Topic: Breaking News: Tether , a problem or just FUD... - page 3. (Read 899 times)

What's worse that people spread FUD news extremely fast, generating negative waves in crypto community.
But it's in our hands to resist and reveal such FUDs and rumors.

People throw around FUD like candy in cryptocurrency. I have a hard time thinking people actually know what it means.

Some thoughts for those who are able to count 1 + 1 + 1 + 1:
1) problem with Tether, which huge CAP was obvious for previous months;
2) Facebook blocks ads related to crypto;
3) India bans smth in crypto, just hard to imagine what India can ban in crypto...
4) all this happened in the last few days, when crypto market is seriously down.

I don't really see it as a big problem, its just FUD, based on research and analysis, it has always been difficult for bitcoin to survive first quarter of the year, but this year seem worse, the major countries are polling out and bitcoin is going deep, but it will certainly rise back, is just mater of time

Maybe because people were unaware of the printed tether, or that tether wasnt printed yet. The problem is that the fiat backing might not be in the reserves, and the fact no one wants to audit them is suspicious.

It could potentially be a slight problem, but this feels like just another excuse for FUD. Why does everyone only suddenly care about this now. No one cared about Tether when btc was hitting all time highs

Not so sure this will be the case, but anything is possible in the world of crypto.

Even if tether does go up in a ball of flame, exchanges will quickly suss something out in order to maintain their business. If they do not already have pairings for actual dollars they could create their own version of USDT. It is in their interest to have a way of getting into crypto and if they do not quickly adapt that will see other exchanges taking up their market share. I wouldnt be surprised if exchanges that do not offer USD/EUR pairings are working in the background on something that will replace USDT so that they can immediately implement it if tether is confirmed as bust.

This is certainly not good news, but a lot of people have known about this for awhile. I have been sketchy of tether for a long long time, since it acts as another token and doesnt actually have USD backing.

It will be a big problem and people will be pretty pissed if they cannot withdraw. It will also have an impact on other exchanges and nobody even knows if they hold the money in reserves to pay out, They have something like 1.3 billion dollars of oustanding tokens They dont help themsleves by being pretty shady when they get asked question by the media.

They have also been fined in the past

"In June 2016 the CFTC fined Bitfinex $75,000 for offering “illegal” cryptocurrency transactions and failing to register as a futures commission merchant."

I call it FUD, and am surprised at the negative sentiment I keep seeing expressed. Everyone seems to assume that the problem with getting an audit done automatically means there's a shortfall in dollars backing it, when that is the less likely explanation given what we already know of their banking troubles. What is far more likely is that the irregular and problematic banking channels they are working with, and that keep shifting on them, is what is making it virtually impossible to get an audit done to the satisfaction of the auditor. It's no secret they are struggling to establish a robust and reliable set of banking partners for transfers, but that's not the same as saying the dollars don't exist.

Worst case I expect them to get in trouble over the use of shell accounts and companies in moving money around. But if authorities keep in mind that they are trying to protect people, not create a crisis that harms them, they'll manage any punitive actions in a way that does not steal funds from tether holders.

You can see that the FUD has barely registered with the price of tether on coinmarketcap. Bitfinex is still letting people wire out $ on a 1:1 basis with tether on their account last I checked yesterday. So people in the know are maintaining the price and taking advantage of the FUD to profit off even slight dips with arbitrage, I believe.

I agree, I hope we can just get passed it and move on quickly.

I doubt that Tether is legit.  There are too many red flags.  That said, remember that it only has a 2 billion market cap, compared to the entire 520 billion value of crypto.  If and when Tether collapses, it may have a short-term impact on the market, but things will recover.  No worries.

Tether was super handy, and made it easy to play around on exchanges. Why cant people just do what they say they are going to do? Maybe the news wouldnt have had such a big impact if it turned out tether was bollocks without the pre-news. Im sure anyone that does technical analysis on bitcoin is getting pissed off by the constant stream of bad news that reverses any bullish trend with a bear one only for it to turn around again a week later when it turns out the news was wrong or overblown.

It certainly isnt good publicly as well though, when people see $2B evaporate they wont want to enter the space. If everyone starts selling tether, others that are not aware or dont evaluate news are going to go " shit bitcoin is selling, we need to sell" and then hell breaks lose.


Although I dont think it is the end of the world, it certainly wont be good.

Most importantly how is it going to affect Bitcoin. Is it going to pull down BTC and then whole crypto currency market?
How would ETH fare in this situation?  I am wondering how can Tether with such a tiny market cap of about 2 billion dollars affect Bitcoin who market cap is 175 billion.
What do you guys/gals think?

The U.S. Commodity Futures Trading Commission has now requested a subpoena according to Coindesk!


Do you guys think this will end well?

Surprisingly no. The last printing of USDT in the Omni network riding on top of Bitcoin was on the 23rd:

http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL&page=1

It is very sketchy



No what...?



I did that on purpose to make conversation.

I agree, however I dont think they will get the audit done. The more I think about it, I dont think it will be a huge crash that a lot of people think. I dont think it will be a huge 50% drop in bitcoin, but it does look bad for it.



I certainly dont have any, and I am pretty sure they have printed more tokens since the creation of this thread. ( I think )



They need an audit so investors can put a little more trust in them.

Why do you need an audit?
People are already pouring money on them!