Topic: Tether Lied to You, and is basically worthless (Read 216 times)
What ever it is with tether this days I still don't get it, tether has been around for long now and I can't start saying its bad without enough evidence ,people are still using tether though if you don't like tether there are few other stable coins out there
https://cointelegraph.com/news/fractional-reserve-stablecoin-tether-only-74-backed-by-fiat-currency-say-lawyers
Which means by the time you read it, that 74% could be 50% or even zero.
Bitfinex CEO has been playing tether users for fractional reserve fools this entire time,
and using tether for his personal piggy bank.
Well at least you can know your money went to fund cocaine and hookers.
Bitfinex CEO
[im g]http://www.quickmeme.com/img/18/18b9b55f0335b3008aec2311285b872b7bdd69559a668fb6ffb295ece7435968.jpg[/img]
SOON. The Mad Dash before the collapse.
[im g]https://steemitimages.com/DQmWs2Lyh4hBerEcvZmhNxuUofa7cJsXLwKLbtPP7iuANcT/Mad-Rush.jpg[/img]
Right from time I have never been a fan of tether because I knew that something shady was going on with them, especially when they said there was a reserve where money is being pumped into so that they can maintain the price of the coin, I knew that it wasn't true but I just had to make use of the coin because it's a stable one and the value cannot change that way giving me a lot of project in the market when I trade between working. Quote
As part of an ongoing legal process involving the New York Attorney General,
Zoe Phillips of law firm Morgan Lewis said that at the time of writing,
74% of Tether’s reserves had USD and equivalent backing.
Zoe Phillips of law firm Morgan Lewis said that at the time of writing,
74% of Tether’s reserves had USD and equivalent backing.
Which means by the time you read it, that 74% could be 50% or even zero.
Bitfinex CEO has been playing tether users for fractional reserve fools this entire time,
and using tether for his personal piggy bank.
Well at least you can know your money went to fund cocaine and hookers.
Bitfinex CEO
[im g]http://www.quickmeme.com/img/18/18b9b55f0335b3008aec2311285b872b7bdd69559a668fb6ffb295ece7435968.jpg[/img]
SOON. The Mad Dash before the collapse.
[im g]https://steemitimages.com/DQmWs2Lyh4hBerEcvZmhNxuUofa7cJsXLwKLbtPP7iuANcT/Mad-Rush.jpg[/img]
Tether is really a problem, it has been discussed a long time ago about whether or not $ 1 / 1USDT support. In addition, Tether was accused of being behind a pump of bitcoin prices in 2017. For those reasons, Tether was not always trusted by users.
Although there are many accusations but Tether is still in top 10 CMC , I don't understand why it could be so? I do not accuse Tether of fraud or fraud, because we still do not have proof of authenticity, but I will not hold Tether long, it is too dangerous.
Now you have said the reason why they are still staying on top, because everything has always been pure speculation and not fact, when news is created based on speculation and there is no proof or whatsoever t backup the claim, then it becomes very useless in having any negative effect on the project.Although there are many accusations but Tether is still in top 10 CMC , I don't understand why it could be so? I do not accuse Tether of fraud or fraud, because we still do not have proof of authenticity, but I will not hold Tether long, it is too dangerous.
If tether were really behind the pump of BTC is 2017, then why have we not seen its effect again, since it is so easy to manipulate the market of Bitcoin, to me, tether has served me better than what it is out there written about it, I just see it as mere FUD news that is not true to displace them of their 10th position.
why market not reacting no reaction? https://www.coingecko.com/en
Tether is really a problem, it has been discussed a long time ago about whether or not $ 1 / 1USDT support. In addition, Tether was accused of being behind a pump of bitcoin prices in 2017. For those reasons, Tether was not always trusted by users.
Although there are many accusations but Tether is still in top 10 CMC , I don't understand why it could be so? I do not accuse Tether of fraud or fraud, because we still do not have proof of authenticity, but I will not hold Tether long, it is too dangerous.
Although there are many accusations but Tether is still in top 10 CMC , I don't understand why it could be so? I do not accuse Tether of fraud or fraud, because we still do not have proof of authenticity, but I will not hold Tether long, it is too dangerous.
https://cointelegraph.com/news/fractional-reserve-stablecoin-tether-only-74-backed-by-fiat-currency-say-lawyers
Which means by the time you read it, that 74% could be 50% or even zero.
Bitfinex CEO has been playing tether users for fractional reserve fools this entire time,
and using tether for his personal piggy bank.
Well at least you can know your money went to fund cocaine and hookers.
Bitfinex CEO
SOON. The Mad Dash before the collapse.
When tether was moving to the tron network and the company has made an announcement if the company can't back up all of tether with equally one dollar for one tether. this is a scam from the beginning. I used TUSD and it's much better than that scam coin. Quote
As part of an ongoing legal process involving the New York Attorney General,
Zoe Phillips of law firm Morgan Lewis said that at the time of writing,
74% of Tether’s reserves had USD and equivalent backing.
Zoe Phillips of law firm Morgan Lewis said that at the time of writing,
74% of Tether’s reserves had USD and equivalent backing.
Which means by the time you read it, that 74% could be 50% or even zero.
Bitfinex CEO has been playing tether users for fractional reserve fools this entire time,
and using tether for his personal piggy bank.
Well at least you can know your money went to fund cocaine and hookers.
Bitfinex CEO
SOON. The Mad Dash before the collapse.
For those who need Tether then by all means use it but the way i see it if you want fiat sell your Crypto for it and stop findig blockchain alternative for it Is like just deceiving yourself with a blockchain dollar and that will disappoint and hurt you if care is not taken Stablecoins are just there to waste more of your time and get your money
The entire purpose of tether is redundant, change fiat into fiat coin. Like what? Oh you don`t want to abide by fiat laws so you call it something else?
The creation of Tether is not entirely redundant you see during the bear market for crypto traders (and maybe investors) it was a means of safe haven for protecting your capital from incurring any more losses in the market that is why it is also called “stablecoin” because it is one of the few unaffected cryptocurrencies out their when the market is shedding blood. It may not act entirely on it's purpose but for me this was a useful alternative compared to cashing out your coins entirely out of the market.And that's all perfectly fine, but hey, they shouldn't play being the US treasury and "print USD", they should back it up with actual USD somewhere and make it a transparent process, otherwise they'll get the book thrown at them, which is what is happening right now.
Well, that's the problem when you do trust non-decentralized projects. I really have no sympathy with those who have lost money because supporting such a obvious system that is open to cheating is just stupid.
Well maybe the news is right, and there i see a lot of complains also on past when people say that Tether not have backed up their funds and coins are created and launch on market without have real back up.
WE have been using USDT for a long time, surprising as it is. Somehow it helped a lot of traders back then, I hedge my coins thru it. So which stablecoin are we going to trust now? Didn't some users send their Tether to their MEw wallet? I have read some threads about this.
There is a USDT ERC20 token which can be stored on MEW. So nothing wrong with that.About which stable coin to use, there are other coins (more trusted) which you can use. E.g: TUSD, USDC or DAI (decentralized).
Take a look at this: https://medium.com/ethex-market/which-stable-coin-is-best-for-you-2167d0d9f520
This is why this tether thing is nothing but a temporary distraction. There won't be any panic run for the exit. You can quickly switch to another stablecoin or bitcoin and life goes on.
Tether which is nothing but a centralized private company will go bankrupt and leave a hole to patch on bitfinex because sooner or later they will have to get that money from somewhere or go down like mtgox.
WE have been using USDT for a long time, surprising as it is. Somehow it helped a lot of traders back then, I hedge my coins thru it. So which stablecoin are we going to trust now? Didn't some users send their Tether to their MEw wallet? I have read some threads about this.
There is a USDT ERC20 token which can be stored on MEW. So nothing wrong with that.About which stable coin to use, there are other coins (more trusted) which you can use. E.g: TUSD, USDC or DAI (decentralized).
Take a look at this: https://medium.com/ethex-market/which-stable-coin-is-best-for-you-2167d0d9f520
WE have been using USDT for a long time, surprising as it is. Somehow it helped a lot of traders back then, I hedge my coins thru it. So which stablecoin are we going to trust now? Didn't some users send their Tether to their MEw wallet? I have read some threads about this.
There is a USDT ERC20 token which can be stored on MEW. So nothing wrong with that.About which stable coin to use, there are other coins (more trusted) which you can use. E.g: TUSD, USDC or DAI (decentralized).
Take a look at this: https://medium.com/ethex-market/which-stable-coin-is-best-for-you-2167d0d9f520
WE have been using USDT for a long time, surprising as it is. Somehow it helped a lot of traders back then, I hedge my coins thru it. So which stablecoin are we going to trust now? Didn't some users send their Tether to their MEw wallet? I have read some threads about this.
The entire purpose of tether is redundant, change fiat into fiat coin. Like what? Oh you don`t want to abide by fiat laws so you call it something else?
The creation of Tether is not entirely redundant you see during the bear market for crypto traders (and maybe investors) it was a means of safe haven for protecting your capital from incurring any more losses in the market that is why it is also called “stablecoin” because it is one of the few unaffected cryptocurrencies out their when the market is shedding blood. It may not act entirely on it's purpose but for me this was a useful alternative compared to cashing out your coins entirely out of the market. 
Everyone really knows that Tether just run on fractional reserves, well at least that's what I'm speculating. And because they can't really prove anything since they were accused like two years ago and just dodging questions about their shady business operations. And now they have to face the music, so they either prove that they have the money to back it up or continue to like, but it doesn't work in a court of law. So don't be surprised is this supposed stable coins could be value like $.25-.$50 in the next coming months.
I really don't understand why people care about tether, many exchanges have more than one stablecoin, there is even Dai as a safer decentralized option. I think rather exchanges should care about what is going on with tether.
Lol ..this Tether issue is really getting out of hand and i think sooner or later we're going to have some of the emerging stable coins come to the top to kick USDT outta business. Tether has indeed lied for a long time and yeah you're right, it'll be funny when we'll have no way out if we don't leave now.
Did you get all that information from a reliable source?
Knock yourself out, para 33 especially..
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=SRhgJjZzQXYlFyWiIVeUsA==
The entire purpose of tether is redundant, change fiat into fiat coin. Like what? Oh you don`t want to abide by fiat laws so you call it something else?
Tether is more like a means of making a crypto that people can transact like it's crypto, but has a very defined value that likely won't change. It makes it easier to move, let's say, $500 of fiat between exchanges without worrying whether the crypto of choice is going to be higher or lower in value. It allows for a very easy benchmark to be followed across every exchange with little chance of difference in value.The issue is that, in order for Tether to be backed by USD, it's required that a central authority maintains the USD reserves. This means that, without audits, anything can happen and Tether might not be completely backed. This is where all the issues start, and where the issues that OP is describing really come into play. It's unfortunate, but that's how it is. Backed currencies across the board have to deal with this kind of issue, although it's easier to be confident in a government retaining the required backing assets then it is a company.
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