I know everyone is so afraid of the whole house of cards that is Tether going down, and then taking the whole cryptocurrency space down with it scenario, but let me tell you why you shouldn't worry yourself about it.
In 2018 so far, we had Bittrex, which is one of the biggest cryptocurrency exchanges out there, announce that they will be on-ramping real USD, and will be adding it as a trading pair as well at some point during the first quarter of 2018.
This is just one example, because you have GDAX, owned by Coinbase, which already does USD in and outs, and then you have Kraken which allows you to deposit fiat, along with Coinbase itself, which allows for easy swaps into and out of USD.
As you can see, there are plenty of options over Bitfinex's own Tether (USDT), so this whole worry to me is and has always been mind boggling.
People act as if Tether is their only option, when it just simply isn't the case at all.
Then you have the new darling coming on the scene, which is Robinhood, which will more than likely be an on-ramp for USD to cryptocurrency, and vice versa if needed.
Oh, and there's even a possibility that traditional trading platforms of old such as E*Trade will get into the mix, and start trading Bitcoin as well, which of course will most definitely have United States Dollar to Bitcoin and reverse on-off ramps.
What say you guys and gals, don't you think the whole Tether thing is blown out of proportion, or are you still worried about it?
I think if Tether thing blows up the effect on the market will probably not be as bad as so many people think. Sure there is going to be a dip but Tether falling and taking the whole crypto down is definitely not going to happen.
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It definitely will not take it all down, and the best defense we have in the meantime, is Tether indefinitely postponing their audits, which will give the space plenty of time to convert over to real dollars instead.
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Agree. Those delays are definitely helpful.
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Its definitely not gonna take the market down.
I agree with you @tolkatore
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It has never been a thing of worry to me at all. Why should it be when I am aware of other options.
Robinhood hood is gradually going on rampage and will soon take over...My opinion though
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Robinhood seems like a real savior, and I hope it introduces a ton more people into the cryptocurrency space.
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Yeah. I read a script on Robinhood. But I think we should lower the hype a little.. Hahahahaha..
Let's give it time and see how its gonna be accepted and perform
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Why do I always feel like I'm New to every if your information? #Crying.
I like it tho.
Steemit to me is like a place where I get Info.
And I'm grateful to you for always sharing them.
Probably I'll go check out this Robinhood thingy
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Pretty sure it's only available in a few states in the United States as of right now, for cryptocurrency trading anyway.
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Its alright. At least I'm far off from US. Let's see how it would perform probably before giving it a shot
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I'm sure it'll be alright, but I don't believe it is something I am going to use, because I don't trade enough for it to make sense for me personally.
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i honestly don't trust tether and never will i keep all of my investments away from it even in big market crash situations.
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Way safer, and much easier just to transition it into real fiat.
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This may be more of a race for time. Tether may fall before true USD options exist for traders.
But, in time, there will definitely be other, better options.
Cryptopia already has Kiwis as an option.
The new Circle acquisition of Poloniex implies changes are coming there as well.
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More competition is better for everyone, because now behemoths such as Coinbase will be forced to lower their fees, in order to stay relevant in a world with so many other options.
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With all the talk about USD losing dominance and reserve status, maybe the new use for it will be in crypto trading. It looks small now, but in time it may be something.
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The reserve status losing power is a left-wing fanatic belief, and there is no way it is losing its status. It's still as powerful as it ever has been, and I don't see it losing its spot anytime soon.
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You may be right, but many countries are creating bilateral and multilateral trading agreements that no longer involve the USD. This, you may argue has always been the case, true, but it seems that things have intensified in this arena.
Anyway, it’s above my pay grade so I don’t concern myself too much with this, except in trying to gage the big picture.
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Ha ha, above your pay grade, I like that, but I doubt the USD will be losing any power anytime soon.
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Sure. I agree that would time, it would settle in and gain grounds.
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It's not even advisable to put all your eggs (finances) in one basket (tether).
Even in dip, its advisable to spread your investments. You may never know which would do well in the dip
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Spreading it out is key, and highly advisable.
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Yeah its kinda safer and with lesser risk at least from what I read. And conversion too is awesome..
You are very right @tolkatore
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As most of you probably have read by now, Tether is becoming a scary situation. There is speculation that they have been printing counterfeit money to the tune of 2 billion dollars, and injecting it into the market to inflate prices. That 2 billion dollars is also speculated to have inflated BTC 50-80% because in reality only $10 billion of fiat has been invested into the crypto market to date. Because of this, some articles have come out to say that when Tether collapses, BTC will retreat back around $1000 and the rest of the market will come with it. I have been losing sleep at night lately because I honestly believe this to be true. The numbers add up, and USDT is really bad news. But I also had a thought this morning that put me at ease: It doesn't matter...
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I still don't understand how 2 billion dollars of USDT could boost the price of Bitcoin by 50 to 80 percent, is there a mathematical equation that someone uses to predict this?
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It seems like every time there is a dip in the crypto space people tend to freak out it maybe be because many people see crypto as a fragile bubble but that isn't the case. As you pointed out there are still plenty of options aside from tether and really nothing to worry about.
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Weak hands will always come and go, so I ain't worried about them, so long as there is a viable option to park in while the market corrects itself.
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What's the viable option you speak of @tolkatore? I think I might be interested. Pro'ly to keep myself (mind n finances) busy
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I was referring to USD parking.
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*ok lets see what happens in this first quarter of 2018. i am very hopeful that our cryptocurreny will rise one day.
i only request all of you that keep contributing your efforts and don't loose hope.-
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I'm trading with usdt in bittrex for long time now
i find it very easy to be able to trade with usdt help me to understand what is my balance in usd in every given time
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Actually, I am not so worried. Yes, we have plenty options. I just worried about the price of CRYPTOCURRENCY and How to do well in Steemit? :( Please HELP ME, Please!!
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Maybe Tether from Hong Kong with Cayman Island addresses which says it can match the USD reserves will not disappear off the earth tomorrow. @tolkatore
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yeah, every trade has ups n downs. we should keep calm. It will not blow up.
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The tether business model actually does NOT need to be backed by anything!! Now that they have enough USDT coins they will be able to control the price of USDT without having to buy bitcoin by buying and selling USDT.
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I really like robinhood app. Thank you for the post
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I wonder if Robinhood has the power to crush Coinbase.
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I doubt it, but it may get Coinbase to lower their ridiculous fucking fees!
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If the price crushing can extend beyond coinbase, it would make great sense. Cuz the fees this days is quite alarming.
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No doubt bro.. just got wait few more months.
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Yeah sure! Speaking of tether, I've watched it grow and I've watched it drop.
I'm hoping it gets to bounce back again.
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