umm goys?
Tether Released
Liam Long
Jaxson Smith
bump
Grayson Campbell
about damned time
Zachary Phillips
as an Austrian economist there is literally nothing wrong with this
Bitfinex is just bundling their 3rd party risk into a coin. It's not even that risky at the current time.
The only thing is that bitfinex should pay interest for you to hold them.
Then it really would be totally appropriate
Aiden Garcia
"ummm" what you fuckin teen girl
Zachary Adams
ummm what are you a virgin????
Nicholas Rivera
the chad OP and the virgin faggot cuck poster
Justin Ward
That's a big pump.
Kayden Price
for jew
Hudson Cox
too little, too late
Camden Ortiz
curious to learn, how does this affect the market? And how do you benefit from something that's at a locked price? i'm into forex for quite some time but for some reason i'm blind to the obvious in this one
Isaiah Morris
why daddy no pump off moar tethers
Gavin Robinson
bitfinex is an online exchange
tether is a coin that trades at a roughly $1 and the parent company (bitfinex) "holds reserves" equivalent to the float of tether circulating.
They explicitly state that they don't guarantee its value, lol..
The conspiracy goes that bitfinex has created so much money, which is used to bid up the price of bitcoin, and is good for exchanges charging percentages of transfers and trades, ie bitfinex....
Well it is sometimes assumed that the big bull market in the bitcoin price is artificial because this privately issued money was used to bid up the price across the exchanges.
It does seem fishy ---- at first glance. But really it is nothing more than bitfinex's debt in the form of a coin - it's actually not unreasonable to hold it as an asset.
It would be better if there was a more clear contract between the holder and bitfinex and bitfinex should pay a tiny amount interest for tether holders. (people find tether valuable because it can easily be sent all over the world, they can send it from once exchange to another, etc, easily, without the conversion to fiat and back).
For these reasons I do not think tether violates any economic principal and is not automatically doomed to failure,
however the weak contract and no interest payments make Tether holders kind of seem stupid.
There is a coin on the BTS decentralized exchange that tracks the price of USD with no third party risk. You can also have a digital coin that tracks the price of gold, or a barrel of oil for example. W/O third party risk.
It's complicated, but there are better things out there than Tether, although Tether is popular and valuable in the current market
Ryan Turner
>the parent company (bitfinex) "holds reserves" equivalent to the float of tether circulating.
no they dont. Why else do you think you can't redeem their scammy shit token according to their very explicit terms? :D :D :D
Aaron Rogers
They probably only hold on to a fraction of the actual dollars, limiting their hookers and blow budget just enough so they can do some redemptions and keep the scam going.
You know, fractional reserves, just like the real banking system.
Luke Peterson
sure, why not. Something along those lines...
Parker Campbell
I assume they are backing it with the value of their crypto.
So it is definitely money creation out of thin air in that sense. There is no doubt about it, if you hold a Tether coin, and bitfinex BK's you are waiting in a line to see if you get any money back.
It just doesn't seem like that is likely currently.
If crypto prices crash hard, I would certainly not want to turn to Tether, I assume it will trade at .80 cents by then
Jordan Wilson
>I assume it will trade at .80 cents by then
if tether trades at anything significantly other than 1 dollar, it's going to 0. Fast.
Lucas Morris
Oh man, people were worried about that during 2008: en.wikipedia.org
USDT imploding now would basically make this 2000 + 2008.
David Hall
Connor Nelson
I doubt they would have less money than what is on reserve. They keep the price down, so whatever overflow they get from increased valuation, they pocket. It rarely goes over 4% for a reason
Jordan Moore
Pump and dump group, 25k members already, next pump in few hours, get the fuck in here son: [spoiler]discord.gg/XMmR8z9[/spoiler]
Jeremiah Thompson
tether.to
>GOVERNING LAW: These Terms of Service shall be governed by and construed and enforced in accordance with the laws of the British Virgin Islands, and shall be interpreted in all respects as a British Virgin Islands contract. The venue for any claim or action against or involving us shall be in the British Virgin Islands. The doctrine of forum non conveniens shall not apply in the selection of forum under these Terms of Service.
>The venue for any claim or action against or involving us shall be in the British Virgin Islands.
Go ahead, just try and redeem those tokens for USD.
Camden Jones
Do you guys know about jibrel? They could easily put the Tetherlis out of business within a short time. Any counter arguments? If people trust those audited soros thetered tokens, then these usd tethers wont be used by anyone any longer... And I just don't see them getting audited or anything any time soon.