2024 Update: How long can Tether keep getting away with their huge scam?

wxa7115

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Quote from: el kaka22 on May 14, 2024, 12:22:02 PM

I mean it is not a new thing to be fair, we are not talking about people who just came to the public eye, they have been doing this for a long time and they are still doing it. I feel like it is quite obvious that we are going to keep seeing them do what they are doing as long as there is absolutely no authority that wants to stop them. It to be fair at the moment looks like there isn't any. If they are allowed to do what the yare allowed to do at this moment then I am guessing that we are going to keep seeing them getting richer and richer.

This is why I believe that we are going to end up seeing them make more money as well, plus the public is not really seeing a "danger" with what they are doing and that seems like the most important issue that they are having as well.

Without a doubt anyone that has been part of this market for long enough knows what is happening, it is just that those that are powerful can get away with much more than what a regular person can.

However even if this is the case, at some point the truth will impose itself, even if this means that we will have to wait until some political enemies of those at the top of tether gain power and finally decide to bring down this house of cards.

DeathAngel

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Tether is one of the most frequently & strictly audited money transmitters in the US. There is close to zero chance they are doing anything shady, simply because they would not be able to get away with it. They have many years of proven track record now, they are extremely trustworthy.

el kaka22

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I mean it is not a new thing to be fair, we are not talking about people who just came to the public eye, they have been doing this for a long time and they are still doing it. I feel like it is quite obvious that we are going to keep seeing them do what they are doing as long as there is absolutely no authority that wants to stop them. It to be fair at the moment looks like there isn't any. If they are allowed to do what the yare allowed to do at this moment then I am guessing that we are going to keep seeing them getting richer and richer.

This is why I believe that we are going to end up seeing them make more money as well, plus the public is not really seeing a "danger" with what they are doing and that seems like the most important issue that they are having as well.

Tipstar

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I hope they don't. If there's a burst in Tether and it's devaluation, the crypto market would have irrecoverable damage. Almost all of my trading pairs are USDT based. I'm wary about the dependence but I don't have options. The platform I'm using for my trading bots don't have other USD options and wherever they are, it's for limited coins and the volume are very low. I hope the regulators forces more transparency and make Tether a secure assets as millions of people have their life savings in Tether.

Mate2237

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I think to crash a cryptocurrency project is not that hard and if all the investors agreed to withdraw themselves from the project and nobody uses it then it will crash on it own. But if people are benefiting from the project then it will be hard to crash that project. And Tether will crash when nobody uses the project that is all. And another thing again, if the project is not good enough to operate in the ecosystem then the government can bring it down if it is not a Centralized project but if it is a decentralized project then the authority belongs to the investors.

In most time people are using it to launder and hide funds (mostly politicians) so it is hard to crash.

mindrust

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As long as the authorities allow bitfinex.

I thought a lot about this in the past. Finally I came to a conclusion; tether/bitfinex is secretly supported by the government. Since the SEC ain't taking bitfinex down, then it means they are cool with the USDT scheme. That means they are indirectly supporting bitfinex. It is clear as day to me. USDT is just another government/central bank owned (unofficially) FIAT printer. Since they don't do it directly, they can blame bitfinex and when bitfinex goes down, the FED won't be held responsible.

jrrsparkles

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As long as people who don't care about where they put their money the USDT and any other stable coins is gonna make a lot of money. I am sure tether will bust one day but it's not anyday soon cause that much deep the into the crypto market and also invested in various Crypto related projects they're becoming unstoppable.

electronicash

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Quote from: batang_bitcoin on May 12, 2024, 04:26:11 PM

Quote from: electronicash on May 12, 2024, 03:17:22 PM

Quote from: batang_bitcoin on May 12, 2024, 05:14:43 AM

Tether will continue to print and it seems that they have dodged a huge bullet on them. IIRC, circa 2017 it was already a hot thing but then I have not followed the issue about it and until now, it is still something that cannot be forgotten easily. Until they will be hit by the SEC badly and hardly, they will be stopped but the impact to market will be so much.

if we could just take a hint, we know SEC would have done that a long time ago. there is no stopping Tether. users here are just afraid to actually talk straight about it yep they are not even replying to a thread like this one. if tether is just an altcoin project just trying to squeeze a few BTC from users, a lot will just be accusing them already but i rarely read Tether CEO name in the forum.

I don't think that he's here, maybe for once he was here on the early days and got the idea of stablecoin and launched it as USDT(Tether).
It's not going to be a big anymore when SEC is dealing with all of these crypto etf applications and the pressure was on them even with the BTC spot ETF.

what i mean is that Tether is cooperating with the government. it practically is the one freezing wallets when the government suspects something in some wallets. and Gary's cases are just too weak, can't remember if he ever won a case. this case is just something for the public show. it's not a real case. if XRP made it, there is no reason for Tether to lose. tether is richer than XRP.

adaseb

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Been hearing about all this tether fud since 2017 or so. Or maybe even before then. Claims that the 2017 bull run was a result of fake tether printing and so was the 2021 bull market.

Tethers market cap actually gained even higher after SVB and Signature Bank went bust because USDC had some funds stuck on that exchange. People lost faith in USDC that moment and converted to tether.

Now they make crazy amount of money from all the interest they receive in us treasury bonds. Business is good for tether.

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Quote from: Hello_Bubble_World on May 11, 2024, 01:48:43 PM

Making their debut on Forbes' annual billionaires ranking are Giancarlo Devasini, Paolo Ardoino, Jean-Louis van der Velde and Stuart Hoegner, four large shareholders of Tether, a controversial but wildly profitable stablecoin issuer.

https://www.forbes.com/sites/johnhyatt/2024/04/02/the-richest-crypto-and-bitcoin-billionaires-in-the-world-2024/?sh=77d7c306726b

2024 Update: How long can Tether keep getting away with their huge scam?
ps. If you do not know, Tether has avoided real auditing and is probably another highly-successful case of blatant crpto fraud. When will it finally crash, and/or do you have much direct exposure to USDT?

What is this "real" audit you are speaking of? Their last audit is from independent auditor from march this year by BDO

Liquid fiat cash reserves needed for financial institutions isn't 1:1 in anywhere at the world at least last i've checked. I don't think it's even 50% in anywhere, so if this a huge scam, it's a part of world wide financial regulatory scam, and nothing to do with tether per se. It's way more profitable for banks to invest that money to anything else, than keep it in fiat.

Banks in general have 10% reserves. ECB 1%. So how TETHER is a scam?

batang_bitcoin

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Quote from: electronicash on May 12, 2024, 03:17:22 PM

Quote from: batang_bitcoin on May 12, 2024, 05:14:43 AM

Tether will continue to print and it seems that they have dodged a huge bullet on them. IIRC, circa 2017 it was already a hot thing but then I have not followed the issue about it and until now, it is still something that cannot be forgotten easily. Until they will be hit by the SEC badly and hardly, they will be stopped but the impact to market will be so much.

if we could just take a hint, we know SEC would have done that a long time ago. there is no stopping Tether. users here are just afraid to actually talk straight about it yep they are not even replying to a thread like this one. if tether is just an altcoin project just trying to squeeze a few BTC from users, a lot will just be accusing them already but i rarely read Tether CEO name in the forum.

I don't think that he's here, maybe for once he was here on the early days and got the idea of stablecoin and launched it as USDT(Tether).
It's not going to be a big anymore when SEC is dealing with all of these crypto etf applications and the pressure was on them even with the BTC spot ETF.

electronicash

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Quote from: batang_bitcoin on May 12, 2024, 05:14:43 AM

Tether will continue to print and it seems that they have dodged a huge bullet on them. IIRC, circa 2017 it was already a hot thing but then I have not followed the issue about it and until now, it is still something that cannot be forgotten easily. Until they will be hit by the SEC badly and hardly, they will be stopped but the impact to market will be so much.

if we could just take a hint, we know SEC would have done that a long time ago. there is no stopping Tether. users here are just afraid to actually talk straight about it yep they are not even replying to a thread like this one. if tether is just an altcoin project just trying to squeeze a few BTC from users, a lot will just be accusing them already but i rarely read Tether CEO name in the forum.

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Quote from: Hello_Bubble_World on May 11, 2024, 01:48:43 PM

Making their debut on Forbes' annual billionaires ranking are Giancarlo Devasini, Paolo Ardoino, Jean-Louis van der Velde and Stuart Hoegner, four large shareholders of Tether, a controversial but wildly profitable stablecoin issuer.

https://www.forbes.com/sites/johnhyatt/2024/04/02/the-richest-crypto-and-bitcoin-billionaires-in-the-world-2024/?sh=77d7c306726b

2024 Update: How long can Tether keep getting away with their huge scam?
ps. If you do not know, Tether has avoided real auditing and is probably another highly-successful case of blatant crpto fraud. When will it finally crash, and/or do you have much direct exposure to USDT?

As long as we are not able to control our greediness and our wish to become rich overnight. That's the simplest and the most accurate answer that's closest to the reality.

Actually these kind of scammers play with our minds.They just target some new users or some user that have zero experience and they don't even want to learn from their bad experiences. Experienced traders on the right time take their investments out.

batang_bitcoin

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Tether will continue to print and it seems that they have dodged a huge bullet on them. IIRC, circa 2017 it was already a hot thing but then I have not followed the issue about it and until now, it is still something that cannot be forgotten easily. Until they will be hit by the SEC badly and hardly, they will be stopped but the impact to market will be so much.

Bureau

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Tether is a controversial and yet most accepted stablecoin in the world and everyone loves Tether. The fact that it is pegged to USD makes it attractive to everyone dealing in a volatile environment. Already the UN has said that USDT is mostly used for illegal activities and a lot of governments are more concern about its usage but as we know Tether is known for freezing its stablecoin if the government agencies ask them. That is why the government is least bothered about it as it can be easily controlled by them.

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Quote from: kentrolla on May 12, 2024, 01:00:15 AM

Like i hae said in the past, I am saying it again that Tether has been a very risky thing and no way they have the funds backed at the ratio of 1:1 for every circulating USDt in the market and it's the biggest scam which is waiting to explode and this will be a huge set back for entire crypto industry but I guess there are powerful organization within the government and business who are keeping it afloat.

I've read somewhere that the US law enforcements like the FBI now have access to the tether usdt as a watchdog to their affairs, if that story is true then usdt holders don't need to worry much. But like you said if powerful organizations within the government are shielding them from any scams, then there's need for them to worry, because the bubble can burst at anytime.

kentrolla

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Like i hae said in the past, I am saying it again that Tether has been a very risky thing and no way they have the funds backed at the ratio of 1:1 for every circulating USDt in the market and it's the biggest scam which is waiting to explode and this will be a huge set back for entire crypto industry but I guess there are powerful organization within the government and business who are keeping it afloat.

wxa7115

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Quote from: Bread Winners on May 11, 2024, 05:43:51 PM

That is wild, old-school media is listing four Tether billionaires? I have no direct exposure to USDT. What keeps it going, why hasn't that Tether thing exploded a long time ago?

There are several possibilities for this, the most obvious one is that those at the top of Tether were able to buy the protection of very powerful people, a move that SBF tried to make but he was not fast enough to pull off.

Another possibility is that governments know what is going on, but they are letting Tether to get away with it to try to give a massive blow to this market once it gets even bigger, as there is no doubt that the collapse of Tether would have lasting repercussions on this market, and governments may use such circumstances to increase even further the regulations businesses and users alike will have to go through.

Volimack

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Tether has been criticized in the past for its lack of transparency, but it has improved its transparency and now publishes regular reports about its reserves. Despite these improvements Tether is not completely immune to hacking or other security threats. However it is generally considered a safe and can only have a negative ending.

btc78

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Quote from: Hello_Bubble_World on May 11, 2024, 01:48:43 PM

2024 Update: How long can Tether keep getting away with their huge scam?
ps. If you do not know, Tether has avoided real auditing and is probably another highly-successful case of blatant crpto fraud. When will it finally crash, and/or do you have much direct exposure to USDT?

They probably have some really good connections all over different sectors and fields for them to avoid any legal repercussions of some kind. I don’t think people realize this as well because they are busy using it. Even if they do realize it, they have nothing against a multimillion project consisting of teams and powerful people working to hide anything that may destroy them.

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