WHAT IS TETHER? THE ONLY CRYPTOCURRENCY RISING AS BITCOIN, RIPPLE AND ETHEREUM CRASH

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#14202

27 Jan 2018, 09:21

TETHER prices soared this week as the rest of the market plummeted to new lows at a spectacular rate. Here is everything you need to know about the cryptocurrency that survived a crash that crippled bitcoin, Ripple and Ethereum.

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Tether: The USD backed cryptocurrency weathered the market crash on Tuesday

Tether prices remained steady since Tuesday, after peaking at an all-time high of $1.07 (£0.78) just after 3am on Wednesday.
As the top crypto tokens including bitcoin and Ethereum were losing thousands of dollars a minute at around 7am on Tuesday, Tether shot up by 2.9 percent on its opening price of $1.01 (£0.73).
Tether’s market capitalisation behaved even more spectacularly later that day, gaining more than $100million in just 15 minutes, according to CoinMarketCap.
The mysterious virtual currency is one of the very few to have weathered the storm. But what exactly is Tether?
Tether claims to be a cryptocurrency fully protected against volatility, by being backed against the US Dollar. It is likely the reason why the token was unaffected by the crash.
Tether’s creators boast on their website that this guarantees “1 USDT is always equivalent to 1 USD”.
In fact, when looking at Tether’s lifelong performance on CoinMarketCap, the USDT token always sits around the $1 mark – with minor fluctuations halfway through 2017.
Tether’s team says on its website: “Tether is a token backed by actual fiat currency assets, including USD, Euros and, soon, Japanese Yen.
“One Tether equals one underlying unit of the currency backing it, e.g., the US Dollar, and is backed 100 percent by actual assets in the Tether platform’s reserve account.
“Tether is a token backed by actual fiat currency assets, including USD, Euros and, soon, Japanese Yen“ (Tether)
“Being anchored or ‘tethered’ to real world currency, Tether provides protection from the volatility of cryptocurrencies.”
However Tether’s Terms and Conditions explicitly state that Tether is not money in and of itself.
The company document says: “Tether Tokens are backed by money, but they are not money themselves.

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Tether price: USDT's price remains fairly constant and equivalent to $1 per token

“Tether will not issue Tether Tokens for consideration that is other Digital Tokens (for example, bitcoin), and will not redeem Tether Tokens for other Digital Tokens; only money will be accepted upon issuance, and only money will be provided upon redemption.”
As a cryptocurrency, Tether pledges to offer business a fiat-backed digital token that can be used to transfer funds globally and instantly, at smaller costs compared to its main competitors.
In November 2017, Tether claimed to have fallen victim of a cyber attack and lost around $30million (£21million) worth of USDT tokens.
The company said at the time: “$30,950,010 USDT was removed from the Tether Treasury wallet on November 19, 2017 and sent to an unauthorised bitcoin address.
“As Tether is the issuer of the USDT managed asset, we will not redeem any of the stolen tokens, and we are in the process of attempting token recovery to prevent them from entering the broader ecosystem."
Originally, the token was based on the Bitcoin Blockchain system, but Tether made the switch to Litecoin in June last year.

Thanks for reading!

SOURCE: https://www.express.co.uk/finance/city/ ... hange-usdt
PUBLISHED: 12:33, Wed, Jan 17, 2018 | UPDATED: 12:39, Wed, Jan 17, 2018
AUTHOR: Sebastian Kettley



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#14213

27 Jan 2018, 09:54

waoo nice .tether will rock in future due to its strong bison.

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#14242

27 Jan 2018, 10:51

I HAVE THE SAME OPINION.
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#33971

30 Mar 2018, 16:35

Good to know i might have to invest in tether, good to know at least something is holding in this market.

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#40081

15 Apr 2018, 05:21

It's better when market going down

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#44778

07 May 2018, 17:02

i didn't understand what is usdt. i didn't understand how it works. but your post help me much to know about it.

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#44810

07 May 2018, 19:58

It's really a great one.. it can be hold long for big profit if anyone wants...

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#44812

07 May 2018, 20:47

Okay USDT is actually the U.S. dollar with a T at the end. check out the forex and compare the prices they should be the same. If you try and with drawl from Bittrex exchange and transfer it to coinbase for example 20.00 of USDT will cost you $5.00 to move it so you really are losing money. So you buy LTE and send it that way to cash out and end it to GDAX so you don't pay a fee to put back in a checking account or debit card. Just so you know if you have coinbase and are verified you automatically have a GDAX account so the transfers are free from one to the other only GDAX does not charge you to put it back in your checking like coinbase does.

Just a thought:

The USDT is used for levering and margin trading crypto's. It is over inflated I bloody live here and it only is rising because of the trade wars with China. I predict we will be in a recession down the road. Finding a job is really hard and they over play the bullshit about how unemployment rates are lower. That's because most who are out of work are not on unemployment anymore, or didn't qualify for it. If you are going to play the game with American dollars please keep in mind we print money everyday and don't have the gold to back it. Why do you thinks our deficit is 21 trillions plus dollars.

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#46231

19 May 2018, 07:10

Tether helping us to convert btc or usdt to usd and brought out them with the help of bank.. It's really a great project for the world

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#46329

20 May 2018, 19:51

Tether is really a nice cryptocurrency to have, of a truth, tether is not always affected by the fall in price of 0ther cryptocurrencies. From your post, for the team behind tether to say it's not money and being backed up by money, majorly U.S. dollar, I think the team is right, digital currency is not always taken as money but an asset.

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