A good news or a bad news - page 3. | Bitcointalksearch.org

Mpamaegbu

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Quote from: vv181 on September 23, 2022, 09:01:52 AM

For those looking for sources:

- Judge Orders Tether to Produce Records Showing Backing of USDT
- Tether says new court order to produce USDT reserve backing is a 'routine discovery matter'

Or directly from the court order: https://storage.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.247.0.pdf

You did well by aiding OP on that information of source material. Thanks, on my part too, because it helped me have a deeper look into the whole issue.

OP, I don't think there's anything you should be worried about. Unless the trio founders of Tether don't have reasonable evidence of coin backing, I don't see much fundamentals happening to disrupt price. I want to see it as a routine check from regulators.

samuraijin

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Quote from: JangoUnchained on September 23, 2022, 07:56:53 AM

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

Is it just an allegation or accusation that happened to the USDT owner, if it's true then we'll just have to wait for the next news to be true whether they have reserves of some USDT coins, at least to make it clear that this news is true, it won't happen if the bitcoin doesn't have it. value, and of course all cryptocurrency chains will die instantly..

Bitstar_coin

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The rumors about usdt reserve backing have been circulating for so long keeping people in doubt, it is better they clear the air so that investors will be confident enough and have the trust to store their assets with usdt.
It is very unhealthy for any investor to use usdt store the money when it is not transparent, see what happened with ust, even though the scenario is different but it still boils down to trust, many investors trust terra ust enough to store thousands and millions of dollars with it but at the end, things went really bad and people lose money.
Nobody wants a repetition of such a situation with usdt, it is better they own up and do as instructed by the court.

KaliLinux

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Quote from: JangoUnchained on September 23, 2022, 07:56:53 AM

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

I however agree with the point raised by the court. Most people have always believed that crypto trading is not safe and things like this if not proven right might further affirm that notion by skeptical people about the crypto market and even though this has kinda been an ongoing thing with USDT tether, I hope this part can be cleared out for once and lets move on.

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Quote from: Yamifoud on September 25, 2022, 05:47:24 AM

Quote from: ?? on ??

I have no problem using tether usdt in fact I like the stable coin more than a few others except BUSD, Tether is big enough right now and they have been investigated in the past, bringing this up now is just a new to create fear in this crypto space so nothing new here.

Their reputation is very important and I know for sure that every investor needs some clarification and transparency and much more for the government. The issue is really a big deal and they have to tell the truth otherwise, they've got what it deserves for this project. I'm not going to say it creates fear in the market as it never affects the entire market for sure.

Might say it was bad news for USDT investors and developers but for some reason, this will help to keep the market looking good and all of the stablecoins.

that is bad news for tether developers and good news for investors and the market. having to say that although usdt is the most popular and widely used in the market, people still want to know its true transparency and so far there is no clear answer. news about usdt is not so new, almost every year there are rumors about the transparency of usdt
i hope this time will be different, after the collapse of ust, we really need stronger measures to help the market become cleaner. today we have a lot of options with stable coins so the fact that usdt is being investigated is really good news to me

Yamifoud

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I have no problem using tether usdt in fact I like the stable coin more than a few others except BUSD, Tether is big enough right now and they have been investigated in the past, bringing this up now is just a new to create fear in this crypto space so nothing new here.

Their reputation is very important and I know for sure that every investor needs some clarification and transparency and much more for the government. The issue is really a big deal and they have to tell the truth otherwise, they've got what it deserves for this project. I'm not going to say it creates fear in the market as it never affects the entire market for sure.

Might say it was bad news for USDT investors and developers but for some reason, this will help to keep the market looking good and all of the stablecoins.

vv181

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Quote from: Baofeng on September 24, 2022, 06:08:24 PM

Quote from: vv181 on September 23, 2022, 09:01:52 AM

Quote from: Baofeng on September 23, 2022, 08:22:35 AM

~maybe they trust Tether or they just don't believed that the government has a case against them.

~
They are ironically trusted or simply the majority of the people are ignorant. I believe the latter, their users didn't notice the government has a case is out of the option, IMO, it would be too much dumbfounded if there are USDT users who would believe so. The current order was from a 2019 lawsuit, and actually, if we look based on my first referenced Decrypt article, there is a case whereases Tether found guilty to misled the reserve they had to back the token. There ware multiple related cases, so it would be ironic if people still trusting them.

It's really hard to know, for me I'm aware of the court cases way before (I even tagged it as 2018, it supposed to be 2019). But in any case, I just used but i don't put like in the thousands of dollars, just a couple of hundred specially if I just wanted to hedge against bitcoin's volatility.

But in any case, users should be aware of the court cases and if they are willing to take the risk then it's up to you. The court battle might be long though, so do your own diligence.

Indeed, it is hard to find relevance to the fact it has an ongoing case and proven have lying to its customer, yet USDT is still being used. It seemed like it may be kind of like a self-fulfilling prophecy whereas some people just use it for a short term or just putting a small amount of funds. IIRC, USDT's high availability across many exchanges and networks also plays its part to make the token widely used. I don't know exactly the current condition, but it seems many stable tokens are catching up to be broadly available on many ecosystems.

With that in mind, cryptocurrency userbase would have many options to choose a widely available range of stable tokens.

Jackl87

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Quote from: JangoUnchained on September 23, 2022, 07:56:53 AM

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

Well i am also not sure what i should think about this. First of all i think it totally makes sense that the company behind USDT shows what those reserves are that they are talking about that are backing their USDT. As far as i know they changed the wording regarding the backing of USDT a few years ago from "We have enough money to back every USDT minted" to "We have enough reserves to back every USDT minted", but no one really knows in what form those reserves exist or if they exist at all.
If they don't have enough reserves and this becomes public then we will have a huge dump of the whole market. Way harder then the one we had when Terra blew up. I hope everything will be fine.

Baofeng

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Quote from: vv181 on September 23, 2022, 09:01:52 AM

For those looking for sources:

- Judge Orders Tether to Produce Records Showing Backing of USDT
- Tether says new court order to produce USDT reserve backing is a 'routine discovery matter'

Or directly from the court order: https://storage.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.247.0.pdf

Quote from: Baofeng on September 23, 2022, 08:22:35 AM

~maybe they trust Tether or they just don't believed that the government has a case against them.

They are ironically trusted or simply the majority of the people are ignorant. I believe the latter, their users didn't notice the government has a case is out of the option, IMO, it would be too much dumbfounded if there are USDT users who would believe so. The current order was from a 2019 lawsuit, and actually, if we look based on my first referenced Decrypt article, there is a case whereases Tether found guilty to misled the reserve they had to back the token. There ware multiple related cases, so it would be ironic if people still trusting them.

It's really hard to know, for me I'm aware of the court cases way before (I even tagged it as 2018, it supposed to be 2019). But in any case, I just used but i don't put like in the thousands of dollars, just a couple of hundred specially if I just wanted to hedge against bitcoin's volatility.

But in any case, users should be aware of the court cases and if they are willing to take the risk then it's up to you. The court battle might be long though, so do your own diligence.

serjent05

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Quote from: ?? on ??

Quote from: AakZaki on September 23, 2022, 02:42:55 PM

Quote from: Crypt0Gore on September 23, 2022, 08:42:33 AM

I heard this is just a routine, no cause for an alarm, also I think I like the idea, USDT have been audited by fairyproof and certik so clearing this rumour of USDT can't be trusted can make USDT be more trusted by crypto users, to me its more of good news than bad.

Certik did a USDT audit in 2019 with a Code Audit History
Fundamental protection and assessment. so no more doubts about USDT. Total Supplay 70,155,449,908.75 USDT with Circulating Supply
67,954,703,168.02 USDT. The USDT pair has even become the main stablecoin pair used by traders because it is considered more secure. no crypto collapse, this would be a good start as more people get to know crypto and come in to invest.

Source: https://www.certik.com/projects/tether

Certik audit was not a reliable. tether said that if its token even backed by various things like bonds and many more. That proves that if it's not all of reserved funds available in the USD form. The government needs to know how much assets like real USD fiat money, stock or bonds owned by tether to backed its stable token. That means if the USD court wanna know the real audit by its commissions. Tether was in a bad move in this case caused by it's not being so transparent from the start

I greatly agree, there are lots of projects that are reviewed by Certik but end up being a scam through rug pull, failed due to exploiting and hacks. In short, there are lots of projects that pass Certik's code review but end up getting hacked or exploited.

Having the Government involved in assuring the masses that USDT has actually the amount stated as reserved for their Tether is really a good move and reassuring at least. Even though we don't know the real reason behind the intention of the US court, at least we will benefit from it and that is a good news.

Xal0lex

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Quote from: JangoUnchained on September 23, 2022, 07:56:53 AM

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

It all depends on the real situation. If USDT does not have any problems and they are ready to confirm their reserves, it will increase the attractiveness of USDT in the eyes of investors and regulators. If the project can not confirm the reserves and it turns out that a large number of coins are not secured by anything or secured by some debt obligations, there will be an outflow of funds from USDT. Such a development would have a positive impact on USDT's direct competitor, USDC, because it could soon replace USDT in the table of stablcoins.

abel1337

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It can be a goods news or bad news to you depending on your current situation, There might be a small price drop but I believe it can be sustained knowing that USDT is a largely traded pair. If they got audited and they are proven to be giving false declaration, The situation will be changed.

There are a lot of rumors and accusations on tether before that the coins they are minting are not backed 1:1 and I believed that there are some who stopped using tether because of that issues. It's a serious issue that can make USDT depegged.

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Quote from: JangoUnchained on September 23, 2022, 07:56:53 AM

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

You should provide links so that people can follow on what you're trying to disseminate. I think this wasn't the first of it's kind news for tether to ever encounter for such issues, so it's not that surprising if they get such notice. Disclosing doesn't necessarily means it's bad but it's how you put the situation though, that's for you to decide.

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Quote from: jossiel on September 23, 2022, 07:27:02 PM

You probably heard of it newly and that's why it freaks you out. This has been an issue long ago and that's why it's no surprise if that's what they're asking from the Tether developers which is also connected to Bitfinex.

No need to be freaking out of it and let them handle their own compliance to what the court order has been issued to them.

We'll just wait on how they're going to respond on it.

That's right, don't get too carried away by panic, it will cost us a lot. This is actually a good thing, as it will show the transparency of Tether itself. Don't we want that, that we all want to see things transparently? From there we can assess further about this Tether.
News like this should not let us be controlled by fear.

Silberman

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Quote from: JangoUnchained on September 23, 2022, 07:56:53 AM

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

It depends, if Tether has in fact backed their coins in a one to one relationship then they have nothing to fear and in fact it could benefit them because for a very long time people have speculated this is not the case and this could help them to satisfy those which have asked for an auditory for a long time, however if it can be demonstrated they had cheated the trust of all of those which have bought their coins then this could create a very negative environment for Tether and in the worst case scenario we may see an inevitable crash on that coin.

chaser15

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Quote from: JangoUnchained on September 23, 2022, 07:56:53 AM

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

That's good news or should I say positive news.

If Tether will just comply with anything legally, they will gain the trust of the community.

For now, let's see what will happened and what actions will Tether will do at this point.

jossiel

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You probably heard of it newly and that's why it freaks you out. This has been an issue long ago and that's why it's no surprise if that's what they're asking from the Tether developers which is also connected to Bitfinex.

No need to be freaking out of it and let them handle their own compliance to what the court order has been issued to them.

We'll just wait on how they're going to respond on it.

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Quote from: JangoUnchained on September 23, 2022, 07:56:53 AM

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

There's a lot of issues before with USDT, this might not be a good news because USDT will be in trouble again for paying huge fees if the court sees another irregularities on their platform. This can be good though if USDT will fully comply to be better on their service, this can benefit a lot and ensure many that USDT has a good amount of reserve that can compensate everyone if something bad happen with the platform. Don't panic though, let's just wait if they will cooperate or not.

serjent05

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Transparency is always a piece of good news, especially if it involves one of the biggest stablecoins in the cryptocurrency industry. I believe the action of the US court is just since the USDT is claiming that their stablecoins is backed 1:1 by US dollar. So the tether owner must show the audit or proof that they have the reserved amount equal to the tether in circulation.

Quote from: ?? on ??

Previously tether was fined by CFTC, and this is a continuation of the previous lawsuit, I don't see this bad news. But this is good news, isn't it this news will open the eyes of big investors, so they will buy bitcoin to secure their crypto assets? to be honest I'm not an investor to buy usdt and hold in the long term, I also don't trust stablecoins. Their problems with the government if not resolved then other stablecoins can also be a stepping stone for their investors, I just remind the case of the price crash on Luna can happen in any stablecoin. If they can't prove it, you definitely know what to do.

Yeah, the penalty is well deserved considering they announced that it was backed by dollar reserve 1:1 and finding out that the amount of dollars they held at that time isn't equal to the total supply of USDT. That is fraud. So I think this time, USDT must prove in US court that the recent audit that certifies that they actually have the amount is true.

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Quote from: JangoUnchained on September 23, 2022, 07:56:53 AM

I read online that A US court have ordered USDT owner Tether to disclose the reserves backing its stable coin, this is the largest Stable coin in crypto space presently and this doesn't sound like a good news to me, is this the great crypto collapse in play or I am just think way too much? This freaks me out.

Why is it not a good news to you as a consumer? If anything this should be positive as it finally lets us a sneak peek into where Tether is actually pegging its total supply in the market. Imagine if the most used stablecoin doesn't have any assets backing it up, then where does it get its value? For all we know, the guys at Tether are already swimming in pools of money while all of us here are clueless as to the true nature of USDT's valuation. Audits like this should happen more frequently on stablecoins as to assess their capacity to be used as one, else they essentially just created money out of thin air and that's extremely bad for the economy (and they're not a banking entity sooo...)

Topic: A good news or a bad news - page 3. (Read 619 times)