Bro... your profile says you are 37 years old, are you really, or did you just learn investing/trading yesterday? I lived through Madoff, Enron, Worldcom, Nortel, and even watched my own mother get fleeced by Bre-X. These companies ran these scams, EVEN with Arthur Anderson and other auditors watching their backs. Tether, doesn't even HAVE an authority watching. How much more do we need to spell this out for you? Pop Quiz! What happens when a financial institution has to resort to hiding its audited balance sheet or audited cashflow statement with its earnings? What does that make YOU, as the investor or participant? Here we go again! History seems to rhyme, now doesn't it?
Well, a number of insiders with Tether were ALREADY arrested and have criminal records from BEFORE Tether was an actual thing! But, I am sure they are all well reformed now and really nice guys. They just operate out of the Cayman islands for... reasons. Ehh? Perhaps, the investigation results by the New York Attorney General was just simply a matter of a mis-understanding: Nothing to see here folks! Move along now, and keep using Tether!
Not quite. If you meant the US Dollar, then it already is collapsing. It's just doing so in slow-motion (for now) as it becomes constantly debased at unprecedented rates. If you meant USD-C, then it will last at least as long as Tether, if not much longer. USDC is backed 1:1 with real dollars. We know this because it has a legitimate audit trail. Where does the money come from? How does Coinbase pay an interest to holders of USDC? The audit shows us. Coinbase takes your dollar, and puts it into the safest place to hold while they issue you the stable-coin. It is invested in T-Bills until the time comes where you wish to redeem it for cash again. What does Coinbase do in the meantime? They collect the interest from the US government (with your money), and use it to their advantage. Part of the interest, they split and share with you for giving them your dollar. This is how they pay out their rewards, etc. Now, how does Tether make all those stupid amounts of money? No one but insiders know this secret for sure.... But let's just say, if you're going to buy a stable-coin to stop vol on your crypto, there is NO GOOD REASON to use Tether when you have the option for USDC. USDC is backed by the government. Which puts it at an AAA rating. Tether doesn't even meet junk-bond status, as even trash-bonds MUST be legally audited and rated! Why the FUCK would someone choose a junk-bond when the AAA variant on another bond gives you an even better yield but safer status? It should be the opposite! Truth is stranger than fiction...
Not sure why is it so hard to understand. They can mint 1 trillion tethers tomorrow at will, they will obviously not do it. 4 guys, 2 Of them with very shady past, control value of crypto market. What can possibly go wrong…..
the question I ask myself very often, and I have no answer. This is exactly why I missed last rally. People went to jail to much lesser doings. They counter fitting money essentially, and minted 80 billion. I joined the cult and have ether now, plus some shit coins. After all, what if BDO audit does come through
At the rate it's going, Tether will overtake China, and even Japan in owning US Debt, ehh? A little odd how not even ONE institution could so much as vouch for even a little bit of the commercial paper Tether used to claim they had transacted. With the large amounts they claimed, it would not be easy to miss.
https://www.bnnbloomberg.ca/turkish-investors-looking-for-haven-turn-to-stablecoin-tether-1.1931285 Turkish Investors Looking for Haven Turn to Stablecoin Tether Eva Szalay and Ugur Yilmaz, Bloomberg News (Bloomberg) -- People in Turkey are running to the crypto market as a haven against the collapsing lira currency. Local demand for Tether, a dollar-backed stablecoin, surged in early May ahead of elections and has remained high since a win for President Recep Tayyip Erdogan rattled markets. While there’s been a global crackdown on the asset class and falling prices for the biggest tokens, the lira has fared even worse, breaching historic lows in recent days. The Turkish currency has slid 11% against the dollar in the past week as the central bank has pulled back from intervention to prop it up after the vote. Since the previous election in 2018, the lira has lost 80% of its value as Erdogan pursued unorthodox economic policies, including attempts to tame inflation as high as 80% with interest-rate cuts. In this environment, cryptoassets like stablecoins are perceived as increasingly attractive because these tokens are intended to maintain a consistent peg with the US dollar. Lira transactions accounted for 10% of total cryptocurrency trading volumes in the $1.1 trillion a day market in early June, after peaking at 18% in May, according to data from Kaiko. This compares with 4% at the start of 2023, the data provider said. Ebru Güven, an Istanbul-based university lecturer and former banker, said regulations have made it difficult to buy dollars or gold with the lira. “Investing in stablecoins allows people to keep the value of their wealth, it’s one of the ways to hold on to some value when inflation is this high,” Güven said. “This is the only motivation for people to buy stablecoins right now.” Turkish State Banks Resume Lira Defense After Record Drop Tether’s share of trading volumes on BTCTurk, one of the largest Turkish crypto exchanges, stands at 20% compared with 1% on Binance, according to data from CoinMarketCap, signaling that demand for the stablecoin in Turkish markets is strong. Batuhan Basoglu, a 28-year-old graphic designer, trades crypto on Binance and put all his savings into stablecoins and other cryptocurrencies. “Just before the election, I felt the urge to convert my Turkish lira to US dollars due to the uncertainty surrounding the currency’s future. To safeguard myself against this risk, I purchased Tether,” Basoglu said. Erdogan’s Wall Street Team Gets Icy Reception in Foreign Markets And as the lira slipped further, instead of converting those Tether tokens back to lira, Basoglu went all in on the stablecoin. “It’s noticeable that despite historically low volumes, demand for stablecoins on Turkish markets has remained robust,” Dessislava Aubert, an analyst at Kaiko, said in an email. Tether’s share of trading volumes on local markets reached its highest level since 2020 in May, Aubert said.