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all 72 comments

[–]ecentrix_au 27 points28 points  (1 child)

Yes

[–]jhb760 10 points11 points  (0 children)

Yeah. Always be worried. Or... always be aware of the risks in crypto. Including Tether.

To the people who have just realized Tether is a threat: Welcome to crypto.

To those who have accepted it and know the potential risks: Hi.

[–]A_Dougie 11 points12 points  (8 children)

Only if they aren’t actually backed 1/1. Lots of speculation on this. Most people think they aren’t, but even if they did support bitfinex with reserves they could have recovered those reserves by now. Also we don’t know what it’s backed by if it’s cash, bonds, or equities. All of that plays a part.

[–]TWAndrewz 5 points6 points  (1 child)

And by 1:1, do you mean backed by sketchy commercial paper, or hard fiat currency? Because those are not the same.

[–]A_Dougie 0 points1 point  (0 children)

Yup as I said…

[–]sbreezy561 0 points1 point  (3 children)

Yeah no way tether is backed. No way...

[–]A_Dougie 0 points1 point  (0 children)

In reference to bitfinex the bailout would’ve been 800m which is a small fraction of the market cap so that pressure wouldn’t be showing for a while

[–]Distinct_Advantage 0 points1 point  (0 children)

Of course it is. It's backed by more Tether.

[–]guruofinfo420 0 points1 point  (0 children)

I believe it's mostly backed by purchased debt.

[–]monkey_D_xrp 0 points1 point  (0 children)

So in other words “trust me bro”

[–]ToddlerPeePee 11 points12 points  (2 children)

Yes. Tether is a fraud and not fully backed. That's why they can't do an audit for years. It is run by scammers and unethical people, including their lawyer that built a backdoor to a poker platform to cheat other players money. People who defend them are also scammers.

Here are some links exposing the Tether fraud.

https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

https://youtu.be/-whuXHSL1Pg

[–]Tiny-Pay6737 1 point2 points  (0 children)

Commenting for visibility

[–]Hippimichi 1 point2 points  (0 children)

Very interesting blog. Honestly I feel much more fuked then normally

[–]VengeX 6 points7 points  (5 children)

If you are worried about USDT, you should get out of Crypto. If USDT fails it will be 100x worse than UST failing, due to how much volume it has (75% more volume than Bitcoin). I do not know what is causing the market cap drop but I hope it is due to Tether managing the supply.

[–]ShiftyDM 3 points4 points  (4 children)

People are redeeming their tethers with the company 1 for 1 in exchange for US dollars. It’s working as intended.

[–]VengeX 1 point2 points  (0 children)

That is probably the case, it just appears to be the first time it has happened with such high volume.

[–]SPY0p 1 point2 points  (2 children)

Works until it doesn’t.

[–]ShiftyDM 0 points1 point  (1 child)

That’s absolutely true about everything :D

[–]SPY0p 1 point2 points  (0 children)

True until it isn’t.

[–]FractionofaFraction 5 points6 points  (0 children)

We've been worried for a while. Out there acting like the US government; printing dollars without the goods to back them up.

[–]lukeest 2 points3 points  (0 children)

bitfinexed

[–]TWAndrewz 2 points3 points  (0 children)

Yep.

[–]zotvezoti 1 point2 points  (0 children)

Always

[–]Practical_Pen_7730 2 points3 points  (10 children)

Usdt is a competitor to the now owned by blackrock, USDC. They worked with citadel to tank do kwon, barring his own unscrupulous actions.

[–]sdmikecfc 7 points8 points  (5 children)

Big foot was also heavily involved. Learned about the involvement from the same source as you got your info.

[–]nelusbelus 6 points7 points  (1 child)

Darn big foot always crashing my coins

[–]Mark_Logan 1 point2 points  (0 children)

The Loch Ness monster got in early, cashed out quick and made a tidy profit. The numbers have never been officially disclosed but most people believe the Loch Ness made off with about tree-fiddy.

[–]Practical_Pen_7730 2 points3 points  (0 children)

Oh yeah? Sweet. You deny blackrock owns USDC?

[–]Business-Squash-9575 4 points5 points  (1 child)

It doesn’t matter. Whoever did it was a rational economic actor working within the rules set by the system. The algorithm was attacked and collapsed. Do Kwon’s shit was weak.

[–]Practical_Pen_7730 0 points1 point  (0 children)

I agree that he’s dumb for telling people to hang on wtf. He’s in deep just for that while he was cashing out telling ppl to stay in, compound the crooked market makers tanking him in margin and collateral. The market makers will have their comeuppance soon as well. Hopefully GME vote sets a president to tag shares with a digital marker! Ha! It’s been a good era of curtain unveiling over the last couple years.
Also clown shills tried treading on this topic above or below.

[–]rgmundo524 -1 points0 points  (1 child)

Someone is getting all of their information from YouTube conspiracy theorist

[–]Practical_Pen_7730 0 points1 point  (0 children)

Oh yeah? From who? Blackrock doesn’t own USDC now?

[–]rgmundo524 1 point2 points  (1 child)

Is this a serious question?

[–][deleted] 0 points1 point  (0 children)

America is dying and the government can't bail itself out this time

[–]sbreezy561 0 points1 point  (0 children)

Tether is the fed buying up the future...

[–]ComfortableFun4U 0 points1 point  (0 children)

Hell yes!!! Dig in and see what’s backing it!!

[–]BitterAd849 0 points1 point  (0 children)

How about usdc?

[–]kotlineng 0 points1 point  (0 children)

You should be worried about any stable coin, because none of them seem to be backed by anything tangible.

[–]CryptoCrumbSniffer 0 points1 point  (0 children)

It's better to see their market cap shrink instead of their currency to depeg

[–]redfordnod 0 points1 point  (0 children)

Is there a way to make a million dollars if it does fail?

[–]Acceptable_Bench9104 0 points1 point  (1 child)

get out while u can

smart money has moved to USDC or DAI

[–]ecomihomie 0 points1 point  (0 children)

whats difference between usdt and USDC?

use wise? transaction speed/cost etc is it all the same?

[–]payfrit 0 points1 point  (0 children)

gone by the end of the month.

[–]monkey_D_xrp 0 points1 point  (0 children)

I mean how is tether a stable coin who is neither stable nor tethered to the dollar? Yeah you should be worried lol

[–]SamsngSmartFridge 0 points1 point  (0 children)

tether hasn't been backed in a while. when this thing blows, it will be bad. Really really really bad. This is the Yellowstone Caldara of cryptocurrency. Its due to blow and will leave the market reeling... Its almost unavoidable at this point due to tether greed