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Finally people are waking up to this. Summary of Tether for the uninformed: 1. Their terms state that they owe you nothing in exchange for Tethers you hold 2

Finally people are waking up to this. Summary of Tether for the uninformed: 1. Their terms state that they owe you nothing in exchange for Tethers you hold 2. This effectively means Tether is backed by nothing. The 1:1 peg with USD is a total farce Tether must and does at all times reserve the right to refuse to issue or redeem Tether Tokens... No Representations & Warranties by Tether: Tether makes no representations, warranties, or guarantees to you of any kind. The Site and the Services are offered strictly on an as-is, where-is basis and, without limiting the generality of the foregoing, are offered without any representation as to merchantability or fitness for any particular purpose. What this means: Tether can print 1 billion Tethers, buy up 1 billion Bitcoin, and then cash out into dollars. In other words, they have engineered a way to more or less counterfeit U.S. dollars by counterfeiting cryptocurrency. I hope they go down hard.

catbird 9y ago
Why would anyone buy a Tether? Are people getting into cryptocurrencies really that clueless? I can see the idea behind bitcoin, that somehow it can hold value due to its inherent scarcity and high demand. But if the Tether supply is unlimited and controlled by a single company, how could anyone possibly believe it would hold its value?
- ttul 9y ago
  Yes, they are THAT clueless. This is “Boiler Room” x 1,000
- clark-kent 9y ago
  Most exchanges that trade Tether display it in a way that makes users think its actual fiat USD.
- lingben 9y ago
  > Are people getting into cryptocurrencies really that clueless? short answer is YES, people getting into cryptocurrencies really are that clueless. take for example that the vast majority who opened new accounts at coinbase didn't realize that you could buy fractional shares of bitcoin and therefore assumed since they couldn't afford bitcoin at 1BTC at around $15k they opted for altcoins https://www.reddit.com/r/Bitcoin/comments/7femm2/many_people_dont_realize_that_you_can_buy_a/ https://www.reddit.com/r/Bitcoin/comments/7femm2/many_people...
- chx 9y ago
  > Are people getting into cryptocurrencies really that clueless? I have bad news for you... YES. Check http://supercoolawesomemoney.com/ http://supercoolawesomemoney.com/
  - catbird 9y ago
    Wow, is there any way to see how much SCAM they have sold so far?
    - chx 9y ago
      Looks like not a lot. 0.01088891 Ether https://etherscan.io/address/0xdf4B1A742D3B4F87099C835d5423B54f0B5Ed4e8 https://etherscan.io/address/0xdf4B1A742D3B4F87099C835d5423B...
js2 9y ago
How do you purchase bitcoins using tethers? What exchange will do that?
- djKianoosh 9y ago
  https://coinmarketcap.com/currencies/tether/ https://coinmarketcap.com/currencies/tether/
ttul 9y ago
People will go to jail for this. I don’t know quite what they were thinking.
- chx 9y ago
  Why? Their terms of service crystal clear tell you they do not guarantee a thing. If you pay money for something where the seller explicitly tells you its worthless why would they go to prison?
cies 9y ago
> The 1:1 peg with USD is a total farce As long as the demand for USDT soars, it works! They can keep the price pegged by creating more USDT. If the demand shrinks they can buy some back. If the demand shinks enough, they go belly up and all is worthless. Actually not too different than fiat currency. Only they have the demand for it locked by laws/ treaties/ wars/ etc. Tether is not that big.

catbird 9y ago

Why would anyone buy a Tether? Are people getting into cryptocurrencies really that clueless? I can see the idea behind bitcoin, that somehow it can hold value due to its inherent scarcity and high demand. But if the Tether supply is unlimited and controlled by a single company, how could anyone possibly believe it would hold its value?

ttul 9y ago
Yes, they are THAT clueless. This is “Boiler Room” x 1,000
clark-kent 9y ago
Most exchanges that trade Tether display it in a way that makes users think its actual fiat USD.
lingben 9y ago
> Are people getting into cryptocurrencies really that clueless? short answer is YES, people getting into cryptocurrencies really are that clueless. take for example that the vast majority who opened new accounts at coinbase didn't realize that you could buy fractional shares of bitcoin and therefore assumed since they couldn't afford bitcoin at 1BTC at around $15k they opted for altcoins https://www.reddit.com/r/Bitcoin/comments/7femm2/many_people_dont_realize_that_you_can_buy_a/ https://www.reddit.com/r/Bitcoin/comments/7femm2/many_people...
chx 9y ago
> Are people getting into cryptocurrencies really that clueless? I have bad news for you... YES. Check http://supercoolawesomemoney.com/ http://supercoolawesomemoney.com/
- catbird 9y ago
  Wow, is there any way to see how much SCAM they have sold so far?
  - chx 9y ago
    Looks like not a lot. 0.01088891 Ether https://etherscan.io/address/0xdf4B1A742D3B4F87099C835d5423B54f0B5Ed4e8 https://etherscan.io/address/0xdf4B1A742D3B4F87099C835d5423B...

js2 9y ago

How do you purchase bitcoins using tethers? What exchange will do that?

djKianoosh 9y ago
https://coinmarketcap.com/currencies/tether/ https://coinmarketcap.com/currencies/tether/

ttul 9y ago

People will go to jail for this. I don’t know quite what they were thinking.

chx 9y ago
Why? Their terms of service crystal clear tell you they do not guarantee a thing. If you pay money for something where the seller explicitly tells you its worthless why would they go to prison?

cies 9y ago

> The 1:1 peg with USD is a total farce As long as the demand for USDT soars, it works! They can keep the price pegged by creating more USDT. If the demand shrinks they can buy some back. If the demand shinks enough, they go belly up and all is worthless. Actually not too different than fiat currency. Only they have the demand for it locked by laws/ treaties/ wars/ etc. Tether is not that big.