Printing money: The Tether bomb

[bartosimpsonio]

This guy found a interesting pattern. Every time more Tether (USDT) is minted (printed), prices are pumped.

They made up this concept where "my coin is worth U$ 1". So when they print 400 million USDT coins, U$ 400 million are printed too. For some reason people are using this as a measure of U$ market cap.

On Bittrex for example you do not trade any coins for U$, but for USDT. That price is shown as U$ on coinmarketcap.com

Several sources are already speculating that Tether might blow up any time now.

Draw your own conclusions. But to me it's quite obvious that the market cap we see there is not at all reflective of U$ worth.

 

[Mr Spectre]

I have been following this very closely. almost 400m Tether were printed in the last week. i think the end is near and Tether and Bitfinex will fuck up everything

 

[bartosimpsonio]

I have been following this very closely. almost 400m Tether were printed in the last week. i think the end is near and Tether and Bitfinex will fuck up everything

Almost half a billion printed now. I doubt there this much U$ deposited in their bank account.

 

[laur.laurix]

Crypto markets will crash hard get used to it.....the idea is to make a lot of money till the crash....regarding USDT it follows the USD pattern.....print endless amounts of currency based on the trust others put in to u.

 

[jasonforrest]

complete conspiracy theory bullshit , that guy bitfinexed is a low life

bitfinex is fine

 

[Jack@]

I did some research on Tether. Some shady and definitely illegal stuff is happening at the USDT HQ's
- They claim to back up each tether by $1. At the beginning of 2017 there were 1M Tether which is $1M in value ( nothing too special )
right now I think they have over 750M USDT ( correct me if Im wrong ) which is $750M. That type of growth is uncanny.
- A few days/weeks ago they were ' hacked ' and I think around 40M USDT were stolen. Their reaction -> printing more USDT.
- They do not accept an external audit to come and check their balances, I wonder why.
- Doing this in the US is illegal so I am not touching this currency with a 10 foot pole. Big, big red flag.