IT BEGINS !!

Tether has been a systemic risk in the crypto space for years now. I was warning about it over 3 years ago and even though I expected it to collapse during the bear market of 2018 it's still hanging around.

https://steemit.com/bitcoin/@buggedout/5-reasons-i-sold-my-cryptos

Check the date on that post. It was just weeks before BTC topped out in 2017. Tether is still in play today and the flippening threat has abated but the other 3 of my 5 reasons and commentary were spot on. For what it's worth I see more upside ahead for the crypto market in 2021 ;)
 
Saw that tether market cap is $24 billion. If the SEC wants to investigate, the exchanges will go bankrupt if they have to refund the tether credits for real money. This means exchanges are dangerous to invest in. The exchanges will also sue the people who deposited tether, it will be a huge mess that will take 10 years to resolve through the courts. Bitcoin will be trashed big time but that will be a good entry point.

The Fed is very quiet recently, maybe they are busy with the new Fed coin. :D
 
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JohnnyBravo300 said:
Yes that's all third party risk for something with supposedly no third party risk.
Cryptos have many downfalls that give me pause and that's just one.
Just the fact they rely on an electrical grid running perfectly and internet are a huge indicator of future failure right there.
Then you need the exchanges and tons of other crap.

It's all risk with cryptos. Theres nothing more centralized and with more third party risk than cryptos, I dont care what the bulls say.
They are probably one of the most risky in my view.

Tyere are far too many potential downfalls for it to ever be money, same with anything digital.
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I've read somewhere about governments can block crypto internet traffic based on TCP ports or IP addresses. Unlikely to happen in the major countries, US, Germany, Japan, but ISPs could still block them on a commercial basis. Having said, I think "legalised" cryptos will have a bright future.
 
No. Please stop with the FUD. Crypto traffic can not be blocked like that, exchanges will not be going bankrupt if Tether fails and they won't be suing people who deposited Tether. Your last two posts are loaded with garbage FUD.

Please do your own research but also make sure you know what you're talking about before posting stuff like this.
 
The tether scam makes perfect sense. If it manages to topple Bitcoin, people will go around screaming for their nanny states to regulate it. The nanny's will say see you can't be trusted with private crypto, ban them, and then whip out their completely centralised gov coins.
 
It's unlikely that private cryptos would be banned but regulation is a sure thing and big tech will be the enforcer and at the same time, roll out their own crypto, such as FB's Libra.
 
66rounds said:
The tether scam makes perfect sense. If it manages to topple Bitcoin, people will go around screaming for their nanny states to regulate it. The nanny's will say see you can't be trusted with private crypto, ban them, and then whip out their completely centralised gov coins.
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Cool story bro o_O (sorry, couldn't help myself)

Tether MC = 25B.
Bitcoin MC = 623B.
 
LiverBird said:
Cool story bro o_O (sorry, couldn't help myself)

Tether MC = 25B.
Bitcoin MC = 623B.
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Just brainstorming. But I guess you missed the part in the article about Bitcoin inflows? Market cap is irrelevant if they're issuing free "unbacked" tether.
 
66rounds said:
Until Tether Ltd are more transparent with their supposedly 100% USD backed coin, we will never know. This represents a significant risk.
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Ironic really. Calls for Tether to declare that they're 100% backed by a fiat currency that is backed by reputation and legislation only. ;)

66rounds said:
That'll allow them to be listed by the bigger exchanges.
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Which bigger exchanges don't list it it?
 
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