Could Tether Bring Down Bitcoin?

[LbtalkL]

BTC has been paired with tether in a lot of exchanges and many traders use this to preserve their funds but it does not mean that tether is the reason why bitcoin is going down. It's a nature of cryptocurrency to go down and up it is volatile, stablecoins exist and many users use it to their advantage and there are some shady things about Tether.

[nimiq.cafe]

No, Bitcoin is much more than its price anyway.
Besides fear not, alternatives to stablecoins like Tether are coming:

Nimiq is also partnering with Binance-owned Trust Wallet, according to a recent blog post. The aim is to eventually give users across DEXs access to liquid euros for transactions made with bitcoin, ether or NIM through Nimiq’s upcoming “crypto-to-fiat bridge” called OASIS.

https://www.coindesk.com/a-small-bank-in-germany-is-now-nearly-30-owned-by-crypto-companies

[Pecunia non olet]

I can´t imagine what can happen because many people bought Bitcoin with USDT, if we now find out that it is not really backed by 1:1 it could be really disaster because people bought something with nothing and that will cause a problem that people will again be more afraid of using and buying crypto.   

[BitcoinHodler]

there has been a lot of FUD about relationship between bitcoin price and tether and all of them have been nonsense. but yet people continue talking about them because this market loves the drama

as for "bringing down bitcoin", you can only wish but it will never happen. however we will surely see Tether eventually go down either by their company scamming people or by FBI shutting them down at some point and that will cause a lot of panic in the market with lots of dumps and bitcoin will be among them.

Until now, I am doubting the USDT having real backing of USD.
And if people within their team start to feed their hunger for money, we know for sure, they are going down.
But bringing down bitcoin? Still a big question out there.
How many people know about the existence of tether as compared to bitcoin? Just to start I guess.

it definitely is not completely backed by USD as in not being 1:1 and their shadiness makes me believe this even more every day.

as for that last question it is a good one. people who start buying bitcoin don't know about Tether and majority of them will never even bother with it because there is no point in using it since all they want is to buy more bitcoin and use bitcoin not some pointless centralized altcoin that is shady as hell.

[Mcmich]

The last time Tether crashed, it pushed Bitcoin's price up a lot, so no, it will not bring bitcoin down, perhaps it will push Bitcoin up like the last time.

Am still trying to figure out the connection between Tether and Bitcoin. I do not see the reason it should bring down bitcoin in the first place. Bitcoin is already established. I don't think the price is controlled by any other coin, rather it has some level of effect on other coins.

[EncryptKnomes]

Am still trying to figure out the connection between Tether and Bitcoin. I do not see the reason it should bring down bitcoin in the first place. Bitcoin is already established. I don't think the price is controlled by any other coin, rather it has some level of effect on other coins.
[/quote]

https://www.bloomberg.com/news/articles/2018-06-13/professor-who-rang-vix-alarm-says-tether-used-to-boost-bitcoin

[KingDome]

No. Bring down bitcoin means usdt have more market caps more than bitcoin. As of now bitcoin was the best and the most biggest marketcap based on coinmarketcap.

[eaLiTy]

"There is a theory that stablecoins such as Tether have been used both to stabilise and manipulate Bitcoin’s price, especially during the 2017 Bitcoin bull run."

"What is important to remember, is that any asset may appear stable until it suddenly isn’t."

It is true that a large amount of Tether were created during that bull run without any transparency and still i am not sure they are fully transparent with their financial dealings, may be they are auditing everything and have equal asset in a bank in dollars, if they are not true to that they would have being exposed by now, it is not a small market to manipulate with fake valuation for a long time and even in the worst case scenario it will not bring down bitcoin altogether, we might see a correction but i do not think it will have a lasting effect on the market.

[darylalban]

as we've learned from bitcoin the only thing that makes the price go up is enough people believing in a system to make it work. I think believe far more in bitcoin than they ever will with tether

[disconnectme]

I can't see how Tether will bring Bitcoin down, Bitcoin is in multiples of Tether market cap and also remember we now have many Stablecoins in real competition with Tether, again most of these exchanges are now having Fiat gateway to their platform. The space has matured more, don't see a $2 billion Mcap bringing down the whole space

[jumiapaul]

I believe Tether owes its existence to Bitcoin and the volatility of the cryptocurrency space. In my opinion, tether would be worthless if there's no cryptocurrency to hedge as fiat is easier to transact

[funchiestz]

"Fiat-backed stablecoins are therefore rarely actual cryptocurrencies, which causes them to inherit their main characteristics and shortcomings from the centralised banking system. Ultimately, they function in the same manner as fiat, backed by what amounts to an IOU."

"There is a theory that stablecoins such as Tether have been used both to stabilise and manipulate Bitcoin’s price, especially during the 2017 Bitcoin bull run."

"What is important to remember, is that any asset may appear stable until it suddenly isn’t."

Really interesting read by crypto CEO = https://medium.com/@DDhopn/stablecoins-3b93b4f1ddc5

The fact that Tether is being used today, and that's the reason it exists only because of Bitcoin. It's impossible for Tether to go beyond Bitcoin.

If cryptocurrencies wouldn't be exist, then why we need Tether?

[el kaka22]

Could it? Sure why not, not like forever or not to a point where bitcoin is dying no, but could it bring it down a bit? Sure that is totally possible.

I think tether is already hurting bitcoin more than it shows and because of the option of having tether people are moving much more carefully now, they didn't do that back in the day but now they are being more careful with their money, back when tether was absent people either had coins or they had money, nothing in between, no stable token which meant they were either in or out which helped us become more fierce with our investments and go all in instead of playing it safe. That is why I think people should be focusing more towards what tether took away from us already instead of worrying about what it could potentially do.

[chocopapaya]

Tether itself is the sketchiest operation in all of crypto (yes, it's even worse than ripple).
The entire operation from start to now has been completely opposite to the spirit of blockchain.

A centralized, "stable", coin backed by fiat itself is exactly what crypto was supposed to pull down.
Also, there is not much transparency with only an audit from unreputable companies.

And then there is its rise in the charts.
this is where the most suspicious things have been going on.
Every, tether is backed by one USD?
Then how do you care to explain that tether systematically jumps in 100s of millions in circulation.
what that means is that every other month or so, tether has 100s of millions of usd ready to back up their tether.

Wow, that would make tether even more successful than Apple!

Yeah, there is definitely something fishy about all of this.
And it's best to just stay far away from questionable companies.

[Invigorated]

I seriously doubt any coin/token can bring down btc dominance at the moment. Btc has gained so much reputation, solidity and use that, it will take a whole lot to distabilize its relevance and dominance. Other coins/tokens can only consolidate on its strength and leverage on its power to gain good growth.

[letyouearn]

Tether is being actively used to manipulate bitcoin price, that's true. It's one of the instruments used by whales to do their dirty deeds 
Now, when there are many stable coins presented on the market, there even more opportunities for manipulation I think.

[Petchant]

I see this in a very different waysnd I think all these stablecoins that can be use to hedge crypto against volatility is beneficial to the industry and through them many will be more eager to makes use of cryptocurrency. Even time is coming that mosy platforms that target mass adoption will have to have stablecoin in their platform for hedging.

[bountylayomi]

Tether cannot bring down Bitcoin not even Ethereum that is currently ranking second next to Bitcoin on the coin market cap. Tether can do pretty well out there in the market than it's presently doing but not to bring down Bitcoin.

[Adriano2010]

I think is possible that Theter can affect bitcoin price, but will not bring bitcoin price down even if a lot of Theter or created and launched on market and then buy bitcoin with and after sell bitcoin for USD, this indeed can be a problem.

[Ayiranorea]

I think is possible that Theter can affect bitcoin price, but will not bring bitcoin price down even if a lot of Theter or created and launched on market and then buy bitcoin with and after sell bitcoin for USD, this indeed can be a problem.

Tether at any instance will not make any big change in the market. As it is a stable coin the growth won't get any impact on bitcoin from my view.. The tether got collapsed in a large scale when a huge volume of tether got hacked. Further after recovery of certain percentage it retained its value.