Since this article was written, the story of Tether has gotten way crazier — to the tune of over 50 Billion “USDT” tokens (unredeemable digital IOUs) created du

Since this article was written, the story of Tether has gotten way crazier — to the tune of over 50 Billion “USDT” tokens (unredeemable digital IOUs) created during the past few months. To put this in perspective, the total Tether market cap at the end of 2019 was $4B. [0]. That’s more than 50 Billion dollars that have flooded the crypto ecosystem since the writing of this article, with no transparency about their backing or the claimed origin of the money. And all of this cash is supposedly stored in a small bank in the Bahamas (Deltec) and backed by other “corporate paper,” with absolutely no accounting transparency nor audits. Insane!!! I highly recommend Amy Castor’s investigative journalism on Tether [1]. Hardcore Bitcoiners love to complain about the Fed printing money, and I do too. But Tether is a few hundred orders of magnitude worse. [0]: https://coinmarketcap.com/currencies/tether/ https://coinmarketcap.com/currencies/tether/ (select “Market Cap” to see the recent parabolic curve). [1]: https://amycastor.com/tag/tether/ https://amycastor.com/tag/tether/