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So Tether seems to have been hanging out at about 0.97 lately ... isn't that a massive problem? If anyone really believe they were worth 1.00 USD we'd be vacuu

by habosa 8y ago

So Tether seems to have been hanging out at about 0.97 lately ... isn't that a massive problem? If anyone really believe they were worth 1.00 USD we'd be vacuuming up those 3 pennies.

Qworg 8y ago
There could also be 3 pennies of friction in getting the money into or out of Tether.
- discodave 8y ago
  I have a feeling that the friction is very directional. There are lots and lots of stories about individuals losing money in bitcoin and tether, this is one way they do it.
Scoundreller 8y ago
Tether’s market cap has been going down on coinmarketcap.com Possibly they’re using their fiat dollars to redeem tethers at a discount? (Or to try and enforce the peg)?
- JumpCrisscross 8y ago
  > Possibly they’re using their fiat dollars to redeem tethers at a discount? Doesn’t Coinmarketcap use exchanges’ self-reported data? What prevents Bitfinex from wash trading at $1?
  - carrja99 8y ago
    Nothing... they can also print them at will too, there's no true proof of funds. The site is a joke, I've been watching it since it launched and you can never create an account. Only way to obtain USDT is second hand on exchanges.
  - Scoundreller 8y ago
    That would inflate volume, but have minimal impact on market cap. I dunno if Tether’s ledger is public or not. I would assume it would have to be for anyone to know how many are in existence.
    - hndamien 8y ago
      The ledger is public via Omni, their bank balance in reserve on the other hand.......
      - JumpCrisscross 8y ago
        > The ledger is public via Omni The ledger doesn’t report the dollar price at which Tethers were bought and sold. The ledger could remain intact while Bitfinex falsifiés the prices of trades.
        hndamien 8y ago
        Isn't that what I was alluding to?
        electic 8y ago
        The explorer does not report trades. It simply shows transactions on the chain and the supply. If you want the price, you need to aggregate the USDT trades across all pairs to get the price. https://blockmodo.com/quotes/USDT https://blockmodo.com/quotes/USDT It moves up and down but it largely comes back to a dollar.

by habosa 8y ago

So Tether seems to have been hanging out at about 0.97 lately ... isn't that a massive problem? If anyone really believe they were worth 1.00 USD we'd be vacuuming up those 3 pennies.

Qworg 8y ago

There could also be 3 pennies of friction in getting the money into or out of Tether.

discodave 8y ago
I have a feeling that the friction is very directional. There are lots and lots of stories about individuals losing money in bitcoin and tether, this is one way they do it.

Scoundreller 8y ago

Tether’s market cap has been going down on coinmarketcap.com Possibly they’re using their fiat dollars to redeem tethers at a discount? (Or to try and enforce the peg)?

JumpCrisscross 8y ago
> Possibly they’re using their fiat dollars to redeem tethers at a discount? Doesn’t Coinmarketcap use exchanges’ self-reported data? What prevents Bitfinex from wash trading at $1?
- carrja99 8y ago
  Nothing... they can also print them at will too, there's no true proof of funds. The site is a joke, I've been watching it since it launched and you can never create an account. Only way to obtain USDT is second hand on exchanges.
- Scoundreller 8y ago
  That would inflate volume, but have minimal impact on market cap. I dunno if Tether’s ledger is public or not. I would assume it would have to be for anyone to know how many are in existence.
  - hndamien 8y ago
    The ledger is public via Omni, their bank balance in reserve on the other hand.......
    - JumpCrisscross 8y ago
      > The ledger is public via Omni The ledger doesn’t report the dollar price at which Tethers were bought and sold. The ledger could remain intact while Bitfinex falsifiés the prices of trades.
      - hndamien 8y ago
        Isn't that what I was alluding to?
      - electic 8y ago
        The explorer does not report trades. It simply shows transactions on the chain and the supply. If you want the price, you need to aggregate the USDT trades across all pairs to get the price. https://blockmodo.com/quotes/USDT https://blockmodo.com/quotes/USDT It moves up and down but it largely comes back to a dollar.