Is this shit safe to store coins in...

I want to know who invests millions just to market buy all in on bitcoin. Who the fuck market buys with 30m in one swoop multiple times?

>Please don't listen to any /pol level conspiracy theories about tether.

or you could just post proof about it not being a scam, shaming tactics makes this only look more suspicious.

Also, I forgot to mention I don't want to fucking have to send stool samples just to get verified. It's too much fucking work and I hate giving away my privacy like that

>People still fudding USDT
Honestly Tether is fine. People just don't understand how it works and think that it can somehow collapse. The exchanges are making money hand over fist on fees with Tether existing. It ain't going anywhere.
>inb4 Tether isn't backed by dollars on a one to one basis
It doesn't need to be. It's a fucking crypto like any other crypto and if you don't understand how it derives its value, read a fucking book.

>post proof about it not being a scam

Faggot, the burden of proof lies on you USDT FUDers.

>post proof about it not being a scam

Post proof it is a scam

If tether wasn't backed by usd that would mean they are printing fake money to buy bitcoin. Of course it needs to be.

thanks for proving my point...you're trusting USDT on good faith, there is zero evidence about them having enough funds to back it. you're putting your faith in an unregulated system that is extremely easy to manipulate.

it better
I have 45k in tether right now

>you're putting your faith in an unregulated system that is extremely easy to manipulate
So the whole crypto sphere

This. I don't trust a company that straight up tells lies. "hurr durr we are backing every dollar". Oh yeah? Care to explain how?
"hurr durr we are audited". Oh yeah? By whom?

that's the thing, if you buy a shitcoin, at least you have only yourself to blame when it crashes to nothingness, that's part of the risk. tether claims to be some kind of "safe-heaven" though.

Tether is just a placeholder. It's an abstract premise. Tether is a crypto that has its value derived because people want to "tether" the value of their portfolio in relation to its USD value as a hedge against the market. It's self-regulating. 1 USDT = 1 crypto equivalent of a USD because people say that's what it's worth and buy it and sell it as if that is the truth.

An actual unit of USDT itself is of course just funny money. It's a digital promise that you can rebuy whatever someone else is selling for its USD value.

>be bifinex
>print tether backed by nothing
>buy market buy btc
This is fine according to you. If this was the case and the market found out tether would become completely useless.

it's pretty ironic....crypto was made to escape the shenanigans centrals banks are pulling, meanwhile tether is even worse than central banks.
at least centrals banks are regulated, to an extent, tether is like a central bank in the wild fucking west.

>centrals banks

great, now i sound like a pajeet.

I don't understand what you don't get. Tell me what cryptocurrency is "backed" by anything? It's worth whatever someone else will pay for it. Why is a Tether any different?

This. And some people really believe that cryptocurrency will free them from those evil central banks/government/wallstreet shenanigans.

top kek

The hell did you get your fiat into coins in the first place? Get it out the same way.

USDT has no credible proof of reserve, in the case of a crunch they can't maintain parity with dollars at all. Do you know your USDT is not redeemable for USD anywhere?

its redeemable for bitcoin, and ethereum, and ripple, and monero on all exchanges
good enough for me

>USDT is not redeemable for USD anywhere
Kraken and Binfinex both have USDT/USD exchanges, so you're wrong.

>in the case of a crunch they can't maintain parity with dollars at all
Why not?

Kraken is the place where you dump your USDT bags to the next schmuck who is dumb enough to buy it with USD. Try selling 10 millions of USDT there in a day and see what happens.

Also you can't deposit or withdraw USD at Bitfinex, its "USD" is entirely fictional.

USDT is worth the same as USD because people will trade btc/eth/x for it. it's worth the same not because it's backed by anything but that people will buy it at the fixed price of usd.

You know that it's a centralized shitcoin that Tether.to regularly prints out of thin air whenever they feel like it, right? It has nothing in common with fixed-supply or fixed-inflation coins like Bitcoin, Ethereum. Basically Tether is printing as many USDT as they like, you retards eat it up by giving them real Bitcoins for it, then they can sell the Bitcoins for real USD for lambos.

CEX.IO try it, but get ready for colonoscopy.

Exactly.
It is deplorable, how many fall for the shit Bitfinex is doing.

Whatever, I didn't know that because I've never cared. It's basically irrelevant though and just reinforces my point. USDT is just a cryptocurrency like any other except its value is self regulating. There is no such thing as "printing" Tethers out of thin air because it doesn't matter if one person or a million people buy Tether, they are all going to value 1 USDT at 1 USD. They could print a billion of them and it wouldn't matter because nobody would buy them for more than what they are worth. How the fuck do you people not understand this?

It's probably the exchanges famalam. You can't get tethers any other way except minting them. So when, say, binance is running low on tether they exchange more.

You're really struggling here.

It's a fractional reserve system. If there's ever a panic sell, there aren't enough USD to cover redemptions. It collapses and everyone holding USDT loses everything.

It's not an issue as long as no tail risk events occur.

>It's not an issue as long as no tail risk events occur.

Unfortunately, crypto currencies are basically >the< tail-risk-event market.
It will not be different. Fundamentals will prevent a total loss of your portfolio, but the TA-fags will get burned bad.

tether.to/legal/
>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. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.

In other words if they decide they want your money they can take it

Jesus Christ user, I just... what the hell are you eating that makes your brain rot this badly? Fucking hell.

>It collapses and everyone holding USDT loses everything.
So like every other crypto in existence? How am I the one struggling? There are no guarantees with Tether or any other cryptocurrency. 1 Tether is worth whatever the fuck anyone will buy it for. If cryptocurrency as a whole collapses, of course Tether collapses too. I'm not equating it to fiat, I'm just saying I don't get the fear surrounding it.

Someone get this hothead outta here.

no
its only use is trading bitcoin highs and lows
they explicitly state they do not guarantee any redemption for US dollars and in the event of a real BTC crash this will go to 0 when people realize they can't do shit with it

The difference is when Tether goes to 0 nobody will ever trust that scam currency again. It will never go back up.
Bitcoin does.

peopld dont seem to understand IF tether is a scam, crypto is done for
not tether not btc, crypto itself is done for, also pretty sure what theyre doing is illegal so yeah were fucked

>I don't get the fear surrounding it.
This seems to be one problem of this whole discussion.

Just do little steps here, the basic, why tether is dangerous.
Lets go to tether.to and check the top three points on "We’ve combined the best of both worlds".

>Stable Currency
>Tether converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the Yen.
So far, so good.

>100% Backed
>Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.
The company therefore needs to stash the same amount of USDT in USD. This is logical, if you expect it to be exchangable back into USD.

>Transparent
>Our reserve holdings are published daily and subject to frequent professional audits. All tethers in circulation always match our reserves.
I need to highlight "frequent professional audits". Bitfinex did not had a professional audit since... 2015? Not so sure about that, but there was no audit in 2016 and the one they tried to sell as an audit in 2017 even stated, that it is no audit.

Now scroll down to "legal" and read this:
>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. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.
They sell you Tether for USD. But you have no right to redeem Tether for USD. If they tell you tomorrow "nope, we just canceled all USDT/XXX - pairs" at some point in time, you have 1 USDT, which is worth 1 USD - but nobody wants to exchange it for anything. You are left with play money, which you can play monopoly with, as nobody accepts it.

Shouldn't the US take this as an attack on the dollar? Why do they allow this to happen?

Tether is pretty much the best vehicle for money laundering. All the power of Cryptos with little or no value fluctuations. Just need to swap with Bitcoin as on and off ramp. Surprise the fbi doesn’t get involved.

>Shouldn't the US take this as an attack on the dollar? Why do they allow this to happen?

This is another issue.
The fallout of MtGox will seem like a small piss against a breeze, compared to the legal shitstorm Bitfinex will create.

fucking look for it yourself it has been posted a million times here

holy shit Veeky Forums is full of retards

>what is liquidity

It is safe for short term hedge. Don't listen to all the bullshit fud. Bitfinex makes 500M+/year. There is no way usdt is going to go to 0

Nothing's really happening
wallet.tether.to/transparency
coinmarketcap.com/currencies/tether/
There's a discrepancy of $1m, which has been contant since at least March, according to this article newsbtc.com/2017/03/21/tether-balance-sheet-unveils-large-discrepancy-usdt-usd-reserves/
Meaning that if everyone withdrew from Tether intantly, only 0.17% of money would be deadlocked. You can exchange USDT for USD, as people in this thread said, so if you're nervous about USDT, just hold USD instead. The value of USDT doesn't come from USD anyway, it mainly comes from USDT/BTC pairs since USDT/USD volume is much lower, so closing a USDT/USD pair as that one paranoid user is fearing, wouldn't actually be a big deal.
Can you explain what you're saying here? Why the fuck would it be good for laundering? Its blockchain is as transparent as BTC's, so swapping for BTC would still be back-traceable. People have been spewing bullshit about USDT for weeks if not months, and I've never seen any proof or solid reasoning other than "they cover their asses legally"

>what is tinfoil

>but nobody wants to exchange it for anything
Yeah I guess but this will never happen. As long as there are active crypto markets on multiple exchanges and mulitple USDT trading pairs there will be buyers hedging against a market and buying up Tether to cement their position against the USD.

mtgox and the first bitcoin crash didn't kill crypto, this won't
so long as a majority of the tether was originally bought with real USD, prices won't even be affected much

Why? They are not redeemable for USD legally.

All these butthurt fuders could get tlgether and develop a new stablecoin so they can stop whining about tether

Honestly DOGE @ 16 sats is probably better for long term stable holding because USDT is easily the most centralized token, but USDT isn't really in crisis, the panic here just comes from people seeing the issuing of new USDT and assuming things and making asses of themselves.

BitUSD and Nubits seem fine, what problems do they have? I'm not butthurt I'm genuinely just curious about all the legal implications. Now that I look into it I see that it's not a unique scenario as there are other private currencies that are 1:1 with the USD like Ithacash. They are fine to be used as long as it's not for tax evasion.

>b-b-but they're printing tethers

I don't see how that's any different from burning tokens.

so he basically said US and Jap will adopt Crypto and create the ETF Coin which will RULE THEM ALL! ETF Here we come babbbbyyyy HOP ON THE WHALE!

Tether is tied to the USD. It is literally a goldman sachs jewcoin. Just buy US dollars..

Bitfinex...

>be a bank
>loan yourself digital usds backed by nothing
>buy market btc
same shit

Stop trying to make sense to the brainlets ITT.

Double Dubs
regular dubs
trips

Idk dude, but if you're Strayan, CoinJar have regulated hedging fiat accounts. Look into it.