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Tether created $1,5B Worth of USDT Out of Thin Air in the Last 24h
- zydex 5y agoNothing new, they are the Bitcoin plunge protection team. Bitcoin takes a dive, they print USDT to purchase BTC and prop up the price.
- lowkey 5y agoA claim without evidence is simply hand-waving. Do you have anything of substance to add or are you just here to make empty claims?
- ericb 5y agoNot the op, but the post-crash buying pattern seems weird to me. If these groups with billions of dollars have a price at which they "become interested" in bitcoin it seems weird to then buy it up so fast that they don't get that price? Unless something else is going on?
- protoax 5y agoYou may be aware of twitter.com/Bitfinexed; they've compiled an overwhelming amount of evidence for Tether's manipulative behaviour.
- huitzitziltzin 5y agoI’m not the OP. It absolutely could be the case that someone is buying the dip. But Tether does not make verifiable information public or have any bank acting as a custodian for it do so either. It is at least plausible that this small firm which tends to avoid dealing with large banks in the US and which has avoided allowing itself to be audited is committing a huge fraud. That would not be without precedent in the history of finance. It would presumably be easy for Tether to submit to an audit of their accounts by a large accounting firm. IIRC, they were forced by the NYAG to admit that they weren’t fully backed 1:1 by dollars as they themselves claimed to be. And the period covered by the settlement was several years ago, so does not cover several years of growth in the quantity of issued Tethers. No one has any evidence from inside the firm, but it is precisely the lack of evidence which makes many people suspicious. Disclosures: I don’t hold crypto and am a skeptic.
- hotpotamus 5y agoI would say if recent and not so recent history tells us anything, it's that if financial fraud is possible/plausible, it's probably occurring.
- boublepop 5y agoI think your point has been pretty thoroughly proven wrong by tether, which started out as just a claim without evidence that they had a 1:1 backing of USD to USDT, and then later provided evidence that they did in fact not ever have that, and still now only have “cash equivalents” that no one is of cause allowed to see audits of. Given that Tether, wether fraud or not, managed to print 1.5B without evidence of that in any way being tied to real USD deposits, I think we can safely say that claims without evidence are a lot lore than just hand waving.
- Proven 5y agoThat's normal. The Fed does that every day and so does any large credit institution. Why is Tether still a topic? Bitcoin has no backing whatsoever! I imagine it's the same group of bored Tether FUD posters. In my book this move increases the value of bitcoin because more of it can be quickly and easily sold for US dollars.
- 5350-uiop-1130 5y agoIt's probably FTX or Binance taking advantage of the crash. Whether that's backed by any kind of asset other than an IOU we don't know...
- tata71 5y agoIt doesn't matter if it's bitcoin (Tether, Binance), dollars of debt (entire banking system), or physical vehicle parts (Tesla): I'm never again betting on governments actually stepping in and stopping the music until they, and their people, have exited their own positions.
- mensetmanusman 5y agoTether is just like a bank in this regards, except it’s not insured, so people could lose everything. Only advantage I can think of is that it might have lower cross border transaction fees.
- ChrisArchitect 5y agohttps://reddit.com/r/CryptoCurrency/comments/r9fni8/tether_usdt_created_1500000000_worth_of_usdt_out/ https://reddit.com/r/CryptoCurrency/comments/r9fni8/tether_u... is the link
- unstatusthequo 5y agoSounds like what the Federal Reserve does. And we wonder “how inflation”