Tether just opened up a platform for withdrawing fiat USD directly from them:<p><a href="https://tether.to/tether-reopens-account-verification-and-direct-redemption-of-fiat-from-its-platform/" rel="nofollow">https://tether.to/tether-reopens-account-verification-and-di...</a><p>> This update allows the immediate withdrawal of Tether to fiat (1:1), with the ability to acquire coming soon.<p>So Tether still backs the USDT 1:1 by fiat while Bitfinex just becomes another trading market. Other exchanges already have USDT markets that change in value.<p>This event is not the "de-tethering of Tether." It is returning the responsibility of backing USDT to Tether.
A link direct to the announcement for the curious: <a href="https://www.bitfinex.com/posts/319" rel="nofollow">https://www.bitfinex.com/posts/319</a>
It's not like Bitfinex has ever allowed anyone to cash out their USDT for USD (despite claims to the contrary) so maybe this is just them coming clean about that fact?<p>They've also removed (false) claims about being audited from their FAQs section[0]<p>[0] <a href="https://tether.to/faqs/" rel="nofollow">https://tether.to/faqs/</a> vs <a href="https://web.archive.org/web/20180628141947/https://tether.to/faqs/" rel="nofollow">https://web.archive.org/web/20180628141947/https://tether.to...</a>
Oh so all of those who had kept money as usdt will have their money devalued. Nice<p>Remember, the longer you stay the more money you can lose<p>This will be fun to watch
This is a well known Twitter account with no other purpose that tweeting 3times per dat for 2 years stuff about Tether which proved reserves last week again. I would be cautious about alterior motives. Those accusing or manipulation can be the manipulators in disguise.
So, is the Bitfinex BTC/USD market now a USD or USDT market? The price premium compared to other exchanges indicates it's a BTC/USDT market yet it's called BTC/USD. Has anyone sold BTC on bitfinex? Do you get USDT or USD?
Honest question... did tether ever allow people to create accounts? As far as I can tell he only way to buy tether has been via exchanges... even at this time last year their "create a new account" form was disabled.
I find it curious that there isn't any analysis suspecting the BTC crash to the breaking of the USDT peg. It started a couple weeks ago and now USDT is routinely trading at a discount relative to $1.<p>There were a ton of articles in 2017 speculating that the bubble was being directly inflated by USDT printing and when the peg broke BTC would crash[0]. Now that those things have happened - silence.<p>[0]: <a href="http://fortune.com/2017/12/05/bitcoin-btc-price-usd-tether-limited-bitfinex/" rel="nofollow">http://fortune.com/2017/12/05/bitcoin-btc-price-usd-tether-l...</a>