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It's not a risk free proposition, it's probably a losing proposition in the long term. Every time it dips under $0.99, there's a chance it goes straight to $0

It's not a risk free proposition, it's probably a losing proposition in the long term. Every time it dips under $0.99, there's a chance it goes straight to $0 and cannot be cashed out anywhere.

charcircuit 4y ago
>there's a chance it goes straight to $0 Since Tether is fully backed the chance is really small.
- bagels 4y ago
  They merely claim it is fully backed.
  - charcircuit 4y ago
    No, they also have third party attestations that it is fully backed.
    - bagels 4y ago
      Apparently those attestations are relatively recent in their history, but also not very convincing: https://www.coindesk.com/markets/2021/03/30/tether-takes-step-toward-transparency-with-first-accounting-firm-report-card/ https://www.coindesk.com/markets/2021/03/30/tether-takes-ste... "as noted later in the article the composition of Tether’s assets is not spelled out in the attestation" Meaning they may be backed by loans or fraud coins or anything.
- grey-area 4y ago
  Tether is not fully backed.
  - charcircuit 4y ago
    There is no proof of this. Despite many people complaining Tether continues to pay out billions dollars to people redeeming tethers.
    - bananapub 4y ago
      what does that have to do with anything? being able to pay out some portion of "deposits" is obviously not evidence of being "fully backed".
      - charcircuit 4y ago
        It is evidence that Tether isn't going to instantly crumple like what some Tether haters believe. If you want evidence of being fully backed they have attestations on their transparency page that breaks down their assets.
eli 4y ago
This will absolutely happen some day
- Aperocky 4y ago
  If the feds rate prediction are true, probably within the year.
  - bagacrap 4y ago
    why? tether can survive a 4.25% overnight rate and not 50%?
mancerayder 4y ago
I think that's likelihood is connected to the government resolve to rein in crypto shadiness, which given recent events seems like it's only starting to pick up.

It's not a risk free proposition, it's probably a losing proposition in the long term. Every time it dips under $0.99, there's a chance it goes straight to $0 and cannot be cashed out anywhere.

charcircuit 4y ago

>there's a chance it goes straight to $0 Since Tether is fully backed the chance is really small.

bagels 4y ago
They merely claim it is fully backed.
- charcircuit 4y ago
  No, they also have third party attestations that it is fully backed.
  - bagels 4y ago
    Apparently those attestations are relatively recent in their history, but also not very convincing: https://www.coindesk.com/markets/2021/03/30/tether-takes-step-toward-transparency-with-first-accounting-firm-report-card/ https://www.coindesk.com/markets/2021/03/30/tether-takes-ste... "as noted later in the article the composition of Tether’s assets is not spelled out in the attestation" Meaning they may be backed by loans or fraud coins or anything.
grey-area 4y ago
Tether is not fully backed.
- charcircuit 4y ago
  There is no proof of this. Despite many people complaining Tether continues to pay out billions dollars to people redeeming tethers.
  - bananapub 4y ago
    what does that have to do with anything? being able to pay out some portion of "deposits" is obviously not evidence of being "fully backed".
    - charcircuit 4y ago
      It is evidence that Tether isn't going to instantly crumple like what some Tether haters believe. If you want evidence of being fully backed they have attestations on their transparency page that breaks down their assets.

eli 4y ago

This will absolutely happen some day

Aperocky 4y ago
If the feds rate prediction are true, probably within the year.
- bagacrap 4y ago
  why? tether can survive a 4.25% overnight rate and not 50%?

mancerayder 4y ago

I think that's likelihood is connected to the government resolve to rein in crypto shadiness, which given recent events seems like it's only starting to pick up.