650 million USDT printed since 14 January.
Coincidentally, that's when BTC started dropping.
People started cashing out to USDT.
USDT value increased.
Uh, oh...USDT needs to be 'stable'...it needs to be 1:1 with actual USD.
Let's print some more USDT to reduce its value.
However, in doing so, Tether is effectively propping up the value of BTC.
Especially as Bitfinex (highest volume BTC/USD exchange) considers USD and USDT to be interchangeable...
Even though USDT is a non-redeemable token!
Pure fraud.
Coincidentally, that's when BTC started dropping.
People started cashing out to USDT.
USDT value increased.
Uh, oh...USDT needs to be 'stable'...it needs to be 1:1 with actual USD.
Let's print some more USDT to reduce its value.
However, in doing so, Tether is effectively propping up the value of BTC.
Especially as Bitfinex (highest volume BTC/USD exchange) considers USD and USDT to be interchangeable...
Even though USDT is a non-redeemable token!
Pure fraud.
Comment:
Casual 100M USDT printed again