Tether: What part of this balance sheet do we not believe?

John its size is exactly why whole crypto market will blow up should Tether go under. For now music is playing and there are plenty of chairs.

of course everyone wants in. This is the only example in world history where small groups of fraudsters essentially counter fitting money and no one does shit about it. Wouldn’t you want ability to print money out of thin air???
 
RedDuke said:
John its size is exactly why whole crypto market will blow up should Tether go under. For now music is playing and there are plenty of chairs.

of course everyone wants in. This is the only example in world history where small groups of fraudsters essentially counter fitting money and no one does shit about it. Wouldn’t you want ability to print money out of thin air???
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RedDuke, USDT is digital US $ that is a bearer asset and works 24/7

As someone who recently moved to Asia, I have US $ deposits in US banks, physical US $ bills and USDT and without hesitation, USDT has been the best out of all 3 US $

US $ is performing very well against other fiat currencies in Asia, against the 2 majors JPY and CNY, and that results in strong performance against other Asian fiat currencies, where I'm located is no exception

Iow, there is a strong global demand for US $ and USDT is the easiest and most convenient way and lowest friction costs to acquire US $

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Can Tether (USDT) go under? I think it's a very low probability

Several months ago, there were coordinated efforts to crash Tether with hedge funds that put massive short USDT positions and even published in the media thinking they will be successful at starting a run-on-the-bank death-spiral on USDT, $20 Billion in USD in redemptions within 7 days...

USDT did not de-peg much from the US $1... Why not? Because global crypto users trust USDT and do not trust the attackers from TradFi

The attackers failed and Tether survived to go to all-time-high in market cap

Will Tether ever produce an audit that will be good enough for everyone? Probably not. The audit has no value anyway. Tether will continue to be successful without an audit...
 
johnarb said:
RedDuke, USDT is digital US $ that is a bearer asset and works 24/7

As someone who recently moved to Asia, I have US $ deposits in US banks, physical US $ bills and USDT and without hesitation, USDT has been the best out of all 3 US $

US $ is performing very well against other fiat currencies in Asia, against the 2 majors JPY and CNY, and that results in strong performance against other Asian fiat currencies, where I'm located is no exception

Iow, there is a strong global demand for US $ and USDT is the easiest and most convenient way and lowest friction costs to acquire US $

------

Can Tether (USDT) go under? I think it's a very low probability

Several months ago, there were coordinated efforts to crash Tether with hedge funds that put massive short USDT positions and even published in the media thinking they will be successful at starting a run-on-the-bank death-spiral on USDT, $20 Billion in USD in redemptions within 7 days...

USDT did not de-peg much from the US $1... Why not? Because global crypto users trust USDT and do not trust the attackers from TradFi

The attackers failed and Tether survived to go to all-time-high in market cap

Will Tether ever produce an audit that will be good enough for everyone? Probably not. The audit has no value anyway. Tether will continue to be successful without an audit...
More...

Exactly why I bought crypto. My bet is a bet that USDT does not implode.

I do not think that chance is low. And btw an audit from BDO Italia that was promised over a year ago will satisfy most if not all.

but Tether will never produce one because they have nothing to back billions they printed.
 
The audit has no value anyway. Tether will continue to be successful without an audit...
More...


This rings alarm bells...

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I have raised this issue many times and still don’t have an answer. I get that tether is shady and again I don’t transact in tether at all because I don’t need to since I’m an American in USDC is a thing.

That being said, should tether go down how exactly is it taking the entire crypto market with it?

I get a lot of the volume is in tether pairs, but that can very easily just switch to another stable coin in theory. All US dollar backed stable coins should really be the same. I don’t think investors really give a shit which one they use.
 
very easily just switch to another stable coin in theory.
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All you need to do is get caught in a liquidity crisis once, and you'll wise up pretty quick after the fact.
 
I will tell you where the biggest problem for Tether lies in my opinion.

Myself and many others have been thinking for a long while HOW THE FU** is potentially the biggest fraudster in the crypto space (justin sun) still running free?

And then you look into it and you realize 55% of ENTIRE TETHER supply is minted on Justin Suns Tron chain.

He is still standing because when he goes down, it all goes down.


Even if Tether was truly backed, there is no way to redeem the tokens. AFAIK currently USDT is not redeemed, but exchanged for USDC and then USDC is redeemed through Circle.

If there was a bank-run, the peg would break at some point. And the other thing is, even if Tether was fully backed. They are dealing with shady people and this could end up with their money being confiscated.


I would not hold Tether long term. It's a ticking time-bomb, though it could continue to tick for a while...
 
Nobody would hold tether "long term" tho. Why would you hold a stablecoin that pays you 0%. You use tether, and other stables, for payments and as a bridge between regular fiat money and crypto. Thats it
 
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