Topic: Tether (USDT) (Read 8598 times)

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It's a problem dude, tether gives loan to its affiliates without created any awareness to the users. tether admits it's not again backed by dollar and a big question is why tether still issue the new tether and this company keeps to distribute that to the market in one-dollar equal with USD? that doesn't make sense at all.

Tether is a project sitting on a time bomb and when it explodes, it would be one of the biggest scam of the history like that of bitconnect, tether has been over hyped for too long and their secret is beginning to open to people and one of it is what op and you have mentioned. They claim to be stable but we still experience some fluctuations a lot in it and I think it is just one of the thing they are using to make money, just like banks.

If I am to consider the real stable coin, I would be looking at USDC alone because this stable coin is what I have seen that their value never changes since they were created, so they are the ones that truly portray the real stable coin for now ill maybe other ones like libra is being released.

USDT is a stable crypto, it can't be like a fiat dollar, but USDT is a crypto that saves many people from huge losses. I think a day trader must use USDT to keep the value of their assets safe.

I have seen that Tether is not backed 100% by USD dollars.  They claim to backed also by loans and other digital assets. It is not a problem at all until debtors will not stop paying their debts, but it is happening, right?

USDT price doesn't really increase. You are right that it's attached to US dollar and that's why it's called stable coin. Everyone is aware that USDT doesn't fluctuate that much. But for this news, this is haven't launched yet.

I don't think that this is even a good news, those institutions can't rely to crypto's that are fluctuating much because it can cause them a lot of money, so that's one reason why it's the best solution for them if they want to involve themselves into crypto, to use and adopt stable coins.

although there is good news like that I think it's still very difficult to make usdt do price increases, what I know is usdt is bound by usd price movements so for example rising prices that will not make usdt have a lot of price increases.

It's on the news and coming from the two most popular crypto media sites, coindesk and cointelegraph so it must be true.

https://www.coindesk.com/tether-to-issue-stablecoin-backed-by-chinese-yuan-in-belgian-bank-insider

https://cointelegraph.com/news/tether-plans-to-issue-cnht-a-chinese-yuan-pegged-stablecoin

In summary, they are still on the planning phase.

Tether is centralized and depends on how positive users are about the dollar. This is completely contrary to the principle on which Bitcoin works. Thanks to pegging to the dollar, it can solve one of the biggest problems of digital money- high volatility. Sudden changes in value can enrich or ruin an investor, so many still do not risk investing in it.
Tether works on a stable dollar, and not with reference to other currencies. This provides higher cost stability in the market.

I recently heard that tether is going Launch Chinese Yuan-Pegged Stablecoin ‘CNHT. Is it true?

https://btcmanager.com/tether-to-launch-chinese-yuan-pegged-stablecoin-cnht/?q=/tether-to-launch-chinese-yuan-pegged-stablecoin-cnht/&utm_source=Facebook&utm_medium=socialpush&utm_campaign=SNAP&fbclid=IwAR1_uHUi9Pw97EK3FErMQQBlk49ibQ-JU8ZWCaFtyl8_o_GXd5AkbFn5BXk

I think everyone agrees that this token is a very convenient tool on the market that will allow you to take profits.

That is not why it changes, it changes because sometimes people sell usdt too much for a reason and it drops a lot however since its pegged to 1 dollar when it drops too much it goes back up and can't be dropped insanely low since there is always a 1to1 ratio that will be covered by the company which means if it drops too much people would buy it and sell to bank to make a profit whereas sometimes people buy too much of it for some reason but at the same logic it would not make sense to pay too much for something that worth 1 dollars which is why it drops back down.

So, it is regular market volatility with the idea of arbitrage right behind it making it move up and down but lately the news that usdt is not pegged 1to1 anymore made it move a lot more up and mostly down.

Tether is a stable coin. It is guaranteed from the bank.

For example, if the total supply of tether is 10 tokens, and they guarantee that the bank is 10USD, then the price of 1USDT = 1USD. If there are 10 tokens but they guarantee 11USD then the price will be 1USDT = 1.1USD.

That's the reason the USDT price changes.

I think these are small corrections of this coin. According to the dynamics of growth or decline. Maybe such an insignificant bonus stabilizes withdrawal from exchanges with large volumes. I think if you need such information it is better to learn it from official sources.

For this Communities Information - USDT is going to be listed free of charge on https://emblemvault.com/ 's DEX, due to be released very soon.

https://coinscribble.com/emblem-vault-announces-support-for-more-than-500-cryptocurrencies/2085/releases/34/

https://github.com/DecentricCorp/coininfoplus/blob/master/lib/alts.js

for more information have a look at our Bitcointalk page https://bitcointalksearch.org/topic/anncoval-circuits-of-value-emblem-vault-1652345

The market cap pop is what cause the drop in price but not sure why people sold at less than a buck. I would never have lol.

The question of whether tokens were provided with the dollar at all stages of the company? The question is open and there is no answer.
Please note that the letter is not signed by any official of the bank.

Tether rates are affected when you use USD to buy USDT on some exchanges that allow you to trade fiat money. And that is normal when trading currency.

I just use it for short term to preserve value in USD-like.
Rather than pull out crypto to fiat and then deciding to change fiat to crypto again will take sometime.

Tether announced that their new bank is Deltec, a bank based in Bahamas:


https://coincodex.com/article/2567/tether-announces-bahamas-based-deltec-as-its-new-bank/

It's not so high but still noticeable since I think that 5% change of bitcoin price is not so much but still it worth because we saw it near to $6k which was not good until now which is $6.6k
Tether USDT and the TUSD are very good coins that people can switch easily to "fiat" into crypto and into the other side which I think has made people a good opportunity by making it much easier.

Today morning BTC experienced a huge pump, probably from the reduced confidence in Tether which also resulted in a discrepancy of BTC prices between exchanges that support fiat currency and exchanges that use stablecoins as a substitute.

https://coincodex.com/article/2486/reduced-confidence-in-usdt-results-in-chaotic-price-action/

Finally it has proved stable coin is not so stable forever, traded recently under 90c so Tether (USDT) always having risk!

Looks like Tether got some competition. First DAI and now Terra:

https://coincodex.com/article/2296/terra-stablecoin-project-raises-32-million-from-binance-labs-okex-huobi-and-others/

Tether Adds $50 Mln More in Tokens Despite Losing $300 Mln in Market Capital



Tether, the controversial stable coin that has been pegged to the price of the US dollar, has released a new batch of tokens worth $50 mln. This follows on from March where they released $300 mln tokens priced at $1 each.

However, despite being a stable coin tied to an asset like the dollar, Tether has lost over $300 mln in the past 30 days as its market capitalization has gone from $2.7 bln to $2.4 bln.

Controversial coin

Tether has had a rocky road since its inception as, being based on the US dollar, the understanding is for every coin that is issued, the company must hold in its reserves equal value in US dollars.

The issue is, despite its controversy, and the fact that there has not been any sort of strong and independent audit on their claims, Tether has become a pivotal source of liquidity for the crypto markets.

Tether is now in second place after Bitcoin in terms of highest daily trading volumes, seeing $4.2 bln in trades a day or 28.58 percent of all crypto trades, while Bitcoin’s average 24-hour trading volume is $5.7 bln or 39.22 percent.

But the allegations are that exchanges have been issuing more tokens than there are US dollars in the bank which could lead to a massive collapse seeing as these Tether tokens are being used to buy other cryptocurrencies which are being turned into fiat.

Requiring an audit

One of the reasons that the coin has lost value in terms of its market cap has to do with the coverage in the media that Tether was receiving. Tether said it couldn't get enough of media reporting because of suspicious and controversial nature.

However, after being accused of "lack of transparency" by the public, a law firm said in an unofficial statement in June that USDT is backed with legitimate US dollars.

https://cryptocomes.com/tether-adds-50-mln-more-in-tokens-despite-losing-300-mln-in-market-capital

All Nexo (www.nexo.io) clients can withdraw instant crypto-backed USD loans using Tether (USDT).

More details here - https://medium.com/nexo/accounts-on-the-waiting-list-87dc772830ea

New Trading Pairs Are Available on KuCoin

OCN/KCS, OCN/USDT, DRGN/KCS, CS/KCS trading pairs on KuCoin!

https://news.kucoin.com/en/new-trading-pairs-are-available-on-kucoin/

New Trading Pairs ACT/USDT, HSR/USDT, TKY/USDT Are Available on KuCoin

https://news.kucoin.com/en/new-trading-pairs-act-usdt-hsr-usdt-tky-usdt-are-available-on-kucoin/

As far as I know, the tether cryptocurrency is created solely for the preservation of capital, due to a stable exchange rate. And it is essentially not traded. However, its capitalization is moving up. Many users find the translation of dollars into tokens Tether risky. One of the reasons is that it is still unclear why the Americans blocked the company's funds and how the situation was resolved in the end. I personally do not really trust this coin

I wouldn't waste my time with tether. Havven is the better option and they're completely decentralized/trustless. Also not pegged to fiat or gold.

Because the dollar has been fluctuating.
Therefore, the price of USDT will also follow USD.

because of demand.... How can something be static if  demand is too high/low, they allways have to regulate it with how many tokens there are on stock... and as you can sse they are adding arround 100000000 dollars per week or two weeks... dunno, what's of this? Does bitfinex making even more money with that?

130 million Tether has just been printed - first emission after March 22nd, so after a monthly break: www.omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz

I am very surprised to see this project, but I have nothing to say here. I just do not understand where they get so much money and no one just checks them. How is this possible?

here is another person who also expressed that the project is very risky, well, then, why we need it, of course possible, it is best not to use that project because the risk percentage is very, very large.

Saw not very nice news that Tether may face some problems with provisions. It seems very risky coin to me.

And how do you know how much money they have today? After all, no one knows this, just like we are with you, no one knows except them, so I think this project is a scam.

Tether is a tool used to make trading simpler as it is holding it's value. However, a constant increase of total crypto market value is pushing it's price up very hard and in order to keep the price constant they have to increase the number of tokens which is in turn driving it's price down.

It is very hard to keep the value of something at any time, not to say at the times of high volatility. They claim to have an USD in reserve for every Tether to keep the solvency. But for how long?

I am not saying that Tether is not a valid tool / project (we are not able to check it though) but from the economical point of view it is hardly tenable.

Because when the number of people who buy USDT is increasing, then the number of USDT is certain, the USDT will not be sufficient, and there will be a premium at this time.

Very privately, I see that people condemn the project of Tether but nevertheless it is still on all exchanges and nothing else is happening with it, that it is really unjustified and the people who created it simply take the crypto currency for air

Yes, most likely you are right. And Tether can be a fraud if everyone wants to buy it and put money into reality. But for today I do not see an alternative. Perhaps soon something will appear that is backed by real capital. And yet Tether conducted an audit six months ago, which did not show any big problems in accounting.

I gave that hornet nest a good kick eh?   

I think it is about supply and demand, you can't keep them equally so there may be some fluctuations between $0.97-$1.03. It's backed by usd in their bank accounts.

Tether is not backed by USD and thats why price is changing.
Also there are many rumors that tether is going to be the biggest scam in crypto history.
I don't use Tether and will not use in the future.

the problem is actually because all the things you said here such as "being tied to dollar" and "be worth a static price of $1" are only user assumptions not reality or what the creators of tether said or promised.

in fact they don't promise anything. if you read the website Tether is not even guaranteed to be able to be exchanged with dollar. it is just a token that happens to be $1 most of the times. that's all.

Is USDT good for buying altcoins on exchanges like Bittrex?

It is suppose to be one of one with the USD but what you are seeing is just a disparity between different exchanges.

Although the USDT and USD are 1:1 convertibility, in my country, the purchase of USDT requires a premium of about 10 percent.

In fact, this is not a coin for trading. The fluctuation of the course by a few percent does not make much sense. Tether is used to fix money on the exchange, if the rate falls. If the cost of only one coin falls, then I translate the cost into bitcoin or Ethereum. If the top currency is also rapidly falling, then it makes sense to buy a tether, then to buy coins back much cheaper.

USDT is a centralized coin with a huge lack of transparency. When they was hacked and smbd stole 30M they just make another 30M from nothing. It doesn't backed or tied with anything. Do not keep your funds with Tether.

jep no one knows weather that money exists. these people secretly founded a bank, i tried making another tether but people are not able to work on a project, here they only can speculate or play world of warcraft

I see nothing good in this project except fixing your deposit, but the structure of the project is very, very strange, because no one has seen their money. And hardly anyone can see them, so the project is rather risky.

USDT is equivalent to US dollar, but otherwise, it is still coin. Tether team is trying to keep it close to dollar price, but anyway there will be a little error in price.

liquidity crunches, or if people lose belive in tether, or when they cant buy goods for tether, because the supplier doesnt trust it.

(it was once hacked and 30 million tether were removed, but they are unbacked)

tether has to buy back his own Tether to secure value from those panic attacks, similar like banks have to give out gold when people paniked


the truth is that tether cant back his USDT with US dollar, they have become a real Bank with godlike power to create money out of thin air and they never had to apply and fullfill the unsolvable banklicense problems

regards

Since this is supposed to be tied to $, can anyone explain why Tethers value is not static?  I could understand a small premium (as it saves people selling to $) but i dont know why it seems to trade in a +/- 4% range this past month (and as much as 1.08) at one point.  Are people actually trading the coin?