local fiat. At first I was oddly confused, what's the use of tether at all if you can't redeem it back. The only use of it from my knowledge is to trade against other crypto. That's all.

It can be used as a hedge against bTC price falling without having to use a fiat portal, that and it can be created out of thin air and used to pump. I think those are it's 2 main uses.

The difference between USDT and USD are very huge but the fact that when USDT was created is was to have an equivalent value to the US dollars, so we know that the US dollars doesn't have the same value and we can see the historical graph of the value of US dollars and any other nation currency but the good thing is that USDT is helping people to trade more easily and more confidently with they own money but avoiding any potential loss when the price of Cryptocurrencies drops a lot. 2 Billion is a lot and I think they have to prove it?

[bamita125]

I did not propose as a comparison to BTC, but rather as % of total crypto market cap. BTC has been decreasing, relatively, now only 40% of total. I only posted the numbers so that in the future my calculations can be verified.

[Hueristic]

I am really confused and same time leave with too much question about tether. It's like the only way you could get your fiat back is buying btc again and trade it to btc agains't your local fiat. At first I was oddly confused, what's the use of tether at all if you can't redeem it back. The only use of it from my knowledge is to trade against other crypto. That's all.

It can be used as a hedge against bTC price falling without having to use a fiat portal, that and it can be created out of thin air and used to pump. I think those are it's 2 main uses.

The difference between USDT and USD are very huge but the fact that when USDT was created is was to have an equivalent value to the US dollars, so we know that the US dollars doesn't have the same value and we can see the historical graph of the value of US dollars and any other nation currency but the good thing is that USDT is helping people to trade more easily and more confidently with they own money but avoiding any potential loss when the price of Cryptocurrencies drops a lot. 2 Billion is a lot and I think they have to prove it?

Are you serious??? Tether can become worthless at any second, maybe you need to do a little research before spouting off nonsense.

[ulhaq]

It's a bit odd.

Since people cannot cash out USDT to USD, every USDT that is bought with USD represents $1 that will never leave the crypto market.

So when buying USDT with USD, no real value is added to the cryptomarket, and yet when USDT would "cease to exist" 2.5 billion USD will be gone from the crypto market. How? Because of the deception in how value is being defined and calculated. If something cannot be traded for $1, then why would it be worth $1?

Is it really the case that USDT cannot be converted to USD? In that case it is established as a scam, regardless of what the other facts may be and whether they are all "backed up". From their website, it was initially described on how to convert USDT to USD. Then there were some issues with their banking relationships in certain countries, and customers from those countries were told that they would not be able to exchange USDT to USD for the time being. But my understanding was that it was still possible for persons in certain countries.

[Hueristic]

Just noticed they created another 130 million. Lol this shit keeps getting funnier the closer it gets to D-day.

Whats going to be even funnier is when all the fools are crying they had no idea it was coming.

https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz

[vochau026]

Can someone explain, how is the Tether foundation supposed to make any money if Tether was really fully backed by USD? I mean, what would the motivation of the founders be knowing the price won't go up at all?

[lalatao72]

The daily volume in bitcoin is only $7 billion. So we could see a precipitous drop in bitcoin prices. Perhaps now is a good time to sell.

[ulhaq]

The daily volume in bitcoin is only $7 billion. So we could see a precipitous drop in bitcoin prices. Perhaps now is a good time to sell.

But the question is, how long to stay out? Reportedly Tether is moving to a jurisdiction where they will be under even less oversight. They will try to keep things under the rug for as long as possible. It's already been more than 6 months since the subpoena was submitted, it could be another 6 months before anything happens.

[ThunderCatSteve]

Just noticed they created another 130 million. Lol this shit keeps getting funnier the closer it gets to D-day.

Whats going to be even funnier is when all the fools are crying they had no idea it was coming.

https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz

I don't have any experience with tether but if they created 130m by that day then they created $310m more in the past few days.
From the coinmarketcap charts there is a high directly increase of market cap in the past 30 days then today there is a huge drop, does this mean they are creating new coins out of nothing?
From the reply you made I said that USDT is being considered like crypto USD but that doesn't mean it is 100% safe.

[Hueristic]

Just noticed they created another 130 million. Lol this shit keeps getting funnier the closer it gets to D-day.

Whats going to be even funnier is when all the fools are crying they had no idea it was coming.

https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz

I don't have any experience with tether but if they created 130m by that day then they created $310m more in the past few days.
From the coinmarketcap charts there is a high directly increase of market cap in the past 30 days then today there is a huge drop, does this mean they are creating new coins out of nothing?
From the reply you made I said that USDT is being considered like crypto USD but that doesn't mean it is 100% safe.

Tether is supposed to be a placeholder for Backed USD, IOW it is supposed to just be a means to trade v/s USD without using portals but in order for that to be true it must be 100% backed and they refuse to be audeted and fired the last place that was supposed to audit them. There is 400 million that was seized in a bank in Poland and it is widely believed to be from Tether which Tether/Bitfinex deny.

Until they open their books and prove they can back all these tokens they create and remove the disclaimer that they are not responsible for redeeming tether tokens (Thats right they have that on their site!!!) then they should be considered as running a fractional reserve on a illiquid asset. If all those tokens start getting sold (think of a bank run) then tether will crash and burn and the Bitfinex crew will cut and run with the fractional reserve, you can bet your last dollar on that.

[calum holding25]

I'm actually worried that almost any day now the crypto Market will crash. Which exchanges actually use USD and not USDt?

[emoji00]

The problem for tether is lack of transparency. We all know Tether is completely centralized, and Bitfinex said it's backed by the real USD value but we didn't know how the way it's exactly works. I love to hear more about the scheme of it. But personally, I'm will stay away from Tether.

[Hueristic]

The problem for tether is lack of transparency. We all know Tether is completely centralized, and Bitfinex said it's backed by the real USD value but we didn't know how the way it's exactly works. I love to hear more about the scheme of it. But personally, I'm will stay away from Tether.

The problem for tether is lack of transparency. We all know Tether is completely centralized, and Bitfinex said it's backed by the real USD value but we didn't know how the way it's exactly works. I love to hear more about the scheme of it. But personally, I'm will stay away from Tether.

WTF is this, bot?

[yahata142]

Already a lot of people are trying to conduct this external audit. It's pretty simple. You just need to transfer your Teather (USDT) back to the crypto currency. And then it will be clear if they have enough tokens for repurchase.

[ulhaq]

Already a lot of people are trying to conduct this external audit. It's pretty simple. You just need to transfer your Teather (USDT) back to the crypto currency. And then it will be clear if they have enough tokens for repurchase.

No, the way to test it is to convert tether (USDT) to fiat (USD), but even if they give out a small amount of USD does not mean that they have all the reserves, but it would give an indication at least. I am surprised no one on here has commented whether it is possible to do it.

[frerejaak]

It still amazes me how people could indeed fall for tether and store their money there when the markets go down. Do they not realise it can be shut down instantly, leaving their investments by all means worthless? If you want to store your money, use litecoin, bitcoin, vechain, project you know are going to be around for the next 10 years at least... hell even gold is a billion times better than having a fake currency illegally backed to federal currency.

[selinairis]

I myself had used once USDT Tether in order to keep safe and save my crypto assets from dropping it's market value especially this year that Bitcoin dropped drastically and every altcoin's are dropping together.