Troll fake post. There will be a flight of Bitcoin from Tether-integrated exchanges to non-Tether exchanges with fiat off-ramps. Doing a consultancy job is just doing a task asked by your customer. Right now Binance is sitting pretty, the only immediate thing I can see really impacting their business is the crash of tether. However, Tether has stayed amazingly steady at or around $1 since its inception in 2015, regardless of public fear of rhetoric. According to Thomas Glucksmann, head of business development at Gatecoin: "If a tether debacle unfolds, it will likely cause quite a devastating ripple effect across many of the exchanges that see most of their volumes traded against the supposedly USD-backed cryptocurrency. Meanwhile a 2 billion dollar Tether market cap means there should be exactly $2 billion backing up the asset. If everything was legit with Tether, it would be incredibly easy to have a segregated bank account with the funds used solely to back up Tether, then have an third party accounting firm simply review the account and a bank reconciliation statement then spend a few hours in contact with the bank to ensure no outstanding liabilities are held on that balance. They are distributed monthly and used to weight your vote on polls. I'm thinking it'll be too late to sell once this thing blows up. It is meant to give people a "stablecoin", for example a merchant who accepts bitcoin but fears its volatility could shift bitcoin into tether, which can be easier to do than exchanging bitcoin for dollars. Tether themselves recently hired the major New York based PR firm 5W to spread positive information online and take down critics, I'm sure some of their operatives are probably on Reddit. You can actually calculate Tether as a % of total fiat invested in the market according to the JP Morgan estimate, the following table outlines for a scenario of no margin lending and 15/25% of tether being on a 3.3x leverage margin account: Even without any margin lending Tether is underwriting the worth of about 27.5% of the cryptocurrency market, and if we assume only 25% was leveraged out at 3.3x on margin we have a whole 43% of the market cap being driven by Tether inflow. TradingBeasts Price Prediction for USDT. Until this Tether issue is settled once and for all, the ENTIRE crypto market is suspect. Because people who trade on Bitfinex allow the exchange to hold their money while they speculate, these traders could face substantial losses. Press question mark to learn the rest of the keyboard shortcuts. Tether is a cryptocurrency issued by Tether Limited. Pay close attention to Tether (USDT) folks because it has the potential to gain widespread accept thanks to the dollar connection. The majority of Bitcoin (and most coins) are held by those who either mined or purchased for a very low price early on and simply held on as very small portions of the total supply was rapidly bid up to their current price. Tether price equal to 1.000 USD at 2021-05-14, but your current investment may be … Buying into any of these for profit is not an investment, is a gamble at best, and a scam at worst. In the long term I really hope once Tether collapses we can move on and get the following two implemented which would greatly improve the market for all investors: Actual USD fiat pairings on the major exchanges for the major currencies, Regulatory rules on exchange reserve requirements. The question is then not whether Tether is a good investment, but whether the US Dollar is a good investment. Tether has been hacked before and lost $31 million: Though it’s true that myriad exchanges have been hacked for tens of millions of dollars — the problem with Tether being hacked is that, once again, its value proposition is undermined. Its incredibly important that more new investors realize that Tether isn't a side issue or a minor cog in the machine, but one of the core underlying mechanisms on which the entire market worth is built. But maybe i am being too optimistic/simplistic. Tether (USDT) is a cryptocurrency designed for each token to be represented by an underlying US dollar. It's likely you will lose everything then try to form witch hunts and YouTube "scammer" lists on this sub. There have been problems with Tether that should concern investors but evidence of outright fraud is weak. Despite that good stablecoins like Tether will have value because they come close to achieving their goal. Some people have found the timing of the most recent batch of Tether as highly suspect because it seemed to coincide with Bitcoin's price being propped up. So you would see a huge price diverge as people see that only way they can turn tether into real money is to buy other cryptocurrency then move to another exchange. I think no matter what happens with tether, the space should recover within a couple or maybe few years at the worst. In a consultancy job you take information as true from the client, and you have no mandate to verify whether your customer's claims are true or not. #5 Diversification - Ethereum, Bitcoin & more. The million dollar question for me though, I’m all nano ledger’d up and by the time I move all my alts into eth and into an exchange with fiat it’d probably all be locked up. USDT can more closely be called a “currency” or an “investing tool” rather than an “investment.”. Platinum | QC: CC 202, REQ 175, ETH 93 | TraderSubs 94. Ya tether is pretty legit but I prefer monopoly money more. “The exchanges are like unregulated banks and could run off with everyone’s money,” says Tony Arcieri, a former Square employee turned entrepreneur trying to build a legally regulated exchange. Binance, like Tether, is also based in British Virgin Islands. In this case, it is the USD. Tether is successful because it is one of the oldest and best known stablecoins. One of these is in the name of Tether Limited, and while the other is a personal account of an individual who Tether Limited claims has a trust agreement with them: As of September 15, 2017, the bank held $60,919,810 in an account in the name of an in individual for the benefit of Tether Limited. 100 - 200 comment karma. If you are planning to invest in Tether (USDT) and buy tether (USDT) at best price, then 2021 is the best time to invest in Tether … As with any investment, the higher the potential gain, the higher the risk. Right now we're playing proverbial hot potato, and as long as people believe that Tether is worth a dollar everything is fine, but as some point the Emperor will have to step out from hiding and somebody will point out they have no clothes. It’s gonna be tough to convince them to pull it. I often hear people online dismiss any issue with tether by simply claiming its not big enough to cause any effect, saying "Well Tether is only $2.2 billion on CoinMarketCap and the market is 400 billion, its only 0.5% of the market". OP is a hero, gj! The price of 1 Tether (USDT) can roughly be up to $1.86 USD in 1 year time. The expected maximum price is $1.60654, minimum price $1.09245. Well, the price is always one dollar. To critically answer whether an ADA token is worth holding, it is best to know the factors that drive its value. Bitfinexed did an excellent analysis on how tether is entering Bitfinex to fund margin positions. And those who sell today waiting for it to blow up are essentially going to stay out of the crypto space for their investing lives. Binance probably makes a lot of money trading with Tether. Press question mark to learn the rest of the keyboard shortcuts. Our procedures performed are not for the purpose of providing assurance...In addition, our services do not include determination of compliance with laws and regulations in any jurisdiction. On top of the fact that now we are looking at US federal agencies reviewing the terms of Tether and their attempts to replace the USD fiat currency in these transactions while representing itself as pegged to the value of a dollar, which is going to get very interesting if it gets pursued as US law specifically forbids the issuance of any type of currency intended to represent the dollar in form or function. Bitcoin was initially meant to be a cryptocurrency -- emphasis on ‘currency.’ In August 2nd, 2016, the second-largest digital currency exchange heist in history happened, when Bitfinex lost nearly 120,000 bitcoin. The scam works until one day it suddenly doesn't. A 400 billion dollar market cap for crypto does NOT mean that there is 400 billion dollars underwriting the assets. What exactly is Tether and what happened so far? They don't need to buy from you , but they need to buy. They are distributed monthly and used to weight your vote on polls. I think Tether is popular because a USDT purchase is an investment in the world’s reserve currency. Tether printing moves the market appreciably; 48.8% of BTC’s price rise in the period studied occurred in the two-hour periods following the arrival of 91 different Tether grants to the Bitfinex wallet. This issue NEEDS to be public eye, and especially with all relevant info like you just provided. I'm still undecided on this and I would love to see more statistical analysis done, because the price of Bitcoin is so volatile while Tether printing only happens in large batches. If binance wants to think long term it's hard to justify leaving USDT around UNLESS it is actually paired to the USD. Since the total number of ADA coins is limited, the coin is inflation resistant as the demand for the coin keeps growing. The Block published a story on Thursday, right after Tether’s first monster print, with lots of quotes from Ardoino, who explains that big companies are buying USDT from over-the-counter desks and high-frequency trading firms. It was Sunday night and I just found out about the article “The Big Short: Inside Crypto’s Doomsday Machine” on Reddit. Reasons for Stablecoins not Being a Good Investment. Two weeks after the hack Bitfinex announces it has hired Ledger Labs, to investigate the theft and perform a financial audit of its cryptocurrency and fiat assets. New comments cannot be posted and votes cannot be cast, More posts from the CryptoCurrency community. Moons reward posters, commenters, and moderators for their contributions to the subreddit. Those trying to register for a new account are asked for a mysterious referral code, but no referral code seems to exist. I think I'll just pick up a little bit more at a couple strike points deep below where we are now. In January 2021, it was priced at around the $0.03 mark. He doesn’t know what he’s talking about. Tether, which was founded under the brand name Realcoin in 2014, isn’t decentralized like Bitcoin or many other cryptocurrencies: One company owns, mints, and manages the Tether … It doesn't take into account the order book depth at all. It can also be used as a store of value for an investment in the way Bitcoin and other cryptocurrencies are. In the last 3 months the amount of USDT has nearly quadrupled, with nearly a billion being printed in January alone. We need big exchanges like Binance to make statments on tether. Is Tether a Good Investment? Goodyear was the third largest tire manufacturer in the world with $15 billion in tire-related sales in 2018, Statista estimates.However, Mr. Market was paying $14.93 a … I really want to get my feet wet. The Tether price prediction for the end of the month is $1.28523. What are your thoughts and should I just go for it? If Bitfinex was timing the prints then it accounts to not much more than an organized pumping scheme, which isn't a fundamental problem.
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