Controversial Altcoin Tether Releases 300 million New Tokens

[ericbai1989]

Tether, the altcoin backed by fiat currencies USD and EUR, has issued another 300 mln USDT tokens priced at $1 per token on Tuesday, March 20, according to data from Omni Explorer. However, in mid-February, Tether had just released 86 mln in euro-backed EURT and 61.1 mln in US dollar-based USDT on the Ethereum (ETH) Blockchain.

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[Za1n]

The whole Tether thing is starting to get ridiculous. I remember when people got worked up over them releasing 20 million every couple of months, now they just create 300 million in one day.

I am in the fence as to if they are legitimate or not, but I am leaning toward something is not quite the way they make it out to be as getting a proper audit done cannot be that hard.

There are plenty of companies several times there size with much more complicated inventory, equipment and IP to manage and audit than looking at Tethers bank balance sheet would take. Yet these companies manage to get quarterly audits done on a routine basis, while Tether still has to release an official certified audit. Considering their last accounting firm quit really adds to the questionable nature of their business.

[vrabac68]

'Bad news.From where they are getting more and more tethers?How much more they can release?Its not good but i guess we cant do a thing

[ericbai1989]

The whole Tether thing is starting to get ridiculous. I remember when people got worked up over them releasing 20 million every couple of months, now they just create 300 million in one day.

I am in the fence as to if they are legitimate or not, but I am leaning toward something is not quite the way they make it out to be as getting a proper audit done cannot be that hard.

There are plenty of companies several times there size with much more complicated inventory, equipment and IP to manage and audit than looking at Tethers bank balance sheet would take. Yet these companies manage to get quarterly audits done on a routine basis, while Tether still has to release an official certified audit. Considering their last accounting firm quit really adds to the questionable nature of their business.

Yes. So that's why the Congress will subpoena the exchange and Tether.

[Loveboard]

I think the best option iso too just not use tether... If u want to keep your crypto temporarily in fiat, then it's best to send your coins to an exchange where fiat is traded with crypto, like gdax kraken.

[bornforfreedom]

Guys tether is a SCAM. If you're into stablecoins, get into Havven. It's not pegged to fiat or gold (things crypto is trying to get away from lol) and is completely trustless. https://havven.io/

[AshCoins]

This is getting really bad.  When tether inevitably crumbles like all scams must it’s going to bring down the whole market with it. 

[tsaroz]

Tether is just a scam coin from bitfinex. Easy money when their exchange started to lose users.
Everything's value are decided by the market with supply and demand.
Restricting the price is just another ponzi no different from Yovi from Yobit.
While Yovi increases in price, Tether increases in supply.

[JeffBrad12]

Tether is just a scam coin from bitfinex. Easy money when their exchange started to lose users.
Everything's value are decided by the market with supply and demand.
Restricting the price is just another ponzi no different from Yovi from Yobit.
While Yovi increases in price, Tether increases in supply.

Yovi and tether sucks. Especially for tether because that just like a money machine to the tether developer itself. They can be issued new tether as want as they can.

It is no different between tether and bankers. Tether just like crypto bankers.

Tether team can't prove the reserved funds to backed every tether with a single dollars. This is a manipulation of the team.

[Tipstar]

Tether is just a scam coin from bitfinex. Easy money when their exchange started to lose users.
Everything's value are decided by the market with supply and demand.
Restricting the price is just another ponzi no different from Yovi from Yobit.
While Yovi increases in price, Tether increases in supply.

Yovi and tether sucks. Especially for tether because that just like a money machine to the tether developer itself. They can be issued new tether as want as they can.

It is no different between tether and bankers. Tether just like crypto bankers.

Tether team can't prove the reserved funds to backed every tether with a single dollars. This is a manipulation of the team.

Yes, for at least the initial Yovi investor are getting something and is a ponzi.
But tether is not a ponzi or pyramid scheme but a useless token given a fake value by an specific exchange.
It's a total scam and will go down with bitfinex.

[DaveWave]

Tether is just a scam coin from bitfinex. Easy money when their exchange started to lose users.
Everything's value are decided by the market with supply and demand.
Restricting the price is just another ponzi no different from Yovi from Yobit.
While Yovi increases in price, Tether increases in supply.

Yovi and tether sucks. Especially for tether because that just like a money machine to the tether developer itself. They can be issued new tether as want as they can.

It is no different between tether and bankers. Tether just like crypto bankers.

Tether team can't prove the reserved funds to backed every tether with a single dollars. This is a manipulation of the team.

This is scary unless a transparent record and probably a top accounting firm or government regulation happens. I hate to mention government but is it more secure that Bitfinex can easily do this?

[Yuuto]

It's been doing that for ages.

It seems clear to me that somebody is in the wrong here. I really don't think that all of a sudden they have increased their fiat holdings by 300 million. CLearly they have been operating out of fractional reserve, and yet they are still maintaining this peg.

So yeah, it's quite ridiculous and it should be clear to anyone that they shouldn't use a crypto pegged to fiat in the first place. We are trying to move away from fiat by using crypto in the first place...

[kevoh]

The rate at which the tether's marketcap increases calls for questioning. November 2016 it was about $7 million but now the marketcap is over $2 billion.

If care is not taken, this centralised token called tether will lead to the downfall of the cryptocurrency ecosystem.

[Nalbo]

Though Tether can be a medium to exchange inside the Bitfinex exchange, it is not intended and should not be considered as an investment coin. They are just there to ease exchanging between different coins.

[ericbai1989]

I think the easiest way is to do the auditing.

Then, end of all the debate.

[Loveboard]

Tether is a huge scam. There was an interesting article on Medium that spoke about all the pitfalls of tether and how Bitfinex is simply using it as a means to cover up their inability to provide fiat holdings.

If you need to move into fiat, don't choose tether, because despite it saying "USDT" it's not the same as USD! Tether is an altcoin, same as litecoin, except that it tries to stay close to the USD price. They have different tethers for different currencies... but all of them are scams.

If you want to convert your crypto to fiat, just send them to gdax instead and sell it FOR REAL fiat. That's the safest way.

[Arcoin1]

The submission of the controversial Altcoin Tether to 300 million new coin markets will end all controversy. It will be enough to be purchased now.

[ericbai1989]

Tether is a huge scam. There was an interesting article on Medium that spoke about all the pitfalls of tether and how Bitfinex is simply using it as a means to cover up their inability to provide fiat holdings.

If you need to move into fiat, don't choose tether, because despite it saying "USDT" it's not the same as USD! Tether is an altcoin, same as litecoin, except that it tries to stay close to the USD price. They have different tethers for different currencies... but all of them are scams.

If you want to convert your crypto to fiat, just send them to gdax instead and sell it FOR REAL fiat. That's the safest way.

Yes. That's why the US Congress will subpoena Tether.