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I post this over and over in these threads, but I only get downvotes from people who don’t know anything and are completely devoid of any knowledge of the crypt
by seibelj 6y ago
I post this over and over in these threads, but I only get downvotes from people who don’t know anything and are completely devoid of any knowledge of the crypto industry beyond hot takes they read.
Tether is backed. It isn’t a fraud. I worked at a company that minted and burned billions of Tethers. Keep praying for it to die - it won’t.
- prakhar897 6y agoTether says it's backed but there's no proof of it. Infact, a few days back, they admitted in court that there currency is only 62% backed. That's why this court ruling is important.
- Imnimo 6y ago>Tether is backed. Is it backed by dollars?
- CryptoGhost 6y ago> Tether is backed. It isn’t a fraud. Both of these can be true. But it is also true that Tether cannot be redeemed for USD (owning USDT does not entitle you to exchange for USD) and it has never undergone a hard audit. So while the entire project can be a good faith effort its also entirely possible its worth a lot less than $1USD for 1 USDT
- seibelj 6y agoYes you can! My company did! I know many companies that do! It’s just limited to offshore orgs that pass compliance and redeem large blocks at a time. Redemption isn’t for retail.
- CryptoGhost 6y agoThe point being this is completely discretionary. It's not comparable to say Gold Certificates in the USA where it gave you title to actual gold coins you could redeem. Holding USDT gives you title to nothing other than USDT itself.
- nmfisher 6y ago> Tether is backed. I guess we'll find out on Friday if that's true or not.
- mekster 6y agoIf what you only say is, it is backed, without proof, how hard is it to imagine to get down voted? If you have a proof to back your claim, feel free to share to get the upvote you're looking for.