Tether: not even a scam

[faaznuw]

There is no proof that Teather (USDT) is a trick or not a trick. Also, there will be no such confirmation until the point that individuals lead an outside review of this venture. As of now many individuals are attempting to direct this outer review. It's really straightforward. You simply need to exchange your Teather (USDT) back to the cryptographic money. And after that it will be clear on the off chance that they have enough tokens for repurchase. That's it in a nutshell.

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[elenora]

On 3rd August, Zebpay, India’s leading cryptocurrency exchange tweeted the launch of its new coin TrueUSD [TUSD] which can now be deposited on the Zebpay wallet that is available for both iOS and Android users.

Just only to stay safe Zebpay did this and also claims TrueUSD [TUSD] will prove to be a valuable asset to unstable price jumps.

The key feature of the coin according to Zebpay, will be being able to send/withdraw TUSD from Zebpay to any wallet without any network transfer fees.

Currently, the TUSD withdrawals will be available on the platform from Monday, 6th August. An update will be provided to users when the trading of TUSD/BTC starts. Users can start trading in 20 cryptocurrencies and 35+ trading pairs on Zebpay exchange.

Through this launch, Zebpay is working at resolving trading limitations in India and serve as a new benchmark to cryptocurrency in India. Zebpay also claims that TUSD tokens are backed by various trust firms that it has partnered with.

[chanler]

Tether is a fine altcoin where you can make it as one of the short investment crypto. I think that the circulating supply in the market is also good. We can see the recent volume in the market is around $2,504,951,609. I don't think that it is a scam. This is a just new altcoin with its still cheap price at $0.999265.

[GreenAnat]

I have a great idea for a business. I'll invite people to send me money. For every dollar they send me, I'll send them a receipt saying "Thanks for sending me your dollar. You can have your dollar back whenever you like subject to the following condition: you don't really have any right to have it back. And I promise I'll put it in my bank account and keep it there until I decide not to anymore." And people could use my thank-you notes as money!

Would this be a scam? No it wouldn't. A scam is, by definition, a deception; a scheme based on dishonesty and fraud, and I'm being completely candid about my intentions.

From the Tether FAQ:

How do I know my Tether is secure?

Tether is built on top of the revolutionary and cryptographically secure open blockchain technology and adheres to strict security and global government laws and regulations.

All tethers are pegged at one-to-one with matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by actual assets in our reserve account. As a fully transparent company, we publish a real-time record of all value held and transferred in and out of our reserve account.

Tethers can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying asset) pursuant to Tether Limited’s terms of service.

And here are the terms of service as they relate to the redeemability of Tethers:

3. Purchase and Redemption of Tethers: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.

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.

So Tethers are redeemable subject to the condition that they're not. No deception here. There is a fully transparent company for you.

Also from the terms of service:

Limitation of Liability & Release: Important: Except as may be provided for in these Terms of Service, we assume no liability or responsibility for and shall have no liability or responsibility for any claim, application, loss, injury, delay, accident, cost, business interruption costs, or any other expenses (including, without limitation, attorneys’ fees or the costs of any claim or suit), nor for any incidental, direct, indirect, general, special, punitive, exemplary, or consequential damages, loss of goodwill or business profits, work stoppage, data loss, computer failure or malfunction, or any and all other commercial losses (collectively, referred to herein as “Losses”) directly or indirectly arising out of or related to:
   1.   these Terms of Service;
   2.   the Site, and your use of it;
   3.   the Services, and your use of any of them;
   4.   the real or perceived value of any Tethers or of digital tokens, money, or any other property used to purchase Tethers;
   5.   any failure, delay, malfunction, interruption, or decision by us in operating the Site or providing any Service;
   6.   any stolen, lost, or unauthorized use of your account information any breach of security or data breach related to your account information; or
   7.   any offer, representation, suggestion, statement, or claim made about us, the Site, or any Service by any Associate.
You hereby agree to release the Associates from liability for any and all Losses, and you shall indemnify and save and hold the Associates harmless from and against all Losses. The foregoing limitations of liability shall apply whether the alleged liability or Losses are based on contract, negligence, tort, unjust enrichment, strict liability, or any other basis, even if the Associates have been advised of or should have known of the possibility of such losses and damages, and without regard to the success or effectiveness of any other remedies.

This is obviously very well thought out! According to #4, if you "perceive" that Tethers are worth something, and they aren't, you have no recourse.  Under #5, whatever it is that Tether does, if they suddenly stop doing it, you have no recourse. And under #7, if someone from Tether told you that Tethers are worth something, and they aren't -- no recourse. Unjust enrichment? No recourse!

If Tether management decides to close up shop tomorrow and leave with the all the money, it wouldn't violate the terms of service. It's all there in black and white - no deception there!

Could the fact that Tethers are trading somewhere close to par have anything to do with the fact that some people "perceive" (see 11.4 above) that Tethers have an intrinsic value or are redeemable? Could it have anything to do with the possibility that some people "perceive" that Tether's reserves are committed to redeeming Tethers or supporting the value of Tethers? If anyone "perceives" that, it's their own fault, not Tether's!

Here's my idea again. I'll invite people to send me money. For every dollar they send me, I'll send them a receipt saying "Thanks for sending me your dollar. You can have your dollar back whenever you like subject to the following condition: you don't really have any right to have it back. And I promise I'll put it in my bank account and keep it there until I decide not to anymore." And people could use my thank-you notes as money!

Maybe not. Nobody would do that. It would be stupid.

Oh yeah, you're absolutely right. It's a bubble on a dollar bubble. I don't advise anyone to keep money in USDT. Because sooner or later it will burst.

[frerejaak]

I have a great idea for a business. I'll invite people to send me money. For every dollar they send me, I'll send them a receipt saying "Thanks for sending me your dollar. You can have your dollar back whenever you like subject to the following condition: you don't really have any right to have it back. And I promise I'll put it in my bank account and keep it there until I decide not to anymore." And people could use my thank-you notes as money!

Would this be a scam? No it wouldn't. A scam is, by definition, a deception; a scheme based on dishonesty and fraud, and I'm being completely candid about my intentions.

From the Tether FAQ:

How do I know my Tether is secure?

Tether is built on top of the revolutionary and cryptographically secure open blockchain technology and adheres to strict security and global government laws and regulations.

All tethers are pegged at one-to-one with matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by actual assets in our reserve account. As a fully transparent company, we publish a real-time record of all value held and transferred in and out of our reserve account.

Tethers can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying asset) pursuant to Tether Limited’s terms of service.

And here are the terms of service as they relate to the redeemability of Tethers:

3. Purchase and Redemption of Tethers: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.

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.

So Tethers are redeemable subject to the condition that they're not. No deception here. There is a fully transparent company for you.

Also from the terms of service:

Limitation of Liability & Release: Important: Except as may be provided for in these Terms of Service, we assume no liability or responsibility for and shall have no liability or responsibility for any claim, application, loss, injury, delay, accident, cost, business interruption costs, or any other expenses (including, without limitation, attorneys’ fees or the costs of any claim or suit), nor for any incidental, direct, indirect, general, special, punitive, exemplary, or consequential damages, loss of goodwill or business profits, work stoppage, data loss, computer failure or malfunction, or any and all other commercial losses (collectively, referred to herein as “Losses”) directly or indirectly arising out of or related to:
   1.   these Terms of Service;
   2.   the Site, and your use of it;
   3.   the Services, and your use of any of them;
   4.   the real or perceived value of any Tethers or of digital tokens, money, or any other property used to purchase Tethers;
   5.   any failure, delay, malfunction, interruption, or decision by us in operating the Site or providing any Service;
   6.   any stolen, lost, or unauthorized use of your account information any breach of security or data breach related to your account information; or
   7.   any offer, representation, suggestion, statement, or claim made about us, the Site, or any Service by any Associate.
You hereby agree to release the Associates from liability for any and all Losses, and you shall indemnify and save and hold the Associates harmless from and against all Losses. The foregoing limitations of liability shall apply whether the alleged liability or Losses are based on contract, negligence, tort, unjust enrichment, strict liability, or any other basis, even if the Associates have been advised of or should have known of the possibility of such losses and damages, and without regard to the success or effectiveness of any other remedies.

This is obviously very well thought out! According to #4, if you "perceive" that Tethers are worth something, and they aren't, you have no recourse.  Under #5, whatever it is that Tether does, if they suddenly stop doing it, you have no recourse. And under #7, if someone from Tether told you that Tethers are worth something, and they aren't -- no recourse. Unjust enrichment? No recourse!

If Tether management decides to close up shop tomorrow and leave with the all the money, it wouldn't violate the terms of service. It's all there in black and white - no deception there!

Could the fact that Tethers are trading somewhere close to par have anything to do with the fact that some people "perceive" (see 11.4 above) that Tethers have an intrinsic value or are redeemable? Could it have anything to do with the possibility that some people "perceive" that Tether's reserves are committed to redeeming Tethers or supporting the value of Tethers? If anyone "perceives" that, it's their own fault, not Tether's!

Here's my idea again. I'll invite people to send me money. For every dollar they send me, I'll send them a receipt saying "Thanks for sending me your dollar. You can have your dollar back whenever you like subject to the following condition: you don't really have any right to have it back. And I promise I'll put it in my bank account and keep it there until I decide not to anymore." And people could use my thank-you notes as money!

Maybe not. Nobody would do that. It would be stupid.

Oh yeah, you're absolutely right. It's a bubble on a dollar bubble. I don't advise anyone to keep money in USDT. Because sooner or later it will burst.

Burst as in declared illegal and all holders must pay a fine and the managers are thrown in jail. Its not a light crime to use federal currency to back your own project, no matter how good the intention was

[ser54gold]

What they are offering is not reassuring enough. Bitfinex are involved and they have always had a serious lack of transparency. This is no different.

[ulhaq]

I don't seem to understand what the token really entails but I have seen it trading on some major markets and I believe they must have done some research on it before they believe it.

That kind of logic worked really well for Bitconnect owners.

[Hueristic]

I don't seem to understand what the token really entails but I have seen it trading on some major markets and I believe they must have done some research on it before they believe it.

That kind of logic worked really well for Bitconnect owners.

Logic never seems to come into these equations, a fool and his money...

[E_3fff]

but why send them a receipt? it's important what you say when you ask for one dollar. if you just ask without return, there's no problem and people just give it to you. but if you initially promise something in return, but it does not give anything - that's cheating

[Mr.Eddies]

What a nice read, OP. I totally agree with your point about Tether. I bet every one of us has Tether in their bag but hope not a single one naive enough to trust Tether or consider it as an investment.

[dadanpradana]

What a nice read, OP. I totally agree with your point about Tether. I bet every one of us has Tether in their bag but hope not a single one naive enough to trust Tether or consider it as an investment.

if you ask about investment it is better if you invest your money in the Bank or in Gold.
Tether is altcoins and altcoins have values below Bitcoin, so it's better to invest in Bitcoin if you have FIAT.

[frerejaak]

What a nice read, OP. I totally agree with your point about Tether. I bet every one of us has Tether in their bag but hope not a single one naive enough to trust Tether or consider it as an investment.

if you ask about investment it is better if you invest your money in the Bank or in Gold.
Tether is altcoins and altcoins have values below Bitcoin, so it's better to invest in Bitcoin if you have FIAT.

damn i'd love to have an exchange thats also trading gold funds and giant real estate funds. I want to be able to cash out some profits without having to pay taxes on them

[HusmayaTa]

I need to oppose this idea. At first individuals did not surmise that tie was a trick, many individuals got behind the task which is clear in the accomplishment of the coin so far however then they began to diverge, did not do things they said they might want reviewing routinely. Which raised a huge warning with financial specialists. At that point there is the issue that they can't give an obvious response to how their coin functions and if for each tie that is made there is a USD to back it up. Far an excessive number of redflags with this undertaking.

[davey76]

Tether is now listed on LiveCoinStats at: https://www.livecoinstats.com/currencies/USDT/tether
Live prices from all markets and exchanges. Historical charts, news and more! www.livecoinstats.com

[Hueristic]

Tethers Have a Competitor: TrueUSD (TUSD) Promises Audited Fiat Backing

https://cryptovest.com/news/tethers-have-a-competitor-trueusd-tusd-promises-audited-fiat-backing/

The creation of TUSD tokens allegedly happens after they are bought by registered users, and distributed via an Ethereum smart contract. At the moment, the project is open to early-access buyers from funds and large trading entities.

[frerejaak]

Tethers Have a Competitor: TrueUSD (TUSD) Promises Audited Fiat Backing

https://cryptovest.com/news/tethers-have-a-competitor-trueusd-tusd-promises-audited-fiat-backing/

The creation of TUSD tokens allegedly happens after they are bought by registered users, and distributed via an Ethereum smart contract. At the moment, the project is open to early-access buyers from funds and large trading entities.

Dont forget the Winklevoss twins who are close to releasing their own stablecoin on the Gemini Exchange. Its supposed to be regulated and backed by the dollar. Read more about it here:
https://techcrunch.com/2018/09/11/the-winklevoss-stablecoin-is-one-small-step-toward-crypto-acceptance/

[Kofiy]

Tether is not a scam but a stable coin that traders or anyone can use to edge Crypto and reduce the risk of losing hugely if the market suddenly swing, we have many stablecoin like Tether and Tether is fighting hard yo stay afloat among other stable coins.

[Iykecolyno]

Have had to use this to trade against Bitcoin and some altcoins on Binance, was basically using USDT but there was a rumor that there is an impending attack on the coins that scared me to start hedging in TUSD instead

[CoinCodex]

It appears that Tether could be looking for new banking partners to hold the reserves backing its USDT stablecoin.

https://coincodex.com/article/2430/noble-bank-has-lost-bitfinex-and-tether-as-customers-according-to-report/

[clonely]

It has a real Tether team working nicely. But is it reliable? NEVER! It will shock us I am sure.