cryptocurrency

[Pokesan]

let's talk about tether

what is tether?

Simplest explanation

Bitfinex got hacked, took 37% of everybody's money to make up for it. They then replaced it with Tether tokens that they pegged to USD 1:1 so people could trade on the exchange with the token that represent what was taken from them.They have since made 1.25 billion more of those tokens and used them to to pump up the price every time it fell a little bit. They claim to have $1 USD in their reserves for every tether they have produced. They refuse to prove it, they refuse to exchange USD for tethers.

It's basically fake USD that can be used on a few different exchanges and they just keep printing them all willy nilly.

It's the $1,250,000,000 elephant in the room.

huh? number go up! say more

The long version is that it works like this: You give me $1 and I will give you 1 tether, the exciting new cryptocurrency paradigm that's actually backed by fiat currency. Now you can spend your tether as a virtual $1 bill, because the value of a tether is pegged to USD. Also, the terms of service specifically say I will not redeem your tether for $1. Also, I can issue infinitely many tethers at a par value of $1 (that they cannot be redeemed for) based only on my say-so that I have enough USD to back them 1:1.

The short version is that it works like this: You give me $1 and

[AzzarTheGod]

And what pokes? Get off your iPhone!

[Pokesan]

Originally Posted by AzzarTheGod [You must be logged in to view images. Log in or Register.]

And what pokes? Get off your iPhone!

no that's the whole thing

[skarlorn]

that's the whole thing azzaar cummon dude i have this nice pile of tether here give me your pile of dollar bill and then you can

[AzzarTheGod]

oh I get it. It's a


with tether I'll be

[yyrkoon]

tether is presumably less of a fraud than usd. tether is backed by usd - at least that's the idea.

usd isn't backed by anything but the perception, by the world, of the united states grandeur, which is vague to say the least (unless you are iraqi or afghani, in which case it's not vague at all)

don't get me wrong, i wouldn't hold tether for any longer than it takes to buy some actual ecurrency with it.

also bitfinex seems shady as fuck.

[Pokesan]

Originally Posted by yyrkoon [You must be logged in to view images. Log in or Register.]

tether is presumably less of a fraud than usd. tether is backed by usd - at least that's the idea.

usd isn't backed by anything but the perception, by the world, of the united states grandeur, which is vague to say the least (unless you are iraqi or afghani, in which case it's not vague at all)

don't get me wrong, i wouldn't hold tether for any longer than it takes to buy some actual ecurrency with it.

also bitfinex seems shady as fuck.

PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency. There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.

& i already told you, usd is backed by men with guns

[hokuten99]

sold 100% of my bit coin cash. BCH still has a very safe prominent future but I found coins and tokens that have a better future.

Currently have 0 bit coin and 0 bit coin cash.

[Lojik]

Is there an exchange that is regarded as the most accurate in terms of price? I'm seeing varying prices across the exchanges with price differences of up to $1000.

[Izmael]

If you are speaking of btc/usd or btc/eur rates, Kraken is a good reference IMO.

The exchange is terribad but accepts fiat money from a lot of sources.