Tether-USD fraud, or everything’s ok! 👌
http://www.ibtimes.com/tether-scam-cryptocurrency-issuer-splits-auditors-2646867
It’s no surprise that in crypto land there are questions on what’s legit, what’s not legit, how to keep your hard earned money safe, and if that’s even possible.
I have learned that when you want to keep your USD safe or when you want to cash out and lock your amount earned use the crypto tether USDT. So of course like the federal reserve that can “print” money there are allegations that Tether has done just the same. In other words there isn’t real Fiat USD matching with what they say.
So if there are questions, what do we do when we want to lock our USD earnings? I know there are exchanges that have different fiat pairing, so I’m thinking these are not actual crypto tethers, although I could be wrong. If it is indeed not a tether this could be an option.
It’s important to note that the investigation of this tether audit was submitted in December. So it’s kind of old news and it came out with BTC’s massive drop. Are they connected? Could be, or it could be a classic correction.
In any case it’s important to stay informed especially if you have used your hard earned money to purchase crypto. This is the wild west, and it could all go to shambles if there is too much fraud.
2.3 billion or so USD are needs to cover tether positions. The larger question is whether or not bitcoin's price has been inflated due to the tether "safe zone" how could bitfinex ever be able to cover tether cash outs to fiat in a falling market. We are at a tipping point where things will return to "normal" haha
OR
tether is insolvent and a classic "bank run" begins as people scramble to recover their money before tether confidence reaches zero
Fraud it is.. BTC ->> $5000 lol stil a lot of money. Nobody should cry (unless they bought at $18,000) but I'm sorry that's just dumb.
Why btc 5000? Why btc 18000? With all the new tech and purpose driven tokens on the market today btc should be worth very little as it has very little to offer.
A store of value with the idea that it is a "Legacy Coin" is the only use i can think of. A souvenir of the moment our financial paradigm began to shift.
In the end, its what the market will bear, if the demand for BTC is high enough then the price will continue to rise. We are past the point where there is enough BTC for everyone to have 1. If a true adoption curve takes place and BTC stays relevant then 18000+ even a million dollars a coin is understandable. All of this is a moot point unless BTC can stay relevant or end up like fidget spinners or.... dialup.
Nice post @bearbear613
Thank for sharing information...