Because all that matters is that they have enough USD in reserve to pay back every person who holds a Tether coin. Das aktuelle CoinMarketCap-Ranking ist #6, mit einer Marktkapitalisierung von €47,616,876,066 EUR. That's $16 of capital for $10000 market cap. 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. Der Tether-Preis heute liegt bei . $10 to push up the cap $6000. Consider the effect of $100m being able to impact this system. Last Tether printing happened on May 18 th, when the exact same sum of $250 million tokens was released. Some dude buys 5 coins for $25. 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 So they printed $200 million today and bitcoin spiked. Gone with it is the artificial demand it's created for months. The cryptocurrency has been sent to Tether’s treasury account and all of the newly printed USDT is based on Ethereum’s blockchain. I don't think Tether is advertising itself as a pump and dump? BTCUSD, 60. USDT Accrues in Tether Treasury. I wrote above... Tether Co. then goes and finds someone to trade them $1 worth of BTC for $1 USD. 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. At the time, $850 million accounted for one-third of the total USDT supply. We are now at $20000 market cap, with $116 of real capital. It has a circulating supply of 55,536,494,298 USDT coins and the max. - There's no way to transfer USDT into USD. Binance data … $16 real capital. But if it's premise is simple false advertisement, then you're in a world of legal issues. $30000 market cap. The issuer of the most popular stablecoin, Tether, has printed a fresh batch of $150 million worth of USDT. 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). Except in this case CakeToken was marketed and monetized as being worth $1 and "redeemable" for $1. 7. $20000 market cap. Share. The common justification for Tether’s USDT printing is that demand for USD-backed stablecoins is at an all-time high. Have you studied inflation? 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. Price goes up to $25. 200 - 400 comment karma. 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. Are you asking why PnDs are illegal? level 1. - 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. Despite the fact that Tether’s Paolo Ardoino explained the issuance of this 300 mln USDT as an inventory replenishment on the Tron network, users in the thread still began leaving comments full of doubt about both Tether and its stablecoin. If you trade USDT for USD on Kraken or something, what you've done is not the same as redeem Tether. 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. “Today marks an important step in Tether’s journey, as we launch a redesigned platform allowing for the verification of new customers and direct redemption of Tether to fiat.” All accounts require a minimal issuance and redemption of $100,000 USD or 100,000 USDT. They just now printed tether gold at the tether treasury... lmao. We are now at $20000 market cap. Earlier today, Whale Alert reported that 120 mln was released from the Tether Treasury. 1 month ago . Critics comparing Tether’s printing press to the Fed. Do you see why this is illegal in literally every single market? I gotta get to the gym in 26 minutes. The printer now activates every few hours. Totally legit guys! Tether Refuses to Pay $24 Million Bitcoin Ransom Demand. $5 to push up the market cap $4000. Coins are now $25. The flow of Tether … 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. The process went smoothly, according to the company. Why you should care about a "0.4% market cap" coin. Reply. … You're looking at a correlation between tether printing and BTC going up, and incorrectly concluding that tether is causing BTC to pump. The market reacted positively back then, experiencing a massive green candle right after the news dropped. Price goes up to $35. $650m to prop up the crash this week, you won't have that kind of buy orders anymore. Tether's market cap looks overinflated but I don't know what correlation can be drawn from this metric. Tether is incorporated in Hong Kong with US offices in Santa Monica, CA and on the East Coast. Everything is right with the world. 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. This comes from Paolo Arduino, the CTO of Bitfinex. You sell me one of your coins for $16, $16000 market cap. Let's create the current bull run example: Coins are now $30. 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. Looks like you're using new Reddit on an old browser. One Twitter user asked if Tether has enough collateral to back the newly minted coins. https://en.wikipedia.org/wiki/Unjust_enrichment. hyper inflation? 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”). People don't seem to care about the fraud Tether is doing because it makes numbers go up for now. While Bitcoin is pumping, the Tether Treasury is printing more and more USDT. The current CoinMarketCap ranking is #6, with a live market cap of $55,541,708,909 USD. Tether Print today? 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. Can you explain why accepting BTC and immediately cashing out to USD, thus preserving a 1:1 usd backing is fraud? I buy up 5 coins @ 20 tether. The leading community for cryptocurrency news, discussion, and analysis. This twitter shows the other big stablecoins too: Are they just printing more to match their btc holdings appreciation? We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. Tether Co. then goes and finds someone to trade them $1 worth of BTC for $1 USD. Now, let's introduce some "backed" Tether concept. Tether Printing Press In High Gear, Issuing $400 Million in Four Days. The live Tether price today is $1.00 USD with a 24-hour trading volume of $184,582,629,134 USD. I margin lended myself with counterfeit money. Tether has doubled the money supply YTD which is a pace of money printing that would make even the FED blush. 3. Tether Co. gives you 1 tether coin and in return you give Tether Co. $1's worth of BTC. This is LITERALLY Mt Gox. #USDT (79,935,884 USD 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. Your USD is backed by the full power of the US gov't, economy, and its people. supply is not available. I gotta get to the gym in 26 minutes. How the hell are they getting a billion dollars to match the tethers? Moons reward posters, commenters, and moderators for their contributions to the subreddit. However the upswing this year leaves consistent questions about the issuance of Tether, the stablecoin (USDT) that seemingly has a limitless ability to print money. November 27, 2018 — In a blog post , Tether says its customers can once again redeem tether for actual dollars via tether.io. Your Tether is backed by this: https://tether.to/contact-us/. 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. Every Tether token is also 1-to-1 pegged to the dollar, so 1 USD₮ Token is always valued by Tether at 1 USD. $16 of real capital, but my Tether is unbacked.. Author: Christian Keroles. 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. Plenty of people care, and there's easily a majority of people on this sub that believe them to be shady. Publish date: Feb 23, 2021. pinterest-pin-it. The latest USDT printing will see the top stablecoin’s market capitalization significantly passing the $10 billion mark. Price goes up to $25. The … More importantly, it also marked the end of … I buy up 5 coins @ 20 tether. However, only Tether seems to be issuing coins at a record rate. What should happen in an organic growth environment? Users noted that Tether can actually print new USDT coins at will. Twice that of Bitcoin and 3 times Tether daily volume this time last year. 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. In reality, it's BTC pumping that causes tether to print. The Tether Treasury has again come under intense criticism after issuing yet another 80 million USDT. First off, I think there is a good chance tether will go belly up. Good post. Crypto needs a constant influx of new $ just to maintain price. I agree, this is bad. IMO, this is exactly what Tether was designed to do and is supposed to do. https://twitter.com/search?q=%40whale_alert%20usdt%20minted&src=typeahead_click&f=live. TETHER FRAUD PROPPING UP BTC MARKET. Even more important is that gone with it is everything it's able to do for the market. Whenever this has happened in the past the crypto market usually experienced a surge in volatility. Another round of Tether printing is upon us, and the USDT community is not loving it. What you've done is an exchange, somebody else is holding your bag now. (if not please explain why, I am honestly trying to understand why people think creating USDT out of thin air is a bad thing. Tether On The Move Again: Prints $150M USDT. 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? 1 month ago. Your USD is also insured to the tune of 250k in the event of a run. 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. $35000 market cap. Bitcoin has had a rocky week to say the least. Bots/normies etc now hold usdt and use it to trade and buy BTC at another date, or other coins. Tether Prints An Additional $300 Million In Tokens. 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. >Imagine you're a convenience store. 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). 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. 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. If Bitcoin were a human female, price is her level of physical attractiveness… she's still developing and right now learning about the world. This is great for t-ether itself as there will need to be new t-ether to exchange for the t-ether gold. 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: There is nothing fraudulent about it. It's backed by Federal Reserve interest rates and the fact that you can pay taxes with it... dumping 100,000,000 a day into a small economy means what? 38567 karma | CC: 9431 karma CM: 333 karma OMG: -12 karma. But where people here draw the line is screaming that the sky of the entire crypto space is falling because of tether. Tether (USDT) Price Live Statistics. The tokens were sent to an address associated with Bitfinex. Tether is owned by iFinex — a cluster of companies formed around Bitcoin exchange Bitfinex. Tether price today is $1 USD, which is up by -0% over the last 24 hours. Hopefully that's not what the Tether audit will show.... unfortunately this is something Bitfinex has already alluded to doing. In the last 24h we had 4 batches of 400.000.000 USDT each. All I see is that tether hasn't stopped printing since November 2018. Reply. Another for $10, $10000 market cap.
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