#Scam Tether: Biggest Scam of Cryptocurrency? Published 3 months ago on September 17, 2018 By Layla Harding Share Tweet Understanding the drawbacks and limitations of Tether. What is Tether coin? and Why is it considered a scam? Elementally, as we all know that Tether is one of the pre-eminent cryptocurrency stable coin, whose value is pegged to that of the US dollars. This, in simple words, jots down that 1 USD = 1 USDT. It is also one of the most speculative ones for mixed reasons. Below are some of them. 1. The company backing Tether, Tether Limited, claims to secure the stability of the Tether coins, through the actual USD reserves, but not even a single auditing firm has confirmed the same, recently. Even the supply of the tokens keeps on increasing on a regular basis. Therefore, speculations are always on the higher side of the spectrum, when it comes to the legitimacy of the Tether coin. 2. Many cryptocurrency experts speculate that Tether is a fraud, as it is not considered as a legal tender. This has indirectly rendered the Crypto enthusiast to point at the legal status and transparency of the Blockchain project. 3. According to most of the cybersecurity expert and the cryptocurrency critics, it has been announced that the prices of Bitcoin are manipulated by the USDT or the Tether coin. It is assumed that Tethers are only minted during the Bitcoin price fall, in order to stabilize the cryptocurrency market and is not backed completely by millions of Fiat Reserves. Even the most popular economist, Nouriel Roubini believes the same. 4. Reddit is one of the most popular cryptocurrency discussion forum. On this website, when users wanted to gain opinion regarding the previous experience of any user, for the conversion of the Tether coins into the actual US dollars. A deafening silence was looming over the post, which certain pointed to the opacity of the cryptocurrency coin. 5. According to the company’s website, officially, no guarantee is provided for the redemption or any kind of losses that the users incur. Indirectly, the user is the only responsible person, for all of these actions with respect to the Tether coin. 6. Also, according to the company’s terms of services, the Tether tokens redemption can be rejected without any mention of exclusive reason. This is a major issue with respect to the open legal documents, as they do not care to mention the circumstances in which they would do so. 7. There are also a number of instances which point towards the fraudulent nature of Tether coins. As in January 2018, the Tether coin Blockchain platform withdrew its collaboration with a third party auditing firm from Taiwan. 8. The Tether coin Blockchain platform is also estimated to switch many auditing firms of different countries. 9. Bitfinex is the Cryptocurrency Exchange, which is constantly speculated to be a part of the Tether coin fraud, as many pre-eminent figures from Bitfinex had represented Tether during its initiation. Due to its connections with Bitfinex, it is even rumored that Tether coins are used for margin lending on Bitfinex, in an illegal manner. 10. It is important to know that the Crypto exchanges make profits from the interest, from the lent Tether coins. This is highly ridiculous, as Tether Limited, do not provide a guaranteed for the redemption of Tether coins with the actual Fiat currency. The positive side of the Tether coin A myriad of Crypto exchanges like Binance, Bitfinex, Poloniex, etc have incorporated Tether instead of the actual US dollars, as incorporating USD would require many legal procedures to be followed by the exchanges. Therefore, Tether effectively eliminates the legal intervention of the government. Adding on to the upper hand, they even provide higher transaction speeds when compared to that of the Fiat currency. Therefore, it is also used as an alternative to the US dollars. Related Topics:Bitcoinbitfinexedcoindesk tetherether USDTfraud tetherfriedman llp tether auditis tether safeis USDT safeScamscam tetherscam USDTtethertether audittether audit reddittether audit reporttether cointether coin newstether fraudtether newstether reddittether reporttether scamtether walletUSDTUSDT bitcoinUSDT etherUSDT exchangeUSDT fraudUSDT newsUSDT priceUSDT scamusdt tetherusdt to usdUSDT wallet Up Next Bitcoin Price Analysis: BTC/USD broke the support. Don't Miss Famous Food Delivery Service in Seoul now accepts Bitcoin Cash (BCH). Continue Reading You may like Bitcoin institutional adoption rising: BTC price analysis Is Bitcoin ready for the Santa Rally: Off to $4400. Bitcoin Coffee: The first blockchain coffee is a fact! Seven Popular Ways to Earn Bitcoin Bitcoin Whale Alert: 5351 BTC transferred to Bitfinex Hong Kong tightening Bitcoin laws amidst the cryptocurrency market crash 8 Comments 8 Comments Pingback: Tether: Biggest Scam of Cryptocurrency? – The Coinage Times Pingback: Tether: Biggest Scam of Cryptocurrency? | Price-of-Crypto.com Pingback: Helpful Forex Tips And Advice For Trading – The Blogging boyettehastings60 Blog 384 Pingback: How To Improve Your For ex Trading Strategies – The Blogging boyettehastings60 Blog 384 Pingback: Simple Tips For Foreign Exchange Market Traders – The Blogging boyettehastings60 Blog 384 Pingback: 5 Alasan Mengapa Pasar Crypto Jatuh Kemarin - CryptoHarian Pingback: ¿Por qué el precio del Bitcoin? Una asesoría en criptomonedas | CriptoNoticias - Bitcoin, Blockchain, criptomonedas Pingback: ¿Por qué el precio del Bitcoin? Una asesoría en criptomonedas - Inverdiproca S.A. Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Exchange Is BitMEX trading against their customers? Foul play at BitMEX? Published 6 days ago on December 12, 2018 By Joyce Lang BitMEX is currently the largest Bitcoin Exchange according to trading volume, and BitMEX research is going pretty good regarding market research, but is BitMEX really that ethical? Let us explore. Registered in Seychelles, BitMEX is not required to report to any regulator. This article is sourced through various articles submitted on Medium, Reddit and social media like Twitter. Does BitMEX trade against its Customers? Before I start to answer this question, let us understand the concept of Market Making. Market makers are the one responsible for filling up the order books. They also buy and sell continuously, proving the necessary liquidity to the market. Market makers quote on both sides of the order book, that means both the buy side and the sell side. If their buy order gets executed, their immediate plan is to execute the sell order as well, thus acting as a neutral market maker. So a market maker profits from a spread instead of up-down movements of the market, in return offering quick liquidity to the users. The question is thus, is BitMEX acting as a neutral market maker (which is a positive service to its customers) or not. On 30th of April, 2018, MitMEX updated its Terms of Service. It says: “BitMEX has a for-profit trading business that, among other things, transacts in products traded on the BitMEX platform. The trading business primarily trades as a market maker” BitMEX also states that its profit does NOT come from trading: BitMEX claims that its goal is to breakeven regarding profit and loss and that they make money by the service fee paid by the business. But unfortunately, there is no way to check BitMEX’s audit report as they have never released an external audit of their business. BitMEX’s legal counsel, Sullivan & Cromwell was silently removed from their blog post from April. It’s earlier post stated this: Later in May 2018, the updated post said this: It is a possibility that Sullivan & Cromwell separated from BitMEX because it had issues with the exchange’s plans. BitMEX’s Desk should not be allowed to trade freely on the exchange Let’s assume the owner (or owner’s employees) of an online casino is allowed to play its own game, can he resist from not looking at everyone else’s cards? Same goes with an online Bitcoin exchange. If BitMEX’s desk is allowed to trade on their own exchange freely, we can expect a similar outcome. This gives “extra information” to the desk, which is not available to all other customers. While some information is available to all the customers, for example, the order book or the past trades, additional information like the degree of leverage of each position or the price at which it will run out of margin is private and is only available to the BitMEX’s desk. In a blog post, BitMEX has denied that it gives this explicit information to its desk, but BitMEX has not agreed to give out equal information to all the customers especially the two mentioned above. Many users suspect that BitMEX gives unfair advantages to its desk. What are your views on the above? Comment below and let everyone know. Continue Reading #Scam Bitcoin Giveaway Scam: High Profile Twitter Accounts Hacked Published 1 month ago on November 13, 2018 By Layla Harding A team of cybercriminals hacked the twitter accounts of some famous retail business accounts on twitter to promote another cryptocurrency giveaway scam. These include the twitter accounts of retail industry giants Target and The Body Shop. The hackers are believed to be poor in English writing as the scam messages are usually written in a poor language. The hackers targeted a number of verified Twitter accounts. The tweet on Target’s Twitter account read: After which a few hours later when the team realized that their account had been hacked, they posted another tweet stating that their account was inappropriately accessed for posting a bitcoin scam: Early this morning, our Twitter account was inappropriately accessed. The access lasted for approx. half an hour & one fake tweet was posted during that time about a bitcoin scam. We have regained control of the account, are in close contact with Twitter & are investigating now. — Target (@Target) November 13, 2018 Apart from Target, a number of other accounts such as The Body Shop, Universal Music Czech Republic, Toledo Rockets, the Agriculture, Horticulture Development Board and UNHCR Serbia account were also targetted by the hackers. The hackers seem to be quite expert as it is quite surprising how a good number of verified Twitter accounts were all hacked at once. Earlier, the hackers used to clone the accounts rather than directly taking over the accounts. In a recent case, a group of hackers had cloned the account of Cap Gemini Australia and replaced the name with Elon Musk and posted a similar bitcoin scam message stating that Elon Musk was giving away 10,000 BTC to all his community: Continue Reading #Scam Million Dollar Indian Cryptocurrency Ponzi Scheme Cracked Published 1 month ago on November 13, 2018 By Layla Harding Ambidant Marketing and Investment Company is being regarded as a Crypto Ponzi Scheme run by son and father Syed Afaq Ahmed and Syed Fareed promised investors of Halal Investments to seek a huge amount of investment from Muslims. How did the company work? The company attracted Muslims to invest in the halal business and investments. The investors were promised a huge monthly return of 50% per 100,000 INR. The company used Ulemas (a body of Muslim scholars recognized as having specialist knowledge of Islamic sacred law and theology) for marketing the activities of the company as Halal. The company used the money invested by people to further invest in cryptocurrencies and gain a massive amount of profit to pay back the investors only some amount out of it. The company started to grow enormously with the rise of cryptocurrencies while the company never revealed where it earned profits from. What happened to the investors? As the company grew further and further, the return on investments was decreased from 50% to 25% to 11% and further to just 9% in the month of January 2018. After this period, the company stopped paying out its investors. From the start up to this time, only a few of the investors became lucky and had doubled their investments ranging from 100,000 INR to 10,000,000 INR and others were left with nothing but losses. 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