One positive is that the subpeona was apparently dated in December - which is being omitted from lots of these articles! ... if it was much worse, then I guess more news would have leaked and Tether would have crashed more in value already a couple weeks ago.
If it comes to light that they aren't actaully backed one to one. Its going to be a major issue for a bunch of exchanges. There will be market panic and I don't believe too many people will want to have their cash/coins in the market until this is proven one way or the other.
I have a honest question for you. I know that tether is connected to the USD dollar, but besides that what role does the coin actually have? Do you see it having a lasting impact on the crytopcurrency space.
The role you noted is exactly why it is very useful! The majority of major exchanges currently have no fiat options therefore you can scale in and out of positions FROM tether as opposed to always being exposed to the macro crypto enviroment (ie. having inactive funds sit in BTC, ETH and so on).
we are screwed...
One positive is that the subpeona was apparently dated in December - which is being omitted from lots of these articles! ... if it was much worse, then I guess more news would have leaked and Tether would have crashed more in value already a couple weeks ago.
If it comes to light that they aren't actaully backed one to one. Its going to be a major issue for a bunch of exchanges. There will be market panic and I don't believe too many people will want to have their cash/coins in the market until this is proven one way or the other.
Let's hope not, the conveniance of having access to a fiat alternative instead of wasting time & fees transferring etc is pretty helpful.
I think the exchanges just need to deal with USD and be done with tether.
I hope not! :))
I have a honest question for you. I know that tether is connected to the USD dollar, but besides that what role does the coin actually have? Do you see it having a lasting impact on the crytopcurrency space.
The role you noted is exactly why it is very useful! The majority of major exchanges currently have no fiat options therefore you can scale in and out of positions FROM tether as opposed to always being exposed to the macro crypto enviroment (ie. having inactive funds sit in BTC, ETH and so on).