Interested to know people's thoughts on Tether..
As relatively new to the space I've been trying to soak up as much info as I can as I go along, but having started on coinbase that deals in actual fiat, this is the first i'd come across It..in the past few days when new huge batches were being printed in line with the dip and this was being discussed on twitter. I don't hold any or use it for transactions but concerned r.e it's impact at the forefront of some of the most liquid exchanges.
With a clear Ponzi such as Bitconnect unravelling as expected, you'd have been foolish to invest there after any kind of research, but I'm now wondering if these big exchanges are using their power in a different fashion but for similar potential consequences which could put the whole crypto space to a crash at any time. Does it need a crash where all these risks are flushed out in order to reset afresh and move forward? I say this as someone who purchased near the top, traded a bit, diversified into alts a bit via Binance and am currently hodling what I want to be a long term investment - just without the Whiskey!
I've seen the Tether issue referred to as an 'open secret' but not seen it discussed here..
Am I looking at this wrong - Are they taking it upon themselves as governors employing quantitative easing to assist the market? Is it the equivalent of good ole national debt where it doesn't matter how many times they put names to the same supply as we know that it's 'never' going to pop!? Are they genuinely creating and burning the stuff to ensure they track to the dollar and actual transactions taking place?. The IOTA story on the opening Reddit statement below makes me sceptical along with the disclaimers on the Tether website.
Do you think an audit would prove it's legit? Do you think people who touch usdt are being robbed in plain sight? Do you think it's driving price upwards but as nobody 'yet' has lost their money (due to Tether directly), it's therefore all ok and maybe even a positive? Am I talking complete b***? just being caught in a propoganda chain ?- I'm not very bright so I rely on you guys to keep me grounded! Sorry for all the questions.
This article explains this better than I could and it's not an isolated discussion so assume is one of many threads on the subject..
https://medium.com/@bradfrankel16/why-a-tether-audit-would-ruin-bitcoin-96da091cc154Found within this Reddit which I confess I haven't read much of yet so may answer some of my questions:
https://www.reddit.com/r/CryptoCurrency/comments/6y8c3m/tether_has_the_potential_to_bring_down_the_entire/Twitter account discussing with more insight including discussion of bots manipulating the price of BTC via the same exchange where Tether originates.:
@TN
You can also watch how much new Tether is entering the system on this twitter handle:
@TetherPrinter