Keep your head on a swivel. If you have no choice but to use USDT in your trading, do it quick until there's more transparency.
A statement yesterday from Tether will help explain a new term I've invented-
Coin-Vaguing. It's a little like Vague-Booking. That thing people do on Facebook like, wish me luck but I can't tell you. Or please think good thoughts for me, but I can't tell you. This is a little different. This is a coin that doesn't give you all the answers or facts.
Tether released statement on USDT drop: *"We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that *assets have always exceeded liabilities."
Have they? Why can't we see it? VAGUE. Yesterday was eye opening for me. Yet, many have already forgotten.
My fears about USDT are not FUD or crazy. I'm not holding any and even if I never hold any again, it will affect the entire market if they go down. It could pump a lot of money into BTC in the short term. What would happen after that? Hard to say. What about the other coins? Exchanges pegged on that instead of USD could have major problems.
I have to admit, Coinbase was a safe haven yesterday. I felt secure in knowing my USD was insured. I have a feeling that we'll end up with a few major trading platforms that are USD pairs eventually. Unless it's proven and transparent that stable coins are actually stable.
The fact there are never straight answers, yet we trust them with our money is, frightening. Someone better get a handle on this before it takes the whole market down.
I own my own business. If I take money from someone, it's my responsibility to give them a receipt and give what they paid for. It's all very transparent. Legitimate businesses, let alone financial institutions don't act like this.
I don't know what the answer is, except EXTREME caution.
Here are a few of today's new stories on the situation.
If Tether Crashes Will That Money Pour Into Bitcoin?
https://globalcoinreport.com/tether-usdt-crashes-bitcoin/
New Stable Coins are Being Added ASAP
https://cointelegraph.com/news/fifth-largest-crypto-exchange-huobi-lists-four-usd-backed-stablecoins-following-okex
Instability Fails to Calm Chatter Over it's Future
https://cryptonewsreview.com/tether-statement-on-usdt-price-instability-fails-to-calm-chatter-over-its-future/
Melissa
(crypto mode 2 days in a row!)
