Tether: not even a scam

[Apekool]

Especially the fact that Tether has been allowed to come into play is remarkable, because now we have:

- An ongoing bullish trend / increase in value
- "Experts" claiming crypto is secure and that the future will be great ("we're all becoming rich")
- The economy is slowing down / not picking up the right pace
- Increased influx of USD to pump the market (through USDT)
- Increased access to the crypto market for the public (through USDT, and crypto exchanges poppin' up like mushrooms)

Now let's take a look at the US housing bubble

- An ongoing bullish trend / increase in value
- "Experts" claiming that house prices are booming and real estate is good business ("we're all becoming rich")
- The economy is slowing down / not picking up the right pace
- Increased influx of USD to pump the market (through increased interest rates)
- Increased access to the market for the public (through subprime mortgages and loans/credit without collateral)

And here's the US derivatives bubble

- An ongoing bullish trend / increase in value
- "Experts" claiming that derivative are the next best thing and the market is safe ("we're all becoming rich")
- The economy is slowing down / not picking up the right pace
- Increased influx of USD to pump the market (too big to fail bailout)
- Increased access to the market for the public (loosening up regulations that allowed all kinds of derivatives, and the introduction of smartphone/browser stock trading applications)

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[Hueristic]

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?

Zuck knows why.

2004

    Zuck: Yeah so if you ever need info about anyone at Harvard
    Zuck: Just ask
    Zuck: I have over 4,000 emails, pictures, addresses, SNS
    [Redacted Friend's Name]: What? How'd you manage that one?
    Zuck: People just submitted it.
    Zuck: I don't know why.
    Zuck: They "trust me"
    Zuck: Dumb fucks

[thepo1m]

I think credit should be given to whom it is due, what Tether did for the space is not small, though the team has to clear up the air about some questions being ask but this is far from scam. I don't know if people observe that since the FUD around Tether started the price of BTC has suffered great dip

[Apekool]

I think credit should be given to whom it is due, what Tether did for the space is not small, though the team has to clear up the air about some questions being ask but this is far from scam. I don't know if people observe that since the FUD around Tether started the price of BTC has suffered great dip

Can you specify then what Tether did for the space? I'm not quiet sure (yet).

[Hueristic]

I think credit should be given to whom it is due, what Tether did for the space is not small, though the team has to clear up the air about some questions being ask but this is far from scam. I don't know if people observe that since the FUD around Tether started the price of BTC has suffered great dip

Shit, crap board timed out and I'm not retyping that whole paragraph that got lost.

Abridged: The onus is on them prove they are not a scam, anyone that just has faith in some cabal fake 100% created token is ignorant as well as moronic.

[Apekool]

One might imagine the devastation of the effect that Tether can possibly bring by just taking a closer look at the BTC trading graphics/charts:

https://www.coingecko.com/en/coins/bitcoin/trading_exchanges#panel

33.3% of the trade will be the mere minimum that will be affected, and does yet not take into account the USD and Bitfinex (which are both tied to USDT in some sort) and the subsequent decline of as well Ethereum:

https://www.coingecko.com/en/coins/ethereum/trading_exchanges#panel

Ethereum will be crippled if USDT fails, because not only is USDT entwined in 24.9% of all Ethereum trades, the effect is complementary to USDT affecting the underlying BTC price as well. ETH/BTC will drastically alter  when a run from tokens>eth>btc>fiat starts. Most ERC20 tokens might lose up most if not all their current value. Actually this drain of value from ERC20 tokens has been going on for some time already, very slowly, and with a subtle price pump now and then for the more "popular" tokens, to keep people believing in those ridiculous projects.

If you are currently investing in crypto and the only way to cash out is through Bitfinex (USD/USDT), it might be wise to reconsider the situation you are in, again. That exchange is the first one where things will start to fall apart if people make a run for their money. Remember how in real life even a small and seemingly insignificant bank could topple entire societies and economies worldwide some years ago? And remember that in crypto there are no rules!

These people that tell others to have good faith and that things are 100% well-organized, without any motivation to pursuit a more adequate answer, they are the same people that thrive in the absence of rules as always, namely idiots (the ones unintentional bringing harm to others) and criminals/mafia (the ones intentionally not caring for others being harmed).

[Goozzi]

Cobinhood Delists Six Tokens Susceptible to Pump and Dump, Limits Tether Pairs.
As some cryptocurrency exchanges are adding new altcoins, tokens and forks all the time, cashing in on massive listing fees from promoters, the need arises to trim the fat ever so often. Now Cobinhood is removing a few, offering a glimpse on how trading venues decide which tokens to cull.

Full article, source: https://news.bitcoin.com/cobinhood-delists-six-tokens-susceptible-to-pump-and-dump-limits-tether-pairs/

[nguyenhoven]

Tether was fine until some exchanges like Kraken hate it. Tether to the moon! I expect a Tether pump soon.

Tether price is tied to USD, that is the point of Tether. So no, it's not going nowhere, surely not to the moon. The idea of Tether is to face the volatility of crypto markets...

[elrugrim]

I see Tether as a scam.
I do not believe their bank statments and so on, devs just started to print it and get cash
It is strictly my opinion, I do not say that it is true.

[BigProfitDEV]

it seems to me now is the time to invest

[CryptoRama]

it seems to me now is the time to invest

What are you talking about? Now is time to get all your money from usd and tether to cryptocurrencyes... Do not buy tether now?? I mean you won't get any profit from it, except if you buy low sell high other cryptocurrencyes with it...

But rather than tether you should get your account on bitstamp and there you have real dollars, no tether...

[Pierre 2]

I always felt bitter when people started talking about how tether is useful. I wish to believe it and use it against bear markets but sadly, it was very weird scheme all from the start. Its better not to use it.

[Hueristic]

it seems to me now is the time to invest

yes it is sure to go up veeryone buy naw before the pump soon.

[Iggor]

When, you think about 2008 and years similar to that one when the ''financial crisis'' was the man of the year and when you think where shit went wrong? Things, like we have in crypto called Tether, cross on my mind. Is it backed up by a dollar or not. If it is, what is the security for that? Who can guarantee that Trump won't put a dollar to sleep with this economic and taxation war with China?

https://cointelegraph.com/news/bitmex-tether-possibly-has-enough-cash-reserves-could-still-be-shut-down

[Hueristic]

https://medium.com/@bitfinexed/the-audio-recordings-bitfinex-doesnt-want-you-to-hear-44d677cf1094

[Numir]

I don't know how it would be even possible to be alive in the long run.
I'm avoiding this one.

[parekoy]

Tether USDT is very useful to me especially on holding or freezing my Crypto Assets.
when the Crypto Market is surging then I choose to hold my altcoins, some coins I sell them off and keep them on USDT.
when the Crypto Market drops then my assets will not be affected because USDT Tether is freezing my assets then I will use it to buy more of my favorite altcoins.
USDT will be my Crypto stash and very useful for day trading.

[parekoy]

I don't know how it would be even possible to be alive in the long run.
I'm avoiding this one.

I usually heard from members in this forum and even my fellow telegram channel members that we don't have to trust USDT because they're not actually backed by USD but I still use it often times and never faced any issues until today.
USDT helped me preserving my Crypto Assets using USDT and I even made them grow because USDT is fixed asset, whether the crypto market drops or pumps.

[dangful]

I really don't believe USDT Tether is a scam because it's use had saved thousands of Crypto investors from losing their Crypto Assets and investments.
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.

[ayocycled]

You have to give it to the dev for thinking the concept through.

Like the original message of the thread implies: even if the terms sound ridiculous, it cant be labelled a scam if all the terms are stated clearly and abided by