What is Tether (USDT) + My Illustrations - Superheroes of the Blockchain
Today, everything revolves around Tether (USDT)
Welcome to issue # 9 of [Superheroes of the Blockchain]
In the first, technical part I will give you some information about Tether.
What is Tether?
In short: A cryptocurrency tied to the US dollar!
The cryptocurrency USDT was launched in 2015 and has a special feature - it is linked to the US dollar. The Tether model plans to keep US dollars in reserve to meet customer demand withdrawals.
This makes tether the only stable cryptocurrency on the market.
Tether serves as a kind of substitute for the dollar in the crypt world. On online exchanges such as Bitfinex or Poloniex you can buy other cryptocurrencies with Tether and change those other crypto currencies back to Tether for sale.
Tether is given out by Tether Limited, which, according to its website, is located in Hong Kong and governed by the laws of the British Virgin Islands. The head of the company is Jan Ludovicus van der Velde, who is also the CEO of the Bitfinex Stock Exchange.
The Proplem
There is a ongoing Tether allegation over the past few months, that the company does not own the $ 2.2 billion USD they should have because of the 2.2 billion Tether Tokens.
The legal situation
Tether Cryptocurrency is not a legal tender or financial instrument. The owners of the Tehter Coins have no contractual rights other legal claims or guarantees that protect against loss. Tether Limited is not a bank and is not required to hold its reserves with the Central Bank, for example. Tether is not legal tender and seeks to circumvent traditional state and regulatory controls.
This is the official proof from the company of the USD they have. Notice the black out bank names.
The suspicion
In January alone, the company created around 850 million coins. For this, the comany should have 850 million in fiat!
The critics of Tether have cited statistical analysis that new tethers have been created especially when the Bitcoin price has just fallen. But the reason could be that the speculators get scared of price drops and flee to the stable tether.
However, Tether has still not communicated with which banks the company works together. In addition, auditor Friedman LLP, who conducted the audit at the time, ended his collaboration with Tether last week, Coindesk reports.
Tether's market capitalization currently stands at $ 2,225,787,663. 1 Tether is currently $ 1 worth of value.
Official website: https://tether.to
Tether, the dark temptation
My original drawing. All rights to the illustrations here are with me.
Once when the Blockchain, after its long journey through the Galaxy, had reached Earth, it brought great change to the planet. The living matter and also technology has resulted in massive mutations. It was the birth of many superheroes.
It seemed like every threat was contered by the Blockchain, which created new superheros. Humans has feelt safe like never before. One of the last major conspiracies, the financial system should be destroyed by TETHER.
TETHER was previously a common computer program that was used for banking transactions, mutated into an artificial intelligence he keep his task and created a new financial system.
With his dark matter body, he had the ability to materialize anytime, anywhere which he used to transfer money for humans.
One day things began to disappear, first only small thinghs, then pets, cars, but then landmarks like the Eiffel Tower began to dissappear. Great fear was spread and when the people wanted to ask TETHER for help, they realized that he had not been seen for a long time. </ Center> Where was he gone?
From the first sketch to the finished illustration:
What do you think about tether and the rumors? What do you think of the conversion as an illustration?
Is there a blockchain application that I think you should take a look at?
There is much work in this post, thats why i appreciate any kind of support! All upvotes go into reinforcing my voting power.
Here you can watch the previous episodes: #8 Raiman - RaiBlocks (XRB)
#7 Tron - TRON (TRX)
#6 Ether Base - Ethereum (ETH)
#5 Iota Ai - IOTA (MIOTA)
#4 The Golem - Golem.Network (GNT)
#3 Capt. Bitshares - BITSHARES (BTS)
#2 Sia - SIACOIN (Sc)
#1 Mr. Factom - FACTOM (FCT)
stay creative!
I can't say enough about your artistry. I however have never used tether so I can't say whether it's a good thing or not. But I do find it kinda shady that they couldn't account for the money.
My favorite things about the illustration is his dollar suit. That's just cool looking. Then his mask is another thing I like.
Bro keep releasing these. People will love this once more people find out about it. I don't know of anyone else doing this. Great work buddy.
Your words are a big motivation. This series is the result of bringing two groups of my interests together, crypto and art. Im really happy people like this and are supporting me. Thank you :)
Wow great info and art as well! Yes there’s something fishy about this crypto, might have been responsible for the pump and dump of bitcoin.
This whole tether thing remindes me of how our banks work. Making big money on people who dream about them making some profit. People should really be careful with this crypto there are to many open questions...
I heard many rumors about tether so I'm happy I cleared out what it was about! Great design though!
Have you heard of this page? https://steemit.com/@steemartists
Yes me too. Have not heard about it yet but i will definitly chack out now. Thank you for the suggestion mate :)
It looks it's a good group...
I love the colors in your illustrations. I was clueless until now about Tether. I see that it can be deceiving, therefore a villian. Could you look into Cardano?
I've said it before, but I REALLY like your crypto superheros series. It's a really fun way to learn about something that really intimidates me.
I had no idea what tether was until now, all I new was that people told me not to trust it, now I know why they were suspicious!
Well explained :D
I like your work :) Make sure to also follow me, I post my Original Photo-Story Series everyday :D
My friend, im not supporting this kind of offensive promotion. I know its hard as a minnow, but try something more creative ;D
Yeah :D it's really hard :D right now, I really don't know how to promote my work :D But ill try to be more creative as you said. I know that I'm dedicating a lot of my time to this community, so I don't see the problem in promoting something you work hard on. Thank you for reply @bronkong
Its just a question of how you promote your work and im really not a fan of "hello i like your work, follow and upvote me!"
Stay motivated and try to give something to people and maybe you earn than real attention ;)
ALter Schwede!!! ich habe heute deinen Account entdeckt und finde deine Helden Mega!!!! HAHAHAHa Jetzt bringst du mich auf eine Idee!! Ich melde mich, wenn ich was habe :D