A popular subreddit is now autobanning users when they mention the word 'Tether'. Tell me, if Tether is legit...

A popular subreddit is now autobanning users when they mention the word 'Tether'. Tell me, if Tether is legit, why do moderators feel the need to censor any mentioning of it?
By the way, another 30 million Tethers were minted last night. That brings the count to 120 newly minted Tethers in the last 2 weeks. This won't end well.
omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

Other urls found in this thread:

twitter.com/Bitfinexed
nieuwsblad.be/cnt/dmf20140211_00974289
twitter.com/SFWRedditVideos

Are you saying these tethers are created without any USD backing?

Because everyone is fucking tired of hearing about your whining every single day about tether. What is wrong with you bitfinexed?

>try to warn people about the biggest scam in crypto history
>"WOW, SHUT UP ABOUT IT ALREADY"

>everyone has heard about it 100 times already
>has no real evidence it is a scam

exchanges fudding others is pretty common, it's a business after all.

Why would it be a scam ? Someone needs to explain this to me. Aren’t they just adding theters to keep the price at 1usd ? If marketcap or btc goes up they add if it goes down they burn ?

where does the tether come from?
500m doesnt just appear from thin air without a bank knowing about it, oh wait it does? move along then

>500m doesnt just appear from thin air without a bank knowing about it
Bitfinex became its own bank after Wells Fargo froze all wire transfers with them earlier this year.

No sorry maybe you miss understood me, for exemple 1theter is 1 usd but btc goes up 50% so 1 theter is now worth 1.5usd and at this point to keep the price at 1 usd they add theters nobody wins money and nobody loose beachside they do this in real time and price is still at 1usd because they adjust the supply to the demande and to the btc price. Am I wrong ?

Yes you are. Thether is not bound to BTC but the USD.
So someone (bitfinex) creates those USDT and sells them for $1 each. But they don't buy them back.
Also allegedly they don't really sell them anymore. They just use them to buy BTC on their own exchange.
So USDT is basically worthless. People will realise that once the first person wants to sell their USDT for USD

If you can print bitcoin you can pump any BTC pair.

Ha it’s bounded to usd, I was missing this! Now I understand !thanks for explanation user

I didn’t say we San print btc but if usdt was bounded to btc what I explained there would be possible because if it’s not bounded to $ you can regulate the price by adjusting the demand and the offer by let usdt flow into the market and by burning the coins

Do you understand the concept of Credit?
nobody is saying Tether actually has $500m in cash waiting to exchange USDT for a mass cash-out
USDT is redeemable for USD
USDT does not legally represent USD
This is totally fucking legal

anti-tethers just want to be edgy and act smart like they've spootted the next Gox lol

>sell their USDT for USD
nobody does this, USDT is for short term hedging and avoiding taxable events.

The people calling it a scam claim that tether doesn't have 1 USD for every USDT, but there is no evidence to suggest that this would be the case.

Thank god. It's so fucking obvious the Tether FUD is an organized campaign. No proof whatsoever.

piss off bitfinexed.

this

I think it’s not illegal but it’s like if you let your money on a bank acc and the bank goes bankrupt they don’t have enough gold to pay you back

Wrong
It isn't backed by fiat, making it worthless
And they can pump with something called margin

did you even read you fucking aspie?

If tether were actually not backed by fiat, and you were certain of it, you could make a lot of money from that knowledge.
So why is this bitfinexed guy just throwing a tantrum everywhere, and not putting his money where his mouth is?

>and not putting his money where his mouth is?
shorting a bubble is a bad idea

USDT is not redeemable for USD, the legal terms on the tether website specifically say so

Because he sold all his btc at 1000 so no he is butthurt and whines about how the 1k->7k rally is all because of tethers

Tethers aren't worth 1 USD, that's where people selling BTC against USDT are stupid.

One day we will discover USDT are worth 0 and the people fucked will be the ones holding USDT.

I have a hard time believing 25 million USDT can pump a 114 billion market cap BTC.

25 million, is that all their is? A small time private investor could back that.

>that pic
Man, the upcoming robowaifu era will bring unprecedented amounts of salt.

No, but Bittfinex'ed twitter.com/Bitfinexed argues that the pumps are due to the emission of new tethers everytime.

They don't emit more than 30 million at once, and most of the time they emit 25 million USDT.

Tethers are a scam because they use USD in their name, people think there a link between USDT and the toilet paper the FED is printing, but there is none.

>market cap
You don’t understand what this means

Is that story real? (pic)
holy kek

nieuwsblad.be/cnt/dmf20140211_00974289

top kek

>btc goes down
>tether produced
>btc goes up
>tether produced

uhh

Just say the name of the sub, no one is clicking that link

/thread

Tethertards btfo

So is Tether a scam or not?

depends whether you’re the chump buying it or the chump selling it

USDT is an obvious scam. Centralized bullshit. Cream Cash (CASH) is the better alternative. Fully decentralized issuance and not exchanged by USD. It's an ERC223 token and is issued by sending Ether to a smart contract. If you want a stabilized token use CASH when it's available

thx, I won't use Tether then.

What do I have to do to become a “real man”?

>there is no evidence to suggest that this would be the case

You're right, but there's very compelling arguments to be made. First of all, Bitfinex/Tether refuses to agree to an independent audit. Then they released their own private "audit", which wasn't really an audit at all. On top of that, their own Terms of Service state in no uncertain terms that "There is no contractual right or legal claim against us to redeem your Tethers for money. We do not guarantee the right or exchange of Tethers by us for money". Those same terms of service state that in the event of any conflicting info regarding Tether, the Terms of Service hold the highest binding authority, meaning that they can lie out their ass about it and if the Terms of Service contradicts what they're saying, then what's in the Terms of Service is the truth.

Also worth mentioning that anybody can view the contract for CASH and see how much liquidity is available. Fuck an audit it's going to be public