Discussion in 'Cryptocurrencies' started by m22au, Dec 5, 2017.
For those who like financial sleuthing:
I can't believe, but there is a new competitor to tether (these are called stablecoins):
“A USD-backed stablecoin you can trust”. Trust Token, which conceived TUSD, have evidently learned from Tether’s mistakes and are anxious not to be tarred with the same brush. Hence the emphasis on “full collateral, regular auditing, and legal protections”. To purchase TUSD direct from Trueusd, full KYC is required. Like tethers, TUSD may waver slightly in price, but is unlikely to deviate far from its $1 peg. "
I can't believe it wasn't done sooner. A USD coin that is transparent with their holdings is great to park money in a down trend.
How do they make money, if they actually back the coins with dollars?
That's an excellent point. I guess higher fees to exchange may be one way.
"A Top-20 Crypto Exchange Is Replacing Tether With a Rival Stablecoin"
"Digifinex has decided to replace tether (USDT), perhaps the best-known "stablecoin" designed to maintain a steady exchange rate with the U.S. dollar, with a rival, TrustToken's TrueUSD."
This fragmented Crypto offering binge is causing me to want to exit BitCoin and sit on the sidelines with dollars in my Coinbase account. How many different coins are there now? Is there a list somewhere...guess I can google it..
here is one:
When does it stop? Is all the money going to end up in this market? When I go to the major grocery store and pay in bitcoin I guess that will mark the end of the USD.
At about 3am ET, Tether traded as low as $0.8612
At the time of writing, it's back to $0.9325, but hardly a strong 'store of value'.
https://twitter dot com/Bitfinexed
Interesting to see that the only reaction (so far) in Bitcoin is the price at Bitfinex:
Bitcoin at Bitfinex $6,910
Bitcoin at GDAX $6,383
Bitcoin at Bitstamp $6,389
But the price at GDAX or Bitstamp is not crashing (yet).
Here is one interesting related tweet:
"I had come to the conclusion a few days ago that if #Tether continued crashing, that #Bitcoin would pump before a major dump following a Tether collapse (If Tether collapses). Lesson learned, always make the video."
https://twitter dot com/CryptoJebb/status/1051824235348410368
Not sure if this was discussed here, USDT operators recently fired all auditors, and now they want all to believe that each USDT is really back by each $1 in their coffers. Nothing seems further from the truth. They now create tethers out of thin air to keep keep cryptos from falling.
This came from the expert that know his shit. I personally barely know anything about cryptos.
Do you think Bitcoin will survive?
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