Meanwhile, if we take Tether at its word, then we can say, “but, they are backed by dollars.” This is a problem of trust. Thanks for the explanation!, Pretty interesting point. See citations; I’m talking about. One solution: if you want to be in crypto, stop thinking about how you can get pennies from tokens and start thinking about how you can get satoshis and Ether (or XRP or whatever your crypto of choice is). The large Tether injections thus come right before prices stabilize / move up, but not as prices as correcting from highs. The idea being that dollars are held in a 1:1 ratio by the company Tether. Those last points bring us to where the real conspiracy theory lays. The billionaire Bitcoin bull, who recently criticized USDT for misbalancing its dollar-peg, later said that he believes Tether has every dollar for every USDT. Hold on to dear life (or “hold your coins” for a straightforward meaning). Dump your holdings into Tether. Tether has long been the center of controversy in the cryptocurrency market. An End to Tether FUD. This creates an arbitrage trading opportunity, and the ones who notice this, will buy BTC on another exchange at a lower price, sell that BTC on the exchange where the price surged, balancing the worldwide price of BTC. This would be concerning to some, but there is logic in it. Tether just granted another 10 Million USDT tokens! Your email address will not be published. If satoshis [for example] have real value, then complex schemes to turn tokens into pennies stop making sense, and at least complex schemes to turn tokens into satoshis and Ether will ensure a healthy crypto ecosystem. 4. The results of those audits were for the benefit of shareholders and were not in a form suitable for general consumption (to begin with, they were in Mandarin). Some would claim that the crypto community should not embrace tokens like Tether and should instead focus on creating a decentralized and distributed stable coin that provides liquidity to exchanges but remains trustless. They only suggest we look for more answers. So people are now trying to bully tether in hopes that bitcoin would go back up!? thank you for clearing stuff up. Thanks! Dang. "To some, a loss of faith in tether is long overdue. We discuss the FUD and conspiracy theories surrounding Tether. https://cryptobobby.com/coinigy, Follow me on Steemit: If you choose to take a loss on your "Freedom Coins" by selling them on the dip, then please do, coz I would like to buy some on a discount. This is partly due to Tether’s history of promising a full public audit but never producing one. How good and vanilla if that is all true then. pac man is coming for all tokens, coins and following the block chain right into the purses/wallets. No. Am I missing something… didn’t Bitfinex close their doors to US citizens last year? The crypto community has been trying to create a stable coin for a long time, there are a lot of good efforts out there (some defunct, some still in circulation), but arguably no one has gotten it just right yet. if you're a larper this is honestly the best tether fud i've read, and i'm an obsessed nutjob who spends 10 hours per day on /biz/, r/buttcoin, blogs, reading court papers occam's razor applies and your theory makes perfect sense. Whale. Nonetheless, we have asked them to prepare the following attestations (PDFs linked) in English, for release to the community, covering December 31, 2016; January 31, 2017; February 28, 2017; and, March 31, 2017. It is even worse if the resulting funds are then filtered through the crypto space. This crypto window already feels like it's shrinking. How to use tether in a sentence. Cryptocurrency Taxes, Rules, and Regulations, Facebook Libra Cryptocurrency Hearings with Congress July 16 and 17, New York Court Grants Bitfinex’s Motion to Modify Injunction, Tether Investigation Overview and a Collection of Official Documents, Tether Releases % Backing in USD and Bitfinex Reportedly Planning IEO, Bitfinex Responds to New York Attorney General’s Actions Refuting Their Claims, Bitfinex and New York AG Drama FUD News Stuff, Rumors About Facebook WhatsApp Crypto Seem Legit, How to Short Bitcoin and Other Cryptocurrencies, the official “Tether Update” for Tether’s side of the story, Tether broke ties with an auditor in January, Tether recently addressed all these points and essentially pointed out they are all bunk, The Tether debate – can it crash the market, or not? What if the liquidity provided by Tether was vital for the crypto boom and helped ensure it in a natural way by the FUDsters? I am willing to pay 1 USD for 1 USDT for those don’t believe Tether… To do that, we will also describe how Tether works and what benefits it … Most of these are completely unsubstantiated, but annoyingly persist as negative narratives Bitcoin must fight against. The math does not close. Notify me of follow-up comments by email. Then more ppl try to look in the news for something to ''explain'' what is going on and it piles up some more. The SEC’s increased involvement in the market and the securities violation case against XRP have raised concerns about Tether, which has experienced its fair share of controversy; Ardoino said that Tether was fully KYC/AML compliant, and that its lack of regulation was “just FUD” Both sides discussed ... Well in tether's case the price is supposed to be pegged to the USD , which means when you buy 10M dollars of tether, the price will at most change by 2 cents , So at max it can add 200k to the marketcap. Everything about Tether revolves around the pegging of USDT to USD. But since that ideal reality is not the one in which we live, there is a lot of sense in playing the hand we have been dealt. Unlike their previous release, they decided to redact the name of the bank. We have also read online about many outlandish conspiracy theories suggesting that Tether is not backed 1:1 by currency on deposit with banking institutions. Thank you! A tether is a rope or chain which is used to tie an animal to a post or fence so that it can only move around within a small area. I am concerned about dollar price calculation for all coins being tied to satoshi value, and USDT riding on top of bitcoin. This is not explicit advice to buy these cryptos, do you own research. https://steemit.com/@cryptobobby, Follow me on Twitter: b. While there are several valid concerns about Tether, which certainly bear noting, stories about how Tether will crash the crypto ecosystem seem overblown. Further, one should other consider points like those below to weigh against any fears, uncertainties, and or doubts they may have: All musing aside, the bottom line is that there is no simple answer here. Further, no cryptos are backed by dollars, and some are inflationary. Why would the disappearance of something that has been sitting on the sidelines affect price that much? In combination with btc graph, we can see that USDT (Tether) is losing traction at a steady upwards rate. No. I'm just basically looking at it from a neutral perspective one tells me if tether screwed up let's get him out now let's have the Bitcoin price drop and let's use that as a buying opportunity for a cheaper Bitcoin obviously it's going to affect the price of BTC if tether unravels and if Heather doesn't unravel BGC will probably increase because everybody will view it as being stronger so dollar cost average right now while we're rolling a 10 G's and let's see what happens maybe we'll have a good opportunity to buy some cheaper Bitcoin or maybe the Bitcoin that we have now will just get stronger either way it's going to be a win-win it's just going to be do we win now or do we win later, The whole establishment system is a fraud, so its amazing to me that they have the nerve to go after crypto. Actually its not steady at all its all over the place, however its consistently making higher lows. The combination of the two transaction means that approximately 5% of Square’s reserve assets are now in BTC. Lots of people talk about it but don’t really seem to understand the real issue. Why did Tether lose 200 million in one big withdraw today? Too late for Tether 'FUD' as Bitcoin price poised to hit $63K, says trader filbfilb Bitcoin ( BTC ) will never be the same and it's too late to use Tether ( USDT ) … Satoshi’s dream that is not. Define tether. Such an argument was thrust by academics John M. Griffin and Amin Shams in a June 2018 study, which postulated that Tether could be printed “regardless of the demand from investors.” For now, the above sums up the concerns with Tether. According to the Elliot wave counts, Bitcoin is going to go down.—————–, TETHER vs BITCOIN—————–I think that everyone should ask in what bank is the market cap of 200 billions of dollars of Bitcoin.I will tell them. I really wonder what stabilizing effect it would have if every major youtube channel (which is where most crypto enthousiasts get their ''financial advice'' even though its ''not financial advice, don't sue me'') talked about the actual technology and what is happening within the crypto sphere news rather than using blogs and sites that clearly demonstrated that they are filled with misinformation led to manipulate the masses into thinking or doing something that is not in their best interest. In spite of this, the present rally suggests that the BTC bull run has become more spontaneous and has not really depended on one cause over the last 6 months. For Bitcoiners, opponents of Bitcoin would use the stories about Tether to create a FUD feeling that […] One main concern of Tether is a somewhat silly one, “what if it’s not backed in a 1:1 ratio?” First off, if Tether uses fractional lending, then it is like actual dollars. [DUMP ARTIFICIAL PROOF], BEAR MARKET STARTED? If at all, it is for educational and informational purposes only. Any mention of a brand or other trademarked entity is for the purposes of education, entertainment, or parody. Correct me if i'm wrong but I think your 10M dollar analogy is miss placed.The marketcap is the current price times the circulating supply right?Well in tether's case the price is supposed to be pegged to the USD , which means when you buy 10M dollars of tether, the price will at most change by 2 cents , So at max it can add 200k to the marketcap. The public confidence in Tether was shaken by strong rumours and negative press on social media. We'll stall the market for ya, take your time. Bitfinexed may possibly have a vested interest in spreading FUD about Bitfinex and Tether, the Twitter account Bitfinexed spews out a constant barrage of FUD and misinformation about Tether and Bitfinex. Why Tether FUD is Retarded. Tether has addressed the conspiracy theories, and 2. this sort of FUD is very common in the crypto space (and is often spread by those who want prices to fall so they can buy more crypto or short crypto). If you buy a large amount of BTC on an exchange, you will let the price surge on that exchange, BUT! Now it’s up to Tether to reaffirm trust and squash fears (as you can see, they did start to do this with their Tether update; the next step will likely involve more transparency of audits). Short form for “All-Time High”. Further, Tether broke ties with an auditor in January leading to more fear, uncertainty, and doubt. UPDATE 2019 PT 1; Is Tether Backed 1:1? Brilliant analysis Bobby, thanks. It replaces the USD component for many offshore exchanges. Sometimes the media goes ahead and picks it up. In our case, USDT coin price is pegged to the current price of USD, hence the name. Why would Zuckerberg say a few weeks ago that he is looking into crypto for his platform and now decides to ban everything that has to do with cryptos on said platform? Tether the company claims to hold a reserve of dollars to Tethers at a 1:1 ratio (see “. But so was Bitconnect, until it died in the course of a few hours. There have been reports on Tether being double spent on an exchange, and this news started to spread like a wildfire.It is not even a week now after Tether had a successful audit and cleared the FUD that was accusing it of printing money out of thin air and proved itself that it has USD backed for every token it produced. Thus, we have a bit of a catch-22. It is also important to note that the USDT print came after Bitcoin breached the … We will share those results with you as they become available in the coming weeks or months. I’ll explain it like this. It is true that margin trading backed by USDT on Bitfinex is notable. http://jamescrypto.com/the-difference-between-inflow-and-market-cap-and-how-it-relates-to-tethers/, Buy Bitcoin, Ethereum and Litecoin on CoinBase and get $10 worth free: “I honestly thought it would have crumbled a lot earlier, and have been consistently shocked at how long the façade has been kept up,” says Jackson Palmer, the creator of dogecoin and a vocal Tether critic. Yes. Of course, it only gets more concerning if what is happening is less honest than that. Periodic audits of our bank balances have been performed by the Taiwan-based auditing firm TOPSUN CPAs & Co. Regarding recent Tether & USDT FUD, I should say up front that I believe Tether has 100% backing of every USDT. And here it is, another 2014. Information / News. Travis Kling called it “weaponized Tether FUD”. source, if Federal Reserve Bank can print fake money, so can Tether…. These across the board drops in dollar value make no sense otherwise, and when people see these drops in dollar value, they dump. The long-standing Tether FUD suggests that the stablecoin issuer prints USDT to pump Bitcoin price and it was one of the key reasons why they couldn’t provide evidence for their claims about 100% backed reserves. Those are the basics. Clearly, the people that spread FUD! The market demanded, Tether provided, here we are. Yes, it is possible Tether has 2 billion dollars. Tether's working principle can only make them losses! Tether definition is - a line (as of rope or chain) by which an animal is fastened so as to restrict its range of movement. Coinbase wouldn't list it if they didn't have confidence in both these issues. That shouldn’t be the main focus of this debate. Solid breakdown. Of course, for Bitfinex to succeed, is for Tether to succeed, is for crypto to succeed. ?” But again, that translated is “I am tempted to give up on cryptocurrency because I’m worried about the ability of a central force to print dollars.”. Any such claim is unequivocally false, and the audits will bear that out. These are valid concerns. We have a problem somewhere. ... You will want to be in trueusd instead of tether before OCT 2 and wait until the tether fud crashes tether. Get live crypto exchange rates, historical prices & charts for FUD to USDT with CoinCodex's free cryptocurrency calculator. And my conversation with Charlie Lee on the situation…, Tether Confirms Its Relationship With Auditor Has ‘Dissolved.’, Bitcoin price CRASH ‘BLOODBATH’: Cryptocurrency could drop 80% as tether criticism rises. Although crypto may want to be untethered eventually, there is demand for a digital dollar is present. If Tether turns out to be legit, market will rally hard, Good stuff man. In short, redemptions will not be unreasonably denied, but we reserve the right to selectively deny redemption and creation of Tethers on a case-by-case basis. Third, there is a general concern that tethering the crypto economy to a centralized version of the dollar, which can potentially be printed on a whim, flies in the face of everything cryptocurrency stands for. We have a duty to try to ensure that our service is not being used by persons from sanctioned countries, that is otherwise on a sanctions list, or that has some background check problem. Could it be that Bitfinexed has an axe to grind and is spreading this Fud to manipulate the market cap of cryptocurrencies downwards. The two companies, iFinex Inc. and Tether, have ended the $900 million credit line, which allowed iFinex to borrow from the latter. I think it's incredible long term, but short term it's looking very shaky, I do believe they have been printing Tether, much like how the central banks print fiat, but I am struggling to see how this would be such a dramatic bad thing…. So the theory goes, Tether would do this to prop up the price of Bitcoin, meaning it could, presumably, sell all of its holdings. It’s simple to see why the total number of Tethers in circu­la­tion keeps going up: the global market views them as more valuable than dollars because of … January 15 is an important date for the issuers of Tether, a USD-pegged stablecoin.But what does it mean? https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc, Nomics graphic from JP Morgan: IN NO BANK.The market cap in dollars of Bitcoin is only in the imagination of the people.So, if all the people wants to cash out their bitcoins there will be a HUGE market CRASH.—————–, this is the best video on what is really going on, thanks, Outstanding analysis – the best I've seen. Too late for Tether ‘FUD’ as Bitcoin price poised to hit $63K, says trader filbfilb Bitcoin (BTC) will never be the same and it’s too late to use Tether (USDT) as an excuse to be bearish, Cointelegraph Markets analyst filbfilb says. to tie someone or something, especially an animal, to a post or other fixed place, with a rope or chain: Do not tether the goats and do not keep them indoors. . Tether claims they do have a reserve, there have been partial audits, and they claim to be working toward a full audit. If traders sell their cryptos at the highs and by back at the lows agains Tether, than Tether is a black whole. Ponzi Fraud. If Tether exhibits trust and people trust Tether, then Tether holds its value, and there is no panic. However, for the time being, it is serving its purpose, and it only retains its value if there is trust. Hand’s down our favorite Tether BTC meme. Do I want exchanges to fail and drive the prices of crypto down? The stablecoin trading under the USDT ticker, earned itself a notorious reputation early on for a lack of transparency into the fiat and assets said to be backing the asset. If people are putting money into the reserve and getting Tethers out, it is their right to trade Bitcoin or margin trade. tether synonyms, tether pronunciation, tether translation, English dictionary definition of tether. First, there is some doubt that Tether truly has and always has held exactly a 1:1 ratio in reserve of dollars to Tethers. A large part of Tether “FUD” (fear, uncertainty and doubt) has always been that Tether may not be backed by the dollars it says it is backed by. It is unlikely that hundreds of billions of fiat are leaving and returning from week to week. This is bad from most perspectives, as it sucks value out of the crypto space similar toÂ. HODL. Yes, there are some odd correlations here. Full stop. Would they have cashed out and run away by now, as Bitconnect did? What confuses me about the people screaming FUD, is why are you not concerned about the complete lack of transparency? Tether FUD. The end. The goal will be to remain unbiased and present all sides of the story up to the end of January 2018 and then update as needed. Define tether. We discuss the FUD and conspiracy theories surrounding Tether. So the basic logic is: Crypto is down, thus big players convert big money from dollars to Tether to buy crypto, thus a lot of Tether is printed right before prices start to stabilize / go up. According to him, Tether is merely a “successful FUD” and will not affect Bitcoin if taken down. To do that, we will also describe how Tether works and what benefits it provides cryptocurrency users and exchanges.[1][2][3][4][5][6]. Information / News. USDT is vapor. They don’t want to see the pattern that says: Tether is pretty vanilla. See our about page, legal and privacy page, and cookie policy for more disclaimers and information. The ‘Tether Bitcoin Pump’ FUD has been going on for quite some time now, however, there hasn’t been any conclusive to prove the claims and it has been debunked a few times in the past. While we reserve the right not to redeem for any particular customer, as we must, we will not do so for no reason. Because when it comes down to it, does Tether really matter at all? Tether FUD narrative comes to an end. The idea being that dollars are held in a 1:1 ratio by the company Tether. Am I spreading FUD? On the other hand, if you stack all the best cases, it helps us understand how the introduction of a stable currency into the crypto ecosphere helped to support one of the biggest crypto booms in history. Vote. These rich guys (JP Morgan etc) don't want you to stop using FIAT currencies, because that is where they have the control. Tether is a USD stablecoin purported to be backed by fiat and other types of deposits. Instead, they remove them from circulation by sending them to their treasury address. THIS PATTERN CAN SEND BITCOIN WAY LOWER… , Ep. If this is the case, then we have individuals exploiting the entire crypto economy for gain. There has been zero proof of solvency. Not only that, but people want a villain and secretly want to watch some of the apocalypse. https://blog.nomics.com/cryptoinvestor-weekly/crypto-new-asset-class/attachment/0009-01-jp-morgan-6-billion-in-net-inflows-since-2009-has-resulted-in-a-market-cap-of-330-billion/, The difference between inflow and market cap and how it relates to Tethers. Bitcoin.tax – https://cryptobobby.com/bitcointax, *Some of these links may be affiliate links, meaning if you click and purchase something, I may receive a small commission at no additional cost to you. Odd timing has been noted between Tether grants and big Bitcoin price movements or increases in margin trading and questionable timing with the release of Bitcoin futures. Those are times when more tokens are needed in the system. 2. Don't invest in USDT. So there is a difference. The Tether FUD picked up pace over the weekend however when an anonymous piece published to Medium repeated the same allegations following an amateur investigation into Tether’s issuance. Both sides discussed. The company considers all tethers outstanding to be liabilities for presentation on the balance sheet for which there is always an equivalent amount (or greater) held in assets to back those presented liabilities. Something is wrong here. Learn more. UPDATE 2019 PT 2: The New York AG’s office is accusing Tether’s parent company of moving funds around to cover up missing money. Thanks for your always informative content. b. Those who love Tether are obviously defending the “overconfidence of Tether” That is untrue. In other words, it is very likely that the conspiracy theories are FUD spread by those who want to drop the price of crypto, and Tether is a useful token at the center of the crypto economy that provided the liquidity that helped crypto grow in 2017. Some people out there ran an ICO or BTC scheme and ended up with a bunch of cryptos. Also, it is true that people periodically wrap that all up into a conspiracy theory and post it on Reddit. Until Tether is verified to be legit, I would stay away from it. This process could turn Tether into dollars without money ever being put in, or without holding the full amount in reserve, and thus act as a drain on the system. You need more time brah? Tether has over 2300 trading pairs across hundreds of exchanges and is a tiny 2.7% of the global crypto market cap $735.41 B (at the date of this writing), not just the BTC market cap. If your BTC gained X% in USD value, then you keep those gains and get to buy back in with X% more purchasing power — without putting more fiat into the exchange. tether synonyms, tether pronunciation, tether translation, English dictionary definition of tether. tether definition: 1. a rope or chain used to tie, especially an animal, to a post or other fixed place, usually so…. The problem is not so much tether, the problem is that ppl are trying to create a new economy but still look at the news and actions formulated by the ''old economy whales'' and spread them like wildfire on youtube platforms because they need content and their watchers get scared. But before we dive in, here’s a quick summary of what happened so far. That means even if Tether could just be printed and were backed by nothing, ultimately it would only be jeopardizing its value. Yes. The price surge cannot TRULY increase the market cap by more than the amount that has been put in. I think the bigger risk outside of Tether being weeded out of the market is the SEC using Tether as a "door of investigation" for all Crypto. A normal user can’t directly get Tethers; exchanges have to request them. It only makes sense to do this if you hold a ton of Bitcoin and you see the price going down; of course, that is when you make big moves. It’s corrupt, and sketchy past has been a concern for many thinkers, while others deny any wrongdoings, and brush it off as FUD. I only recommend companies and products I personally use, and any commissions help to pay for content creation. Why nobody asks this simple question? Bull and the Bear duking it out and the Bear landing shot after shot. Now we can move on past the FUD. The clearing of the Tether FUD and Square’s continued confidence in Bitcoin has seen the premier cryptocurrency stage a relief rally recovering nearly half its losses since the downtrend began on Sunday, but technical analysis reveals that Bitcoin holders are not out of the woods just yet. || MATIC, ADA, SOL, BITCOIN BRUTAL CAPITULATION -90% Losses Coming or Not Yet? Usually, we talk about Tether FUD. You can start your research using the links in the citations below. © Copyright - VixenCrypto.com - All Rights Reserved. FUD here means Fear, Uncertainty, and Doubt. “Tether is the only ‘cryptocurrency’ with trading volume that regularly exceeds that of its market cap. Blockfolio – https://www.blockfolio.com/ That's all I needed to hear. Is it pegged? Been holding all of 2017, I’m out. CASE 3, THE MEDIUM CASE: If it is the case that a mix of all the factors mentioned above, mixed with Tether’s expressed mission statement, are true, then this is all rather boring. Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.” Please keep this change in mind as you read the article below (which was written before the change was made).

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