Topic: Is there really a Tether guarantee? (Read 194 times)
Some say yes, some say it's not backed up, so it will be hard to find the truth, some say tether is good and some don't, so you can draw your own conclusions, some said that their accounts were suddenly frozen for sending tether, others said it was due to violating regulations such as theft and money laundering.
Only 3.87% cash and they even have 1.64% on BTC... opinions? 
Tether is a scam.~
This is even worse than I thought. The last court reports I had seen suggested around 70% of USDT was backed up with USD. It's actually less than 3%. That's wild.
The Market cap is pretty obvious:
It can only go up! I'm eager to see what happens when people sell it and want to withdraw dollars.
The Madoff investment scandal comes to mind.
Tether is a scam and it has the biggest stable coin volume in crypto space ? What are the SEC doing? Atleast tether team have been accused few times before but I thought they work things out with the law? Why are still they allowed to be in operational?
Only 3.87% cash and they even have 1.64% on BTC... opinions?
Tether is a scam.Less than 3% of USDT is backed up 1-to-1 with USD as they claimed. The majority of their "collateral" is commercial paper, which is, by definition, non-collaterized and little more than a corporate IOU. They could also, as they have done in the past, picked up all that commercial paper the day before this statement and transferred it back the day after. I wouldn't be surprised at all if "corporate bonds" are all Bitfinex, and they'll have simply done some legal fudge to mean they can still loan money to themselves without it being an "affiliated entity". They don't give actual numbers or sources on anything, the commercial IOUs could easily have come from Bitfinex, and all this is from March 31st, since when they've printed another 20 billion USDT as I explained above.
This is even worse than I thought. The last court reports I had seen suggested around 70% of USDT was backed up with USD. It's actually less than 3%. That's wild.
The choice is yours, if you find it hard to trust USDT there are other decentralized stable coins that are out there but I feel safe using usdt for unknown reasons, I believe they are more transparency because the project is centralised, they can easily be investigated too
Just published:
Tether reveals a breakdown of its reserves for first time since 2014 launch
Only 3.87% cash and they even have 1.64% on BTC... opinions?
Tether reveals a breakdown of its reserves for first time since 2014 launch
Only 3.87% cash and they even have 1.64% on BTC... opinions?
Here's a post I made 2 months ago:
Also see my post here: https://bitcointalksearch.org/topic/m.56656992
On multiple occasions, Tether have borrowed funds in to their bank account the day before an audit, and then transferred the funds back out again the day after the audit. This has been proved in court.
I repeat my statement that until I see evidence to the contrary, Tether are a scam as far as I am concerned. I suspect the 19th May deadline will either be missed, or the "audit" released will prove absolutely nothing, just like every other "audit" they have released.
The latest "Proof of funds" on their website is 3 years old and shows assets of $2.5 billion, while there are currently 38 billion USDT in circulation.
The "Proof of funds" on their website hasn't changed, but there are now an additional 20 billion USDT in circulation.Also see my post here: https://bitcointalksearch.org/topic/m.56656992
On multiple occasions, Tether have borrowed funds in to their bank account the day before an audit, and then transferred the funds back out again the day after the audit. This has been proved in court.
I repeat my statement that until I see evidence to the contrary, Tether are a scam as far as I am concerned. I suspect the 19th May deadline will either be missed, or the "audit" released will prove absolutely nothing, just like every other "audit" they have released.
Tether USD is run by a centralized company, Tether.
The company suddenly mint many USDT and people think it is signal of bull run or pumps. Your Tether USD address can be frozen by them and from government request.
It is an unsafe cryptocurrency and I won't mind they receive us or not. Centralization means unsafe. Not your keys not your coins but if you hold keys of a centralized currencies, it means less value in reality.
Please choose DAI instead of Tether.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
The company suddenly mint many USDT and people think it is signal of bull run or pumps. Your Tether USD address can be frozen by them and from government request.
It is an unsafe cryptocurrency and I won't mind they receive us or not. Centralization means unsafe. Not your keys not your coins but if you hold keys of a centralized currencies, it means less value in reality.
Please choose DAI instead of Tether.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
is just that trying to prove that the government have no secret or aren't lying to their People, this doesn't mean a big red flag to me, I still use tether till this day and I don't see myself liking other coins over tether usdt
What? It sounds so weird to me. If you believe Tether is shady then you should no longer use them. Use USDC or other stable coins instead. It doesn't mean they're the best, but at least their shadiness is not as bad as Tether right now.
Tether is centralised, its just like trying to prove that the government have no secret or aren't lying to their People, this doesn't mean a big red flag to me, I still use tether till this day and I don't see myself liking other coins over tether usdt
Absolutely nothing! Even if we learn that USDT is fully controlled by the devil himself nobody in the crypto market would care. As long as there is profit to be made the gamblers calling themselves "traders" are going to continue using the convenient tools over the secure ones (CEX instead of DEX, shady exchanges instead of more trusted ones, shitcoins instead of bitcoin, ...).
How many times we've learned that a certain altcoin is buggy, scam, centralized,... and yet they bought it when it was pumping?
A huge drop on the price means nothing to you? Maybe you don't care, but what about all the institutions and big guys looking at crypto? Traders will always be there, but they will NOT hodl if they find out that almost $60b (for now) is pure thin air, specially because that's the coin they use to trade (and they definitely won't trade for more monopoly money). Just look at what a tweet did to the price.How many times we've learned that a certain altcoin is buggy, scam, centralized,... and yet they bought it when it was pumping?
This is what they will see: "USDT, the highly used stablecoin on the top pairs of Coinbase, Binance, Kraken, Okex, Huobi and others, is unbacked and a fraud!"
Sounds big to me, and my opinion is that this will sound big to the major players as well.
If the majority of the volume is in USDT and if USDT is confirmed as unbacked, what do you think will happen?
Absolutely nothing! Even if we learn that USDT is fully controlled by the devil himself nobody in the crypto market would care. As long as there is profit to be made the gamblers calling themselves "traders" are going to continue using the convenient tools over the secure ones (CEX instead of DEX, shady exchanges instead of more trusted ones, shitcoins instead of bitcoin, ...).How many times we've learned that a certain altcoin is buggy, scam, centralized,... and yet they bought it when it was pumping?
Did Tether lie? Yes.
Is Tether shady? IMO, yes.
Is Tether the majority of the volume of crypto? Yes.
They may or may not be backed as they say. Maybe they really are backed 1:1 with actual USD or maybe they are backed by crypto itself or other shady stuff. No one actually knows.
The NYAG deadline for them to show a breakdown of their reserves is in 6 days (May 19th). They haven't shown anything so far. Let's see...
Is Tether shady? IMO, yes.
Is Tether the majority of the volume of crypto? Yes.
They may or may not be backed as they say. Maybe they really are backed 1:1 with actual USD or maybe they are backed by crypto itself or other shady stuff. No one actually knows.
The NYAG deadline for them to show a breakdown of their reserves is in 6 days (May 19th). They haven't shown anything so far. Let's see...
Pretty much this. Currently 1:1 backed or not, their past shadiness makes me feel totally uneasy with holding Tether even just for a week. Personally, I'd just use it for trading, and nothing beyond that.
Though I would not hold it for more than a week either(or any other stablecoin, because this), I'd probably trust USDC slightly more.
Just a couple of months ago, I read this news Tether stablecoin is fully backed, says new assurance report. This may be true or not. I cannot confirm.
In the report, Moore Cayman, the accounting firm which made the audit, stated that USDT is fully backed. As a matter of fact, "Tether’s reserves for USDT stablecoin exceed the amount required to redeem the digital asset tokens." Again, I cannot confirm the veracity of the contents of this assurance report. However, it seems it comes from a third party audit. Either way, we will wait for the NYAG deadline.
Ehh, I'm not exactly a "Tether truther", but this is just an statement and not an audit. Let's also not forget what Tether did back in the days when they borrowed money from Bitfinex to produce an identical document (saying they have X dollars) and then sent them back at the same day.In the report, Moore Cayman, the accounting firm which made the audit, stated that USDT is fully backed. As a matter of fact, "Tether’s reserves for USDT stablecoin exceed the amount required to redeem the digital asset tokens." Again, I cannot confirm the veracity of the contents of this assurance report. However, it seems it comes from a third party audit. Either way, we will wait for the NYAG deadline.
I guess it is not much of a big deal if USDT's volume is focused on Binance, Huobi, and so on.
How so? If the majority of the volume is in USDT and if USDT is confirmed as unbacked, what do you think will happen?Tether has been controversial for years, not only because of its questionable 1:1 USDT backing and alleged pumping of BTC's price but also because it is centralized, could freeze your funds, could even reverse transactions, and so on. Therefore, it is to be avoided whether its USDT is in fact 1:1 backed by real USD or not.
That should be expected. If they own the dollars, of course they will own (control) the USDT. 
If someone suddenly robs $10b USDT, should the hacker just be able to redeem $10b (in dollars) because of the nature of the decentralized world? Of course they need maximum control for a token backed by their own assets.
Just a couple of months ago, I read this news Tether stablecoin is fully backed, says new assurance report. This may be true or not. I cannot confirm.
In the report, Moore Cayman, the accounting firm which made the audit, stated that USDT is fully backed. As a matter of fact, "Tether’s reserves for USDT stablecoin exceed the amount required to redeem the digital asset tokens." Again, I cannot confirm the veracity of the contents of this assurance report. However, it seems it comes from a third party audit. Either way, we will wait for the NYAG deadline.
I guess it is not much of a big deal if USDT's volume is focused on Binance, Huobi, and so on. After all, they're the top crypto exchanges by volume, and since USDT is the most traded cryptocurrency, if it can be called such, then it is understandable if its presence is very high among top exchanges.
Tether has been controversial for years, not only because of its questionable 1:1 USDT backing and alleged pumping of BTC's price but also because it is centralized, could freeze your funds, could even reverse transactions, and so on. Therefore, it is to be avoided whether its USDT is in fact 1:1 backed by real USD or not.
In the report, Moore Cayman, the accounting firm which made the audit, stated that USDT is fully backed. As a matter of fact, "Tether’s reserves for USDT stablecoin exceed the amount required to redeem the digital asset tokens." Again, I cannot confirm the veracity of the contents of this assurance report. However, it seems it comes from a third party audit. Either way, we will wait for the NYAG deadline.
I guess it is not much of a big deal if USDT's volume is focused on Binance, Huobi, and so on. After all, they're the top crypto exchanges by volume, and since USDT is the most traded cryptocurrency, if it can be called such, then it is understandable if its presence is very high among top exchanges.
Tether has been controversial for years, not only because of its questionable 1:1 USDT backing and alleged pumping of BTC's price but also because it is centralized, could freeze your funds, could even reverse transactions, and so on. Therefore, it is to be avoided whether its USDT is in fact 1:1 backed by real USD or not.
Did Tether lie? Yes.
Is Tether shady? IMO, yes.
Is Tether the majority of the volume of crypto? Yes.
They may or may not be backed as they say. Maybe they really are backed 1:1 with actual USD or maybe they are backed by crypto itself or other shady stuff. No one actually knows.
The NYAG deadline for them to show a breakdown of their reserves is in 6 days (May 19th). They haven't shown anything so far. Let's see...
Is Tether shady? IMO, yes.
Is Tether the majority of the volume of crypto? Yes.
They may or may not be backed as they say. Maybe they really are backed 1:1 with actual USD or maybe they are backed by crypto itself or other shady stuff. No one actually knows.
The NYAG deadline for them to show a breakdown of their reserves is in 6 days (May 19th). They haven't shown anything so far. Let's see...
I don't know how people normally work when they trade but I'm predominantly trading with tether on usdc futures with binance but I have a btc long against it to the value of btc I started with so the binance volume might reflect this.
Tether was likely a money making tool and will probably be replaced by a decentralised approach also.
Tether was likely a money making tool and will probably be replaced by a decentralised approach also.
Good evening everyone. Please I'll appreciate your individual contributions to what I'm about to drop as it's been giving me concern since I read it🙏🏽🙏🏽🙏🏽
https://i.ibb.co/Zm86VwR/IMG-20210512-WA0000-2.jpg
Jump to: