When I am writing this article, the Tether news just came out. Will the market has a massive pump after the news as it did in last October ? I don’t think so.
Notification: This is just an educated guess since I don’t have access to Bitfinex finical documents as the New York state attorney does. LOL
Does the Tether company have the equivalent amount of US dollars in its alleged offshore bank account to support its worth? Well, no. But do the Usdts issued have cash to support its worth? It might has. People buy Usdts from OTC market in China, Korea and Japan. Franklin doesn’t endorse Tether alone but in accord with these East Asia currencies. Balls to play this catch me if you can game are from outside America.
Some people might argue that crypto has been banned in China. Although China has banned the crypto market officially since Sep.4th 2017, it still exists in a grey area and people in China still have easy access to bitcoins , along with all kinds of other cryptocurrencies which includes Tether. Cause those exchanges in China has “officially” moved overseas. Technically, only the servers . If you want to trade crypto in China, a simple proxy will fix the problem, the same trick they use when “404 Not found” pop up while trying to use Youtube and Google . The Okex headquarters are still in mainland China. Individual investors flocked to its headquarter in Beijing serval times and use suicide threats to try to get a refund whey they lost a big fortune in the future trade.
It’s said that the exchange boards have higher connections in the China government. Since these have happened in Beijing, the very capital of China, not just once, Okex still runs well and allege itself to be the biggest crypto exchange.