Many so called experts claim Tether is being used to prop Bitcoin up. I disagree with that sentiment. If anything Tether is a temporary parking space by newbies in a fluctuating market. The company and the coin is not in CFTC jurisdiction if my understanding is correct. Seeing how we trade major market coins to buy Tether. We then use the same Tether and buy back into major coins at whatever price we decide to re-enter the market. Banks make loans all the time while holding only about 10 percent in reserve fiat, and banks are regulated. The reason I trade crypto is because it is decentralized and out of the bankers hands. If I was a conspiracy theorist I would think that this Tether FUD was created by whales and banksters in order to cause newbie panic sell. That allows institutional investors and whales to blow through smaller investors stop losses, and come in and pick up cheap coins. My first few months I used to read Fortune, and CNBC etc and get panicked into selling my coins and then paying more for them later. I am a old guy and saw similar tactics used in Futures markets and Forex for years. I personally think this market correction is normal and hopefully will recover nicely. I am not a financial adviser or expert. I am just a guy who loves the crypto space and the freedom it allows. My opinion is now that Bitcoin is being traded on a few of the largest Futures exchanges in the world that we will see more and more FUD. I know that this space is full of FUD, but now it will probably get more planned and deliberate. If anything Tether takes money away from bitcoin on any given day. I want to see less regulation although I know as the market cap grows that may not be possible. I can only tell you what I am doing. What I have done about this story is ignore it and look for opportunities to buy. It's been a long time since I retired and tried to write. Hopefully I was able to put my thoughts down semi coherent. We are all responsible for our financial dreams, and destiny. I know for me I am blowing the Tether story off as a nothingburger and holding what I have and buying more. I love Steemit and so happy I found this community. I want to say thank you all for the warm welcome and reception I received here so far. I love exchanging thoughts and ideas. What do you all think? Please give me your opinion on the situation and the market in general.
This latest violent sell off 'as it was dubbed', enabled us to buy low. Tether seems an interesting one, one to watch, they're some interesting facts attched to it and other other similar coins.
If in doubt HODL, well that's our strategy. It's good to see someone else's opinion, great write up.