Is Tether a scam and can it be trusted? #3

December 6, 2017

Is Tether a scam and can it be trusted?

Building Crypto Today


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Is Tether a scam and can it be trusted? This is a legitimate question. With 2 hacks in 2017 and their own currency that somehow never changes in value, there are more than a few skeptics and for good reason. A lot positive and negative press is constantly streaming through the webs about Tether and how it is the downfall or savior of crypto. I’d say it’s a little more negative than positive, but still useful. As the old cliche goes, don’t throw the baby out with the bath water.

tether a scam

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Strategy, whether whether Tether is a scam or not.

If you use Bittrex, Bitfinex (not for US persons), or some other exchange that uses Tether, this is an INCREDIBLE tool for saving and making profits in the crypto industry. Seriously, who wouldn’t want the ability to cash out of crypto when you see a peak and get back in on a dip, without “realizing” a gain. That is to say, without creating a taxable event by selling your crypto for ‘real’ paper money.

Why I believe Tether is a scam.

How do you have millions of USD$ in cash reserves, but no person or external organization can verify this? How did you get hacked twice in the same year, to the same wallet? Sounds more than a little bit sketch, in my opinion. So maybe someone has a bead on the poor security posture of the Bitfinex employees, not somewhere I want to keep my money and certainly not a crypto I want to own. Just like Ripple, it goes completely against the security and nature of crypto. Centralized servers and control are a HUGE security vulnerability. The fact that someone can make off with $31 Million USD of a “crypto” from an exchange

Check out the article explaining more about the 2 hacks below:

https://www.coindesk.com/bitfinex-bitcoin-hack-know-dont-know/

A $31 million hack freaked cryptocurrency traders out and sent bitcoin’s price plunging

 

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