Just a headsup everyone, Tether is getting trashed right now in the news. Can't be a good thing. Apparently Tether coins are supposed to be backed 1:1 with real US dollars or other currencies where it is available. They claim to be audited routinely however it seems getting even one audit completed is becoming an issue. Not good news people. The implications are huge. If Tether is a "pump and dump", then we have just witnessed the "pump" and we're about to take a "dump!" They were hacked in November to the tune of about 31 million. Doesn't it always start out that way. Wait a minute, how the hell were they hacked?! Is Tether not decentralized?! Sorry people, i really don't know this. I'll be right back...
Omg, i just did some homework on Tether. Their coins exist as tokens on the bitcoin blockchain. They act as the trusted 3rd party to be custodian of the cash in the bank. Uh, oh! That's not decentralized. Whoops! NO wonder it got hacked. What's that mean, anyway?! What got hacked? the coins didn't get hacked...their on btc blockchain. so, some other system capable of holding 30 million dollars worth of assets just got hacked. it could not have been their bank accounts. So how did 30mil go missing?
Feedback would be greatly appreciated as I could be reading this entirely wrong! I'm willing to admit when i'm wrong. However, this Tether stuff is beginning to stink pretty bad! Just sayin'
Clay
ps. I was looking for a pic to put in this post when i read these instructions on Tether's website:
-The Tether logo must always remain in tact with the symbol on the left. The logo can’t be chopped, the symbol moved above, or the text displayed alone. The logo must only be displayed on a white background.
Wtf?! Who are these people?!
(whoops)
