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I call BS. Bitcoin's trading volume has been between $20 and $50 billion USD per day (in the last year). Tether's total valuation is $19.4 billion. It's a drop
by imaginenore 6y ago
I call BS. Bitcoin's trading volume has been between $20 and $50 billion USD per day (in the last year).
Tether's total valuation is $19.4 billion. It's a drop in the bucket.
- NicoJuicy 6y agoThen explain, by your own quote: > Research by John M. Griffin and Amin Shams in 2018 suggests that trading associated with increases in the amount of tether and associated trading at the Bitfinex exchange account for about half of the price increase in bitcoin in late 2017.[29][11][23] https://en.m.wikipedia.org/wiki/Tether_(cryptocurrency) https://en.m.wikipedia.org/wiki/Tether_(cryptocurrency) :) In the past, ethereum was also highly automated trading.
- imaginenore 6y ago1) That is not my own quote. 2) Confirmation bias. There are people looking to prove what they already believe. So they go out and "prove it". Have you seen what their proof exactly is? I've heard claims like that many times, and their proofs fall apart every time as soon as you look at the numbers and how much cryptocurrencies are actually traded. The volumes are huge. Tether is tiny.
- Yizahi 6y agoBitcoin is traded, even is we forget for a moment about wash trading. In each transaction we generate only a small margin, which adds to the value of traded assets. Only 2-5 billion dollars of bitcoins were from mining in 2020. Tethers are printed out of thin air and sold fully, from 0$ to 1$ (in equivalent), margin is 100%. So 15 billion of new tethers printed this summer had much more influence on the market than even greater amount of Bitcoin trades.