How safe is tether?

No one knows about tether?

Pegs always fail

>>1921903
Yeah that's what I thought. So, it's better to just cash out of crypto completely and take the tax hit?

I've read that if you purchase bullion they don't report it, as long as you purchase less than $10k. JMBullion accepts bitcoin. Any flaws in this plan?

>>1921859
From what I understand it cant really crash.
Also it will always hold 1:1 usd to usdt value.

>>1921920
It can't crash, but it can fail. They have to have a reserve of USD to back up all the trades into the currency. If too many people cash out into tether, it could fail. I think...

Tether is amazing because it allows you to realize and hold your crypto positions without being liable for the taxes you would normally pay for doing so.

I have no idea how that will play out with the IRS but I doubt they would seriously allow that if they realized it.

>>1921932
Exactly. But tether isn't safe. That's my point.

>>1921934
Why are you asking us if u already hold an opinion?

>>1921938
Because I don't know all the details. And it's not an opinion.

>>1921934
If Tether fails and I have money in Polo in Tether, will it simply default to 0? I thought it was as safe as USD to be honest, so I'll have to consider this.

>>1921903
Tell that to anyone with Bay.

>>1921941
Yes, if it fails you'll lose everything. It will only happen in a black swan event though. But it will probably happen eventually, most likely, at the exact time when people need the service the most (when BTC and alts are losing value rapidly).

>>1921921
This. Does poloniex and the other exchanges have a limit to how much someone can buy?

Tether puiblishes proof of reserves and undergoes regular audits to prove its bank account has an equal number of USD to the amount of USDT in circulation. It physically cannot go down in value because you can always exchange one tether for one USD.