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The most likely explanation is that no one is purchasing those Tethers and that they have been printed out of thin air. * Tether purchases are "temporarily dis
by ufo 9y ago
The most likely explanation is that no one is purchasing those Tethers and that they have been printed out of thin air.
* Tether purchases are "temporarily disabled" for regular customers. https://wallet.tether.to/app/#!/signup https://wallet.tether.to/app/#!/signup
* Tether claims that these large purchases are being made by nameless "institutional investors" but didn't name who those investors would be.
* Why would large institutional investors be stupid enough to purchase billions of dollars of useless cryptotokens from a shady company anyway?
- StavrosK 9y agoOh man... That means the tether isn't even pegged any more! If I can't buy them from the issuer for one dollar each and I really need a billion of them for some reason, then they're worth more, no? Conversely, if I can't sell them, they're worthless.
- ufo 9y agoIt gets better! From their terms of service: "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." Apparently they changed this text earlier this month to make it sound less like a total scam but the original text is still available on archive.org: https://web.archive.org/web/20171224172135/https://tether.to/legal/ https://web.archive.org/web/20171224172135/https://tether.to...
- deleted 9y ago[deleted]