Tether

Discussion of all things crypto and blockchain.
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Silversaving
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Re: Tether

Postby Silversaving » Sat Jan 20, 2018

Tether now prints $100 million DAILY to delay the inevitable doom of Bitfinex



http://stockemperor.com/currencies/tether-now-prints-100-mln-usd-daily/

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Long John
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Re: Tether

Postby Long John » Sat Jan 20, 2018

Silversaving wrote:Tether now prints $100 million DAILY to delay the inevitable doom of Bitfinex

Man, they're really gambling that not too many Tether holders will try to spend it at the same time.

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SilverDoge
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Re: Tether

Postby SilverDoge » Sun Jan 21, 2018

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Diggin4copper
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Re: Tether

Postby Diggin4copper » Fri Jan 26, 2018

So if I had 100 million dollars, could I start my own tether-like coin and sit back and collect the Vig?
How come ultra rich people are not doing this?
Outstanding!

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Long John
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Re: Tether

Postby Long John » Fri Jan 26, 2018

Diggin4copper wrote:So if I had 100 million dollars, could I start my own tether-like coin and sit back and collect the Vig?
How come ultra rich people are not doing this?

Not only could you collect the vig, you could issue $1 billion worth of your tether-like coin with only $100 million to back it. Then you could use the entire amount of Bitcoin deposited by customers any way you choose, such as raking off profits, buying other crypto, shorting, cashing out. Get some shady auditing service to create a report making you look in good shape. You're only in trouble if people try to use more of their tether-ish coin than you actually have money for. That is the danger Tether faces, and is betting won't happen. But the more empty Tether they add, the higher the danger.

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SilverDoge
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Re: Tether

Postby SilverDoge » Sat Jan 27, 2018

Long John wrote:
Diggin4copper wrote:So if I had 100 million dollars, could I start my own tether-like coin and sit back and collect the Vig?
How come ultra rich people are not doing this?

Not only could you collect the vig, you could issue $1 billion worth of your tether-like coin with only $100 million to back it. Then you could use the entire amount of Bitcoin deposited by customers any way you choose, such as raking off profits, buying other crypto, shorting, cashing out. Get some shady auditing service to create a report making you look in good shape. You're only in trouble if people try to use more of their tether-ish coin than you actually have money for. That is the danger Tether faces, and is betting won't happen. But the more empty Tether they add, the higher the danger.


Exactly right. The collapse of tether will be the best buying day opportunity in crypto. Something to keep in the back of our minds with very low buy orders. Whether that happens next month, or in 5 years... be ready.
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Diggin4copper
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Re: Tether

Postby Diggin4copper » Sat Jan 27, 2018

But is it feasible to start a new tether like coin with a few million dollars?
Outstanding!

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SilverDoge
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Re: Tether

Postby SilverDoge » Sat Jan 27, 2018

A possible alternative solution to tether? Chris Coney mentioned this on his Friday livestream.

https://makerdao.com/
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Long John
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Re: Tether

Postby Long John » Sun Jan 28, 2018

Just in January, Tether has created $850 million worth of USDT to spread around the exchanges. Have they given up all pretense of having $1 USD to back every $1 of USDT? And they terminated their relationship with their auditor. Danger! Danger! As Travis has noted (and Crypto Investor here) when this blows it will have a severe effect on the whole market, though we'd be healthier without it.


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natsb88
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Re: Tether

Postby natsb88 » Tue Jan 30, 2018

U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether

U.S. regulators are scrutinizing one of the world’s largest cryptocurrency exchanges as questions mount over a digital token linked to its backers.

The U.S. Commodity Futures Trading Commission sent subpoenas last week to virtual-currency venue Bitfinex and Tether, a company that issues a widely traded coin and claims it’s pegged to the dollar, according to a person familiar with the matter, who asked not to be identified discussing private information. The firms share the same chief executive officer.

Tether’s coins have become a popular substitute for dollars on cryptocurrency exchanges worldwide, with about $2.3 billion of the tokens outstanding as of Tuesday. While Tether has said all of its coins are backed by U.S. dollars held in reserve, the company has yet to provide conclusive evidence of its holdings to the public or have its accounts audited. Skeptics have questioned whether the money is really there.

“We routinely receive legal process from law enforcement agents and regulators conducting investigations,” Bitfinex and Tether said Tuesday in an emailed statement. “It is our policy not to comment on any such requests.”

Erica Richardson, a CFTC spokeswoman, declined to comment.


More here: https://www.bloomberg.com/news/articles ... ed-by-cftc

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SilverDoge
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Re: Tether

Postby SilverDoge » Tue Jan 30, 2018

Well, this could be it. I hate what tether has done to this market. I want it to collapse so we can all move past this BS.
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Fabio
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Re: Tether

Postby Fabio » Tue Jan 30, 2018

When did this tether sh*t start? I've been in crypto since around this time last year but didn't really pay much attention or trade until much later in the year, around July/August.
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silverpv
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Re: Tether

Postby silverpv » Tue Jan 30, 2018

Fabio wrote:When did this tether sh*t start? I've been in crypto since around this time last year but didn't really pay much attention or trade until much later in the year, around July/August.


It started around August /July ;)

We'll see where this goes.. For sure it'll be some future fodder for later.

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BarsandStars
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Re: Tether

Postby BarsandStars » Tue Jan 30, 2018

I have a feeling this is just the tip of the iceberg. If bitfinex comes out and drops the "I" word (insolvency), then the real fireworks happen. (even though it's obvious they are insolvent)

I gotta get my azz in gear tonight and move everything off binance.
Joining Binance to trade cryptos? Click my referral link below!
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rahbii
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Re: Tether

Postby rahbii » Tue Jan 30, 2018

If the tether issue blows up I think it'd be extremely bullish. In order to 'cash out' of tether you have to buy bitcoins/alts. Also, what can US regulators do to a non-US company with no US customers?

This has a sort of 'orchestration' feel to it....and seems to be very in sync with cash settled options going live. For example, Bitfinex was subpoenaed on Dec. 3. Why 'break' the news almost 2 months later??? hmm...
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