#Tether #Bitcoin
Tether recently acquired an additional 8,888 bitcoins, increasing its total holdings to about 66,465 BTC.
Besides its direct investments in bitcoin, Tether is also active in the bitcoin mining and energy production space.
Tether: Fiat currencies on the Bitcoin blockchain. Since tethers live on the Bitcoin
blockchain, the provability and accounting
of tethers at any given point in time is trivial.
Implementation Weaknesses
We understand that our implementation
doesn’t immediately create a fully trustless
cryptocurrency system.Mainly because
users must trust Tether Limited and our
corresponding legacy banking institution to
be the custodian of the reserve assets.
However, almost all exchanges and wallets
(assuming they hold USD/fiats) are subject
to the same weaknesses. Users of these
services are already subject to these risks.
Here is a summary of the weaknesses in
our approach:
●We could go bankrupt
●Our bank could go insolvent
●Our bank could freeze or confiscate
the funds
●We could abscond with the reserve
funds
●Re centralized of risk to a single
point of failure
We might see a domino effect on this, make sure you're in the winning position. To learn more read Tethers White Paper and Bitcoins White Paper.
