Tether Dollars are used on popular cryptocurrency exchanges as a crypto version of the US$ that can be traded for coins like Bitcoin and Ethereum as if they are real dollars. The theory is that a Tether Dollar (USDT) can always be redeemed for one real fiat US dollar on a 1:1 basis. That theory seems to be in dispute. Please watch this important video if you have any crypto stored on exchanges or have been considering trading crypto.
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I read somewhere else too about Teher if that's true then what is safe and how one currency is going to have pegged value?
What I thnk for crypto to be adopted in the day to day use, it must have some fixed or not much volatile value.
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Tether may still be a viable currency. There's not confirmation that Tether has done anything wrong - Just a lot of speculation and not much evidence to the contrary.
There's a lot of reason for Tether to worry about disclosing their financial data. For one thing, if ever a government tries to regulate Tether it will be much easier for them if all of Tether's financial accounts and stakeholders are known because of a previous audit. Right now that information is not known to anyone outside of Tether, which would make it very difficult for a government to intervene or freeze their assets.
Still, it's a scary time for Tether and I think a lot of investors are worried about the possible implications for the market if Tether has been involved in market manipulation.
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why does every last tether write up refuse to acknowledge that wires sent to bitfinex are credited in tether w/ options to withdraw in tether or dollars ?
why does every single write up on tether refuse to acknowledge that bittrex , polo and several other accept 6 figure+ wires and credit in tether ?
why does every single article on tether refuse to acknowledge that exchanges buy tether to accept usd to tether withdrawls ? and when hot wallet run out they buy more?
why does every single article on bitfinex/tether refuse to acknowledge that bitfinex has multiple banking relations ? especially different for retail vs institutional ?
why does every single person talking about tether refuse to acknowledge that there was actually market shortage of available tether between dec 15 - dec 30 and it was selling at a premium otc by 10bps ?
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great video!
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The sad thing about crypto currency platforms is that it is not all encompassing. I registered on coinbase today but got this feed back that I can't trade and I felt like it was a worthless venture.
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Wow, the one last place I thought my money was safe while waiting to buy the dip. Where do you park your FIAT now. :(
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Tether seems really dodgy to me, like they are just printing money out of thin air. Seems like the SEC will come down on them and crypto generally eventually. How can people exchange their crypto for fiat? That is still a mystery to me ... Coinbase is huge I know, but as an American overseas without a driver's license, I cant set up an account with them. What other options do I have?
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Yep, that's exactly what will happen. The CFTC already finex Bitfinex $75k back in 2016 for failing to register as a Futures Commission Merchant (http://www.cftc.gov/PressRoom/PressReleases/pr7380-16), but I can't imagine what kind of shitstorm will be kicked up when the USA goes after them for counterfeiting USD via Tether.
There is a slim possibility that Tether is in fact back by USD if Bitfinex is exchanging received bitcoin and/or other cryptos on regulated fiat exchanges like Gdax and Bistamp, and then wiring that USD back to their secretive offshore bank accounts.
If I were Bitfinex/Tether and I didn't have access to USD via normal banks, that's exactly what I would be doing.
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I wonder how much Bitfinex is paying other exchanges for them to list usdt as trading pairs. I own tethers right now because I was waiting on buying a dip but all these recent news are starting to scare me. Thanks for the post.
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Each coin having two faces,
like up and down,
It is not affect only coin it also to LIFE!
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As I said in the past tether is a double edged sword. I don't think it will be avoided by the people in the future as for a lot of exchanges ( ex. binance ) there's no way out when market crashes in order to buy the dip. Tether is a really controversial story!
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Informative video!
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Tether Does not let me to sign up. Do you know the best reason behind it. THANKS>
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Exchanges and Wallets can be tricky ... hard to trust them ...
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Ya that´s the big problem of tether. But if everybody go to the bank and want their money the same happens. The basement is trust isn´t it? :-)
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