Tether FUD - Does it actually matter? Both sides discussed
7 years ago in #cryptocurrency by cryptobobby (65)
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This is a great question: I suspect like Charlie says it doesnt matter.If USDT fails all that means is USDT failed, not that crypto failed.
I agree with this logic, albeit, the FUD that comes out of the USDT news does have visible repercussions, annoyingly.
The issue I have is with the artificial netflow of "USD" that Tether might be printing.. I hold no Tether, so if it goes to zero, I don't care. However, if it goes to zero, it could definitely have negative consequences for the market because of netflow.
Looking forward to watching this. I am resteeming it. So I can view in a bit. Thanks for putting it up. Always like your views. #nohype
The real giveaway that its all just FUD is, as with all conspiracies, why make it so fucking complicated.
Supposedly bifinex prints and buys crypto, but why the hell not just add 1 billion usd in the bitfinex database to some account.
Interesting. I didn't realize the timeline.
hello @cryptobobby does this affect when I charge my rewards? should I wait the steem to go up again to take my rewards?
Great video @cryptobobby. Why does Bloomberg all of a sudden come out with #FUD almost two months later? Seems like they plan it out. Manipulation in the market?
Putting (verified) information out is not FUD, but if their source (according to a person familiar with the matter, who asked not to be identified discussing private information) is not legit they might be attempting at creating this very fear, uncertainty & doubt you talk about. Either way, FUD is a reaction, not the action of instigating these sentiments. We can't be putting every news that goes against the momentum of a crypto bull market in the #FUD category. In fact, it could be said it is rather Tether who's responsible for uncertainty by being unable at the moment to provide with an independent audit proving its claim of USDT being 100% backed by USD.
Thanks for clearing that up. Verified by an unknown source sounds fishy to me that 's all. Hope i did't offend you in any way @herioc15397
Really nice Video! I think that tether should be discussed more!
Great video! I wonder what would make the biggest damage; Bitfinex closing or Tether failing. Bitfiniex has more to offer than Tether, but it's not it's first failure.
Its really interesting to see just how early the cryptocurrency market is where any piece of news, big or small, tends to cause such an overextended pullback in all coins. Hopefully, as the market grows, this will not continue to be an issue as the market cap grows. Tether has been the center of a lot of controversy as well, after BitConnect took its hit, and hopefully the market can recuperate quick! Thanks for the amazing video, you always know how to talk about the biggest of issues with the greatest amount of level-headedness.
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The thetr should be discussed
Great clarification video! I saw your stream at noon and can understand the confusion. My thought is that it is good that a regulator intervene as they have not been transparent enough with the concept of tether. Tether is not a bad concept if done responsibly and transparently; it is very similar to money market funds which serve as short term investments for investors "parking" cash in the short term. If something is not being done right with investor money, then it should come to light so that investors can make informed decisions with their money. I personally avoid USDT and rather have the money in fiat or one of the bigger cryptos like BTC, BCH, LTC or ETH. I also have these positions in hardware wallets to protect me from the exchanges.
It seems to me Tether is likely behind in holding USD. If someone trades for USDT with BTC then Tether would need to immediately sell the BTC and convert to USD. If time passed and the price dropped then they would need to make up the difference. In an up market they can take advantage and pocket reserves. If this wasn't done during the run up then they could be in trouble. Perhaps we could find out they are only 92% backed. They may be ordered to make up the funding gap by a specific date. Assuming they charge a fee? That would be a way to pay back into the system and wait for the market to go back up.
I agree with the comments at the end...better to get this out of the system now and let things normalize and then start climbing than to let this keep looming over the market and surpressing it or be a time bomb waiting to explode.
I do find it weird that the tether controversy of possibly “printing” tether out of thin air is similar to what our government does to our USD.
every week there is a 25% FUD mini-crash... like clockwork
This reminds me of poker sites that go under who don't keep player balances and the company finances separated. So if people leave they are screwed or if the business fails the players lose their money. Printing money adds an entire level to this.