/biz/ - Business & Finance

Who here is honestly not that worried about Tether? I’ve seen 728847 threads in the last 24 hours crying out how this is going to crash the crypto world. Here’s what I see:

1. There’s about $2 billion in Tethers that have been printed. From their wallet list it looks like about $1.5 billion of that is sitting in exchange wallets waiting to be traded, but again not in regular hodlers wallets. So truly about $500 mil seems to be exposed to risk.

2. According to CMC there’s about $3 billion in 24 hour volume which leads me to believe its mostly used for short term trades and not being held as a store of value for the most part.

3. Let’s say I tried to redeem Tether for USD and I get denied. I’m fucked right? Well no, I can actually just trade it back on the exchange for BTC/ETH/LTC, send it to Gemini/Coinbase/etc. and trade the coins for actual USD which is deposited in my bank account.

4. Let’s say everyone realizes it’s vapor all at once rendering it untradeable. This would be bad, yes, however again about $500 million in value would disappear. It would suck for those people, and I feel for them, but hardly a market changer considering Tether accounts for 0.003% of the crypto market. I mean Christ not even a day ago everyone was posting “HODL” when the market dropped $200 BILLION almost over night but Tether will be the downfall of us all?

5. Looking at the Top 50, I cant exchange or use most of these for anything of value. There’s a ton of multi-billion dollar vapors going up in market cap (looking at you TRON) which produce nothing but buzzwords on a white paper and no one says a damn thing about it but everyone grabs the pitchforks when Tether won’t show their damn bank statements to the internet?

Maybe I’m crazy but this seems to being blown way out of proportion. Feel free to correct me if I’m wrong.