This coin’s purpose is pretty obvious..
There’s nothin’ ye’ can’t get used to if there’s money to be made.
– Scrooge McDuck
Information + Resources
Tether is a bank trust-backed coin that is meant to give 1:1 parity to fiat currencies like the US Dollar, the Euro, and Japanese Yen. The company has reserves to match the amount of Tether in circulation. The platform has been short on reserves at times, but anybody can know that before they decide to convert coins to USDT or the other Tethers. The platform is still in beta as of June 24, ’17, like most blockchain applications at this time. The company behind Tether has been careful to comply with all monetary laws in order to gain legitimacy, and are incorporated around the world.
Tether is built on the open-source Omni platform, a programming layer for the Bitcoin blockchain. It uses Bitcoin’s security but maintains its own value. USDT is tradeable on many currencies and sees some of the highest volumes of any cryptocurrency on exchanges. This actually ends up supporting the Omni platform, which also was used to build MaidSafe and Synereo.
Now don’t take my word for this, but in my experience – especially if you use a trading bot – and because the volatility of the cryptocurrency market is usually meant in relation to dollar value, then if you are a day trader you can make significant gains moving between BTC or ETH or LTC or others, and Tether. I read in a chatroom somebody reporting 15000% over several months, but that’s just somebody on the internet saying stuff… Also day-trading is parasitic although I kind of consider this like stealing from the rich considering this is mostly a niche market for the rich.
Taiwanese venture capitalist Kai-fu Lee reported 8x gains using trading bots over paying somebody to trade here:
Make your own judgments I guess.
// Written June 24, ’17. Value at the time: $1.02 / USDT
// Edited Sept 27, ’17. Value at the time: $1.00 / USDT