Now, let's introduce some "backed" Tether concept. Tether On The Move Again: Prints $150M USDT. The market reacted positively back then, experiencing a massive green candle right after the news dropped. They are distributed monthly and used to weight your vote on polls. Why you should care about a "0.4% market cap" coin. 200 - 400 comment karma. https://en.wikipedia.org/wiki/Unjust_enrichment. Binance data … Tether Co. then goes and finds someone to trade them $1 worth of BTC for $1 USD. Price goes up to $25. 1 month ago . Also, just to entertain the idea with a market cap fallacy example: I sell you another for $5. The tokens were sent to an address associated with Bitfinex. sold them on the open market) then they don't need those coins to be backed by USD because there are no end users who will try to redeem them for USD. Tether Print today? (if not please explain why, I am honestly trying to understand why people think creating USDT out of thin air is a bad thing. Failing to convert the received BTC into USD introduces an unacceptable risk to the Tether system, because BTC could plummet in price leaving the tether reserve value less than what is owed to tether coin holders. The remarkable rate of tether printing, combined with fabulously inept public relations from iFinex principals, strongly suggests the tether business is at the “out of control” stage of spiraling outwards. 3. TETHER FRAUD PROPPING UP BTC MARKET. I take it you don't understand inflation and hyper inflation, google wheelbarrow cash and wheelbarrow currency, while your at it google 'run on banks' (ie hyper inflation iwould cause a run on the exchanges), New comments cannot be posted and votes cannot be cast, More posts from the CryptoCurrency community. Report Save. Das aktuelle CoinMarketCap-Ranking ist #6, mit einer Marktkapitalisierung von €47,616,876,066 EUR. €0.824451 EUR mit einem 24-Stunden-Handelsvolumen von €148,063,393,054 EUR. This is great for t-ether itself as there will need to be new t-ether to exchange for the t-ether gold. So... for example... they could print 1 billion tether coins, but if they never put them into circulation (i.e. $650m to prop up the crash this week, you won't have that kind of buy orders anymore. That's $16 of capital for $10000 market cap. IMO, this is exactly what Tether was designed to do and is supposed to do. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. There have been many explanations floating around for t he flood … Stablecoin issuer Tether has revealed that it was subject to a 500 Bitcoin ($24 million) ransom demand but that it has refused to … Last Tether printing happened on May 18 th, when the exact same sum of $250 million tokens was released. $16 real capital. Tether price today is $1 USD, which is up by -0% over the last 24 hours. We are now at $20000 market cap, with $116 of real capital. I don't think Tether is advertising itself as a pump and dump? It now appears that Tether has issued a whopping $161 million worth of USDT over the past 24-hours, putting the total number of new USDT issued over the past three months at $627 million. Every Tether token is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). If I print 100m, exchange for BTC, then back to fiat -- this is no different than printing money and creating artificial demand where there is none. $141 real capital. Press question mark to learn the rest of the keyboard shortcuts. $291 capital. They buy BTC on bitfinex on the BTC/usdt market. Share. Are you asking why PnDs are illegal? BTCUSD, 60. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. So the federal reserve is backed by what? Whenever this has happened in the past the crypto market usually experienced a surge in volatility. But if it's premise is simple false advertisement, then you're in a world of legal issues. Tether is incorporated in Hong Kong with US offices in Santa Monica, CA and on the East Coast. #USDT (79,935,884 USD Tether has doubled the money supply YTD which is a pace of money printing that would make even the FED blush. The cryptocurrency has been sent to Tether’s treasury account and all of the newly printed USDT is based on Ethereum’s blockchain. hyper inflation? The process went smoothly, according to the company. Tether mints another 120 mln USDT. So they printed $200 million today and bitcoin spiked. $16 of real capital, but my Tether is unbacked.. The leading community for cryptocurrency news, discussion, and analysis. Today, it printed yet another fresh batch of 60 million USDT. Everything is right with the world. What should happen in an organic growth environment? More importantly, it also marked the end of … - There's a correlation between Tether printing new USDT and the Bitcoin Price. $5000 market cap. This comes from Paolo Arduino, the CTO of Bitfinex. Tether's printing is at 650m now (200m today alone) since the "correction" this week. Tether is owned by iFinex — a cluster of companies formed around Bitcoin exchange Bitfinex. Publish date: Feb 23, 2021. pinterest-pin-it. The avalanche of USDT issuance in recent days has the Tether community worried about demand-supply dynamics in these uncertain economic times. It also insinuated that Tether had been printing its stablecoin USDT without sufficient backing. https://twitter.com/search?q=%40whale_alert%20usdt%20minted&src=typeahead_click&f=live. The … This is LITERALLY Mt Gox. November 27, 2018 — In a blog post , Tether says its customers can once again redeem tether for actual dollars via tether.io. Der Tether-Preis heute liegt bei . If you trade USDT for USD on Kraken or something, what you've done is not the same as redeem Tether. The issuer of the most popular stablecoin, Tether, has printed a fresh batch of $150 million worth of USDT. Your Tether is backed by this: https://tether.to/contact-us/. I wrote above... Tether Co. then goes and finds someone to trade them $1 worth of BTC for $1 USD. I gotta get to the gym in 26 minutes. What is wrong with this arrangement? The only bad thing is if they fail to reserve the value that people give them when they buy tether). Tether Prints An Additional $300 Million In Tokens. - archive.org, archive.today*, I am just a simple bot, not a moderator of this subreddit | bot subreddit | contact the maintainers, They just now printed tether gold at the tether treasury... lmao. Tether Print today? Unfortunately, that's what most posts critical of tether have turned into. Some dude buys 5 coins for $25. Follow me? Tether's market cap looks overinflated but I don't know what correlation can be drawn from this metric. This will trigger a cascading sell off that Tether has been able to protect us from. The few exchanges that say they offer withdraws actually don't if you go and try. Today, on June 15, 2018, a day after SEC classifies Ethereum (ETH) as not a Security, Tether (USDT) was thought to print $100,000,000 in tokens: You can click the picture to see it live on omniexplorer.info or go here to see as well or go search for the address: 0. Your USD is backed by the full power of the US gov't, economy, and its people. What you've done is an exchange, somebody else is holding your bag now. $5 to push up the market cap $4000. Let's create the current bull run example: Coins are now $30. Tether Printing Press In High Gear, Issuing $400 Million in Four Days. Consider the effect of $100m being able to impact this system. Tether Co. gives you 1 tether coin and in return you give Tether Co. $1's worth of BTC. Tether Inc. appears to be responding to the crypto market’s ongoing decline today by minting 60,000,000 new USDT tokens. Looks like you're using new Reddit on an old browser. However keep in mind whatever price you were able to push up BTC, you can't bring back down on the sell phase. Critics comparing Tether’s printing press to the Fed. This is the market cap fallacy. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Price goes up to $25. They just now printed tether gold at the tether treasury... lmao. Furthermore... if they print USDT without USD backing that is OK. Why? Can you explain why accepting BTC and immediately cashing out to USD, thus preserving a 1:1 usd backing is fraud? I sell 5 coins @ $35. This is fraud at its finest. Tether Prints $300 Million, While XRP Reclaims Third Spot. Tether can then transfer their BTC to Coinbase, and cash out to real usd I buy up 5 coins @ 20 tether. Today, Tether’s Treasury enacted yet another “inventory replenish,” minting another 180 million USDT. >Imagine you're a convenience store. You sell me one of your coins for $16, $16000 market cap. level 2. This twitter shows the other big stablecoins too: Are they just printing more to match their btc holdings appreciation? Tether prints $1B usdt. Tether USDT Market Cap (December 29th 2020 through June 2021) Low: 28-88k High: 116-188k It really really depends on how everything in the markets play out. Report Save. Another round of Tether printing is upon us, and the USDT community is not loving it. In the last 24h we had 4 batches of 400.000.000 USDT each. If Bitcoin were a human female, price is her level of physical attractiveness… she's still developing and right now learning about the world. There is nothing fraudulent about it. Twice that of Bitcoin and 3 times Tether daily volume this time last year. $0 to push up the cap $6000. 1 month ago. In the latest court proceedings, Tether and iFinex were asked to hand over financial documents to the NYAG by Jan. 15. Tether and Bitfinex’s track record gave no credence to claims that tethers were printed to manipulate markets. At the time, $850 million accounted for one-third of the total USDT supply. Tether price for today is $0.993657. How the hell are they getting a billion dollars to match the tethers? USDT Price Live Data. $35000 market cap. 3 - 4 years account age. Tether (USDT) Price Live Statistics. Except in this case CakeToken was marketed and monetized as being worth $1 and "redeemable" for $1. I buy up 5 coins @ 20 tether. Tether Refuses to Pay $24 Million Bitcoin Ransom Demand. They are printing coin, but, they are not printing USD, the USD they have came from the BTC you paid them when you bought USDT from them. - archive.org, archive.today* I am just a simple bot, not a moderator of this subreddit | bot subreddit | contact the maintainers. The inverse of this faulty logic is when BTC goes down and all the tether fudders start screaming about how tether stopped printing and now it's going to zero. At its lowest point, the cryptocurrency dipped to $9,200 before a rising green candle sent it scurrying back into the safety of five figures. But where people here draw the line is screaming that the sky of the entire crypto space is falling because of tether. Es verfügt über ein zirkulierendes Angebot von 57,755,893,177 USDT Coins und der Maximalvorrat ist nicht … I create 100 USDT out of thin air. Because all that matters is that they have enough USD in reserve to pay back every person who holds a Tether coin. - There's no way to transfer USDT into USD. Earlier today, Whale Alert reported that 120 mln was released from the Tether Treasury. - Daily volume of transaction is in the 100 B mark. This is the real reason for its huge bull run YTD, not because institutional investors have rushed to buy BTC as a safe haven asset like they have for treasuries this yr pic.twitter.com/PHjJD0NrWT One Twitter user asked if Tether has enough collateral to back the newly minted coins. I think, most people who trade into tether know it's just "paper money". 7. Every Tether token is also 1-to-1 pegged to the dollar, so 1 USD₮ Token is always valued by Tether at 1 USD. Have you studied inflation? We saw a similar reaction today as well, as Bitcoin’s price surged from $6120 USD to $6319 USD in less than an hour post announcement (per coinmarketcap). You can read all about how Tether is not responsible for https://en.wikipedia.org/wiki/Unjust_enrichment in their legal section (I'm not sure how that even flies in court). USDT Accrues in Tether Treasury. I sell 5 coins @ $25. The current CoinMarketCap ranking is #6, with a live market cap of $55,541,708,909 USD. Another dude buys 5 coins for $30. This is the reason why people bought CakeToken, and if all of a sudden that turned out to be a lie, this is a criminal offense. Finding someone to trade USD for BTC is not easy to do, especially because (1) Tether working with a shit ton of volume and (2) Tether isn't aligned with banks that can handle that much volume (evidenced by the fact that Wells Fargo black listed) and (3) transacting with USD in the crypto world is very difficult to do because of regulations. I margin lended myself with counterfeit money. It has a circulating supply of 55,536,494,298 USDT coins and the max. The common justification for Tether’s USDT printing is that demand for USD-backed stablecoins is at an all-time high. $10 to push up the cap $6000. Especially interesting since Bitfinex/Tether has done everything possible to distance themselves from the US gov'ts outstretched arms. Plenty of people care, and there's easily a majority of people on this sub that believe them to be shady. A simple glance at their market-cap and printing history would show how baseless these claim are, especially considering they’ve gone multiple months without printing any Tether, (which according to their logic, would mean zero demand for Bitcoin). Press question mark to learn the rest of the keyboard shortcuts. $20000 market cap. However keep in mind whatever price you were able to push up BTC, you can't bring back down on the sell phase. The transaction can be viewed here. If Tether falls, it won't just be a $2bn hit where everyone holding Tether is gonna get fucked to the tune of BCC. Another for $10, $10000 market cap. In reality, it's BTC pumping that causes tether to print. Do you see why this is illegal in literally every single market? This does not legitimize Tether. The Tether printer became active after the latest bitcoin market crash, with the latest tranche creating another 60 million USDT. While Bitcoin is pumping, the Tether Treasury is printing more and more USDT. People don't seem to care about the fraud Tether is doing because it makes numbers go up for now. I agree, this is bad. Moons reward posters, commenters, and moderators for their contributions to the subreddit. Tether ist in den letzten 24 Stunden um 0.01% angestiegen. Even IF this were somehow not illegal (but it is), what happens if you pump and the prices don't go up? Today? supply is not available. Tether’s USDT money printer is up and running again, and it could be a sign of what’s to come next for Bitcoin and the aggregated cryptocurrency market. … As long as you're advertising isn't based on the premise of a lie, you are free to do what you want and people can value it how they want. And... if the market is bear, then you're insolvent. Another three hundred million freshly minted Tether tokens (USDT) have entered the market in the first printing since mid-February. However... if the market is bear, then you're insolvent. Tether is up 0.01% in the last 24 hours. It's just about storing value when a dip is expected, since there is no alternative. unfortunately this is something Bitfinex has already alluded to doing. It may surprise some of you to hear that the dominant cryptocurrency in the market today isn’t named “Bitcoin.” Tether (USDT), a stablecoin pegged to the US dollar, is the backbone of the entire crypto economy. It's essentially a pump and dump/margin lending with counterfeit money. Reply. Tether Ltd printed a total of USDT 300 million Wednesday and this brought the total coins created to 540 million in the last three days alone. $25000 market cap. If Bitcoin reacts to the recent substantial printing of more Tether stablecoins the same as it has in the past, we may finally have a catalyst for the crypto asset retesting its former all-time high.. Your USD is also insured to the tune of 250k in the event of a run. However, only Tether seems to be issuing coins at a record rate. Crypto community has taken to liken Tether Treasury minting new USDT to the Federal Reserve's infamous “money printer go BRRR.” This relentless printing has its total amount of assets reaching past $7.7 billion, as per its transparency report. Even IF this were somehow not illegal (but it is), what happens if you pump and the prices don't go up? We are now at $20000 market cap. Instead, I believe they are keeping their reserve in BTC/ETH/LTC or in some other holdings, because they don't have the means to convert the coin they receive into FIAT. Fractional reserve banking in crypto is not at all the same as reserve banking in the real world (nevermind the fundamentals of crypto was to move away from this shit in the first place). 38567 karma | CC: 9431 karma CM: 333 karma OMG: -12 karma. Users noted that Tether can actually print new USDT coins at will. Author: Christian Keroles. Even more important is that gone with it is everything it's able to do for the market. $25000 market cap. They've basically robbed the market of +-2.15bn of actual capital while creating artificial demand and thus spiking market cap (assuming they broke even... that number would be higher if they profited from the bull run), and if and when people start to start cashing out, they're going to feel the effects of this missing capital. $16 real capital. After all of these transactions have settled, Tether has $1 USD sitting in reserve that they can use to pay you back when you try to redeem your Tether coin. $116 real capital, and my Tether is fully backed now. $30000 market cap. The Tether Treasury has again come under intense criticism after issuing yet another 80 million USDT. Reply. With my 100 fake Tether that is now backed, I've managed to suck real capital out of the market while increasing market cap. google wheelbarrow cash (or wheelbarrow currency), while your at it google 'run on banks' (exchanges), Tether dumping 100,000,000 a day of their play money into a small economy means what? Gone with it is the artificial demand it's created for months. All I see is that tether hasn't stopped printing since November 2018. Hopefully that's not what the Tether audit will show.... unfortunately this is something Bitfinex has already alluded to doing. I gotta get to the gym in 26 minutes. You're looking at a correlation between tether printing and BTC going up, and incorrectly concluding that tether is causing BTC to pump.
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