usdt tether market cap grows from 4,6 billions to 10,800 billions from March

[chattingtut]

usdt tether market cap grows from 4,6 billions to 10,800 billions from March 2020

For last week - when btc jumped from 9 000 to 11 000 - tether issued 800 millions usdt

Do you think tether really has fiat for backing this usdt? 

[Charles-Tim]

This topic is created on the wrong board, scroll down this thread, look at the left down part, you will see move topic, move it to altcoin discussion.

Do you think tether really has fiat for backing this usdt? 

No, tether is completely a virtual currency, it is regulated in a way it will always be stable even if the demand and the supply is increasing or decreasing. Tether has no fiat to back itself but only from the extent of demand.

[passwordnow]

Do you think tether really has fiat for backing this usdt? 

Unless proven, there's no fiat back up. They are with an on-going investigation.

New York appeals court sides with state Attorney General as it seeks documents from Bitfinex and Tether

[elda34b]

They already said that their USDT is not backed 1:1 by fiat (wording aside, we know what it implies): https://www.coindesk.com/tether-says-its-usdt-stablecoin-may-not-be-backed-by-fiat-alone.

So I guess this pump machine is still continuing. Their banking issues are also popping up every now and then. In short, never store your money in USDT for too long.

[DoubleEdgeEX]

The fact that it isn´t covered by  Dollars alone should be a wanring signal. If they use e. g. random commodities, stocks or bonds or whatever else to cover it, or even worse loans, than it could be trouble somewhere down the road. It reminds me of the EU Basel guidlines for banks to have a certain percentage of deposit on their accounts to issue a loan and not go overboard with lending out too much money putting the bank itself on risk in case a debitor can´t pay´

[studio1one]

Tether is printing USDT at a really high pace that's why many have the same question as you have add to that they are not very transparent. That's the reason I don't hold USDT for a very long period I constantly keep trading them.

[Kupid002]

They already said that their USDT is not backed 1:1 by fiat (wording aside, we know what it implies): https://www.coindesk.com/tether-says-its-usdt-stablecoin-may-not-be-backed-by-fiat-alone.

So I guess this pump machine is still continuing. Their banking issues are also popping up every now and then. In short, never store your money in USDT for too long.

Then they are just adding more money by adding more supply of the tokens.
And that's supply that they add can also help to manipulate the price of other crypto currency such as BTC  and other popular crypto currency, its not a good way in my opinion  It could be a bad replacement if they continue to increase supply of it especially because its not really backed by real USD. I see bad effect on it for long term if they continue doing this things.

[tsaroz]

They already said that their USDT is not backed 1:1 by fiat (wording aside, we know what it implies): https://www.coindesk.com/tether-says-its-usdt-stablecoin-may-not-be-backed-by-fiat-alone.

So I guess this pump machine is still continuing. Their banking issues are also popping up every now and then. In short, never store your money in USDT for too long.

Then they are just adding more money by adding more supply of the tokens.
And that's supply that they add can also help to manipulate the price of other crypto currency such as BTC  and other popular crypto currency, its not a good way in my opinion  It could be a bad replacement if they continue to increase supply of it especially because its not really backed by real USD. I see bad effect on it for long term if they continue doing this things.

It would be wiser to avoid Tether till they prove that they hold the fiat equivalent to their token issuance. Till than USDC and Paxos could be similar alternative as both of them are regularly verified with external auditor. In the time of rise in price many people turn into USD equivalent and it would be a disaster if USDT couldn't provide the conversion if every of them withdrew.

[semobo]

usdt tether market cap grows from 4,6 billions to 10,800 billions from March 2020

For last week - when btc jumped from 9 000 to 11 000 - tether issued 800 millions usdt

Do you think tether really has fiat for backing this usdt? 

Probably now, that is why we shouldn't trust the centralized tokens which might burst at any point.If we look at the growth this is insane and don't know how people still keep trusting them after keep printing lot of tokens and diluting them into the market.

[mindrust]

Tether is either owned by the Federal Reserve (i think the probability is not that low), or Bitfinex is trying to bite more than they could chew.

Either way the end result is same.

Somebody is trying hard to make bitcoin mimic gold's movements.

[Mister.Satan]

If everyone cash out their crypto to USDT, the whole market and USDT would be crashed since no way they have enough fiat to really back up USDT. Never look at USDT as it can completely ensure the 1:1 USDT rate exchange for the total cap market.

[kingzpro]

usdt tether market cap grows from 4,6 billions to 10,800 billions from March 2020

For last week - when btc jumped from 9 000 to 11 000 - tether issued 800 millions usdt

Do you think tether really has fiat for backing this usdt? 

I am sure they have that amount of usd backing their token otherwise they would not have came so forward across, I also like the fact that they are transparent and trackable so i am confident in their operations and i like trading usdt pairs to be honest.

[Chukwunonso]

I don't think USDT  needs to have the exact fiat for the tokens issued. It only needs to have enough fiat to keep the system running because I'm certain that every one who holds the USDT token can't demand for the fiat equivalent the same time. Even in our traditional banks, most of the money deposited are not held in the bank, they end up giving it out as loans and investments, but hold sufficient funds to cater for customers needs, thereby keeping the system in place.

[mindrust]

I am sure they have that amount of usd backing their token otherwise they would not have came so forward across, I also like the fact that they are transparent and trackable so i am confident in their operations and i like trading usdt pairs to be honest.

Bitfinex already admitted USDT is not 1:1 backed by USD.
Tether's U.S. Dollar Peg Is No Longer Credible

But now, Tether, the issuer of USDT, has now admitted that Tethers are not 100% backed by actual dollars. The peg is no longer credible. And Tether itself has morphed into something all too familiar.

they would not have came so forward across,

:/

I also like the fact that they are transparent and trackable so i am confident in their operations and i like trading usdt pairs to be honest.

Except they are not. Bitfinex/tether haven't been audited properly. Never.

[poodle63]

usdt tether market cap grows from 4,6 billions to 10,800 billions from March 2020

For last week - when btc jumped from 9 000 to 11 000 - tether issued 800 millions usdt

Do you think tether really has fiat for backing this usdt? 

I do but it's not all of tether has already backed by the dollar. I remember in the site of tether and it's clearly stated that it's not all of USDT that has already issued by the company was backed by dollars. You can try to visit the site too right now.

The growth that happened with tether is really fast compared with another stable coin. hmmmm that's interesting.

[FairUser]

usdt tether market cap grows from 4,6 billions to 10,800 billions from March 2020

For last week - when btc jumped from 9 000 to 11 000 - tether issued 800 millions usdt

Do you think tether really has fiat for backing this usdt? 

Currently they have not been able to prove it yet, there have been many accusations about USDT that they do not have the Fiat amount corresponding to USDT being circulated. If it is true, it is likely that USDT will collapse in the future and cause many people to lose money

[Ucy]

One of the problems with having centralized projects on a Decentralized Network (assuming the stablecoin is not decentralized) is that they can be used to attack, weaken and even takeover the whole decentralized network. I'd be very worried when a centralized (or poorly "decentralized" ) project is growing, replicating or both, on the whole network

[Pecunia non olet]

This could be another reason why cryptocurrencies achieving rally. But, again it is not a natural and healthy growth, but growth caused by printed money, just like our classic economy works. Why it is bad? Because we are talking about creating a totally different financial ecosystem. 

[chattingtut]

They already said that their USDT is not backed 1:1 by fiat (wording aside, we know what it implies): https://www.coindesk.com/tether-says-its-usdt-stablecoin-may-not-be-backed-by-fiat-alone.

So I guess this pump machine is still continuing. Their banking issues are also popping up every now and then. In short, never store your money in USDT for too long.

Starting from March 2020, every time there was a issue of tether, there was rally of btc

first rally was from middle of March, when btc dropped to 3600, and after this begin restore

At binance - starting from middle of March, 2020, difference between total volume of purchased btc and sold btc are negative, but btc are moving up

so problem as for me is - that btc grows up - while the difference between buy and sell volumes is negative
and total volume of this difference corresponds to volume of issued tether (volume of difference is smaller than cost of issued tether)

I didnt checked difference between total volume of purchased btc and sold btc at other exchanges, will be curious make this check for coinbase and other real spot exchanges with real trading, like OKEX and LMAX Digital

when tether is issued - after issuance usdt is moved to wallets at bitfinex, huobi, binance - as i saw

[saint_casanova]

Do you need to ask? Of course, they don't have enough fiat to back up their amount of 'printing' USDT. As you see, every time market rally and set a new record price in term of stable coin USDT, they will 'printing' like this. A good reason why sometimes, out market crashing because of bad news and lack of trust for USDT.