Tether: not even a scam - page 7. | Bitcointalksearch.org

Hueristic

legendary

Activity: 3836

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Doomed to see the future and unable to prevent it

Quote from: ?? on ??

The problem for tether is lack of transparency. We all know Tether is completely centralized, and Bitfinex said it's backed by the real USD value but we didn't know how the way it's exactly works. I love to hear more about the scheme of it. But personally, I'm will stay away from Tether.

Quote from: emoji00 on May 11, 2018, 07:52:06 AM

The problem for tether is lack of transparency. We all know Tether is completely centralized, and Bitfinex said it's backed by the real USD value but we didn't know how the way it's exactly works. I love to hear more about the scheme of it. But personally, I'm will stay away from Tether.

WTF is this, bot?

emoji00

member

Activity: 168

Merit: 14

The problem for tether is lack of transparency. We all know Tether is completely centralized, and Bitfinex said it's backed by the real USD value but we didn't know how the way it's exactly works. I love to hear more about the scheme of it. But personally, I'm will stay away from Tether.

calum holding25

newbie

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I'm actually worried that almost any day now the crypto Market will crash. Which exchanges actually use USD and not USDt?

Hueristic

legendary

Activity: 3836

Merit: 4969

Doomed to see the future and unable to prevent it

Quote from: ThunderCatSteve on May 10, 2018, 08:56:29 AM

Quote from: Hueristic on May 01, 2018, 05:47:05 PM

Just noticed they created another 130 million. Lol this shit keeps getting funnier the closer it gets to D-day.

Whats going to be even funnier is when all the fools are crying they had no idea it was coming.

https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz

I don't have any experience with tether but if they created 130m by that day then they created $310m more in the past few days.
From the coinmarketcap charts there is a high directly increase of market cap in the past 30 days then today there is a huge drop, does this mean they are creating new coins out of nothing?
From the reply you made I said that USDT is being considered like crypto USD but that doesn't mean it is 100% safe.

Tether is supposed to be a placeholder for Backed USD, IOW it is supposed to just be a means to trade v/s USD without using portals but in order for that to be true it must be 100% backed and they refuse to be audeted and fired the last place that was supposed to audit them. There is 400 million that was seized in a bank in Poland and it is widely believed to be from Tether which Tether/Bitfinex deny.

Until they open their books and prove they can back all these tokens they create and remove the disclaimer that they are not responsible for redeeming tether tokens (Thats right they have that on their site!!!) then they should be considered as running a fractional reserve on a illiquid asset. If all those tokens start getting sold (think of a bank run) then tether will crash and burn and the Bitfinex crew will cut and run with the fractional reserve, you can bet your last dollar on that.

ThunderCatSteve

hero member

Activity: 770

Merit: 505

Quote from: Hueristic on May 01, 2018, 05:47:05 PM

Just noticed they created another 130 million. Lol this shit keeps getting funnier the closer it gets to D-day.

Whats going to be even funnier is when all the fools are crying they had no idea it was coming.

https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz

I don't have any experience with tether but if they created 130m by that day then they created $310m more in the past few days.
From the coinmarketcap charts there is a high directly increase of market cap in the past 30 days then today there is a huge drop, does this mean they are creating new coins out of nothing?
From the reply you made I said that USDT is being considered like crypto USD but that doesn't mean it is 100% safe.

ulhaq

sr. member

Activity: 503

Merit: 286

Quote from: lalatao72 on May 06, 2018, 05:57:18 AM

The daily volume in bitcoin is only $7 billion. So we could see a precipitous drop in bitcoin prices. Perhaps now is a good time to sell.

But the question is, how long to stay out? Reportedly Tether is moving to a jurisdiction where they will be under even less oversight. They will try to keep things under the rug for as long as possible. It's already been more than 6 months since the subpoena was submitted, it could be another 6 months before anything happens.

lalatao72

newbie

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The daily volume in bitcoin is only $7 billion. So we could see a precipitous drop in bitcoin prices. Perhaps now is a good time to sell.

vochau026

newbie

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Merit: 0

Can someone explain, how is the Tether foundation supposed to make any money if Tether was really fully backed by USD? I mean, what would the motivation of the founders be knowing the price won't go up at all?

Hueristic

legendary

Activity: 3836

Merit: 4969

Doomed to see the future and unable to prevent it

Just noticed they created another 130 million. Lol this shit keeps getting funnier the closer it gets to D-day.

Whats going to be even funnier is when all the fools are crying they had no idea it was coming.

https://www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz

ulhaq

sr. member

Activity: 503

Merit: 286

Quote from: Apekool on March 23, 2018, 02:15:16 PM

It's a bit odd.

Since people cannot cash out USDT to USD, every USDT that is bought with USD represents $1 that will never leave the crypto market.

So when buying USDT with USD, no real value is added to the cryptomarket, and yet when USDT would "cease to exist" 2.5 billion USD will be gone from the crypto market. How? Because of the deception in how value is being defined and calculated. If something cannot be traded for $1, then why would it be worth $1?

Is it really the case that USDT cannot be converted to USD? In that case it is established as a scam, regardless of what the other facts may be and whether they are all "backed up". From their website, it was initially described on how to convert USDT to USD. Then there were some issues with their banking relationships in certain countries, and customers from those countries were told that they would not be able to exchange USDT to USD for the time being. But my understanding was that it was still possible for persons in certain countries.

Hueristic

legendary

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Doomed to see the future and unable to prevent it

Quote from: ThunderCatSteve on April 30, 2018, 10:06:21 AM

Quote from: Hueristic on April 28, 2018, 10:00:53 PM

Quote from: normensky012 on April 28, 2018, 02:20:25 PM

I am really confused and same time leave with too much question about tether. It's like the only way you could get your fiat back is buying btc again and trade it to btc agains't your local fiat. At first I was oddly confused, what's the use of tether at all if you can't redeem it back. The only use of it from my knowledge is to trade against other crypto. That's all.

It can be used as a hedge against bTC price falling without having to use a fiat portal, that and it can be created out of thin air and used to pump. I think those are it's 2 main uses.

The difference between USDT and USD are very huge but the fact that when USDT was created is was to have an equivalent value to the US dollars, so we know that the US dollars doesn't have the same value and we can see the historical graph of the value of US dollars and any other nation currency but the good thing is that USDT is helping people to trade more easily and more confidently with they own money but avoiding any potential loss when the price of Cryptocurrencies drops a lot. 2 Billion is a lot and I think they have to prove it?

Are you serious??? Tether can become worthless at any second, maybe you need to do a little research before spouting off nonsense.

bamita125

newbie

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I did not propose as a comparison to BTC, but rather as % of total crypto market cap. BTC has been decreasing, relatively, now only 40% of total. I only posted the numbers so that in the future my calculations can be verified.

ThunderCatSteve

hero member

Activity: 770

Merit: 505

Quote from: Hueristic on April 28, 2018, 10:00:53 PM

Quote from: normensky012 on April 28, 2018, 02:20:25 PM

I am really confused and same time leave with too much question about tether. It's like the only way you could get your fiat back is buying btc again and trade it to btc agains't your local fiat. At first I was oddly confused, what's the use of tether at all if you can't redeem it back. The only use of it from my knowledge is to trade against other crypto. That's all.

It can be used as a hedge against bTC price falling without having to use a fiat portal, that and it can be created out of thin air and used to pump. I think those are it's 2 main uses.

The difference between USDT and USD are very huge but the fact that when USDT was created is was to have an equivalent value to the US dollars, so we know that the US dollars doesn't have the same value and we can see the historical graph of the value of US dollars and any other nation currency but the good thing is that USDT is helping people to trade more easily and more confidently with they own money but avoiding any potential loss when the price of Cryptocurrencies drops a lot. 2 Billion is a lot and I think they have to prove it?

Hueristic

legendary

Activity: 3836

Merit: 4969

Doomed to see the future and unable to prevent it

Quote from: normensky012 on April 28, 2018, 02:20:25 PM

I am really confused and same time leave with too much question about tether. It's like the only way you could get your fiat back is buying btc again and trade it to btc agains't your local fiat. At first I was oddly confused, what's the use of tether at all if you can't redeem it back. The only use of it from my knowledge is to trade against other crypto. That's all.

It can be used as a hedge against bTC price falling without having to use a fiat portal, that and it can be created out of thin air and used to pump. I think those are it's 2 main uses.

normensky012

newbie

Activity: 238

Merit: 0

I am really confused and same time leave with too much question about tether. It's like the only way you could get your fiat back is buying btc again and trade it to btc agains't your local fiat. At first I was oddly confused, what's the use of tether at all if you can't redeem it back. The only use of it from my knowledge is to trade against other crypto. That's all.

karma_project

full member

Activity: 588

Merit: 100

I think this is a very reliable token. And it is very useful because at sharp fluctuations of the market traders are looking for stability. This token is very stable.

ayocycled

copper member

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You have to give it to the dev for thinking the concept through.

Like the original message of the thread implies: even if the terms sound ridiculous, it cant be labelled a scam if all the terms are stated clearly and abided by

dangful

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Decentralized Jet-Stream Encrypted Multi-Media Dev

I really don't believe USDT Tether is a scam because it's use had saved thousands of Crypto investors from losing their Crypto Assets and investments.
I myself had used once USDT Tether in order to keep safe and save my crypto assets from dropping it's market value especially this year that Bitcoin dropped drastically and every altcoin's are dropping together.

parekoy

member

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HEALTHCARE BEYOND BARRIERS

Quote from: Numir on April 04, 2018, 03:32:13 AM

I don't know how it would be even possible to be alive in the long run.
I'm avoiding this one.

I usually heard from members in this forum and even my fellow telegram channel members that we don't have to trust USDT because they're not actually backed by USD but I still use it often times and never faced any issues until today.
USDT helped me preserving my Crypto Assets using USDT and I even made them grow because USDT is fixed asset, whether the crypto market drops or pumps.

parekoy

member

Activity: 168

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HEALTHCARE BEYOND BARRIERS

Tether USDT is very useful to me especially on holding or freezing my Crypto Assets.
when the Crypto Market is surging then I choose to hold my altcoins, some coins I sell them off and keep them on USDT.
when the Crypto Market drops then my assets will not be affected because USDT Tether is freezing my assets then I will use it to buy more of my favorite altcoins.
USDT will be my Crypto stash and very useful for day trading.

Topic: Tether: not even a scam - page 7. (Read 31056 times)