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by mhluongo 2765 days ago
No- the market will buy and sell Tether at the market-discovered price- which means it's no longer centrally "pegged" by Bitfinex.

This could be because they want to better take advantage of the difference in price themselves, knowing that their books are good and that the token is backed- or, following the narrative, it's because the token isn't 1:1 backed. Either way, this further erodes trust in Tether
1 comments
chrisco255 2765 days ago
No they're making easier to withdraw USDT to fiat, minus a 0.4%-1% fee. All indications are that they do in fact have $2B in cash on hand to back the USDT in circulation: https://tether.to/wp-content/uploads/2018/11/Tether-Letter.p...
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JumpCrisscross 2765 days ago
> All indications are that they do in fact have $2B in cash on hand

No-liability letter showing a point-in-time portfolio cash position from a bank in The Bahamas posted to Tether's domain is a far cry from sound. It's not nothing. But it's trivial to manufacture with an overnight loan--that's why banks get audited.

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User9991 2765 days ago
Yes, BTC and other crypto are down 80-90% in a matter of weeks, but this is Bitfinex making it "easier" to withdraw your money. Are you gullible or trying to deceive others to save yourself?
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chrisco255 2765 days ago
They're not down 80%-90% within weeks. BTC has been on a year long decline from it's $19K peak this time last year. I'm not gullible, people are withdrawing USD using USDT. Thats a stable coin acting as advertised. I've never owned any Tether. But I've never seen so much FUD. Personally, I'm going to be getting some DAI as a stable coin as I like and trust it's decentralized system much better.
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