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CryptoSystemITA (OP)
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Merit: 16
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February 16, 2018, 01:32:55 PM
Last edit: February 17, 2018, 08:29:25 AM by CryptoSystemITA |
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It is some concerning news, especially this point Fact #1. Tether is the only “cryptocurrency” with trading volume that regularly exceeds that of its market cap.
Some things to ask, isn't not binance and bitfinex more aware of this, would they back a coin that is a weak link in their system?
I don't know why, maybe is it only greed? They're definitely stalling for time, but the following point is sure: So, this Tether story isn’t just FUD (“Fear Uncertainty and Doubt.” There are real reasons to be concerned. |
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flippener
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February 16, 2018, 09:44:44 PM |
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I think it could be the beginning of the end for Bitfinex.
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w5pn73
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February 16, 2018, 10:01:17 PM |
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I think it could be the beginning of the end for Bitfinex.
It's like the next big crypto drama that is about to happen, it's just a matter of time for tether. |
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BTRIC
Copper Member
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BTRIC: Innovate. Institute. Labs.
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February 16, 2018, 10:04:39 PM |
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I think stablecoins, such as what Tether claims to be, are potentially very useful as a "flight to safety" during volatile trading (though I would argue that being pegged to a fiat currency isn't exactly "safety"). However, though I haven't looked closely into the situation with Tether, I have read a few different analyses that do potentially raise concerns. I believe that one of the most important factors that a stablecoin can offer is full and complete transparency of its reserve holdings. Regular audits are essential to maintaining the level of confidence and trust that one seeks from a resilient store of value, in particular, one that is supposedly backed 100% by assets. Any opaqueness always raises suspicion, but in the case of a crypto asset that is marketed based on a 100% asset backing, it becomes even more concerning. Best regards, Ben |
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avikz
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February 16, 2018, 10:40:17 PM |
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The crypto community is coming across such news about tether since last few weeks now. Why don't you think the other way around? Even though I have never invested money in tether, but the main concern here is the proof of reserve. Tether developers are not transparent enough to declare their reserve proof as per their claim. But still tether is being used as a liquidity to many traders in exchanges which are strictly crypto focused.
But what about real world? Do you think the main liquidity of Cryptocurrency comes from the tether? Wrong! It is just used as an instrument which is used in few exchanges as a dollar value equivalent. However, the main liquidity of Cryptocurrency comes from fiat only. So from where I see, tether won't be able to do much harm to the market in the long run.
If we suddenly found out that the claim of tether developers are false, it would definitely cause some big exchanges to fall out of the crypto scene, the market will take a big hit temporarily. But then what? Apart from tether, no other Cryptocurrency is backed up by any real world asset, does this causing the market to crash? No!
So instead of finding out whether the claim is false or not, concentrate on your trading practices. Creating FUD about tether can be a part of a big game to bring down the market. Since you can believe in bitcoin or eth even without being backed up by a physical asset, you can also believe on tether. That's a layman's point of view because I have never used it. I strongly believe, tether can't do a big harm to the market in long run. Temporary effect will be there and that's all.
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CryptoSystemITA (OP)
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February 17, 2018, 08:11:17 AM
Last edit: February 17, 2018, 08:23:24 AM by CryptoSystemITA |
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The crypto community is coming across such news about tether since last few weeks now. Why don't you think the other way around? Even though I have never invested money in tether, but the main concern here is the proof of reserve. Tether developers are not transparent enough to declare their reserve proof as per their claim. But still tether is being used as a liquidity to many traders in exchanges which are strictly crypto focused.
But what about real world? Do you think the main liquidity of Cryptocurrency comes from the tether? Wrong! It is just used as an instrument which is used in few exchanges as a dollar value equivalent. However, the main liquidity of Cryptocurrency comes from fiat only. So from where I see, tether won't be able to do much harm to the market in the long run.
If we suddenly found out that the claim of tether developers are false, it would definitely cause some big exchanges to fall out of the crypto scene, the market will take a big hit temporarily. But then what? Apart from tether, no other Cryptocurrency is backed up by any real world asset, does this causing the market to crash? No!
So instead of finding out whether the claim is false or not, concentrate on your trading practices. Creating FUD about tether can be a part of a big game to bring down the market. Since you can believe in bitcoin or eth even without being backed up by a physical asset, you can also believe on tether. That's a layman's point of view because I have never used it. I strongly believe, tether can't do a big harm to the market in long run. Temporary effect will be there and that's all.
A big market crash is a good opportunity to buy and not the end of the crypto. I hope it comes soon because i wanna buy cheap lol Even if Tether causes a temporary panic, in the grand scheme of things, it is not a lasting threat.
Cryptocurrencies and blockchains will revolutionize everything from finance to the legal industry to society itself.
Don’t lose sight of this long-term picture. Take advantage of these crashes as a buying opportunity.The very threat imo will be the quantum computing!!! |
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CryptoSystemITA (OP)
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February 19, 2018, 06:40:25 AM |
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Yeah but USDT is low cap overall, and the fact that more people change hands with usdt then its cap, it only means used for transferring from wallet to wallet, or exchange to exchange when making sound decisions. Until recently, i stored crypto in usdt, but now i moved to kraken usd and feels like the same thing
Doesn't matter the market cap of Tether but these critical facts:
Fact #1. Tether is the only “cryptocurrency” with trading volume that regularly exceeds that of its market cap.
Fact #2. This means the entire Tether supply changes hands regularly, sometimes more than once a day. In economics, we call this the “velocity of money.”
Fact #3. This is important to know because it tells us that Tether is used for trading A LOT. It’s one of the main sources of liquidity in the cryptomarkets.
Fact #4. Liquidity is the lifeblood of a market. It’s what makes prices stable and seamless trading possible.
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hadveach
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February 19, 2018, 06:59:12 AM |
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yes, I know about that information, tether already has a lot of problems, tether USDT has a lot of scandal and also a hidden mystery.
when it began to arrive in 2015, tether has been widely used to replace the USD in trading crypto activities on some exchanges, especially Bitfinex.
the general problem of tether is about the reserve fund that can never be proven, then also the same person behind Bitfinex tether INC, some people from bitfinex involved tax problems, many issues related to banking regulations.
and in the end CTFC of America sent an official letter to Bitfinex and tether.
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BitcoinFrik
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February 19, 2018, 07:02:10 AM |
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It is some concerning news, especially this point Fact #1. Tether is the only “cryptocurrency” with trading volume that regularly exceeds that of its market cap.
Some things to ask, isn't not binance and bitfinex more aware of this, would they back a coin that is a weak link in their system?
They will back a coin like this just because they might not have enough reasons or proof of what's going on. The amount of people using USDT is another important factor, maybe they don't want to lose clients and so on. |
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NorrisK
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February 19, 2018, 07:06:52 AM |
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I'm reading more and more about Tether being dangerous and being likely to cause a sever crash to the crypto market. The main thing that concerns me is the vast amount that was created in a very small timeframe (last 2 months). Is this really based on USD being deposited or is it like running the money prints without end?
Anyone that uses it had problems getting fiat out of Tether?
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