$ (USDT) USD Tether - fake USDs, now worth $0.98

  • Order for the new server will be going in ASAP. Performance will be rocky until then (rip).


not a financial adviser
True & Honest Fan
Bitfinex recently moved from Noble Bank to HSBC. This had caused a disruption in deposits, and a significant ($50+) BTC premium on USDT based exchanges.

Comparison of multiple exchanges, note how Bitfinex, Poloniex and Binance are higher in price than Bitstamp, Gemini and Coinbase.

Bitfinex released a statement, saying that nothing is actually wrong, that the deposit delay is resolved. https://medium.com/bitfinex/a-response-to-recent-online-rumours-677de7c4d171 (https://archive.fo/kZbmG)

USDTUSD pair on Kraken, showing that the price of the USDT has not recovered, despite assurances from Bitfinex.

I do not hold any USDT at the time of this posting, for obvious reasons. Bitfinex can make statements all they want, but the chart disputes their assurances.


not a financial adviser
True & Honest Fan
https://medium.com/bitfinex/fiat-deposit-update-october-15th-2018-18ddd276c3fd (https://archive.fo/c7vB8)
Bitfinex is the world’s leading cryptocurrency trading platform.
Oct 15
Fiat Deposit Update — October 15th, 2018
On Thursday, October 11th 2018, Bitfinex decided to temporarily pause fiat deposits (USD, GBP, EUR, JPY) for certain customer accounts in the face of processing complications. Whilst acting as an inconvenience for certain users, it is important for us to clarify that:

  1. All cryptocurrency and fiat withdrawals are, and have been, processing as usual without the slightest interference;
  2. All fiat (USD, GBP, JPY, EUR) withdrawals are processing, and have been, as usual;
  3. Fiat deposits have been temporarily paused for certain user groups.
We are working to implement a new and increasingly robust fiat deposit system to be available in the next 24 hours, by Tuesday, October 16, 2018, to allow for the efficient processing of fiat deposits. Until then, we apologise for the inconvenience of the situation.

We are grateful for the patience and forbearance that our users have shown us this week as we work to restore fiat deposit operations.
https://twitter.com/BitMEXResearch/status/1051735444671660032 (https://archive.fo/WFPuZ)

The USDT dropped to 85 cents against the USD

Goldman Sach's USDC dropped to nearly 50 cents against the USDT.

Bitfinex may actually enable deposits tomorrow, but I don't believe it until they have a stable bank account for several weeks and the charts start to recover.

USDTUSD market back to normal, BTC premium on USDT exchanges still unchanged though. I'm selling BTC on Binance for USDT. Buying BTC on a perpetual futures contract.
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not a financial adviser
True & Honest Fan
Bitfinex is going to stop treating USDT as "USD" on their exchange, which has given their BTC/USD pair a 5%+ premium. This is a big deal, and really puts the writing on the wall for tether in my opinion. Apparently people with "USD" already on Bitfinex will be credited as if they had USD, and after the deadline any new USDT deposits will specifically be treated as USDT, to be traded against a new USDT/USD trading pair (like on Kraken).

Meanwhile the Tether corporation is announcing you need $100k to do a proper 1:1 pegged withdrawal back to fiat USD. Otherwise you'll be stuck with the trading pair (which trades below 1:1)

https://medium.com/bitfinex/bitfinex-announces-tether-neutrality-and-launches-new-stablecoin-pairs-a84b7ccbfd86 (https://archive.fo/Ny19O)
Bitfinex announces Tether neutrality and launches new stablecoin pairs
Continuing our heritage of providing a neutral, coin-agnostic platform, from today Bitfinex users will be able to trade Tether-fiat directly on our platform through the addition of USDT/USD and EURT/EUR Tether trading pairs. This replaces the previous 1:1 conversion on deposits and withdrawals provided by Bitfinex, and reflects the increasing range of choice in the stablecoin market and demands from our consumers.
Tether was created October 6th 2014 in response to a clear market need to allow movements of funds quickly between different exchanges, whilst benefiting from the stability of the US Dollar. It remained the sole stablecoin in the market until March 2018, with a handful of alternatives launching this year.
Historically by providing the guarantee of the Tether / US Dollar 1:1 peg, Bitfinex has protected customers, ensuring they can redeem at any time. Having increased visibility of Tether through some shared executive team members gave Bitfinex the confidence to commit to this approach.
Now in reflection of the evolved stablecoin market, and in keeping with our ethos that an exchange should be a neutral actor, wallets on Bitfinex will support Tether balance USDT and EURT in addition to the existing USD and EUR fiat balances. Users may then use this new pair to convert fiat to Tether and vice versa as desired. This effectively means that Bitfinex users can deposit, trade and withdraw USD and EUR in both fiat and Tether denominations.
At Bitfinex we are proud to consistently be first in market in supporting forks and access to all major currencies. We were the first to introduce alternative stablecoins onto our platform, including Dai (an Ethereum collateralised stablecoin), and we will introduce new stablecoin pairings as and when demand is high enough to list them on our exchange.
All existing USD balances on Bitfinex will remain fiat and unaffected by this change. Any Tether deposits initiated before 14:30:00 UTC on the 27th of November will be credited to the user’s fiat wallet balances, whereas Tether deposits initiated after this cutoff time will be credited as Tether (USDT). As always, our dedicated support team will be available 24/7 for any queries around this change.
This update is launched in conjunction with increased flexibility in the redemption of Tether with a major update to the Tether.to platform. Customers are now able to redeem their USDTs to USD directly through the newly-updated Tether.to platform. The Tether website now supports full account verification whilst allowing for direct Tether-to-fiat conversions at a fixed 1:1 rate. See the full Tether announcement here to find out more.
As a team, we will continue to work hard to provide the best solutions for our customers, with the technology, expertise, and drive to adapt and evolve as quickly as the crypto market moves.
The Bitfinex Team
https://tether.to/tether-reopens-account-verification-and-direct-redemption-of-fiat-from-its-platform/ (https://archive.fo/M4DTu)
Tether reopens account verification and direct redemption of fiat from its platform

Today marks an important step in Tether’s journey, as we launch a redesigned platform allowing for the verification of new customers and direct redemption of Tether to fiat.

Tether was created October 6th 2014 in response to a clear market need to allow movements of funds quickly between different exchanges, whilst benefiting from the stability of the US Dollar. Although originally designed as trader agnostic, as the first stablecoin it was impossible to predict adoption levels and impact on the market over time.

Due to the unexpected rush of new cryptocurrency traders over the last year, Tether grew at an unpredicted rate, quickly making the initial model (enabling direct redemption of Tether to fiat through its native platform) unsustainable. In this environment, it made sense to take the stress off growing pains by flexing the existing model to harness the established infrastructure and security of Bitfinex, which was built to withstand a much larger volume of customers. Those wishing to redeem could do so 1:1 via Bitfinex with whom we had a business to business relationship.

Against this backdrop and with alternative stablecoins entering the market, Tether has maintained its stablecoin market domination, but naturally differentiated, with heavy adoption amongst professional investors.

Now, thanks to stronger banking as a result of our new relationship with Deltec, Tether is able to return to its original vision of having a wallet for creating and redeeming directly on its own platform without having to rely on a third party. This update allows the immediate withdrawal of Tether to fiat (1:1), with the ability to acquire coming soon.

New Account Requirements and Fee Structure

Designed with Tether’s professional investor audience in mind, from 27th November 2018, all accounts will have new minimal issuance and redemption requirements equal to 100,000 USD and $100,000 USD₮, respectively.

Our new cumulative fee structure for withdrawals and deposits within a 30 day period is displayed below:

Transaction Value Range Fee per fiat Withdrawal* Fee per fiat Deposit Fee per Tether Deposit or Withdrawal
100,000 USD to 999,999 USD The greater of $1,000 or 0.4% 0.1% FREE
1,000,000 USD to 10,000,000 USD 1% 0.1% FREE
10,000,000 USD and over 3% 0.1% FREE
* Tether customers are limited to one USD fiat redemption per week.

Through this update we are proud to offer greater flexibility and utility to Tether’s customers, and a return to our original mission for the stablecoin. Our team is working tirelessly to ensure smooth transition to this new system, and will be available to answer queries on support@tether.to.

The Tether Team

Note to mods: merging posts with charts defeats the purpose which is to show I'm not going back to edit the charts.
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