Tether, Untethered | Hodler's Digest



after 50 years Big Bird is finally retiring a graceful dignified exit for a much beloved figure one bird that may never retire nor act dignified is the albatross around the crypto markets neck tether well this week tether became untethered but the question is will it rise from the ashes like a phoenix or just get mad and call everyone a horse face also this week finance in Uganda Vic wind goes off-grid and Mike Novogratz says no to the rally this year ladies and gentlemen welcome to this week's hot lers digest if coin market cap was a murder mystery a crypto whodunit if you will Heather would be the prime suspect nobody knows the location the weapon or the method yet they are sure of the murderer it was the stable coin but is this so-called stable coin really guilty of everything it is accused of or is it the most controlled crypto actually the most misunderstood market manipulation rumors aside what makes Heather so controversial is the suspicion that its billions of token issuances are not actually backed by dollar reserves as they claim rumor is supported by tethers sudden break with their auditor earlier this year and although an unofficial audit conducted later attempted to Asajj the public of tether honesty it did little to Asajj its critics one of whom is so fiery that he's actually been sued by BitFenix an exchange connected with tether for his brutal tether burns on twitter now this week in yet another of a series of bad news for the stable coin tether appeared to become untethered and what we call the great unpacking on Monday it dropped to as low as 95 cents prompting speculations of a bank run elsewhere on Twitter people had their fun at tethers expense perhaps most notably by net CEO cz there were even a few contrarians out there that saw the great unpacking is a good thing and finally the Winkle by with a thought-provoking take on the whole debacle we spoke to Tony Bayes to give us his take on tether untethered there's our the biggest positive from this is a reminder to people that you are dealing with a risky unregulated space and you really need to know what you're doing and you can't rely on something like tether to exist a year from now you have to be very diligent in this ecosystem because something like this can happen and it's a good reminder to people not to get complacent and not to assume that everything is fine you're always supposed to understand that holding tether comes with gigantic risks I I honestly think that tether should never trade more than 95 cents on the dollar maybe than 90 maybe even ninety cents on the dollar and I think holding tether is very risky and a reminder like this every three to six months is very healthy for the market because it reminds people how unstable D stable chords are a lot of people misunderstood the the tether panic into Bitcoin for genuine demand for Bitcoin and reversal of the bear market I disagree with that view I think this is just a temporary migration of capital from because people were not interested in holding Bitcoin because in a bear market but the asset they were sitting in I became more risky than then Bitcoin I think that once this settles down now people will go back to the position that they had before I don't see this news reversing the bear market I'm still I still think that the the road the rest of this year is gonna be a little bit harder but eventually we will bottom out and prices will reverse if you are not a fan of the stable coin or bit the next you might want to check out this medium page it's a blog dedicated entirely to uncovering alleged fraud committed by tether and Betamax check it out purely for the simple reason that BitFenix tried to sue it out of existence next up in this news roundup investment firm fidelity fidelity launched fidelity digital assets this week a pretty important development in the crypto world even if it's not the jazia snooze item of the week brewing through the jargon the press release notes that fidelity digital assets will offer enterprise quality custody and trade execution services for digital assets the CEO of this new venture believes part of their mission is making Bitcoin more accessible to investors however fidelity digital assets is only available to institutional investors for now aiming to provide them with heads up more jargon a secure compliant and institutional grade omnibus storage solution for Bitcoin other and other digital assets fidelity is hoping they're pretty substantial Wall Street potentials and over seven point two trillion dollars in client assets will encourage big institutions to finally hop on over to the crypto space and fidelity digital assets head Tom Jessup has promised to leverage all the resources of a big organization in order to do so according to research cited by fidelity about 70% of institutional finance executives believe crypto will eventually play a role in the financial sector but many remain sitting on the sidelines Jessamyn fidelity hope to change that back in June finance founder C Z told coin Telegraph in an exclusive interview about plans to set up shop in Uganda and this week sees wish came true and the largest international exchange launched a Fiat crypto exchange in Africa if you are Ugandan interested in crypto you cannot deposit and withdraw you've gone in shillings with finance Uganda currently it is only possible to trade Bitcoin in aetherium for fiat but expect more Kryptos to be added in the future earlier this year the bank have you gone to issue warning to his clients about risks surrounding crypto however the government is looking in the blockchain in spite of its pretty close relationship to the evils of crypto as a way to tackle inefficiencies in the public sector in the medium post finance talked about how this foray into Uganda was an educational venture as much as a business one their CFO believes the exchange knew ganda will bring more innovations to the reason anacondas itself is actually a very I would say a typical or quite representative of sort of the the the trend that we're seeing in Africa you know about six 60 70 million people predominantly demographics quite young very technology savvy information is actually quite transparent actually we're firm believers in that sort of like through blockchain technology and to see the crypto um cryptocurrency we can actually help to drive sustainable development in Africa in the value add to the average Ugandan basically you know we are delivering the freedom of money and the Sweden investment today so we are hiring in in Africa we're hiring we're looking for investment partners to join our labs team we're looking for or hiring in Uganda for operational people there so so I think we'll want to get that message up well Bitcoin won't Nouriel is doing a hard fork by increasing his block size after a Senate hearing in which he called crypto both the mother and father of all scams it's safe to say that economist Ariel Roubini is almost hollers Christmas card list though is the mother or father of all scams and bubbles and yet for a man so open to debate he seems to have blocked an awful lot of people on Twitter so much so that the hashtag blocked by Meriel has become a badge of honor amongst the great and the good of the crypto Twitterverse to be fair being open to debate is one thing but having to fend off mean tweets by the truckload is something else some of those featured on the hash tag block by maria list are quite high profile Roger ver for example and Eric Boras was positively ecstatic about it roubini hasn't ducked all of his critics he has fired back itself although fortunately for us sometimes misfiring like this exchanged with re Paul in which the economists mischaracterized an old interview that re Paul had given about a 50k price prediction Paul accused rapini of not even watching the video he linked to in his tweet professor beanie please do your homework next time Tim Draper Tom Lee and Mike Novogratz are so famous for their predictions they can start as the three witches in an off-broadway production of Macbeth but unlike those three witches they tended differ wildly in their respective prophecies Michael Novogratz one of the three seers was more cautious in his prediction at this week I don't see us meaning Bitcoin breaking $10,000 by the end of the year but don't worry this bull isn't becoming a barrel of a sudden he still thinks the 2019 has the possibility to see big institutions getting into crypto and he's putting his money where his mouth is to Galaxie Investment Partners will become one of the first clients of fidelities new digital asset service which aims to bring crypto accessibility to institutional investors Tom Lee on the other hand remains bullish as ever sticking to his prediction of Bitcoin to hit 25k by the end of the year everyone entering into the crypto space is essentially entering into the Wild West but not everyone actually goes off grid and into the wild earlier this year we reported on the developer Daniel Jones who claimed to have successfully completed a solar-powered off-grid crypto transaction using just shortwave radio and blockchain last weekend another developer achieved an equally if not more badass task by sending Bitcoin twelve point six kilometres away without a cell phone network or an internet connection impossible you say well we spoke to the guy behind this Bear Grylls level of crypto trading I'm trying to demonstrate that can work in just how powerful is but look where I see the real myself or I see the real value at the moment is either in censorship the situation with censorship resistance is an important kind of feature so you know whether it's in a war zone or maybe even a prison or something like that where you know you're not able to get access to a cellular network for whatever reason something like goat in here is an easy deploys solution to be able to get from where you are to some internet another one is a disaster zone where or perhaps a remote location where the infrastructure has been destroyed or doesn't exist here is some further reading and watching to see you out the rest of your Sunday not satisfied with trying to take down crypto Rubini puts blockchain in his crosshairs and in case you didn't already know Roger they're really really really doesn't like government and I mean really and as always like subscribe and huddle coin telegraph like subscribe and huddle

21 thoughts on “Tether, Untethered | Hodler's Digest”

  1. All my Ugandan brothers and sisters, follow me! I know the way!

    HODL 'til 2020 and laugh your way to the riches!

  2. Tony vays knows nothing why the fuck do people worship that idiot, and why does everyone wants some instituions ? do they not realise custody means they "store you bitcoin" meaning you pay for a paper saying you own a bitcoin so what happens when they fuck up and dont give you your bitcoin it'll just be like fiat in the bank people are so stupid

  3. quality is getting great, content and visual wise. ive been looking for a good this week in crypto type show. think i found it

  4. – Stablecoin USDT is trading below $1 and they claim to have a $2 billion backing up tether.
    – Now, show us the money?
    – No, we can't. Cause Noble bank(a puerto rican bank which they have their money in it) is up for sale!?

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