October 15, The Day USDT goes DOWN.
What do you do?
There are other new stable coins that are following regulations and are backed by the US Dollar.
PAX TUSD USDC and GUSD
Supposedly.
Right now, Bitcoin on Binance is $500 higher than CoinBase. It's because BTC is paired with USDT. What does that mean? I have no idea but it's not good. We've been waiting for action, one way or the other. I don't think this was it.
As much as I disliked Coinbase, You can go into FIAT and wait it out. CoinBase insures your cash (not your crypto).
I've added links to the latest stories on USDT below. Some really interesting stuff here. It's worth a read. I didn't trust USDT from the beginning still very eye opening. All from today, almost like they had a nice story ready to go.....
The Thether Story. How the world's Most Popular Stable Coin Became a LOT Less Stable
Bitfinex Premium on Bitcoin Hit $1,000 Today, Can It Affect the SEC’s Decision? -
Tether Pulled $300 Million in Cryptocurrency out of Circulation Last Week
OKex to List 4 New Stable Coins
Some interesting points from the articles above
- Bitfinex shares a management team with Tether
- Tether LLC pulled $300 million worth of USDT out of circulation last week
- Bitfinex and Tether are once again struggling to find a consistent banking partner
- Noble Bank International, the Puerto Rican bank rumored to be Bitfinex and USDT's doesn't seem to have any $$
- Noble was willing to work with Tether and Bitfinex after Wells Fargo dumped them. (Swell)
- It's Possible that Bitfinex is No Longer Solvent
- Paxos Standard, USD Coin, and Gemini Dollar are regulated by New York State's Department of Financial Services.
- Kucoin suspended USDT deposits and withdraws and conveniently turned them back on after damage was done.
Without regulations of any kind, this is the shit show that will keep happening. It sucks.
Melissa (in crypto mode today!)