Tether kicks Auditor to the curb

in TRADING CRYPTOCURRENCIES

Yeah, we got a bit fancy with the intro, right?

This is just a short note to our readers to stay careful when it comes to holding Tether ($USDT). With the recent news about the synthetic dollar, it becomes pretty dangerous to use it in stormy times. We also liked to use it to get out of our altcoins when bitcoin went wild or we suspected wild waters. However, we will refrain from doing that anymore in the future. There was always something fishy with the concept, of having basically an exchange (the team of Tether has quite a few matches with the one of Bitfinex) being able to print money out of thin air, but now it became even worse.

With all the bad press Tether aspired more transparency to the community, they hired the independent auditors of Friedman LLP to achieve that. However, this seems to have been recently dissolved, which is a bad sign and could make Tether collapse. Temporarily, this could be pretty bad for cryptos in general. In the long run, though, there is some kind of upside, as the funds would go into other cryptos instead of USDT in rough times, as there is no low-cost option available for a fast, temporary switch to fiat. In an optimistic point of view, this could at least stabilize the altcoin vs BTC markets to a certain degree.

Steve McKenzie is Crypto Investor, Enthusiast and Trader since Mt. Gox ages. He was hodling through bull runs, bear markets, and has seen bubbles grow and bubbles pop. Well-connected in the world of Fintech he loves to review Crypto Signal groups on Telegram - the good, the bad, the ugly. He reviews the technical analysis, fundamental analysis, the risk/reward ratio and if the channel is giving you the best bang for your buck and tries to save others from signing up with scammers. Legendary Posts: The Best Crypto Signals on Telegram | The Best Bitmex Signals on Telegram

Leave a Reply

Your email address will not be published.

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest from TRADING CRYPTOCURRENCIES

Go to Top
Thank you, Darling! Let's stay in touch so we can feed with more Crypto frenzy!