Will crypto collapse if Tether indeed has no value at all? by docmastery

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bitshares · @docmastery · Jan 31 '18

$15.78

Will crypto collapse if Tether indeed has no value at all?

For those who doesn't know what are Tethers, this are digital assets that are widely use for margin trading in the form of USDT that Tether claims that every Tether is "backed with a US Dollar reserve". Tether is widely use in centralize exchanges such as Bitfinex, Bittrex, Poloniex and so on. . . Tether also claims that you can use them for exchange with USD.

Tether has a marketcap value of [$2,020,816,630 USD](https://coinmarketcap.com/currencies/tether/), because of this U.S. Regulators are worrying that maybe such value doesn't exist in their so called "bank". Also, Bitfinex the largest exchange shares the same Chief Executive Officers with Tether. If you can remember, Bitfinex was the number one source in Bitcoin's growth this past December reaching a market cap of $333,809,636,918. Resulting to the biggest dump in crypto market's history. Now, [U.S. regulators subpoena crypto exchange Bitfinex/Tether](https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc). In the article, it tells that no audit has ever been made by Tether resulting investors doubting if each Tether is really backed with a USD.
<center>![Untitled.png](https://steemitimages.com/DQmY32m1bQZYZL9sPLsz8cS9Rj84brnx7J5BfJKPQrwT3fB/Untitled.png)</center>

Now the question is will crypto collapse if Tether doesn't hold anything at all? The answer is no, Crypto will continue in the form of crypto to crypto trading less the USDT. Also, some exchanges are now using bitUSD( a smart asset that is backed with Bitshares for almost 200%). USDT is just a margin tool that stores your money in the form of USD, this will only affects crypto in a small portion.

👍 johnsmith, tt-dogg, vortac, lasseehlers, docmastery, yury-vas, ppitonak, bitshares76, sumoponi, steembasicincome, edolascrypto, bitcointv, coco357i, nanocheeze, timozhang

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@andrea.pacini · Jan 31 '18 (edited)

Bitfinex Exchange and the Tether project received agendas.
The Bitfinex Exchange and the Tether project received agendas from US regulators who had questions about the legality of the tokens issued by the project.
At the same time, the very fact of issuing the agendas caused an ambiguous reaction in social networks.
As of Tuesday, Tether traded at an average of $ 0.99, and prices fell to $ 1.05 in the last month.

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@edolascrypto · Jan 31 '18

$0.15

I do think we will see one of the biggest crashes so far if tether just vanishes.

In the long term it will be great for the market, and we will be even less btc dependant.

👍 docmastery, leminou, cryptocatz

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@docmastery · Jan 31 '18 (edited)

$0.14

It could happen or the crash already happened. Tether only has a 2 billion dollar market, panic selling will be our worst nightmare.

👍 docmastery, leminou, edolascrypto

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@ibrahim.tech · Jan 31 '18

Tethers is grow up day by day in crypto market.

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@nzfxtrader · Jan 31 '18

Panic sellers of #bitcoin are truly stupid. Think about it, if you are holding Tether, the only way out would be to *buy* crypto with it.

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@timozhang · Jan 31 '18

$0.11

Really good
Hope for mutual support

👍 docmastery

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@docmastery · Jan 31 '18

$0.11

Thank you!

👍 docmastery

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