Bad news: Time to avoid TETHER/USDT and maybe Bitfinex

If you're using tether/USDT, some bad news is coming to light.

When I discovered tether USDT, I was in heaven! FINALLY, I had a stable USD-pegged crypto I could use to lock in gains on another currency. It was so good, there were times a month or two ago when I thought the market had peaked that I parked the entire value of my crypto in USDT. I stopped doing that, when, the following day, I realized I had missed out on another 12% gain overnight. Nevertheless, I started worrying.

I did some research and found one or two lone voices, sceptics calling out words of caution. The person had the in-depth knowledge of crypto and markets that ze's criticisms were authoritative. They described how tether was not trully pegged to the USD, and described something fishy going on with bitfinex. Unfortunately, I don't remember that person's username and I didn't save links to their writings. Otherwise, I'd share them with you here now. However, I was so worried by these warnings and the writer's expertise that the impact on me was profound: I moved all of my (already puny) holdings out of USDT/tether and decided to never touch it again.

Now, over the past few days, there are new reports of problems:

It seems that Tether broke off relations with the auditor it hired to review its books.
Bitfinex, which owns tether, may be using tether to cover losses from being hacked last year.
It seems that USDT isn't really pegged to the USD.

There's just too much bad news coming up now to be overly confident. So, buyer beware. Put your money somewhere safe.

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