WTF is USDT?
USDT (United States Dollar Tether)
No, its not just a dollar. USDT is a crypto currency that "has" backing of $1 to every USDT in circulation.
So every time you sell your crypto in the US, you need to report gains and pay taxes on that income.
That does not apply to USDT. Many people will use USDT as a safe spot during volatile ups and downs of the market to sell high and buy back low with out having to worry about recording the transactions for tax purposes.
This seems like a great idea and is useful but recent possible scandals surfacing about Bitfinex (Largest US Exchange) possibly printing out USDT may have caused price manipulation with an over valuation of Bitcoin. Some may even accuse Bitfinex for a flash crash once they pulled outall the USDT.
Since the possible scandal has been brought to light, Bitfinex has hired a lawyer and is taking legal action to people exposing this so everything in my article is speculative.
Some people are saying that the CEO of Bitfinex is also the CEO of Tether and that he had a golden parachute made out of millions of Tethers.
This could be the cause of another crash like Mt. Gox.
They need to add tethers into the market...the wash trading idk how to explain that.
As long as they have an Audit and stop suing people for airing their dirty laundry.
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