The scam has been uncovered hahahaha BTC is more stable
Tether has just destroyed 500M USDt from the Tether treasury wallet with the following tx: https://www.omniexplorer.info/tx/76cc7c991e61749d7f4bf6cc7fec63c2d0286c891e386d9c96b66aa939683859 … For more information see the announcement here: https://tether.to/upcoming-usdt-redemption-october-24th-2018/ …
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Thoughts on how this affects the broader crypto market? Negligible? Stabilizing?
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it means tether has the money to buy back the tokens to burn it. Doesn't mean anything to the market
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Yeah&the FUD market panic allowed them to buy discounted $1 pegs.Hypothetically finex buys back 500m tether at 96c, a 4cent margin. After bought back and destroyed they are left with 0.04*500m=$20M profit because it is no longer needed to back those burned tether.Thx
@Bitfinexed -
haha you realize our federal reserve does the same thing right? and any other currencies that are pledged to usd right? Just because you simple something is pledged to something doesn't make it true. You need "manipulation" to keep the pledge rate.
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I don't mind it. Just pointing out to people to not panic sell due to baseless fud.
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its true! in the end we are all victims to all the manipulations. It's important to understand the bigger picture in order to protect ourselves
End of conversation
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Why destroy tether? Can you provide details to your community?
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Because of reduced demand for Tether
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To more closely match the amount that is backed by usd
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So it was not backed by equal Dollar & will not!
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How would that prove your assumption?
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Real question is, why is there no proof that is backed
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The only fact is the FUD is profitable for arbitrage traders. Perhaps one could wonder the source and distributors profit as well.
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Everyone commenting how Tether is a fraud because they did this. How stupid can you get? They print AND destroy tokens based on demand and supply to make it stable. They burned tokens to raise the price back to one dollar. All of you need to start learning basic economic concepts
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Still doesn't make them legit
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I agree, but the thing is all these people in crypto think they know what they are talking about. None of them no shit, they can only follow leaders because these sheep can't think for themselves.
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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Damn you could have burned 495M and transfer 5M to me
Thanks. Twitter will use this to make your timeline better. UndoUndo
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