Everyone in crypto is doing this, so I’d share my updated view again. I did write about Tether months ago when it was “only” at $600M. We’ve come so far.

All the reputable crypto youtubers which I watch absolutely do not use Tethers at all.

I have not, and will never, use Tethers.

I have my own theory regarding Tether (USDT exchanges are fractional banking and are hedging out their positions by buying USDT during downturns), but honestly, it doesn’t really matter. As a consumer you should just know that:

(1) there has never been an audit by a reputable auditor and 
(2) even if an audit reveals that Tether has the money, it doesn’t mean that you can redeem it, because I have not come across any reliable source that has.

Point 2 is really, really important. Even if Tether can prove that they have the money (which I …