FUD all over the place! Whenever someone´s talking about Tether it´s always something negative without any actual evidence or real facts backing it after all. It just seems like everyone started to believe the stuff an anonymous Twitter account aka @Bitfinex´ed keeps posting since months.
I personally don´t believe in this FUD anymore after I initially fell for it in the very beginning. That being said I´ll give you the main reasons why I think that Tether won´t crash the market and that it isn´t any kind of fraud either:
- A Tether Breakdown Won´t Crash The Market!
You might ask why, well just take a look at the numbers. Tether got about the same market cap than Bitconnect did before it crashed and if I remember correctly the market only went down about 10% that day. Cryptos already survived a Ban from China and a lot more before that so honestly yeah those 2 Billion would hurt but definitely not affect the market for long!
- Why There´s No Official Tether Audit...
Just take a look at the corporate structure of Tether and Bitfinex. They are completely based offshore and IMO due to legit reasons, which could be to escape the arbitrariness of the officials as well as eventually optimize their tax burden. A company wouldn´t setup such a legally solid structure whenever they wouldn´t have a bunch of money to protect.
- Why 2 Billion Are Actually Peanuts
We´ve got more than 1650 Billionaires on this planet. So do you really think that none of them would invest in cryptos while playing with futures on the stock market at the same time? I definitely don´t given the fact how easily this market can be manipulated given the right amount of cash. Oh and just guess where all those rich kids got their money... yeah right offshore 😉
So after taking those two things into consideration do you still believe all the FUD and that Tether is a Fraud? Now that you know that Bitfinex and Tether might just actually do what we all are striving for with cryptos, escape the claws of the greedy officials and money printing central banks...
I Don´t Believe It At All!
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Tether is causing so much panic by itself that it is certainly having an impact in this market crash and scaring people away.
It definitely does. But let´s see it the other way, everyone else can just buy the dip to gain even higher profits after all ;)
Nice to see others stepping up and knocking the recent FUD aside. I wasn't seeing much counter to all these negative articles and I wrote one myself: https://steemit.com/cryptocurrency/@gibberishcode/deep-thoughts-on-bitcoin
We really need to get off the FUD bandwagon collectively and start analyzing with solid critical reasoning on what's really likely going on to avoid having our Bitcoins unceremoniously stripped from us -- and by that, I mean selling in fear at a loss, then seeing it all rebound in a month's time.
Cryptos are here to stay but everyone doing a bit of research knows that the officials are cracking down on pretty much everyone who´s working with them. So taking it offshore to secure the funds and not get exposed to regulations seems like a logical and reasonable thing for me. All the FUD doesn´t show any real evidence anyways...
I saw tether as a fraud at about the same time I figured out bitconnect was. Unfortunately, tether is connected with Bitfinex which is one of the biggest bitcoin exchanges.
You dont have to believe the fud. Just believe the market. Sure the market will come back but recognizing the issues that affect the market make you a better investor.
Well Bitfinex is making millions in fees each day. So still I can´t see that the funds aren´t existing just because they got the company offshore and don´t cooperate with the officials.
FUD is so fudcking annoying. Worse than that is i'm bummed about the severe dip in SBD. Is it going to totally collapse to normalcy? I don't like normalcy.
Peace
Well SBD is meant to be worth $1 in Steem. The current highs are just fortunate for us but won´t hold up forever. Enjoy them as long as they do ;)
I am watching Bitshares like a hawk.
Personally, I hope that all you write is untrue (well even if it is true, the world thinks it isnt) because I want to see a 20s handle...if that happens, I will be buying more....at about .39 now...need a 25% drop and I can improve my position.
Will I get it before the market turns upward? Time will tell.
As for tether, I have no idea. What you say makes sense. That said, there are times even those with a lot get in over their heads. We will have to see where the entire situation leads.
Of course we can´t know what´s actually going on with Tether but anyways even in case it should crash it´s just 2 Billion. Sounds strange but it´s not even 1% of the crypto market cap after all...
I am with you here on the FUD about Tether @steembusiness I am not concerned at all. Just another day in the neighborhood.
"Just another day in the neighborhood", I like that :)
I just made a post on another thread agreeing with everything you said 100 percent except you say it much better. Crypto is still a very immature market and some haven't ever been through a normal correction. Don't get caught up in the FUD of Tether, South Korean government etc. Now is the time to look for good projects and find buy opportunity. The whales are blowing newbie stop losses and causing a panic selloff. The guys buying right now and HODL will thank themselves later in the year. I have years in stocks and some futures but only 9 months in crypto. Love crypto and love this platform. I am very fortunate to find like minded people. I agree with you this is nothing but a correction and we will come back stronger than ever. Thanks for this great post.
Whenever there´s blood in the streets it´s time to buy or in other words whenever the FUD is all over the place don´t sell!
That's my theory and has been for years in other spaces but, Buffet is a hero of mine so I follow alot of his advice. Thanks for the reply back. Getting to know my way around here and gave you upvote and follow.
I agree that the problem could be a lot less serious than it looks, but aren't you forgetting something?
The entire cryptocurrency space is based on one single thing: trust. While bitcoin on its isn't going to crash the entire system, what about the lose of confidence that is increasing at the moment. Many people look to bitcoin as the mother coins and this USDT issue isn't helping anything.
And if bitcoin suffers a massive hit, it's going to take a lot of convincing before the general public are willing to invest in it again, thereby depriving it of the needed funds to heal itself
Good article though, it was worth the read
You got a good point there that everything is based on trust. So what do you think is the Dollar based on, the stock market, etc.? Yep that´s all based on trust as well, so nothing´s different after all ;)
Yeah, you're right on that. They're both similar in that regard
good job my freind @steembusiness
This is good advice
I'm still skeptical about Tether. Why would it hurt them to not get audited? Wouldn't an audit just boost their credibility if they indeed have the billions in their pocket?
Cause an audit will expose all of their offshore setup, which usually gets setup to protect funds against the officials and taxation.
We will look back on exchanges being closed and accounts being drained and see that it was a much larger problem than you are supposing it is.
I guess you´ve read too much tweets from bitfinex´ed already :P
The cryptosphere is still an outlaw place but honestly why should those guys want to crash it through some few tethers whenever they make millions each day. All that FUD just doesn´t make any sense to me.
From the timeline it's quite clear they wanted to make money fast, but once they got that notice they started printing and pumping in overdrive. It makes perfect sense from the perspective that they knew they were done for and had one last chance to attempt to make enough money to go hide somewhere with their millions and retire.
They could prove everyone wrong by producing some proof they actually have the USD. But I don't their demise would be a crypto apocalypse either
Like said that would expose their banks to the public and you can see how the officials are trying to close it all down lately. Wouldn´t be a good move.
Just do some easy calculation and you pretty guess it.......creating usdt is very simple!! :) And it does seem that it is not back by usd fiat.....talking about inflation and creating money out of thin air!! LOL
So where´s the evidence that it´s not backed? Do you know for sure that there aren´t some billionaires investing via their offshore corporations?