Who here is honestly not that worried about Tether? I’ve seen 728847 threads in the last 24 hours crying out how this is going to crash the crypto world. Here’s what I see:
1. There’s about $2 billion in Tethers that have been printed. From their wallet list it looks like about $1.5 billion of that is sitting in exchange wallets waiting to be traded, but again not in regular hodlers wallets. So truly about $500 mil seems to be exposed to risk.
2. According to CMC there’s about $3 billion in 24 hour volume which leads me to believe its mostly used for short term trades and not being held as a store of value for the most part.
3. Let’s say I tried to redeem Tether for USD and I get denied. I’m fucked right? Well no, I can actually just trade it back on the exchange for BTC/ETH/LTC, send it to Gemini/Coinbase/etc. and trade the coins for actual USD which is deposited in my bank account.
4. Let’s say everyone realizes it’s vapor all at once rendering it untradeable. This would be bad, yes, however again about $500 million in value would disappear. It would suck for those people, and I feel for them, but hardly a market changer considering Tether accounts for 0.003% of the crypto market. I mean Christ not even a day ago everyone was posting “HODL” when the market dropped $200 BILLION almost over night but Tether will be the downfall of us all?
5. Looking at the Top 50, I cant exchange or use most of these for anything of value. There’s a ton of multi-billion dollar vapors going up in market cap (looking at you TRON) which produce nothing but buzzwords on a white paper and no one says a damn thing about it but everyone grabs the pitchforks when Tether won’t show their damn bank statements to the internet?
Maybe I’m crazy but this seems to being blown way out of proportion. Feel free to correct me if I’m wrong.
>I feel for them, but hardly a market changer considering Tether accounts for 0.003% of the crypto market. I mean Christ not even a day ago everyone was posting “HODL” when the market dropped $200 BILLION almost over night but Tether will be the downfall of us all?
youre a retard. a literal brainlet. marketcap is a meme. there are only a couple real billions in this market invested. if tether goes down this market is fucked for minimum 2 years.
Ryder Collins
>when tether goes down
the worst part is it'll hurt the whole market. at least bitconnect kept to themselves.
Jose Carter
Thanks just sold 100k.
Jose King
>Let’s say I tried to redeem Tether for USD and I get denied. I’m fucked right? Well no, I can actually just trade it back on the exchange for BTC/ETH/LTC, send it to Gemini/Coinbase/etc. and trade the coins for actual USD which is deposited in my bank account. This is where you went wrong. If you're one of the first people to get denied, or if Tether is clever about it, you might be lucky. But once people start getting denied, Tether will collapse in value and you'll lose tons of money like this.
Zachary Brown
Exactly, people are just ok with every new shitty every ERC20 token that appears out there creating value out of nowhere just because of the shadow of a project, but magically this can't be the case for thether, it needs to be backed by something or whatever to cost un dollar.
Guys, like everything, Tether costs what people pay for thether, nothing else.
Levi Stewart
Best case scenario: Tether gets shut down by the US govt for trying to make their own USD to get around regulations. Crypto collapses
Worst case scenario: Tether exit scams. Crypto collapses
Honestly I like these odds. Just bought 100k myself.
Brody Ross
I almost sleep perfectly with my tether bags.
Noah Morgan
>marketcap is a meme
So are you implying there is more than $2 billion in Tether
Cameron Clark
Let's assume that bitfinex isn't abusing their position on tether, lets assume that even if we did run an audit, everything would be fine. There's still the issue that US citizens shouldnt even have any tether, and despite this US based exchanges as well as exchanges that do business in US have tether pairs.
It would be well-within the SEC's jurisdiction to ask all exchanges that do business in the US to delist all tether pairs, and once that happens you can just say good-bye to the entirety of the crypto market.
