Bitfinex and Tether Scam Theory
Recently, I've been warning everyone to stay away from USDT. Bitfinex'ed recent tirade against Bitfinex and Tether mass producing USDT to pump Bitcoin's price. There are lot of speculations like -
- Tether's bank is nowhere to be found.
- They can't show their dollar reserve.
- Tether hired law firm Steptoe & Johnson LLP because of "false claims and related activity by various parties".
- They don't accept Tether because to them they doesn't hold any value.
That is just the tip of the Iceberg that is about to be revealed.
Now let's go to my theory.
All USDT trading pair had an enormous growth this past few days.
If you look into it almost all trading pairs with USDT had a massive growth of 40% or more except for those that cannot be transferred to Bitshares DEX. Coincidence? Try to check it for yourself to see what I'm talking about.
Ready your pitchforks and torches cause where about to go deeper.
Ever since Bitcoins price surges from $5000 USD to $11,000 all USDT trading pair like ETC, DASH, LITECOIN and so on increase it's price upto 40% and more. Trapping everyone who thinks USDT is their safe haven. Now let's go on to Bitshares DEX.
Oopps! USDT is "temporarily unavailable!
Now let's speculate what might happen if
- What if Tether tells everyone that they don't convert tether to FIAT? Remember in their terms and agreement.
PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.
What if centralize exchanges suddenly tells ever that they are removing USDT in their exchanges? Of course you have 30 days. Again, every trading pair with USDT is overpriced. You will be forced to buy overpriced cryptocurrency.
What if Tether doesn't have a bank at all? Remember they don't want to reveal their bank location? It goes back to centralize exchanges removing tether in their exchanges.
Tether and other exchanges are plotting something big
Again, no one will give free profit especially the corporates. Everything has a catch and this one is big. I'll leave the stage now. I'll leave the speculations and you decide weather to believe me or not. This are corporate who's only want is to gain and nothing more. Thank you for reading and if I manage to convince you move now to the DEX and buy bitUSD instead of Tether.
It's like 2048 just connect all the number and you'll see a bigger picture :)
I'm closing in to half of my goal 1879/5000 Bitshares.
For those who wanted to know why I want to earn 5000 Bitshares here's my post about it
https://steemit.com/bitshares/@docmastery/my-goal-to-reach-5000-bts
For those who wanted to help me reach my goal you can donate Bitshares in my Bitshares Wallet that is doc-mac18 or you can directly send some STEEM and SBD on this account. Thank you and Advance Merry Christmas!
Nem Dayao,
Your Bitshares Enthusiast
Thanks to @orelmely for the GIF image
It will be interesting to see what happens following CME futures going live Dec 18. The tinfoil hat might speculate that USDT was created to set up a huge short... pump by printing USDT, short via CME contracts and then pull the rug out by shutting down USDT.
The sooner the centralized exchanges and all crypto investors move to bitUSD and bitCNY the better. Honest money.
I've been warning them long enough. If everything goes sour, then they better be ready.
So is bitUSD actually backed by and redeemable in USD?
No, it is backed in bitshares, wich is honestly allot better, i do believe you can deposit it in usd on you bank aswell
Great job and article, thanks for the resteem earlier too ;)
Also I find it super weird that the SEC didn't do anything about yet, they have very little patience in the USA for this kind of scheme.
Call me conspiracy theorist but could it possible they have turn a blind eye as they want BTC to fail ? To be continued....
Your welcome @tatchcapital. Everything will unveil soon.
Thank for sharing
Beautiful piece from my friend @docmastery
#bitshares
thank you
success is always for you
@docmastery
Great article! Let's see how this plays out!
Hey, thanks for the heads up. I had looked into potentially using USDT as a hedge when the markets turned red but didn't want to put my cryptos into an exchange. I was waiting for USDT to be supported on Jaxx or Exodus. Someone else had recommended SBD or Neobits(?) since they're both somewhat pegged to the dollar. Any thoughts on those 2?
I don't know about Neobits while SBD on the other hand is kind of gamble since it's price is not stable, it's won or lose using SBD. If you want a secure fix value use bitUSD.
Awesome. So, I'm assuming I have to transfer my cryptos to BitShares and exchange BTC for bitUSD, and then back? Is that how it works? I've been trying to use BitShares but don't quite understand it.
Thanks a lot :)
Let's give Tether six more months and then it will go down. I hope the market won't be too strongly affected by it. But it looks like this will be very hurtful.