USDT has broken the buck, once Tether goes to zero so does the real value of BTC - page 2.

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Quote from: ?? on ??

Well there's many stablecoins out there not limited to only tether, if tether falls BTC won't go down to zero, there gonna be huge impact but don't you think that other stablecoin will simply
take over tether's place in its reign over stablecoins?
There's even decentralized stablecoins, if people truly care about their money, they gonna diversify their stablecoins holding to various stablecoins. not to mention there's BUSD backed by one of biggest crypto exchange which hopefully too big to go down.

Bitcoin has been here even before USDT was born. So if USDT falls, btc will still be here. But like others have said, it may significantly impact its price but I don't think btc will go down to zero. Remember in 2019, Tether lawyer admitted that they were not fully backed by USD assets, and right now, how can we tell the absolute truth that they are now fully backed? So there's always doubt about the real assets of USDT. Just be careful in holding this for long term.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Top-tier crypto casino and sportsbook

Quote from: btc-room101 on June 25, 2021, 10:28:20 AM

Well as people have been saying for months, Tether is crap, and the entire price of all crypto is traded in Tether
So right now they just lost $3B ( now $60B ) that means if the first to leave already got their 'cash', then there is no cash left for the bag-holders ( HODLer's )

Gold, silver, oil, wheat, sugar, cotton, platinum, nagtural gas, corn, copper ... simply everything is traded in USD. USD "is crap" - 25% of supply was printed last year. Does that mean that all commodity that are being traded in USD will go to 0 together with USD crash? Or rather they will all moon in USD price ??

USDT was a big thread before 2020. Now stablecoins like USDC, BUSD, DAI, TUSD, PAX are getting stronger and stronger and have 70% of tether marketcap now. USDC has bigger volumes in main trading pairs on DEX exchanges. Tether failure and thether FUD is my dream come true scenario. We will see huge dump and great buing opportunity. Price will recover very fast.

tbct_mt2

hero member

Activity: 2366

Merit: 838

USD is becoming stronger recent weeks and it is not good for bitcoin short term but just short term guys. Because we all know how bad fiat currencies are and the problems are from fiat currencies, not from bitcoin. USD can has short term greater power but it won't last long because such power is built from governments and they only make fiat currencies worse.

Tether is not as good as it is believed by people but it will not go to zero. USD won't go to zero, Tether won't fall to zero. Bitcoin won't decrease to zero. Never.

john1010

hero member

Activity: 2114

Merit: 562

Quote from: btc-room101 on June 25, 2021, 10:28:20 AM

Well as people have been saying for months, Tether is crap, and the entire price of all crypto is traded in Tether, which just happens to have a CAP of $63Billion USD, but only has $2B of real assets ( aka cash )

So right now they just lost $3B ( now $60B ) that means if the first to leave already got their 'cash', then there is no cash left for the bag-holders ( HODLer's )

It will not happen, as you can see Bitcoin are not only faired with thether usdt, it also faired with many coins and token and also faired with BUSD, USDC, TUSD and much more, even USDT collapse BTC still stand on the strong ground and will not affected.

Cryptoshops

member

Activity: 271

Merit: 10

I wouldent touch Tether with a barge pole ....

The Cryptovator

legendary

Activity: 2408

Merit: 2226

Signature space for rent

Tether is a controversial centralized cryptocurrency. We shouldn't measure Bitcoin price only based on how USDT backed by cash only. As you see @bitmover already explained how Tether Limited backed the USDT out of cash. It's an open secret that tether has been controlled by Bitfinex. The sad thing is Tether Limited does not submit a true Audit report about how it has backed. I know if something happens with Tether it will affect Bitcoin price hugely.

bitmover

legendary

Activity: 2352

Merit: 6089

bitcoindata.science

Quote from: btc-room101 on June 25, 2021, 10:28:20 AM

Well as people have been saying for months, Tether is crap, and the entire price of all crypto is traded in Tether, which just happens to have a CAP of $63Billion USD, but only has $2B of real assets ( aka cash )

This is not true.

Cash is not the only real asset in tether reserves.

Quote

https://www.coindesk.com/tether-first-reserve-composition-report-usdt

Bonds, metals, and commercial papers are real assets. Bonds and commercial papers are basically loans. Would you expect that they just keep 63 billions USD inside CEO's house? lol

I think their allocation is very coeherent. I don't like "unspecified" commercial papers, but it isn't like only 2 B real assets. They have reserves, although those commercial papers may be very risky and from unkown/shady companies.

btc-room101

member

Activity: 182

Merit: 30

Well as people have been saying for months, Tether is crap, and the entire price of all crypto is traded in Tether, which just happens to have a CAP of $63Billion USD, but only has $2B of real assets ( aka cash )

So right now they just lost $3B ( now $60B ) that means if the first to leave already got their 'cash', then there is no cash left for the bag-holders ( HODLer's )

Topic: USDT has broken the buck, once Tether goes to zero so does the real value of BTC - page 2. (Read 214 times)