Tether backed by USD? Or crypto's biggest scam?
Tether it's just like USD.. right?
Photo Credit: news.bitcoin.com
Did you know tether PRINTED 400m USDT in the last four days?
I'll keep this sweet and to the point.
Almost every exchange uses tether but what exactly is Tether? Most would say, it's a crypto backed by USD 1:1 at all times!
https://news.bitcoin.com/tether-printing-press-in-high-gear-issuing-400-million-in-four-days/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
Really.. that sounds very familiar to a similar story.
Remember when banks first started to "protect" our gold? And started handing out notes that represented our gold and "promised" to not do anything with that gold?
A short video on that, (and the genesis of the banking system here)
Here's a blurb from tethers OWN legally binding terms of service!
“There is no contractual right or other right or legal claim against us to redeem or exchange your tethers for money. We do not guarantee any right of redemption or exchange of tethers by us for money.”
Yeah, that's also a thing.
Even if tether is still backed 1 for 1.
They don't contractually have to give you, anything.
Beyond this, most countries were recently barred out from redemption of currency to fiat.
The thing that worries me, is I've seen nothing but PRINTING.. If they were being redeemed, I'd imagine it'd stay fluid and fluctuate accordingly with the market.
There is some major conspiracies behind tether with some exchanges as well.
I won't get into conspiracy here, if you'd like to.. Here's an article that can go more in depth than I'm willing.
All I know, is this system is 100% trust based, and worse than fiat.
https://qz.com/1149772/the-murky-relationship-between-bitfinex-and-tether-is-raising-suspicions/
Could bitfinex have printed a crypto scheme to bail themselves out?
Yes.
https://cointelegraph.com/news/tether-really-isnt-a-scam-company-promises
Tether isn't a scam, they PROMISE!
Watch tether print money daily here: (and miraculously never get redeemed?)
https://twitter.com/tetherprinter?lang=en
I post this not in depth on my end so you may draw conclusions and ask questions. I smell something and it's fishy. If you're going to pull out of crypto do it in actual gold. Or currency. Don't succumb to a false security.
If there's anyone you know that religiously believes in tether, like poloniex, bittrex, and almost every major exchange (and crypto invester does) resteem this to spread awareness like the cream cheese on your nice warm morning bagel.
Only informed may we prevail!
Ciao. ~Spectrum~
@ackza showed this to me he said he saw iut on http://steemspeak.com
WOW nice job getting an upvote from @pharesim and @whatsup ! Steem Whales are rare to get attention from! Good job buddy! Youre a rising star here!
Nice image there of the Bitfinex Pizza maker making Tethers like they are pieces of Dough! This is a great symbolism imagery complex, and I believe we will see much news concerning tether in the future.
tether Euro are coming out and soon we will have Tether Ruble Tether Peso Tether Yen and the global banking concerns will adopt Tether, but we should use SBD as a competitor, IF we can maintain a peg!
But we as a community must not accept these.. Centralized currencies just faster do injustice to our platforms like steem, and eos which aren't!
I thank you and @ackza for the support :)
Good job