For all the pain and the gain, blame TETHER!

For all the pain and the gain, blame TETHER!


Before starting my rant against TETHER and stable coins I will admit honestly that I am not a crypto expert or a good trader and nor am I an investing guru or any related specialist. I am just a poor crypto holder, for about two years, mostly watching the crypto swings with some crypto in my pocket but never TETHER. I managed to make my own vision about the market and also developed a frustration against USDT on the way.

First of all, this shitcoin is not fully backed by USD like it should be and still it's ranked #4 on the coinmarket cap. Their transparency towards the dollars that should be behind every USDT printed is less clear than a mobsters tilted windows on his black Merc. They simply don't have all that money that they pretend they have but their shitcoin plays an important role in the market and sometimes its effects are on the negative side.

It helps the high volatility of the market, and I am not referring to price manipulations that some suggest might have taken place through TETHER's USDT printings, but by simply offering a gateway out of the market and a safe haven for anyone at anytime. That in my opinion affects crypto prices a lot and although some traders might get angry at me I will say that this is the main reason why I hate TETHER and without such purpose it would be useless. Nobody would use TETHER for anything else and I don't believe it will ever become a world wide used cryptocurrency. There will be digital dollars, Yuans and Euros for that.

You can't go and buy things with your USDT after selling BTC or any other crypto for it, and you pretty much can't with BTC either but at least that was Bitcoin invented for, and is trying throught the Lightning Network, while USDT was not. USDT in my opinion is the most useful tool the market manipulators have at the moment and they abuse it as much as they can. Without it, cashing out and in your crypto through fiat currencies, would be much harder, but the movements of the markets, in my opinion, would be smoother.

If you start to think, without USDT, there wouldn't even be stop losses because you wouldn't have on what to stop your loss, except to manually take our your money of the market through fiat by crypto exchanges that only trade it for fiat. Having USDT as the helping friend available 24/7, 365 days a year, one can set his stop losses on exchanges, so the FUD or FOMO can trigger them and take his crypto, almost always at the undesired prices.

It would have been much easier and the market would have been much tamed and probably more accepted by investors around the world if it wasn't for TETHER... or any other stable coin. What's wrong with holding your crypto on a wallet until you decide is worth selling, instead of doing that on an exchange, setting stop loses that will be triggered at some point in time and helping prices go even lower by dumping your bags while sleeping?

"Not your keys, not your funds", right?

Bottom line, in my opinion, TETHER and wash trading conducted by most of the crypto exchanges, are the main factors for prices pumping and dumping in this wild manner. Without USDT, and wash trading, I doubt BTC and the whole market would fall as it recently did, and as much as many of us still like fiat profits in favor of looong term hodling, TETHER has more of a negative than positive effect for that manner. Took out every crypto that I had on exchanges recently and don't plan on ever holding anything on any exchange. I don't plan on using USDT anytime soon either.

Too much automation and artificial tools screw things... Same thing I feel about Steem when bots and auto votes take the job of the man of doing things manually.

Thanks for attention,
Adrian


acesontop
acesontop

I'm an amateur blogger, crypto holder, and a passionate fisherman for as long as I can remember. For more details please ask, it's free. You can find me on steemit.com: https://steemit.com/@acesontop and Hive: https://hive.blog/@acesontop/feed


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