So, news on the street are that 7 billion tether (USDT) were just printed! Some think that this is bullish, at least for the short term, under the premise of course that this money will flow to BTC and alts.
Of course that's one take. The other is that Tether Limited (controlled by the owners of Bitfinex) claims every USDT is backed by one real dollar. And that's the problem, that this is just a claim, that has never been officially audited.
To quote Wikipedia:
In May 2021, Tether published a report showing that only 2.9% of Tether was backed by cash, with over 65% backed by commercial paper.
Note, that's only what the company claims, and since it has never been properly audited it definitely raises an eye brow.
Things are possibly much worse.
What's your opinion? Is tether a ticking time bomb? A Mt gox in the making? Or is everything just FUD?
Imo there's certainly some manipulation going and the history of USDT doesn't paint a good picture, still I'd love to hear your opinion!
Wrong answers only!
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I think its one scam that has been executed to perfection. I don't see any bubble bursting spiking massive dumps and overtly pressuring the coin, at least not in the foreseeable future
Wasn't Tether to blame for the huge bubble and crash at the end of 2017?
Originally posted 29-Nov-2017
LOL. !BEER
They claim to be backed by a shit ton of actual dollars and/or assets. Who are their counterparties to move all that stuff?
The other day I was watching a video by a YT channel with 2 million subscribers. Using technical analysis, he was explaining how Tether will reach $5 by the end of the year. 😂
He had to delete his video later when a clip from that video got viral on Twitter.
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Crap, I have some USDT put aside to buy bitcoin when it will be dirt cheap. What stable coins do you recommend? is DAI any better?
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I don’t trust anything that would tie itself to anything as shitty as the dollar. Lies lies and more lies
Give this man some !LUV 1
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I have been saying for a while now that USDT is not a real stable coin. I don't know if any "stable coin" is truly backed by anything.
Dai is backed by $eth so in a sense it should be considered more relevant then usdt.
Not gonna end well...
Maybe if crypto reaches $10trillion mcap.
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IDK I think stable coins are a risk in their own way. Seems alot chains are trying to bring out their own.
As long they print I'm fine.
I think also as long the exchange generates revenue, we shouldn't see a bust soon.
I would expect Tether are collaterals like cash in 1M trade with 10M or something like this.
In the end, as long it works, I don't care. Maybe it is legit. We cant know :)
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Some years ago it would be a big deal I guess, but nowadays we have more stablecoins than just USDT.
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like hbd XD
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The problem for formulating an opinion is the amount of conflicting information that is out there. Either way it seems suspicious and if Tether goes BOOM crypto is in deep deep trouble...
It's magic money.
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USDT has many issues with the back currency. It is really 1 dollar every 1 USDT. That is why there are new stable coins like DAI, USDC and Pax coin. Those new stable coins attract more users in current days.
USDT is owned by China..
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I've been using BUSD for most of my stable coin stuff. Mainly because there is a pair for it in CUB. I don't know as though it is any better than Tether, but it seems to be doing pretty well for me. As far as stability goes anyway.
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That is shocking, or more than shocking. How long can this go on?
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If its true that only 2.9% is backed by cash then that is very concerning, I have always been skeptical of so called stablecoins.
Commercial papers are perfectly fine as collateral:
https://www.investopedia.com/terms/a/asset_backed_commercial_paper.asp
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That may be the case but will your bank accept commercial papers for a mortgage or car payment. Hell can you you use commercial papers to buy your weekly shopping. If a currency aint backed liked it was officially ment to be, chances are it is just another fiat backed shitcoin. That I will happily bypass thank you very much Lol
They've played the role of a stable coin so far, so that's fine by me. My other option is usually BUSD but idk, I just trade with what I can at any point.
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Well who knows but as long as it works, I don't really care. But yes there are concerns.
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i really want to know where that commercial paper came from. give us some names, Tether!
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I am also now sceptical about USDT when I saw all these reports, the sudden printing of a gigantic amount of tokens. They brag so much that every Tether is backed by USD and the reports show otherwise. All in all now USDC is more reliable, I think, they are very diligent with any reports.
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