Tether was created by the people who manage Bitfinex. I find it suspicious that the exchange decided to blacklist all US citizen accounts around the time that the SEC stated they would be auditing ICO's. This indicates that they are fearful of being investigated. If they are truly afraid of being investigated, it must mean that they know they are doing something illegal and that they will be shut down.
Before this can occur I would like to see a thorough audit of Bitfinex and Tether carried out by the community. If we can bring some truth to light about this we can either petition other exchanges to drop Tether as a trading pair or possibly validate Bitfinex's claims that Tether is a legitimate operation.
If they are somehow selling the crypto's we buy with Tether for actual USD and can prove it, that would help their case. But if they can't it would be further proof that the exchanges we use are manipulating the markets in massive ways. It's possible that the exchanges have over-inflated the prices of many cryptocurrencies to the point that the majority of the overall market cap is entirely false.
There are reports of them setting very large buy and sell orders in order to manipulate the prices of certain coins. They are setting these orders without having any of the actual currency in any wallet. It's just a number that "looks" like someone is posting an order, but really it's just an empty number.
This is the kind of thing regulation is supposed to prevent. If we can't self-regulate as a community and hold these exchanges accountable the governments and financial elite of the world will step in and do it for us.
I can't imagine an investigation held by these entities coming to a positive end for any of us. It may very well result in a rapid decline in value of all of our coins. i.e. The "bubble" popping.
I think we should just boycott Tether.
Tether was created by the people who manage Bitfinex. I find it suspicious that the exchange decided to blacklist all US citizen accounts around the time that the SEC stated they would be auditing ICO's. This indicates that they are fearful of being investigated. If they are truly afraid of being investigated, it must mean that they know they are doing something illegal and that they will be shut down.
Before this can occur I would like to see a thorough audit of Bitfinex and Tether carried out by the community. If we can bring some truth to light about this we can either petition other exchanges to drop Tether as a trading pair or possibly validate Bitfinex's claims that Tether is a legitimate operation.
If they are somehow selling the crypto's we buy with Tether for actual USD and can prove it, that would help their case. But if they can't it would be further proof that the exchanges we use are manipulating the markets in massive ways. It's possible that the exchanges have over-inflated the prices of many cryptocurrencies to the point that the majority of the overall market cap is entirely false.
There are reports of them setting very large buy and sell orders in order to manipulate the prices of certain coins. They are setting these orders without having any of the actual currency in any wallet. It's just a number that "looks" like someone is posting an order, but really it's just an empty number.
This is the kind of thing regulation is supposed to prevent. If we can't self-regulate as a community and hold these exchanges accountable the governments and financial elite of the world will step in and do it for us.
I can't imagine an investigation held by these entities coming to a positive end for any of us. It may very well result in a rapid decline in value of all of our coins. i.e. The "bubble" popping.