Is tether actually a scam?
I haven't followed cryptos since dogecoin was cool, so how does it work? What is tethering up? Like you sell your BTC for tether, and then tether is guaranteed to be movable out of the exchange for 1$ = 1 tether?
Is tether actually a scam?
Easton Foster
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tether.to
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Nicholas Gonzalez
Allegedly correct, but they have had some shady shit around their audits. It runs on Omni, not 100% sure what that is but you should check out Jow Forumsbuttcoin for more info
Lincoln Evans
Tether is probably a scam in the sense that it is not fully backed by dollars. If it was, then they would have had no problems releasing actual audits.
Luke Ross
This doesn't mean that the people who developed tether want it to fail, however. They own an exchange (is it Bitfinex?) and the exchange business benefits when it functions as promised.
Jayden Walker
Why don't you just short tether? In the mean time it'll never go above your liquidation price since it has to stay at $1, but it'll obviously fail eventually like every other crypto project. Once it drops below a threshold people are comfortable with, it's going to dump 99% down since its only use was being a dollar.
Liam Cox
she looks nice for raping
fuck law enforce bitches, i am the law, my dick is the judge.your womb and cervix are on the trial, be pregnant or death!
Jackson Lopez
You are pretty retarded
I think you'll make it
Tyler Wright
But if tether is not totally backed, it is interesting to consider the conditions under which it might fail. Tether can be printed at will, so it is not likely to fail when demand for tether is high (e.g. when the bitcoin price is falling and people are selling it to hold tether which is ostensible stable). Instead the failure mode for tether is when people are selling it (e.g. so that they can buy bitcoin or some other crypto that they think will appreciate in value). This suggests that it is riskiest to hold tether in a runaway bull market, because the people who print tether might not have enough assets to prop up the price.
Asher Kelly
I want to see how red her pussy is
Thomas Russell
>business and finance
Matthew Rivera
Banks only have a small part of their account holders' assets backed. The rest is reinvested and mostly given out as loans. The European Central Bank for example only requires banks to keep one percent of the assets backed. I would be surprised if the creators of Tether were holier than holy and kept everything in a savings account instead of reinvesting it for some gains. Let's just hope they didn't invest it into crypto.
Ryder Roberts
no, it's not a scam, with high probability
i hate this stupid fucking argument
look at it this way: everybody who thinks it's a fucking scam is an idiot daytrader who can't follow an argument
Logan Phillips
Thassascam!
James Peterson
Please do it and get burned by the monthly costs
Hudson Murphy
there is literally no risk in of itself. they can just print more when they feel like it.
the risk is getting exposed. everyone knows its a fraud, but until it gets shut down by legal action, everyone happily closes one eye.
Brody Ross
People trading it at 1$ and thinking it's worth 1$ is beyond my understanding. It's probably backed 40-60% maximum with USD. That's why they will NEVER provide a relevant audit and just continue broadcasting worthless reports and gain time. TrueUSD seems much more legit as a stablecoin.
Ian Thomas
All you need to know is that if you are a US citizen you are FORBIDDEN from owning Tether.
>Furthermore, residents of certain U.S. states are not permitted to be customers of Tether; are not permitted to cause Tethers to be issued or redeemed; and, are not permitted to hold Tether Tokens.
>Beginning on January 1, 2018, Tether Tokens will no longer be issued to U.S. Persons.
tether.to
This + the fact that they have never actually proved that they have the money they say they do makes me think that tether will drop from 1 to 0 overnight at some point.
Brayden Martin
They also state quite clearly that they will try to weasel out of redeeming tokens as long as they can find a legal reason to blame it on (bankruptcy perhaps). Plus you need to be a "fully verified customer", whatever that means, in order to even try. Makes me wonder how many Tether tokens that has ever been actually redeemed.
>Absent a reasonable legal justification not to redeem Tether Tokens, and provided that you are a fully verified customer of Tether, your Tether Tokens are freely redeemable.
Easton Stewart
>This + the fact that they have never actually proved that they have the money they say they do makes me think that tether will drop from 1 to 0 overnight at some point.
so fucking go short
jesus christ
how i WISH there was a way to do a levered long on dumb ass pointless tether fud
Ryan Brown
I'm not against people using Tether, I'm just making sure people know it's a gamble. That all their USDT could be worth 0 one day when they wake up. Just remember that you're not owning any USD when you own USDT.
Colton Allen
leaving anything on an exchange can go to zero overnight
Jonathan Jenkins
They already did an audit and TETHER IS BACKED WITH DOLLARS, FAGGOT
Daniel Phillips
good you understand it. many doesn't. tether seems special. tether seems like USD because it's always locked at 1. but it isn't USD.
it wasn't an audit. someone glanced at their bank account but that's not a proper audit. they might have temporarily borrowed that amount of money to make it appear everything is ok but in reality they had a huge debt. that means they do not have funds to back up their tokens, because they need to pay back the debt. a PROPER and actual audit looks at these things, so far they have not proved anything.
Jack Stewart
Considering how quickly governments raided the bank that allegedly was collaborating with Tether, I think a certain degree of secrecy is more than necessary.
I believe Freeh Sporkin & Sullivan cares enough about their business not to be the people who backed Tether legitimacy when it was a farce, same with all the exchanges, specially Binance, using Tether.
Levi Perry
all i know is they forbid americans from owning Tether and they refuse to have a proper audit. that's very suspicious. i don't want crypto to explode in a bad way but many people need to stop assuming it will always be valued at 1 USD.
Cooper Campbell
If I'd have to guess btw it would be that Tether does not have 1:1 amount of USD but they are accumulating the amount and is trying to stall for time. Eventually when they actually do have 2,707,140,346 USD they will finally get a proper audit and go "see, we told you so". Let's just hope their charade isn't seen through before that time.
Joshua Jenkins
If they forbid Americans they stop the SEC, which is the only agency in the world with capacity to subpoena banks in any country.
That's not suspicious imo, that's surviving in a world that doesn't want them to survive.
A prestigious law firm with way more to lose than to gain has backed them. People such as Binance's CEO has backed his billion dollar business in Tether when he doesn't really need to, I'd assume he has info we mortals don't.
Luis Young
It's 2,5b of extra liquidity for an already super volatile market, imagine if people who wanted to sidestep a dip didn't have play money that can only be used to buy back in (USDT) and actually had to bid down (down down down....) for real USD in one of the few remaining fiat gateways.
Jackson Morales
But who is redeeming tethers for dollars? Theyre redeemed for btc eth or whatever.
Hudson Wood
yeah but how many exchanges honor that? do they themselves honor it to make sure the exchanges prevent americans from trading USDT? from what ive seen a lot of people using USDT are americans and i don't think they know that what they are holding are worthless unless they can find someone outside of USA to sell it to. then that guy holds something worthless unless he somehow wants to become a "verified customer" of Tether (and probably still get refused to exchange it for USD for X legal reason). and so he must find the bigger sucker to take the USDT off his hands. it's just shady as hell.
in theory you can redeem 1 Tether for 1 USD. but in real life i doubt that has happened much.
Charles Powell
>Being born in the Land of the Free.
>You are forbidden to own stuff that you may need or want because the Powerful disagree.
How does it feel to be cucked in your principles, burgers?
Brayden Evans
>be born in Europe
>be ethnically cleansed by hordes of brown people you invited in with open arms
>be Canadian
>be ethnically cleansed by hordes of yellow and brown people you invited in with open arms
Et tu Brute?
Carson Flores
How's the percentage of brown population in the south half of the US, sir? And in the whole country? Cause maybe you don't wanna start with that topic.
Canadian is in its own league though.
Camden Price
Ohhh snap
Also
>Throwing insults instead of refuting the argument
Kek
Nolan Bennett
amerifats are the real pajeets
Tyler Ward
Claimed.
Angel Smith
Please post bobs sir