Bitcoin’s Tether Problem Explained – Crash Inevitable?
Whether or not you are interested in Bitcoin (or cryptocurrency more broadly), the current shenanigans afoot in the world of digital currency make for a fascinating spectacle.
In this video we are taking a look at how Tether coins work, and why they will be at the centre of the next major crash in the cyptocoin market.
Backup video
Original youtube upload
JLB17103 – Bitcoin’s Tether Problem Explained (29-Nov-2017)
See also the following material
Article: Epic Bitcoin Crash Imminent – Stock Up on Popcorn! #Tether (27-Nov-2017)
Post updated 3-Aug-2022 to add backup video.
JLB,
Who is the fool that is willing to give someone Bitcoins in exchange for the Tether currency? The person who ends up owning all the Tether currency is the fool right?
The different exchanges have their own rules and processes when it comes to taking (‘real’) money out. I haven’t used them so can’t speak from experience.
Reports on reddit.com/r/btc suggest that people have been able to take money out (i.e. BTC -> Tether -> USD) which makes sense. Tether need to build trust before the big swindle 😉
The company I use here in Australia are terrific: put AUD (Aussie dollar) in if you want to buy coins, or put coins in if you want to take out AUD.
They recently paid me out same day, which is terrific service.
Of course, they are doing everything ‘by the book’ so I had to send them more ID than it required to travel overseas, but I suppose that is the price you pay.
I find the story of bitcoin comical from beginning to end. They want us to believe this operation was started organically by some random Japanese guy, and is now going to overtake the banking system cutting off the power of the eilites lmao. While I agree that crypto-currency will eventually overtake our contemporary monetary system, bitcoin is FAR from grass roots. They (Bitcoin punters) want us to believe that TPTB would allow an alternative and independent system to compete with the almighty dollar? Right lol. Meanwhile, ALL lamestream media outlets, including asstro-turf organization RT News and their idiot Bitcoin salesman Max Keiser are a large part to blame for bitcoin’s insane popularity and growth. I think crypto-currencies are here to stay and were created to separate us completely from physical cash and the gold standard. There may be some short term profits which can be made before the axe falls, but like you’ve pointed out John, it’s not without risk.