291–300 of 317 posts
So, let me get this straight... Crypto Capital has claimed that the money is frozen and that's why they can't send it back. Execs at Bitfinex/Tether believe maybe Crypto Capital's principal, Ivan Lee, has stolen it and that's why he won't send it back. The NY AG contacted Portugese and Polish authorities and, from them, was informed that there were no official orders freezing Crypto Capital bank accounts in those cou…
So why hasn't the bottom fallen out of Tether yet?
Tether functions as sort of the reserve currency of crypto. Many exchanges don't even offer fiat money or banking connections - to use them, you have to send Bitcoin in from another exchange or a personal wallet, then you can convert it into Tether or other altcoins. People who are "getting out of crypto" by selling Bitcoins because they think the price is gonna drop oftentimes are actually buying Tethers. When 80% o…
This article goes to great alarmist lengths, past the point of being deceiving. Just the very first line: > One of the world’s most widely traded virtual currencies faces renewed doubts about its stability [...] Tether is nothing in terms of crypto currency penetration. It does not even have a percent of daily trading. Then a few paragraphs down: > [...] within an hour of the attorney general’s statement and Tether s…
Earlier quoted context omitted.
Why would you hold significant amounts of Tether? There's no upside and all of the downside. Why do you do it?
It's used for margin trading at exchanges that do not accept fiat
This seemed inevitable for a long time. Tether is very important for maintaining the price of bitcoin, and yet the stablecoin’s financial condition has been an unanswered question. The company has raised every red flag and in a rational market, tether would have been priced at pennies in the dollar, with a corresponding markdown for bitcoin with the loss of “convertibility” to dollars. And I honestly am surprised how…
not convinced about that. there are some reports for and some against the argument but nothing proven
I think the news was out for some time and only now the rumor started to confirm. Tether is trading at exactly $1/$1 on Kraken. It had touched $0.85/$1 on October 2018 though. It was discounted for the last quarter of the last year. The discount lasted for several months suggesting lack of liquidity and possibly lack of funds. The Tether discount suddenly disappeared. And suddenly a discount/premium appeared on Bitfi…
Cryptocurrency exchanges seem to be full of fraud and deception.
Speaking as someone who was deeply interested in bitcoin in ~2013, cryptocurrency today is a wretched hive of scum and villainy. When someone tells me today that they are working on something related to crypto I make a mental note to never work with them or take anything they do seriously.
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People have been yelling that Tether is a ponzi fraud since it launched in 2015. And yet it still trades 1:1 to USD today, after the court filing was released. So is there some magic force that keeps the fraud running, and prevents market participants from cashing out their Tether in the mother of all bank runs? If you hold Tether why wouldn't you sell? Or is there more to the story than just "Tether is an obvious fr…
It's basically a giant game of chicken AFAICT, because tether is so endemic to the market that if the market as a whole gives up on that valuation then everything goes boom.
If traders begin to lose faith in Tether, wouldn't they sell Tether and buy BTC, ETH, XRP, BCH, LTC, EOS etc.?
So wouldn't that cause the USDT price to decline to $0.97, $0.95, $0.90, $0.75, etc.?
And at the same time the demand for BTC, ETH, XRP, BCH, LTC, EOS would cause their prices to rise, wouldn't it?
I suppose at some point, after the $3B of Tether is liquidated, people could lose confidence in the entire market, but until that happens wouldn't cryptocurrency prices increase rather than decrease?
Earlier quoted context omitted.
People have been yelling that Tether is a ponzi fraud since it launched in 2015. And yet it still trades 1:1 to USD today, after the court filing was released. So is there some magic force that keeps the fraud running, and prevents market participants from cashing out their Tether in the mother of all bank runs? If you hold Tether why wouldn't you sell? Or is there more to the story than just "Tether is an obvious fr…
> it still trades 1:1 to USD today On exchanges of questionably integrity. And where it is impossible to reliably short the instrument.
I see this a lot, if you can't sell short then the price can't decline?
If I held Tether and thought it was worth less than $1.00, I would sell it.
If most people think it's worth less than $1.00, they would sell it and the price would drop to reflect the risk.
Why doesn't this happen? Is is just crooked exchanges posting phantom orders? If so, why don't smart traders sell into that and liquidate?
Earlier quoted context omitted.
It's basically a giant game of chicken AFAICT, because tether is so endemic to the market that if the market as a whole gives up on that valuation then everything goes boom.
How do you think this would work exactly? If traders begin to lose faith in Tether, wouldn't they sell Tether and buy BTC, ETH, XRP, BCH, LTC, EOS etc.? So wouldn't that cause the USDT price to decline to $0.97, $0.95, $0.90, $0.75, etc.? And at the same time the demand for BTC, ETH, XRP, BCH, LTC, EOS would cause their prices to rise, wouldn't it? I suppose at some point, after the $3B of Tether is liquidated, peopl…
These will be exacerbated by exchanges which have been run in bad faith and which do not have either the cryptocurrency or fiat reserves they claim (see Quadriga CX for a recent example).
Either way, it's going to be interesting to watch.