I bring you... Le FUD - Does anyone believe Tether?
I know, I know, you don't want to read anyone bashing on cryptos at the moment, the markets are enough in the red these days to make anyone develop PTSD, but honestly, to me this whole thing smells funky. How is it that the company can't be audited properly because of and I quote 'challenges' and that is how the conversation seems to end.
Of course, I'm not saying I want tether to fail, that would make absolutely no sense. It would be pretty fantastic if any day now they shut all the FUDERS up by having a third party audit put everyone at ease. But, Are they even planning on ever doing that? is that on the roadmap sort of speak? - I'm sorry if I'm skeptic, but the arguments don't add up.
Recently, there was a 'review' released on tether. It claims that the asset is fully backed. I read the coindesk article, but honestly I think I'm even more salty about this than before. All I'm left with is more questions regarding the direction of the company, and how the plan to manage the regulation that is sure to come bitting at their ankles.
This particular part of the article can make anyone drinking some coffee spit it right on to the screen.
Those barriers include a steep learning curve for auditors in an emerging industry; accounting standards that predated the advent of cryptocurrency, creating uncertainty about how the rules apply; and the resulting need for auditors to exercise judgment, which is "anathema to a lot of large accounting firms. As a CPA, I understand that," Hoegner said.
In other words, the auditors don't know how to audit crypto. I'm sorry if I don't find this funny, its quite moronic. Anyone who is smart enough to send an email can see the balance of bank accounts and compare that to a marketcap. Am I missing something? Am I?
This seems obvious to me, the play seems to be to delay the inevitable as long as possible, make all the money we can, and let the bomb explode when our pockets are fat enough to not care. Honestly, this angers me, and it does so because the implications, the shockwave of this timed bomb, would echo for a long time on the cryptosphere.
Yes, we would recover, I'm not saying we wont. But, it could set back crypto for years. The truth is that we as users we need to step back from using tether, start seeking alternatives and allow it to die peacefully. If that even makes any sense at all. The market is primed for a true pegged asset to take over and I hope a bright mind is getting ready to capitalize on the opportunity.
I don't know whats happening here, and I'm sorry to bring some FUD to the table. But, I can't be optimistic about what I see, not in the slightest.
I guess time will tell, but I won't be holding a penny of tether from now on.
So far Ethereum and steem are among lovely cryptos. I like siacoin too... and I like to hear your opinion on them 🙄
Is Tether the new Bitconnect?
honestly, possibly worse! :(
Yup Tether bugs the shit out of me and I wish people would just right up stop using it and stop using those exchanges.
For the entire year they where suppose to provide monthly audits. WE STILL DON'T Have One!
Two companies that where suppose to audit it one fell through and the other looked and backed out.
These exchanges that use Tether need to put up or shut up and lose their business if you ask me. They are doing nothing but hurting crypto and have been all year so far! Outrageous anyone stands for it and still uses these places.
Its just a timed bomb... it wont last much longer, there is absolutely no way.
BitUSD would be a great alternative to Tether if anyone used it. It's not listed on exchanges (except Bitshares DEX of course), it's not accepted by merchants... why? It's the most stable cryptocurrency there is. Yes, it fluctuates slightly but there will always be a time when it will go the other way, so you can basically accept and/or spend it as a "dollar."
If we all switched to using Bitshares smart assets, or something like them, we could cut out the centralised point of failure once and for all. So why the hell isn't it happening?
If you read the report from the British government yesterday, commissioned after the huge Carillion group went bust earlier this year after being given a green light by auditors only last year, it seems auditors can't even audit traditional accounts, never mind Crypto!
Eos and tether are skechy.
A friend has been showing me some reddit posts about EOS getting censored in minutes. It's not looking good, there is no excuse either. 1 year ICO, all the resources to make this run smoothly, its halted what... twice now?
I'm very disappointed
I saw it coming a bit.. Because of the things i heard in certain discords by certain people involved with EOS. Sold all mine a few months back. I still wish them success, but to try to emulate what steem is already doing so well wont be easy. People are greedy, and that is human nature.
I never really had any interest in EOS. The only other coin I have is Litecoin, and that's because I use that to trade for fiat if I need to do that.
I like litecoin and the community. I also use it to trade to and from exchanges when needed.
Tether is not smelling not good, it is destroying our system has we known, Believe in tether is like believe in centralizes currencies.
@bible.com
Great article! I found it really interesting. I hope nothing will happen with Tether, since we are already in a bearish market at the moment...
Talking about ICOs, after doing your own research, also finding good ICO projects can be profitable.
There are many good crypto related projects that are developing now.
If I can give you guys my opinion, I discovered an exciting one: RAWG.
Just now the RAWG team won TWO blockchain contests in one day. Amazing! Have a look at this article explaining this great result:
https://medium.com/rawg/wizardry-product-transparency-5325fd85557a
Like they say: “This is RAWG’s promise to become one of the trustworthy projects in the sea of fraud and scam”.
If you want to have a look and get some information, the ICO will start in a short period and they are at the moment in pre-ICO phase.
The ICO site is this one: https://token.rawg.io/.
It's a video game discovery platform that converts your skills into goods and services.
You can earn tokens by playing your favorite games. The site is already working, with more than 50,000 games in the database and new games are getting added every day.
Have a look. I hope this information is helpful!