Is Tether a scam?

>>3332457
there is 0 evidence tether is a scam

no way 300m tether is responsible for the bitcoin rise this year.

>>3332548
It is. Pump BTC with fake money and real one will follow

>>3332457
>https://www.reddit.com/r/btc/comments/6xpddt/_/
tether adds coins to its supply to keep it at a $1 price you fucking cucks

They get audited regularly by an outside source and have all their balances posted online for everyone to see. It's about as good as it's gonna get for a non fiat stable trading pair. I doubt anyone is going to try and do a bank run with most countries watching very closely.

>>3332560
Except the new tethers aren't backed by new USD entering the reserves. Why do you think Bitfinex refuses to be audited and release information about their reserves? They don't have the money to back this new tether and are most likely bankrupt.

In other words, until this tether scam is sorted out, we now have quantitative easing for bitcoin. Hurray?

>>3332576
>quantitative easing for bitcoin
So what you're telling me is, bitcoin can't crash now?

>>3332457
>>3332548
Tether is primarily responsible for the rise of Bitcoin this year but you're both being idiots about it because you're both wrong. Tether was sued by Wells Fargo, was temporarily insolvent, and refused to make withdrawals to anyone outside of Taiwan for a while back in April.

That caused a fuckton of people, especially from Bitfinex, to dump their Tether into BTC and Kraken decided to introduce USDT-USD markets, and the price of USDT dropped to 0.91 USD each, practically overnight.

This scared the shit out of USDT holders on Poloniex and Bitfinex, and any other side with USDT, causing them to use BTC as their safe haven and let USDT drop even further, which turned Bitcoin's downward trend from $1250 to $900 around and sent it flying up to a new all-time high.

This spurred the rest of the market into buying BTC out of fear of missing out and the price climbed higher and higher, until the August 1rst bullshit which caused its own dips and subsequent surge when people realized it was nothing all along.

>>3332559
So you are saying tether was a catalyst for the rise. Even if it was, which as I said there is no evidence for, it would still account for very little volume and significance in the whole market.

Just look at the massive real growth this year

>>3332590
See >>3332586

There was evidence for what I said, not sure about the anon you were replying to, back in April of this year.

>>3332590
300 million dollars is not "very little volume and significance." 300 million dollars could move Bitcoin's price by 25%. And all this money is insolvent.

There have been several threads about this and, yes, everything about Tether is dodgy.

Basically, they claim each USDT is backed by 1 real fiat USD, but have never released concrete proof. Also as per their TOS they are not legally binded to convert your USDT to USD. USDT is currently 1:1 with USD only through sheer market sentiment. The USDT supply is constantly increasing even though their partnerships with banks have ceased since April, from 50 to almost 400 million currently. This shit will blow up eventually and all of crypto will go down with it.

>>3332609
So you believe they have 0 dollars in reserves?
Where is your proof?

>>3332603
Okay but even if it was the catalyst I'm sure you believe that most of the money entering the market is real USD from real people


Anyway everyone knows tether is risky, wish there was another stable crypto

>>3332655
The burden of proof isn't on me. Bitfinex should be considered insolvent until they can prove us that they have the reserves. Not the other away around.

>>3332655
Correct, it is mostly real USD but Tether's instability was what started the whole craze, which led to more media attention, and it snowballed (save for the August 1rst business which affected it independently) to where we are today.

Also, considering the fact that you can send Tether to a BTC address (thanks to Omni protocol) and withdraw it, Tether allows you to legally transport millions if not billions of dollars overseas with nothing more than a single piece of paper, or even a brain wallet, without declaring anything, provided you withdraw it to BTC or something afterwards.

As a temporary money carrier for traveling, etc., USDT is extremely useful. It has risks, but if you only need to use it for a day or 2, it kind of works.

>>3332655
>wheres your proof
>wheres your proof they do

>>3332576
https://wallet.tether.to/transparency

>>3332720
This website proves nothing whatsoever you gullible fool. Where is the proof they are being audited daily?

File: 1503808121094.png (4KB, 183x275px) Image search: [Google]

4KB, 183x275px

>>3332696
what the fuck is even the point of that though if you can do literally the same thing with bitcoin, or any other crypto for that matter?

bitcoin occultist fud tether to try and keep people bag holding btc thru the correction thats about to happen.

>>3332757
There is no point. Tether is a scam. >>3332759
I don't hold any bitcoin. I only hold xmr.

>>3332696
So if there is more instability in the future it would actually drive btc price up in the short term?

>>3332757
The only point is that Bitcoin is still volatile enough to make some people scared to hold it for a 40 hour flight if it's literally all their money and they're trying to change countries or something.

Tether would at least be relatively stable to hold in comparison, if it's only for 40 hours or so.

That's why I think it's cool.

Because you could make some brain wallet on BTC and send millions and millions to it and "have" millions of dollars worth of information in your head, without BTC, just USD.

Something about the idea of that is just cool to me, because nobody would ever know that you're smuggling it.

>>3332803
Yeah I would bet money on that.

But if USDT went to 0 or something, the whole system could collapse because people would consider it all a fucking scam and lose confidence, probably. Tether getting sued and "possibly" going to 0 without actually ever doing it, so people would get worried but not panic, was perfect for Bitcoin.

>>3332734

People wouldn't just go on the internet and lie.

>>3332548
What is leverage

>>3332572
Not seen an audited report yet.

They need to get their audit out there for everyone to see

>>3332685
Correct