herecomesjohnny (OP)
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Activity: 156
Merit: 13
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January 31, 2018, 10:45:29 PM |
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Another worrying news for the crypto industry are revealed :
U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether!
Tether has yet to verify that it holds $2.3 billion in reserve!
My question is - What if it turns out they do not have 2.3 billion, but maybe a lower amount of e.g. 1.6 billion?
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Bardman
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January 31, 2018, 10:52:32 PM |
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No one really knows what's going on but they better have the USD to back it up. It's really just their word right now, ''Yeah we do have the money'' but do they? Right now it's just risky to hold USDT, if you want to hold USD just hold USD on bitstamp or similar exchanges where they actually use USD. If they ever come up with an audit and prove they have the money then sure, why not.
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blockchainmarketus
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January 31, 2018, 11:02:02 PM |
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Another worrying news for the crypto industry are revealed :
U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether!
Tether has yet to verify that it holds $2.3 billion in reserve!
My question is - What if it turns out they do not have 2.3 billion, but maybe a lower amount of e.g. 1.6 billion?
it will impact only to bitfinex not to all exchangers. Why? There are exchangers that not use Tether. They Use USD not USDT. Only Bitfinex. Hitbtc use USD not tether. So don't worry about that. move to other exchangers. |
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Bardman
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January 31, 2018, 11:22:32 PM |
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Another worrying news for the crypto industry are revealed :
U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether!
Tether has yet to verify that it holds $2.3 billion in reserve!
My question is - What if it turns out they do not have 2.3 billion, but maybe a lower amount of e.g. 1.6 billion?
it will impact only to bitfinex not to all exchangers. Why? There are exchangers that not use Tether. They Use USD not USDT. Only Bitfinex. Hitbtc use USD not tether. So don't worry about that. move to other exchangers. Why would you say such a stupid thing? Also plain wrong. Binance, poloniex, bittrex, huobi and Hitbtc uses USDT too. https://hitbtc.com/BTC-to-USD It says it right there, on their exchange. ''Bitcoin to USDT Exchange'' |
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Holla123
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January 31, 2018, 11:26:21 PM |
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Still it could possibly be a huge blow under our chest. Bitconnect, now Tether if something goes wrong there we will start to make a pattern. Scams, pump and dump groups, gangster transfers. We need real results and more genious working platforms!
well Bitconnect it was obvious it would happen at some stage. If there is a problem with Tether it would deal a blow to the market but at this stage the FUD related to that is nearing its end already. First indication market will move again is BTC EHT and NEO in the green. |
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shinratensei_
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Activity: 3094
Merit: 1024
Leading Crypto Sports Betting & Casino Platform
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January 31, 2018, 11:28:50 PM |
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Another worrying news for the crypto industry are revealed :
U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether!
Tether has yet to verify that it holds $2.3 billion in reserve!
DO NOT POST SESC LINKS
My question is - What if it turns out they do not have 2.3 billion, but maybe a lower amount of e.g. 1.6 billion?
It was right if the tether value will go down as fast as possible because they are lying with us. They don't have any reserve funds. As far as I know, the developer and other people said that the reserve funds alreayd backed tether to reach a stable value. But look at the fact about the developer always try to generate more and more tether and send them all to the market. |
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bongiu
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January 31, 2018, 11:29:11 PM |
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I don't understand what's to worry about this? I mean, duh, Tether is a great way to not have your money deprecated by behavior of altcoins. Anyway, It's kind of obvious that there is such amount in Tether due to the reason aforementioned
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Tstar
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Activity: 1176
Merit: 1005
Decentralized Asset Management Platform
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January 31, 2018, 11:31:05 PM |
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Another worrying news for the crypto industry are revealed :
U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether!
Tether has yet to verify that it holds $2.3 billion in reserve!
My question is - What if it turns out they do not have 2.3 billion, but maybe a lower amount of e.g. 1.6 billion?
This will ruin Tether. And it will be bad for the whole industry. But they are obligated to prove the 2.3B reserve, because they are claiming that USDT is backed 1-to-1 with USD. |
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InvoKing
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Merit: 1065
✋(▀Ĺ̯ ▀-͠ )
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January 31, 2018, 11:38:11 PM |
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Another worrying news for the crypto industry are revealed :
U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether!
Tether has yet to verify that it holds $2.3 billion in reserve!
My question is - What if it turns out they do not have 2.3 billion, but maybe a lower amount of e.g. 1.6 billion?
This will ruin Tether. And it will be bad for the whole industry. But they are obligated to prove the 2.3B reserve, because they are claiming that USDT is backed 1-to-1 with USD. Why should they keep their words? They can change the rules to USDT backed by 1-to-0.5 USD, can't they do it in the feature in case of crisis or major hack? I am a little bit worried about these kinds of crypto, it remember me with USD-gold. |
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Press Section Police Department!
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The One Who Knocks
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January 31, 2018, 11:41:13 PM |
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My guess is that they will find out that they don't hold that huge amount in reserve. The minute that news spreads out it the market will crash for a few days, perhaps weeks? Really hoping that it manages to recover ...
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penig
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Activity: 266
Merit: 13
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January 31, 2018, 11:41:52 PM |
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Another worrying news for the crypto industry are revealed :
U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether!
Tether has yet to verify that it holds $2.3 billion in reserve!
My question is - What if it turns out they do not have 2.3 billion, but maybe a lower amount of e.g. 1.6 billion?
Means they have $1.6billion more than any other coin. |
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Bardman
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January 31, 2018, 11:54:09 PM |
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I don't understand what's to worry about this? I mean, duh, Tether is a great way to not have your money deprecated by behavior of altcoins. Anyway, It's kind of obvious that there is such amount in Tether due to the reason aforementioned
Because tether is supposed to be a 1:1 to real USD and it might not be. Even if everything is legit, eventually it's going to get shutdown by the US government. You really can't do what they are doing. It is basically trying to bypass regulations. Anyways, personally I think it is a scam and it definitely looks like on. |
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N0One
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Activity: 48
Merit: 4
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February 01, 2018, 12:05:23 AM |
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I have been using considering using tether as a place to park my money between corrections. This definitely is a serious concern. Has anyone found any alternate solution. Bitcoin has been doing some big swings and isn't the answer I'm looking for.
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daplun
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February 01, 2018, 12:09:08 AM |
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I just heard the news, answering your question of course it will harm Bitfinex enthusiasts and affect the price of tokens in Bitfinex and if from bitfinex management can not meet the US regulator of course bitfinex will experience a bad thing that is:
1. do not gain public trust Crypto users
2. there is the possibility of asset closing by the US government
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Moondoggie
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February 01, 2018, 12:10:00 AM |
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Market could have already began to forget about it.
Slow green today for btc.
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HashFace
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February 01, 2018, 12:42:24 AM |
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To answer the OP's question, if Tether is not backed dollar for dollar, then it is worth less than a dollar. That's the whole idea of Tether. And it is found they are not backed, then I think that is the end of Tether. They would have proven that they can not be trusted ... IMO, they are already past that point, anyway. Given the "trust" involved in that project, they should be open and transparent about their reserves ... the fact that it may take a court order to get a glimpse inside their accounts is troubling, regardless of the results.
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