[cryptomonitor NEWS] Weiss Ratings Warning - Tether crypto (HOT)
How are you doing my dear STEEMIANS ?
This is my new post about actual news in Cryptosphere.
Every week i post few cryptocurrency related
news posts. So, in this post, we will discuss about
not so good news about Tether, we will look at current
market numbers and give final words.
Warning Over Tether cryptocurrency
Two days ago, Weiss Ratings has warned investors about the
dangers of Tether, the high-profile cryptrocurrency.
Tether has raised suspicion over its close
relationship with Bitfinex and the sudden
spike in circulation of its native USDT token.
As of this writing, circulating supply is 2+ billion.
That means Tether should have a exact matching
number of dollars in one or several bank accounts, right?
But, so far i know, no external audit has been conducted
to show the money actually exists.
Interesting part; tether is owned and operated by the
same individuals who run the largest Bitcoin and
cryptocurrency exchange in the world.
As an unregulated exchange, with no official oversight,
Bitfinex handles a daily trading volume of around $2 billion!
Tether tokens fully backed by the U.S. dollar?
Weiss Ratings, the Florida-based rating agency raised several
warning signs in its evaluation of Tether, including a lack of
transparency and virtually no proof that the company’s
USDT tokens are fully backed by the U.S. dollar.
In a Feb. 12 blog post, Juan M. Villaverde issued the following statement:
“The big issue: There’s never been an audit, and the folks behind Tether has been quite shady when asked. They have continuously claimed their tokens are backed 100% by actual dollars, yet they have failed to present any evidence to support this claim.”
Tether = $ ? Final words
Tether is the third-largest cryptocurrency by
trading volume, behind Bitcoin and Ethereum,
which are also used as liquidity.
Problem with Tether is, there’s never been an audit.
Crew behind Tether claims their tokens are
backed 100% by actual dollars, but with no evidence
so far to support this claim.
For me, it’s just too suspicious, specially if you read more
about suspicious activitys related to Tether
and Bitfinex, one of the largest crypto exchanges.
Let me know my dear followers, if i'm wrong.
I upvote every good comment.
Let me know in comment what you think.
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https://www.tetherreport.com/
https://hackernoon.com/the-curious-tale-of-tethers-6b0031eead87
https://hackernoon.com/the-tether-effect-7310cbf5523f
I've said it elsewhere but I don't think there is anything that is safe from this relationship. The tether printing and exchanges' manipulation of trades, insider trading, allowing dubious and otherwise illegal forms of trading to go on all in the name of keeping prices high is going to hammer everyone hard imo. Feb 6 the market drops, btc is near 6k, oh guess what here's tens of millions of Euro Tethers to come save the day.
Now they want to piggy-back EuroTethers on the etherium blockchain? Hilarious stuff. They really don't know when to quit, or rather, they've dug themselves a hole so deep that they know they're done for when they stop digging, because it's all they know how to do at this point to try and buy themselves time to make their exits.
This funny money has inflated prices across the board, and if you simply overlay the amount of Tethers printed with the price increases in December well... it doesn't look good, even for our very own friends Steem and SBD. Notwithstanding the fact that Japan was a global price leader until regulation hit them harder... and then Korea took up the mantle of completely shocking the world with how much of a premium they're willing to pay. That has toned down just a tad since most of the exchanges agreed to self-regulation, but strangely there's only one exchange that refused to participate.
Yes, Upbit, that lone Korean wolf of an exchange is the one that refused, and it's the one exchange that does over 90% of SBD trading volume and 70% of Steem trading volume on any given day. The listing of the two resulted in astronomical gains ever since they were added on November 22, and even though they are down from their peaks, they're still well above where they were before being listed on Upbit.
I'm just saying this here because I hope that it mentally prepares at least one more person for what very well may happen in the crypto space and to our very own currencies we use, make and trade here.
This was an informative read. I didn't Tether holds suspicion. If there's never any audit, then it is pretty raise suspicions. But how did they mange to keep it un-audited for so long?
I never buy USDT since last december when they try an exit scam. In my opinion it is a scam until proven not with proof of solid evidence.
The problem is that it inflates artificially bitcoin and all the cryptocurrency prices. So if you buy crypto, you end up indirectly buying and supporting theter.
2.25% @pushup from @discernente
I believe it may be more important to understand how to use this within your trading strategy in the big picture. Another tool in the toolbox to help us become better traders. Always be aware. Thank you for sharing. Upvoted and Resteemed by @cryptoryno33
great !! verry good work my friend !! thaks for the information !!
https://www.tetherreport.com/
https://hackernoon.com/the-curious-tale-of-tethers-6b0031eead87
https://hackernoon.com/the-tether-effect-7310cbf5523f
I've said it elsewhere but I don't think there is anything that is safe from this relationship. The tether printing and exchanges' manipulation of trades, insider trading, allowing dubious and otherwise illegal forms of trading to go on all in the name of keeping prices high is going to hammer everyone hard imo. Feb 6 the market drops, btc is near 6k, oh guess what here's tens of millions of Euro Tethers to come save the day.
Now they want to piggy-back EuroTethers on the etherium blockchain? Hilarious stuff. They really don't know when to quit, or rather, they've dug themselves a hole so deep that they know they're done for when they stop digging, because it's all they know how to do at this point to try and buy themselves time to make their exits.
This funny money has inflated prices across the board, and if you simply overlay the amount of Tethers printed with the price increases in December well... it doesn't look good, even for our very own friends Steem and SBD. Notwithstanding the fact that Japan was a global price leader until regulation hit them harder... and then Korea took up the mantle of completely shocking the world with how much of a premium they're willing to pay. That has toned down just a tad since most of the exchanges agreed to self-regulation, but strangely there's only one exchange that refused to participate.
Yes, Upbit, that lone Korean wolf of an exchange is the one that refused, and it's the one exchange that does over 90% of SBD trading volume and 70% of Steem trading volume on any given day. The listing of the two resulted in astronomical gains ever since they were added on November 22, and even though they are down from their peaks, they're still well above where they were before being listed on Upbit.
I'm just saying this here because I hope that it mentally prepares at least one more person for what very well may happen in the crypto space and to our very own currencies we use, make and trade here.
Wow... Thanks for the orientation.... Like serious ly. I gain alot from the show
Great write-up. You're really the best. Thanks dear
Very nice post..good for me
Very good post ...
Thank you very much for this information. Very few people post so well..
Love You dear..@cryptomonitor💘