20,000,000 tether tokens were created today

[European Central Bank]

20 million yesterday, and 10 million the previous two days before as well. that's nearly half of all existing tethers.

http://omniexplorer.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

https://wallet.tether.to/transparency

what the hell is going on? where is this money coming from considering their banking is still screwed? is it a taiwan only thing?

have bitfinex/ifinex given up on pretending it's pegged to anything and are just cranking them out?

it's about time this was clarified properly before it does the markets some serious damage.

[sp_skeptic]

But..but..but...

All tethers are backed 100% by actual assets in our reserve account - from tether.to/transparency

What could go wrong?

Maybe this?

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. - from tether.to/legal

[stereotype]

20 million yesterday, and 10 million the previous two days before as well. that's nearly half of all existing tethers.

http://omniexplorer.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

https://wallet.tether.to/transparency

what the hell is going on? where is this money coming from considering their banking is still screwed? is it a taiwan only thing?

have bitfinex/ifinex given up on pretending it's pegged to anything and are just cranking them out?

it's about time this was clarified properly before it does the markets some serious damage.

Dont really see an/your issue. Finex are solvent, trusted, and innovative, and offering a chance for well-backed individuals (or Finex themselves) to park their fiat. Thats what has happened.
Whats the potential 'serious damage' for the markets?

[MisO69]

But..but..but...

All tethers are backed 100% by actual assets in our reserve account - from tether.to/transparency

What could go wrong?

Maybe this?

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. - from tether.to/legal

Scary. I would not agree to this, thanks for pointing it out. I went to their website and verified that this is in their contract.

[Guido]

looks dodgy as fuck
wouldn't touch with a bargepole
plus marketcap lol 113 million, mooning
with this news gonna crash hard

[maku]

Tether was always sketchy, they are totally transparent yet they don't guarantee anything.
Earlier this year after problems with Bitfinex started 1 tether was traded for 93% of USD value.
If they can create token just like that and won't offer any additional guarantees this crypto is doomed to fail.

[European Central Bank]

If they can create token just like that and won't offer any additional guarantees this crypto is doomed to fail.

the problem is that not enough people treat it like just another crypto. they think there are dollars in there somewhere. it's increasingly hard to tell if there are.

[mindrust]

Tether is just following Ripple.

They saw that printing coins out of thin air is profitable as fuck so they joined the party. Infinite supply, infinite money. Always mooning and there is no going back. (unless it does  )

Companies like this one which has nothing to do with P2P and they do have an actual residing address. They are in huge danger and they also possess danger to all real crypto currencies. If people start to lose their life savings because of those ongoing scams, governments may take action in order to protect the people from those scammers. They'll just send the creators to jail for printing counterfeit money and everything will be happening in a flash.

The amount of people who'll get burned will be massive. (take a look at ripple + tether's market cap).

Because of this massive bubble, bitcoin and any other real cypto currency will also take a loss. Many clueless people will see bitcoin as scam like ripple, they'll dump it to the ground and they'll realize their mistake and we'll get back to where we are now. Maybe 1 or even 2 years will be lost again.

Don't invest in centralized scams, don't do business with them.

[singularityisnear]

I was thinking of buying some holdings, but then I wondered how much it can be sustainable in the long run. History has shown that having a fixed price for things, for an extended period of time, it's usually a bad idea.

[Guido]

lot of dodgy signs recently

https://twitter.com/bitcoinkiosk_/status/859030343982219264

apple remove tether app with no explanation

shapeshift remove tether, usually means a coin is dodgy or very suspicious activity
https://twitter.com/stoptether/status/867731813128691714

weirdest of all

the price is same and almost no discussion or outrage on here or twitter

[Quickseller]

I don't know that this is in fact what happened, but I have a theory --

Bitfinex deals in both USD and USDT, and both are treated the same.

Both Bitfinex and tether are having banking problems currently, and it is my understanding that Bitfinex cannot accept non-USDT deposits and is only able to process USD withdrawals for a customers that meet a specific profile. I assume that tether is also unable to accept USD deposits and I am unsure of the status of their ability to process USD withdrawals.

USDT is currently trading at roughly 1.025 USD per USDT, so even if a bitfinex customer had the ability to receive a USD withdrawal from Bitfinex, it would make sense for them to decline to do so, and would likely rather receive their withdrawal in USDT and sell the USDT on kraken for ~102.5% of their USD balance on bitfinex, then withdraw that USD from kraken. In order to do this, bitfinex would likely need to move USD from their bitfinex bank account to their tether bank account in order to create the USDT necessary to process the USDT withdrawals.