DO NOT TRUST TO TETHER - page 7. | Bitcointalksearch.org

gentlemand

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Quote from: alexey14 on June 27, 2020, 06:00:31 PM

Money Landing is a good Excuse for Central Bank to freeze tether money account.

I doubt any bank holding the funds knows that it's related to Tether. The only way they will is if someone who works for them is forced to point out which account has it.

Tether have played it masterfully.

They have removed the need for them to redeem for dollars, that's your problem and you'll have to find another private individual willing to do it, and they've also offloaded the risk onto other exchanges. The exchanges can't afford to let it fail either and several have publicly stated they'll back the peg no matter what.

I don't believe they're a scam. I don't believe it's money out of thin air. I do believe this would be a healthier space without it.

ScamViruS

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Quote from: alexey14 on June 27, 2020, 06:00:31 PM

Tether getting bigger every day but it doesnt mean you can trust them.
Im not gonna say tether developers are scammer but tether could be fall very hard by Central bank mafia, Money Landing is a good Excuse for Central Bank to freeze tether money account.

Tether seems like a complete scam to me. If you watch Tether's current activities, you will understand how they are printing USDT as they wish, entering the market and manipulating the market. Seeing Tether's activities, almost all the exchanges (including Binance) are getting interested in creating their own stablecoin. This system makes them to take their volume to their own stablcoin. The main reason is that they want to use this scam to earn as much as they want. Because there is no transparency here. There is no one to catch them, no one can stop their this scam show.

Timmzzy

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Quote from: alexey14 on June 27, 2020, 06:00:31 PM

Tether getting bigger every day but it doesnt mean you can trust them.
Im not gonna say tether developers are scammer but tether could be fall very hard by Central bank mafia, Money Landing is a good Excuse for Central Bank to freeze tether money account.

I believe you are to say Money laundering
Please do well to check your sentence so not to cause some confusion to forum user who ain't good in catching up words quickly.

Quote

Money Landing is a good Excuse for Central Bank to freeze tether money account.

electronicash

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how come they are not seize by the government if they are not obvious of a scam?
its fascinating how big the scam is that most traders willingly hold the usdt when the markets crashes. i myself hold this token for long time thinking its safe though. i've sent it back to the exchange and cashout to my bank account eventually. did US government failed to monitor them?

o_e_l_e_o

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Quote from: GreatArkansas on June 28, 2020, 05:55:38 AM

Yet Tether still the highest market cap stable coin.

It only has the highest market cap because iFinex print it at will, without paying any attention whatsoever to the reserves they claim to hold, a statement which has been proven repeatedly to be false. Having a large market cap says nothing about its stability, reliability, or trustworthiness.

Quote from: GreatArkansas on June 28, 2020, 05:55:38 AM

For me, it does not matter since I only using Tether on some exchange while I am doing trading like if I am trading Bitcoin in some exchange and I want to do a BTC/USD pair trade, that's the only time I am using Tether.

Even if you are never withdrawing or transferring USDT, you are still at risk by using it. We know it isn't backed up as they claim, so the 1-to-1 peg is essentially a collective agreement between all users who are using Tether. At any point, one of the court proceedings against them could demand an independent audit or some government agency could start investigating them for money laundering, money printing, general scamming, etc. Suddenly, a sizeable chunk of users lose faith and the 1-to-1 peg is no more. Hell, at any point something as simple as too many people trying to redeem their Tether for USD could result in the same thing, essentially a bank run on Tether. As long as you hold Tether in any account or wallet, you are exposed to the risk of collapse.

NeuroticFish

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Tether never had a proper audit. This is a big problem. Their financial gimmicks are another big problem.
I fail to understand how can so many people trust them just like that, when we see so many (other) scams.

GreatArkansas

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Quote from: thesmallgod on June 28, 2020, 05:00:44 AM

Tether is a centralized coin and from what I've read, it is being minted by some exchange such as bitfinex. It is already facing many legal issues and what the future holds for the coin is not certain.
(...)

Yet Tether still the highest market cap stable coin. I don't think why.
For me, it does not matter since I only using Tether on some exchange while I am doing trading like if I am trading Bitcoin in some exchange and I want to do a BTC/USD pair trade, that's the only time I am using Tether. But I think there are some people who always using Tether like buying using fiat or converting their Bitcoin to fiat like they will convert first their Bitcoins or other cryptocurrencies to Tether and convert it to fiat.

thesmallgod

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Tether is a centralized coin and from what I've read, it is being minted by some exchange such as bitfinex. It is already facing many legal issues and what the future holds for the coin is not certain. While it is used to mitigate the level of risk in trading, it is very risky to keep holding tether for a long period of time.

o_e_l_e_o

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Tether is absolutely a scam.

They claimed they were backed up 1-to-1 with USD which was proven to be a lie. Then they claimed they were backed up 1-to-1 with a "cash-like assets" which was also proven to be a lie. Now we know that a small fraction of USDT is backed up with a variety of assets, including other cryptocurrencies and future interest payments on loans they have given out, including the $850 billion loan they gave to themselves to stop themselves from going bankrupt. If you want to use a coin that is backed up by an insolvent company paying interest to itself, then you have no one to blame but yourself when it all comes crashing down.

In the last 3 months, $4.5 billion USDT has been printed out of thin air, with zero audits or proof of funds. Tether is the money printer of cryptocurrency. If you want to trade bitcoin back and forth between fiat, then it is far safer to just trade to actual fiat than it is to use this scam coin.

notblox1

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Only thing that everyone is waiting is when will Tether explode.
When real auditors finally check them, that will also have bad effect on all crypto markets, as everyone is using Tether for washtrading.
I also don't like freezing of my money and coins, and that is what I get with USDT.

joniboini

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Quote from: GreatArkansas on June 27, 2020, 10:24:06 PM

We have, USDC, DAI stable coin, PAX, TrueUSD, any more?

Dozens of exchanges like Binance have already created their own stable coin too. They likely want to get the portion of the money, where they can fully control the supply of such tokens with little to no transparency. I'm not surprised if they start being as shady as Tether in this regard.

mk4

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I have been advocating for the non-usage of stablecoins in general(probably besides when you're daytrading) for a while now. A lot of people are so unaware of the risks they're taking when holding most stablecoins.

Topic: PSA: Most Stablecoins Can Be Frozen, Even When in Your Own Wallets https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055

GreatArkansas

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Well, for the others who still don't know other alternatives for Tether, we already lot of them, stable coins.
It's kinda difficult for Tether now since Tether is the highest market cap among other stable coins, but still, we can use some stable coin except Tether.
We have, USDC, DAI stable coin, PAX, TrueUSD, any more?
It's kinda difficult now to switch since as what I told, Tether is the highest market cap among other stable coins.

bigcash2011

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Quote from: alexey14 on June 27, 2020, 06:00:31 PM

Tether getting bigger every day but it doesnt mean you can trust them.
Im not gonna say tether developers are scammer but tether could be fall very hard by Central bank mafia, Money Landing is a good Excuse for Central Bank to freeze tether money account.

You do have a valid point and it is arguable but uptill now according to the sources and tether officials company is safe and they have validated everything to regulators after which they have been cleared to do business. If banks will close doors for stablecoins then it will effect all fiat backed coins so i suggest to stop this propaganda against tether only please.

alexey14

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Tether getting bigger every day but it doesnt mean you can trust them.
Im not gonna say tether developers are scammer but tether could be fall very hard by Central bank mafia, Money Landing is a good Excuse for Central Bank to freeze tether money account.

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