Tether: not even a scam - page 19. | Bitcointalksearch.org

thejaytiesto

legendary

Activity: 1358

Merit: 1014

Quote from: xtyling on April 23, 2017, 01:31:49 AM

Quote from: york780 on April 22, 2017, 05:11:27 PM

Tether was fine until some exchanges like Kraken hate it. Tether to the moon! I expect a Tether pump soon.

What do you mean by Tether pump ? Doesnt the price stays the same ?

Im not sure if that guy is that dumb or just trolling.

Anyway, im done with so called "digital dollars" that supposedly stay pegged with the dollar. Everything tried thus far has been a failure (anyone remembers nubits?). I wish there was a way to do this so you don't need to get fucked by the taxman if you want to go to fiat temporarily to profit from a bitcoin dip, but all those "cryptodollar" coins keep crashing eventually.

BitScrip

newbie

Activity: 25

Merit: 0

Tether's purpose is very different from most coins. If there are other actions being taken on it and it's value becomes diminished beyond it's function then it will cease.

"Scam" is thrown around so much in this forum it's lost meaning. Most "scam"s are not even close but rather kneejerk reactions or FUD.

More options for trading and settlement are better overall.

udecker

full member

Activity: 142

Merit: 252

Quote from: monsanto on April 24, 2017, 02:07:40 AM

Quote from: ROT13 on April 24, 2017, 01:03:23 AM

Krakens definitely trying to push USDT over the edge by opening margin trading.

My 5c is that this will all workout fine for Tether in the end and the usual bunch of people with inside info will have made some good money out another creative interpretation of the latest money making trend in crypto land- over dramatise the latest news (block size debate, exchange banking issues), get cointelegraph etc to play along, wait for the weak hands to panic, collect their crypto at bargain prices.

In terms of the margin trading, if Tether is actually in trouble, that could help shore it up IMO. As for what is behind some of the strange responses I've seen on reddit from a Tether dev -- I have had similar thoughts as yours concerning the FUD manipulation being employed. I can only think of three reasons to make the statements I saw: either (1) Tether's really aren't backed up fully by reserve USD or (2) they are backed up by reserve USD, they just want to create enough uncertainty so they'll be a temporary Tether price drop that they can profit off... OR finally (3) Tether is fully backed by USD but they can't fully say they have the reserves because by making statements like that they could be exposing themselves to libertydollar type prosecution. I'm hoping it's #3, or at worst some of 2 and 3.

Astute observations. It’s not #1 and while #2 would be evil-genius clever, it’s not the issue either. (Wire troubles mean neither Tether nor Bitfinex can wire funds to Kraken to buy up all the cheap tethers). :-(

monsanto

legendary

Activity: 1241

Merit: 1005

..like bright metal on a sullen ground.

Quote from: ROT13 on April 24, 2017, 01:03:23 AM

Krakens definitely trying to push USDT over the edge by opening margin trading.

My 5c is that this will all workout fine for Tether in the end and the usual bunch of people with inside info will have made some good money out another creative interpretation of the latest money making trend in crypto land- over dramatise the latest news (block size debate, exchange banking issues), get cointelegraph etc to play along, wait for the weak hands to panic, collect their crypto at bargain prices.

In terms of the margin trading, if Tether is actually in trouble, that could help shore it up IMO. As for what is behind some of the strange responses I've seen on reddit from a Tether dev -- I have had similar thoughts as yours concerning the FUD manipulation being employed. I can only think of three reasons to make the statements I saw: either (1) Tether's really aren't backed up fully by reserve USD or (2) they are backed up by reserve USD, they just want to create enough uncertainty so they'll be a temporary Tether price drop that they can profit off... OR finally (3) Tether is fully backed by USD but they can't fully say they have the reserves because by making statements like that they could be exposing themselves to libertydollar type prosecution. I'm hoping it's #3, or at worst some of 2 and 3.

ROT13

full member

Activity: 169

Merit: 100

Krakens definitely trying to push USDT over the edge by opening margin trading.

My 5c is that this will all workout fine for Tether in the end and the usual bunch of people with inside info will have made some good money out another creative interpretation of the latest money making trend in crypto land- over dramatise the latest news (block size debate, exchange banking issues), get cointelegraph etc to play along, wait for the weak hands to panic, collect their crypto at bargain prices.

cryptonia

sr. member

Activity: 340

Merit: 250

Quote from: European Central Bank on April 23, 2017, 08:42:07 PM

Quote from: cryptonia on April 23, 2017, 08:32:05 PM

But you aren't using their service?

hell no and i never would. what they're offering isn't reassuring enough. bitfinex are involved and they've always had a serious lack of transparency. this is no different.

I guess my point was that if they offered to convert Tether into cash it would be complicated and if for some reason they could not (and there could be legit ones) people would complain.

I was always very wary because they claimed to be transparent and audited but there was zero evidence that they were from what I could see. So that was a red flag.

But why did Poloniex and others get involved and allow them to list?

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: cryptonia on April 23, 2017, 08:32:05 PM

But you aren't using their service?

hell no and i never would. what they're offering isn't reassuring enough. bitfinex are involved and they've always had a serious lack of transparency. this is no different.

cryptonia

sr. member

Activity: 340

Merit: 250

Quote from: European Central Bank on April 23, 2017, 08:16:53 AM

Quote from: cryptonia on April 23, 2017, 08:12:50 AM

You can't really expect them to offer all sorts of guarantees

if they take a large amount of my dollars then you can bet your ass i expect all sorts of guarantees. i'm not handing them over to get some tokens that might be worth something if they feel like it.

But you aren't using their service?

york780

sr. member

Activity: 392

Merit: 250

Quote from: vlom on April 23, 2017, 05:10:43 PM

i took the loss and changed my USDT to USD @kraken.

Good job, looks like you just changed worthless shit to USD

vlom

legendary

Activity: 1498

Merit: 1113

i took the loss and changed my USDT to USD @kraken.

york780

sr. member

Activity: 392

Merit: 250

Quote from: European Central Bank on April 23, 2017, 04:40:46 PM

Quote from: fistfullofbtc on April 23, 2017, 03:40:43 PM

a bank run would kill it overnight mind.

that's implying it's fractional reserve. it may be a shit show, but i really don't think it would've gotten anywhere if it couldn't meet all of its obligations.

How you doing man?
Seems that stable Tether got rekt. Maybe it will moon next year Roll Eyes

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: fistfullofbtc on April 23, 2017, 03:40:43 PM

a bank run would kill it overnight mind.

that's implying it's fractional reserve. it may be a shit show, but i really don't think it would've gotten anywhere if it couldn't meet all of its obligations.

york780

sr. member

Activity: 392

Merit: 250

RIP

fistfullofbtc

full member

Activity: 210

Merit: 100

it won't go kaput overnight just devalue which would mess up a lot of stuff but probably increase eth and btc price. when i first noticed it i thought it was USD. it is purely used as as a selling piece to people as USD are known the world over, but also to keep the financial regulators off there backs. if it failed it would lead to regulation, therefore the exchanges will work this out, but like i said they should stick to btc and eth, but i guess there is a lot of money made using it.

a bank run would kill it overnight mind.

monsanto

legendary

Activity: 1241

Merit: 1005

..like bright metal on a sullen ground.

It's strange because on Polo they specifically say it is USDT, but on bitfinex for the most part it is presented as actual USD. Do they have the same policy if tether goes kaput? Huh

fistfullofbtc

full member

Activity: 210

Merit: 100

well it isn't truly fungible at the mo but i am sure they will inject capital, probably get polo to give some of the money it makes off masterstrokes and such.

xcvbNNN

newbie

Activity: 1

Merit: 0

What do you guys think where can this go? Would it be smart to just sell it or wait for bitfinex/tether to resolve issues? How much is it possible for this to go back to 1$?

fistfullofbtc

full member

Activity: 210

Merit: 100

the exchanges should stick to btc and eth, tether to me is a scam.

bitserve

legendary

Activity: 1834

Merit: 1477

Self made HODLER ✓

Quote from: humblemonkey on April 23, 2017, 02:30:01 PM

the problem here is the lower USDT goes, the higher the prices are for all coins artificially on these exchanges, & as the price moves up, noob traders buy more of them and the rally pushes higher as other exchanges follow.

imagine a situation where USDT falls to 50 cents, (like nubits did) the noob traders are going to think theyve hit the jackpot when they see their USDT balances have doubled, but will be in for a shock when their 10k USDT is only worth 5K USD

If USDT falls to 50cent I will be the one hitting the jackpot

humblemonkey

newbie

Activity: 6

Merit: 0

the problem here is the lower USDT goes, the higher the prices are for all coins artificially on these exchanges, & as the price moves up, noob traders buy more of them and the rally pushes higher as other exchanges follow.

imagine a situation where USDT falls to 50 cents, (like nubits did) the noob traders are going to think theyve hit the jackpot when they see their USDT balances have doubled, but will be in for a shock when their 10k USDT is only worth 5K USD

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