re: Official CryptoTalk Thread

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tether fud was trendy in 2017

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It's not FUD, It's a fact.

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4 years later and you apes are still at it lmao my lord

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Everyone that understood tether made more money than you did son.

This should be good

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ok I'll play along wheres the facts?

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The facts were made clear in 2017 and every day since then the markets have made more sense to those that accepted the facts than it does to those who don't. You can reject them like a moonboy if you want, but your attempts to validate USDT were complete failures.

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When people ask “how safe is USDT?”, they’re asking because of Tether’s main fundamental problem.

The fundamental problem with Tether is easy to summarize: we can’t be sure that each $1 of USDT is backed up by $1 of USD. For the first five years of its existence, Tether claimed to be backed 1:1 by dollars.

However, as of 2019 they adjusted their messaging and began saying that they had enough “reserves” to cover all of the Tether printed. What are those reserves? Can we verify them? These are questions we don’t have the answer to.

Bitfinex is the parent company of Tether. From time to time, Bitfinex will release audits that claim Tether is backed by dollars in a bank account, but these audits have yet to live up to traditional auditing standards.

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exodus- is USDT safe?

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Whenever the curtain is pulled back on the operations of Tether, the representations made by its executives change dramatically.

For example, we now know that Tether and exchange Bitfinex are in fact owned and operated by the same people (the parent company is iFinex). This wasn’t always the case: in fact, up until 2017, the companies insisted there was no relation between the two (when asked at one point if the two companies are the same, Bitfinex CEO Phil Potter denied it, saying the two companies merely bank at the same banks.

Then, when the Paradise Papers which leaked that year showed this to be false (including the revelation that Potter was in fact a director of Tether), Tether makes no acknowledgement of the leak and then begins to live life as though it is not and never has been a secret that the two are run by the same people.

Or how about when Tether went to great lengths to represent that each Tether (USDT) is backed 1:1 with the U.S. dollar, a position it maintained right up until the point where they had no other option to concede the truth by admitting—via sworn affidavit—that at best, each USDT is backed at a rate of 74%, and not even necessarily by pure U.S. dollars?

Each time a lawsuit or regulatory investigation peels back another layer of the Tether story, our understanding of exactly what Tether is and how it is run changes dramatically, while Tether seems comfortable to roll with the punches, revising the claims it makes for itself each time, offering whatever platitudes or falsehoods that it thinks it can get away with.

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CoinGeek

The truth is that Tether is a pumping scheme for Bitcoin. The creation of Tethers corresponds tightly with the pumping of Bitcoin, and Tether has admitted that it's not backed 1:1 and that whatever backing it has is partially done through the price evaluation of the Crypto market itself. It enables massive leverage in the markets and enables Tether to pull the markets back up by buying out bottoms through printing of more USDT.

Grayscale bought twice as many bitcoins as were mined in Q4 2020, mostly due to institutional capital inflows, and you're out here losing your marbles about tether lol

anyways this article will clear up your concerns LINK

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Grayscale bought twice as many bitcoins as were mined in Q4 2020, mostly due to institutional capital inflows, and you're out here losing your marbles about tether lol

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Nobody is "losing their marbles about tether" except you...who is defending the obvious scam

Nice deflection though.

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anyways this article will clear up your concerns

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I've read them all, and none of them debunk the obvious conclusions about Tether. In fact, they avoid actually talking about how tether works completely

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Explain to me what set of stop losses you have set up? Also, where are you trading?

I rode it down to $47k with everyone and wasn't freaked out - because I'm long. But If you had a loss set up a $50k for example, how did you know when to get back in?

I tried to swing trade it a little over the past few months and ended up selling at 42k and getting back in at 44k, thank goodness.

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im a hold on bitcoin, this was for a bunch of alts.

but to answer

a) i trade on kucoin, very low fees and i am gonna be taxed anyways as this is not my long term holds.

B) But if I was playing BTC, I would have had a stop loss sale put on yesterday at the 55k area

I would have had my alerts set to let me know it happened and then I would have immediately setup stop loss buys and alerts.

My buys would have been originally set at around the same as the stop loss once it had passed that, essentially doing a stop loss limit buy to trigger when it hit, lets say 54,500 it would then buy it at 54750.

Now I would have my lower stop losses set up at different intervals, going down with alerts set right above that so you know to possible adjust based on the trend. as it goes down you adjust down both the stop loss buy that you set at 54,500 and then again the lower one.

The point isnt to know that you are getting it at the bottom, but you are following it down to get it after it hits bottom and starts back up.

I dont have time to sit and type the examples. I suggest you play around with like $20 so you learn it yourself.


in the end though, if you are not trading often and are just in it for long term with BTC, better off holding than triggering a tax event. Now if you already triggered that event, you are better off playing it like i said.

This ride isn’t as fun as the one that goes up


There were what 7 of these during the 2017/18 run?

well I get paid Friday so bring on the dips

I take out loans in usdt with the hope it goes off peg