Tether: not even a scam

[ulhaq]

Another $250 million in tether issued. I cannot believe that it is legit, typically people do not enter the crypto market when the price is falling so much.

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[NeonXL]

Another $250 million in tether issued. I cannot believe that it is legit, typically people do not enter the crypto market when the price is falling so much.

I`m confident that Tether will pump BTC on Bitfinex. Another $250 million? Heh, another $1 billion soon... New to the moon soon? Like 2017 winter maybe? I think it`s real now

[ulhaq]

https://www.coindesk.com/tether-review-claims-crypto-asset-fully-backed-theres-catch/

Tether claiming that an audit is not possible but that a law firm to look at the bank's balances is the next best thing. "The crypto market is too new..." These are just excuses. There is no reason an audit cannot be done. If all that was verified was the banks balance on a particular date, it is very possible that the company's cash is mixed in? Which means that the company basically has no cash, everything is in the form of USDT?

It's also been announced that the chief strategy officer is leaving.

[soixantedix]

the most recent “audit” was provided by a law firm, with ties to the holdings of Tether through Noble bank, with ties to Mt. Gox class action lawsuit through Sunlot and are all connected to Brock Pierce, the founder of RealCoin, now known as Tether Limited. Furthermore, the audit wasn’t an actual audit, as the lawyers hired by Tether limited confirmed that this was not in fact, an actual financial audit. This just all seems very incestuous and crazy to me. https://whalereports.com/an-audit-untethered/

[bristlefront]

Tether is a good crypto since it is not volatile it is good place to hide your assets here because the value is same as a dollar. This could avoid large amount of tax if you convert those dollars into Tether.

[gembitz]

Another $250 million in tether issued. I cannot believe that it is legit, typically people do not enter the crypto market when the price is falling so much.

imma make my own tether omni token and then lambos will fall from the blue skyzzz*=) weeee

[soikot0012]

tether and bitfinex is going to go down in flames and bitcoin will cross again underneath 1k. Its the same tale as with mt gox. this can no longer be happy ending its going to damage the rate of cryptos.

[Cult]

For me Tether seems like they are trying to create some kind of self-fulfilling prophecy, when they first issue USDT, bulk buy crypto and they dump it gradually conveting into real cash. If it turns out they don't really have that money, that is going to be a real shock for the whole market which will be extremely difficult to  fully recover from.

[amirsambudi]

I see the price of tether is very stable, there is no significant increase and decrease, is this good? actually i do not know enough information about tehter

[huyentrang08000]

Not so good news, Tether Confirms Its Relationship With Auditor Has 'Dissolved'.
Tether, the issuer of the dollar-pegged cryptocurrency USDT, said its relationship with audit firm Friedman LLP has ended.

[Hueristic]

Tether is a good crypto since it is not volatile it is good place to hide your assets here because the value is same as a dollar. This could avoid large amount of tax if you convert those dollars into Tether.

How good is it going to be when it's banking accounts get seized again? Doing an aufit, even a fake one, exposes it's banls.

tether and bitfinex is going to go down in flames and bitcoin will cross again underneath 1k. Its the same tale as with mt gox. this can no longer be happy ending its going to damage the rate of cryptos.

they know not the fire they play with.

[ulhaq]

the most recent “audit” was provided by a law firm, with ties to the holdings of Tether through Noble bank, with ties to Mt. Gox class action lawsuit through Sunlot and are all connected to Brock Pierce, the founder of RealCoin, now known as Tether Limited. Furthermore, the audit wasn’t an actual audit, as the lawyers hired by Tether limited confirmed that this was not in fact, an actual financial audit. This just all seems very incestuous and crazy to me. https://whalereports.com/an-audit-untethered/

Great article. A key point from it, among many:

Step 4 and 5 look interesting to me, as does their system of solvency. The main process of their Proof of Solvency work is ONLY maintained if tokens are generated into circulation AND destroyed once taken out of circulation. Steps 4 and 5 outline the process by which they are destroyed. Unfortunately, there is only one record of Tether Limited destroying tethers. In addition, there are not any records of users depositing Tether for redemption into FIAT currency. I looked around and could only find one entry on their wallet through Omni which states an amount of 30,000,000 USDT was “revoked” and destroyed (this was not engaged by any regular user).

For me Tether seems like they are trying to create some kind of self-fulfilling prophecy, when they first issue USDT, bulk buy crypto and they dump it gradually conveting into real cash. If it turns out they don't really have that money, that is going to be a real shock for the whole market which will be extremely difficult to  fully recover from.

That seems to be the scheme, but what is the logic? Do they just want to get their hands on bitcoin by using fake tethers to buy it, thus pawning those tether on other ppl, so that when it eventually collapses Tether the company will own a lot of bitcoin and the public will own a lot of worthless tether?

Or is the idea that they expect BTC to go up, so that they will sell the BTC at a higher price than they bought it, then re-buy tether, assuming that the demand for USDT will keep increasing indefinitely?

[ulhaq]

tether and bitfinex is going to go down in flames and bitcoin will cross again underneath 1k. Its the same tale as with mt gox. this can no longer be happy ending its going to damage the rate of cryptos.

1k? I have not seen such a low prediction in a long time. But I think it is advisable to stay out of crypto until either this blows up, or (a long time down the road), tether's importance in the market is supplanted by other alternatives.

[ulhaq]

Evidence of market manipulation on Kraken using Tether:
https://www.bloomberg.com/graphics/2018-tether-kraken-trades/

If Kraken is not involved (is there a relationship between bitfinex and kraken?), then it means that the manipulation is on both the buy and sell sides, presumably someone/a group is buying and selling to themselves.

[Hueristic]

Evidence of market manipulation on Kraken using Tether:
https://www.bloomberg.com/graphics/2018-tether-kraken-trades/

If Kraken is not involved (is there a relationship between bitfinex and kraken?), then it means that the manipulation is on both the buy and sell sides, presumably someone/a group is buying and selling to themselves.

Hahaha, this is bullshit

Such mysteries are probably keeping big investors out of cryptocurrencies, he added. “Institutional investors, before they commit their capital, want to see the market is fair.”

The truth is they only invest in rigged markets that they are in on the rigging.

[ronni01]

It's just spontaneous, people will not behave like this because it's just the trick of a person who wants to be a swindler without any prospect!

[doycku]

Evidence of market manipulation on Kraken using Tether:
https://www.bloomberg.com/graphics/2018-tether-kraken-trades/

If Kraken is not involved (is there a relationship between bitfinex and kraken?), then it means that the manipulation is on both the buy and sell sides, presumably someone/a group is buying and selling to themselves.

Hahaha, this is bullshit

Such mysteries are probably keeping big investors out of cryptocurrencies, he added. “Institutional investors, before they commit their capital, want to see the market is fair.”

The truth is they only invest in rigged markets that they are in on the rigging.

Judging by everything that has already been said about tether, do not you trust USDT? And I generally planned to globally use this coin as the equivalent of a dollar in the crypto currency, so as not to worry about market fluctuations.

[seregeiImaneal]

In my opinion(not in my only, anyway) tether is the greatest manipulation of Bitcoin's price in the whole crypto history. And big crypto exchanges are responsible for that. Also, they emmit sometimes a huge amount of tether, and I don't think that it is just because someone is trying to buy BTC for dollar

[Hueristic]

Evidence of market manipulation on Kraken using Tether:
https://www.bloomberg.com/graphics/2018-tether-kraken-trades/

If Kraken is not involved (is there a relationship between bitfinex and kraken?), then it means that the manipulation is on both the buy and sell sides, presumably someone/a group is buying and selling to themselves.

Hahaha, this is bullshit

Such mysteries are probably keeping big investors out of cryptocurrencies, he added. “Institutional investors, before they commit their capital, want to see the market is fair.”

The truth is they only invest in rigged markets that they are in on the rigging.

Judging by everything that has already been said about tether, do not you trust USDT? And I generally planned to globally use this coin as the equivalent of a dollar in the crypto currency, so as not to worry about market fluctuations.

I have no clue what you mean? Everything that has been said about it should make me take the position of trust in a token that specifically states it will not be held liable to redeem at face value.

WTF are you talking about?

[ps]

Not at all. The original idea of Tether was great, a cryptocurrency that is ‘backed’ by the dollar. Investors loved Tether as it was a safe haven for storing profits. I often used Tether to protect my gains from the markets correcting. To understand entirely why Tether (USDT) will cause the markets to crash let’s first look at what Tether is.