01-19-2018, 09:36 PM
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Banned
Join Date: Apr 2014
Posts: 5,958
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https://news.bitcoin.com/tether-prin...-in-four-days/
Quote:
Bitcoin has had a rocky week to say the least. At its lowest point, the cryptocurrency dipped to $9,200 before a rising green candle sent it scurrying back into the safety of five figures. That candle was sparked by the release of $100m worth of tethers – surrogate US dollars – and was followed by another $100m issued for the next three days in a row. Tethers are propping up the bitcoin market right now, but what happens when the music stops?
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Given that $400 million of tethers has been issued over the past four days, and yet the price of BTC has remained sluggish, this is alarming. If it wasn’t for tether’s torrent of newly created cash, this week’s dip would have cut deeper still.
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No one, at this stage, realistically believes that Tether is receiving $100 million a day in customer deposits via its diminutive Polish bank and then converting these into USDT. That just ain’t happening.
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