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Author Topic: Oh boy - I think this is going to be big... Tether on Bitfinex  (Read 5680 times)
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January 16, 2015, 12:40:28 AM
 #1

It looks like Tether is going to soon become operational on Bitfinex.  http://finance.yahoo.com/news/tether-introduces-real-world-currency-160000085.html  This will allow people to use US$ and Euro as if it were cryptocurrency.  I've got a feeling this is going to be a first major Bitcoin2.0 type application.  Watch out!!!
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January 16, 2015, 12:50:58 AM
 #2

What makes tether different from the likes of OKPay?!
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January 16, 2015, 12:54:04 AM
 #3

What makes tether different from the likes of OKPay?!

Tether uses the bitcoin blockchain.

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January 16, 2015, 01:06:29 AM
 #4

is it open source?  if bitfinex goes down, will tether be able to continue?

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January 16, 2015, 01:09:23 AM
 #5

is it open source?  if bitfinex goes down, will tether be able to continue?
Indeed.  Birfinex has little to do with Tether other than the love it and plan to use it.  If Bitfinex burns up tomorrow, Tether will still be going strong on many other useful places.  Tether is build on Omni Protocol.  It rocks.  You'll see.

What makes tether different from the likes of OKPay?!
Tether uses the bitcoin blockchain.
It is build into Omni (the old Mastercoin platform).
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January 16, 2015, 01:11:21 AM
 #6

Here: https://tether.to/faqs/

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January 16, 2015, 01:13:20 AM
 #7

Signed up for beta access, curious to see where this one goes....

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January 16, 2015, 01:16:18 AM
 #8


smells centralization...  Sad

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January 16, 2015, 01:23:20 AM
 #9

Nope.  Just administration of the guarantee (the backing).  Everything else is decentralized.  The token still trades without interference from a central authority.  But unlike bitcoin which has nothing backing it, Tether will have a pot of cash stashed away (with an administrator - hopefully trusted.)  The admin won't be able to manipulate the token.  The high level of auditing will assure the backing is well cared for.



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January 16, 2015, 01:25:05 AM
 #10

Tether will not be as big as you think it is.

Tether is 1:1 usd.

What that means is its price cannot be less or more than $1 USD.

You won't be able to make any money off of Tether. Obviously, they won't let you mine Tether coins either.
The insiders will make money from Tether by buying it for pennies on the dollar and selling those Tether coins back to you for $1.


 
 
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January 16, 2015, 01:32:57 AM
 #11

Thanks for the heads up, buying in big while it's only a dollar!!!  Grin

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January 16, 2015, 02:10:26 AM
 #12

This sounds super illegal and if they allow inrestricted trade in US dollars they will be branded terrorist financiers and their single point of failure will be seized. Prepare to lose any money you put into tether.
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January 16, 2015, 02:22:28 AM
 #13

Nope.  Just administration of the guarantee (the backing).  Everything else is decentralized.  The token still trades without interference from a central authority.  But unlike bitcoin which has nothing backing it, Tether will have a pot of cash stashed away (with an administrator - hopefully trusted.)  The admin won't be able to manipulate the token.  The high level of auditing will assure the backing is well cared for.

looks good. but how is this different from say ripple and its gateway system?  that could work pretty well enough if you accept tether as a good solution.  

maybe what we need is something like nubits or bit.USD (afaik these two dont have counter party risk), but with a different implementation.  

all in all, a pegged bit.FIAT could be the future.  

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January 16, 2015, 02:31:04 AM
 #14

I think it's really interesting. Those who don't like Bitcoin, because it's price is volatile and has bad press right now, could use this and get used to the fast transaction speeds, etc. After those new people are used to it, they can can start thinking about the cons, like inflation and shift to Bitcoin since it's a fixed number and there won't be inflation.

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January 16, 2015, 03:14:20 AM
 #15

Currently, it costs $45 international wire from my bank and $20 acceptance to Bitfinex, so total of $65.

I'm guessing Tether would be significantly cheaper, but what are some good ballpark numbers for a $10,000 transfer.
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January 16, 2015, 07:58:00 AM
 #16

Tether has nothing to do with Bitcoin. Tether is like American Express and their travelers checks. Except that the terms suck:

Excludes all liability for damages arising out of or in connection with your use of this website. This includes, without limitation, direct loss, loss of business or profits (whether or not the loss of such profits was foreseeable, arose in the normal course of things or you have advised this Company of the possibility of such potential loss), damage caused to your computer, computer software, systems and programs and the data thereon or any other direct or indirect, consequential and incidental damages. May not be held liable for any losses incurred, either directly or indirectly, through your use of The Website of any of its functionality / function and features.

They claim that their site has a link which shows their fiat bank account balance. Not finding it.

Nor do they say who or where they are.

They just want you to send them your money and trust them.
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January 16, 2015, 08:14:15 AM
 #17

Nope.  Just administration of the guarantee (the backing).  Everything else is decentralized.  The token still trades without interference from a central authority.  But unlike bitcoin which has nothing backing it, Tether will have a pot of cash stashed away (with an administrator - hopefully trusted.)  The admin won't be able to manipulate the token.  The high level of auditing will assure the backing is well cared for.

Are you retarded? "Nope"? The Dollar is just as decentralized as you proclaim this to be. The primary thing distinguishing this apart from bitcoin is completely centralized and you are claiming it's not? How do you do these mental gymnastics?
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January 16, 2015, 08:22:48 AM
 #18

Nope.  Just administration of the guarantee (the backing).  Everything else is decentralized.  The token still trades without interference from a central authority.  But unlike bitcoin which has nothing backing it, Tether will have a pot of cash stashed away (with an administrator - hopefully trusted.)  The admin won't be able to manipulate the token.  The high level of auditing will assure the backing is well cared for.

Either this is a joke or you don't understand what you're saying

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January 16, 2015, 08:39:11 AM
 #19

It looks like Tether is going to soon become operational on Bitfinex.  http://finance.yahoo.com/news/tether-introduces-real-world-currency-160000085.html  This will allow people to use US$ and Euro as if it were cryptocurrency.  I've got a feeling this is going to be a first major Bitcoin2.0 type application.  Watch out!!!

I am concerned about the legality of it in different countries. Might be a lot of legal loops for them to jump through.

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January 16, 2015, 03:53:13 PM
 #20

Nope.  Just administration of the guarantee (the backing).  Everything else is decentralized.  The token still trades without interference from a central authority.  But unlike bitcoin which has nothing backing it, Tether will have a pot of cash stashed away (with an administrator - hopefully trusted.)  The admin won't be able to manipulate the token.  The high level of auditing will assure the backing is well cared for.

Either this is a joke or you don't understand what you're saying

It is centralized like bank you use to cash out money, but it is decentralized in terms of sending your money to anyone anywhere ....
but of course if bank is descroyed your coins are worthless Smiley

generally if any part of system is centralized then the whole system is centralized... this will only give people option to use USD like crpyto... only question is what government will do with this.
I wont be using this unless this company gets approval for what it does...
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