Tether.to trading is dead? | Bitcointalksearch.org

Serpens66

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Quote from: OmegaStarScream on May 07, 2017, 08:35:17 AM

I doubt It has anything to do with the Bitfinex issue, I checked the news sites, It seems like there are no news about this subject but the price started increasing in the last 24h (currently ~0.96$)

http://bitcoinist.com/bitcoin-trading-at-a-premium-on-bitfinex-and-poloniex/
quote:

Quote

Users could still exchange the cryptocurrency for USD on the official Tether website but there’s a problem: Tether was also working with Wells Fargo to process customer in and outgoing transaction but the bank decided to freeze operations, affecting both Tether and Bitfinex.

OmegaStarScream

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I doubt It has anything to do with the Bitfinex issue, I checked the news sites, It seems like there are no news about this subject but the price started increasing in the last 24h (currently ~0.96$)

fiscorcle

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Quote from: capoeira on May 05, 2017, 05:31:58 AM

Quote from: Hazir on May 04, 2017, 03:53:58 PM

Tether is linked directly to Bitfinex, it is probably the only place where you can redeem USDT and get 'real' dollar.

yea. I searched the whole webpage and didn't find any info about "cashing out" USDT. They only say that every dolar is "backed up" by real Dolar, but what is that statement good for if there is no option to withdraw dolars?

If you have an account, there's an option to withdraw. The problem is with their bank, allegedly, though so that probably doesn't even help if it's true

capoeira

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Quote from: Hazir on May 04, 2017, 03:53:58 PM

Tether is linked directly to Bitfinex, it is probably the only place where you can redeem USDT and get 'real' dollar.

yea. I searched the whole webpage and didn't find any info about "cashing out" USDT. They only say that every dolar is "backed up" by real Dolar, but what is that statement good for if there is no option to withdraw dolars?

fiscorcle

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Quote from: Hazir on May 04, 2017, 03:53:58 PM

Tether is linked directly to Bitfinex, it is probably the only place where you can redeem USDT and get 'real' dollar.
So as long as Bitfinex fully operational and solvent it should be fine. I don't know if Bitfinex recovered from that problems with wired bank transfers.
Maybe this is the reason tether value crashed?

Definitely the reason, Bitfinex is still in turmoil

Hazir

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Tether is linked directly to Bitfinex, it is probably the only place where you can redeem USDT and get 'real' dollar.
So as long as Bitfinex fully operational and solvent it should be fine. I don't know if Bitfinex recovered from that problems with wired bank transfers.
Maybe this is the reason tether value crashed?

fiscorcle

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Quote from: amacar2 on May 04, 2017, 01:49:09 PM

Quote from: Serpens66 on May 04, 2017, 10:16:12 AM

tether is using the same usd bank like bitfinex.
So currently there is no way to withdraw your USDT to USD bank account. Not via Bitfinex and not via Tether.to

I was also wondering about this, thanks for this piece of information.

I am taking price on bitstamp as reference rather than any other trading platform where they have BTC-USDT and not BTC-USD pair.

Preev.com is also showing high price in average and it is quite hard to make any deal on bitcoin right now because of price difference in every trading platforms. Roll Eyes

I think you mean quite easy mate Wink

Differences in prices are huge inefficiencies to take advantage of

amacar2

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Quote from: Serpens66 on May 04, 2017, 10:16:12 AM

tether is using the same usd bank like bitfinex.
So currently there is no way to withdraw your USDT to USD bank account. Not via Bitfinex and not via Tether.to

I was also wondering about this, thanks for this piece of information.

I am taking price on bitstamp as reference rather than any other trading platform where they have BTC-USDT and not BTC-USD pair.

Preev.com is also showing high price in average and it is quite hard to make any deal on bitcoin right now because of price difference in every trading platforms. Roll Eyes

fiscorcle

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Quote from: tigershark on May 04, 2017, 12:22:28 PM

Tether doesn't seem reliable based on the price variations on some exchanges comparing bitcoin price to USDT price. Right now I suggest being careful until prices stabilize.

Lol there's a lot more than just that to worry about for Tether..

tigershark

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Tether doesn't seem reliable based on the price variations on some exchanges comparing bitcoin price to USDT price. Right now I suggest being careful until prices stabilize.

Nagadota

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No tether system related to cryptocurrencies will ever be even close to reliable. However, it does have a trade volume of $40,000,000 in the last day so it's hardly dead yet.

I'm shocked that it didn't drop quicker than that as money started flowing rapidly out of it. Frankly, I'm even more shocked that the trade volume hasn't dropped to nearly zero already.

People who want a stable way of avoiding Bitcoin risks in the short term without converting to fiat should probably give up. No exchange is safe to keep money in for a long time and they'll just have to pick a stable exchange, withdraw the fiat and deposit it again when they've decided the Bitcoin price is low enough to buy back in.

Tether never promised the ability for it to be converted to USD, and that should always be treated as a warning sign even if reputable companies wouldn't do that.

fiscorcle

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Quote from: Serpens66 on May 04, 2017, 10:16:12 AM

tether is using the same usd bank like bitfinex.
So currently there is no way to withdraw your USDT to USD bank account. Not via Bitfinex and not via Tether.to

Very unfortunate....there were some good arbitrage opportunities back in the day on tether

Serpens66

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tether is using the same usd bank like bitfinex.
So currently there is no way to withdraw your USDT to USD bank account. Not via Bitfinex and not via Tether.to

BTCLovingDude

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BTC to the moon is inevitable...

i don't think saying "a lot of people" is correct in case of USDT. many didn't even know it existed, many thought it was USD and a lot of people stayed away because it is a centralized altcoin with no promises whatsoever.

and besides after the first dip to below $1, back when bitfinex was hacked, people lost faith in this coin. and now we are seeing they were right to do so.

capoeira

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Finex and Polo are virtualy conected via Tether, so this explains it a little

OmegaStarScream

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A lot of people was using Tether.to to basically maintain the value BTC or other coins and then use it again to sell because It was a good solution for those who want to trade fast as It had 1:1 rates with USD.
Now, It looks like the price is 0.93$ for the last week or so, does this make it useless at this point? I thought It's backed by real USD.

Topic: Tether.to trading is dead? (Read 1751 times)