Tether - The Not So Stable "Stable-Coin"

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I started writing about increased Tether risks 4 days ago based on price action I was monitoring on Binance Here and then again last night Here. Last night's price action after that 2nd post was not boring. I was sound asleep otherwise I probably would have traded this. Although I don't think Tether will survive long term, I think the recent action was a bit of an overreaction based on what we know so far, but the market is almost always smarter than any 1 person.

After hitting a high of $1.24 (USDT) versus the Binance Stablecoin - True USD (TUSD), we have since pulled back to around $1.09. That is a huge move for 2 cryptos that are "pegged" to the value of a dollar.

Binance even suspended withdrawals of Tether at one point for approximately 30 minutes due to a twitter rumor they were delisting the coin.

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I don't know the future of Tether, nobody really does at this point, but for me, there is too much risk in holding any value in the coin. The crypto market has been rife with fraud and greed and where there is smoke there is usually fire.

In hindsight, there were so many warning signs that Bit-Connect was a fraud too.

Bitfinex and Tether could easily make all of the FUD and uncertainty go away with a full audit from a major accounting firm and to me, their refusal to do so is all I need to know to stay away. There are plenty of warning signs on this one too.

My Previous Tether Posts:

https://steemit.com/markets/@matthewwarn/tether-when-is-a-dollar-not-worth-a-full-dollar

https://steemit.com/tether/@matthewwarn/tether-still-showing-weakness-i-d-get-out-of-tether-while-you-still-can

@matthewwarn

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