This is probably my first thread here. I don't normally post but I'd like to take a moment respond to some of the common misinformation being posted about Tether. For simplicity I will refer to Tether Limited and Bitfinex as iFinex. Hopefully this will help someone.
>Tethers are not backed by USD one to one. It has never been actually proven that all Tethers are backed by an equal amount of fiat. However, I think that at least a majority is backed because of the following.
>iFinex must mint Tethers out of thin air because they have no banking. This is again something that cannot be (dis)proven conclusively but to say they have no banking is simply an untruth. The Wells Fargo incident related only to individual accounts. They were receiving so many (international) wires that Wells Fargo decided to suspend iFinex' accounts. Corporate partners go through different banks and were never affected and continue to be able to deposit and withdraw without issue. iFinex has banking in multiple countries around the world. Some (high net worth) individual accounts can also deposit and withdraw via these means. I have deposited fiat to iFinex multiple times. Thus, the large 30m Tether mint can very well be legitimate.
>You cannot liquidate Tethers (and get USD). False because of the aforementioned. Tethers can also be sent to the Bitfinex platform and withdrawn via bank wire directly, so that means you do not have to trade on a USDT pair like on Kraken. The opposite is also true.
Asher Diaz
TETHER IS GOING TO KILL US ALL.
AND WE ALL KNOW IT.
Josiah Kelly
90% of tether fud is posted by btrash bagholders who have latched onto the bitfinexed conspiracy theory as a way of coping with their losses.
They fudded about the flippening, chain death, and complete loss of the core chain for weeks can cannot comprehend why their shitcoin didn’t take off.
Next time you see a tether fudder, ask him how much bch he has. Chances are the cuck is already all in with heavy bags.
Kayden Morris
not going to repeat this so maybe if you start spreading it around a bit people will be at ease. IF MT GOX COULDN"T KILL BTC then TETHER AINT GOING TO DO DICK!!!!!
CHINA BANNED EXCHANGES JAMIE DiMON hated the fuck out of BTC and guess what happened a few days after the price dropped?
it went to ATHs!!!!!!!!!!!!!!! don't be suckered into liquidating your positions. THAT"S WHAT THOSE SORE LOSERS WANT!!!! and they'll spread whatever lies they want. if Tether is in "trouble" we'll BAIL THE FUCK OUT OF IT..........why?
because no one wants a nuclear winter....NO ONE!!! it's bad for all of us...so let these faggots FUD all they want. Btrash will stay where it is. the only thing it has is Roger Ver weaponizing his stash....the asshole shows up on the order book like fucking Gandalf on the third day at the bla bla dawn...faggoty ass rohirim.
Ryder Mitchell
yeah but where's the money
Dominic Sanders
>Tethers can also be sent to the Bitfinex platform and withdrawn via bank wire directly I've seen no proof of this. Seen a lot of people claiming that you can't though.
Easiest way to prove it is to try it out yourself.
Daniel Moore
Do you have a verified account? If so try it yourself. Both USD wires and Tether deposits count towards the same balance. I cannot post a screenshot of the withdrawal page as it includes my banking details.
Daniel Brown
What's the date for that deposit? And what country is your bank located in?
I was under the impression that their banking services had been cut off with US banks, but they still accepted funding from banks in Taiwan.
Kevin Ramirez
As far as I know individual funding from Taiwan is still possible but they might be pulling away from there. Like I mentioned in the OP, they still have multiple banking options for corporate and a subset of individual accounts. My bank is in Europe.
Charles Lee
When did you make these deposits?
And have you ever successfully withdrawn tethers for USD? That's the part that people are worried about.
Carson Lewis
The more I read up on tethers the more I want to take my profits and get out until this explodes
Adrian Reed
Within the last two months.
Yes, I've withdrawn before, but I usually withdraw to EUR with IBAN wire. Tether and USD balance are one and the same on Bitfinex.
Lincoln Price
Righto. Guess we'll all sit tight waiting for their audit.
Owen Rogers
That is what I am waiting for as well, but I am not too worried about it.
William Flores
>It has never been actually proven that all Tethers are backed by an equal amount of fiat. Everything else you come up with is invalidated by this point.
Levi Wright
>Everything else you come up with is invalidated by this point.
There are three separate points that stand on their own in the OP.
Jayden Ramirez
I wanna sell for max profit and buy again when it crashes, when do you guys think i should sell?
Isaac Rogers
nobody can tell you when, it's pure risk.
Christopher James
This. Bcash shills are the nastiest shitcoiners we've seen yet. Salty as the sea.
Julian Evans
They have been audited on their Sept balances and their USDT back then was backed fully by USD based on the report.
Christopher Roberts
That "audit" is not an audit.
Source: the people who wrote it. Read the god damn document.