Every passing day I think to myself that the Tether scandal looks more and more like the FED counterfeiting program called Quantitative Easing. It's always lingered in the back of my mind that this may be a pressing issue but never have I thought it to be this bad.
Since the news came out that Bitfinex and Tether will be under investigation 1 billion new Tether coins have been printed. To put into perspective how much this is a previous estimation was made stating that US$50mil can move the price of Bitcoin by US$1000. Well, 1 billion is 20 times that...
If you consider the overall amount of Tether that has been printed we have recently passed the 3 billion mark and it does not seem like there is any stopping it.
As seen on the chart below Tether, tied to a bank (meaning it is regulated), only managed to muster up a raise in funds to print approximately 55 million coins in two years. Once they broke ties with the bank they managed, with some miracle to attract US$3 billion in funds to print the growth in coins we see today.
In addition to the above, how convenient that they managed to raise US$ 1 billion in funds after it came out that they have lost US$ 850 million and had to cover it. And low and behold the circulation supply of Tether was bumped up from 2 billion to 3 billion in 2 months at a rate of 18.5 million coins a day.
Sources
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BTC - 18atWSWrN2bDxNWeoc3Q68coQBEk69FvUY
ETH - 0x71844057eec156843af64b2b8021daf3615b0e06
LTC - LPji8igXQ1cqjhZDFZUYgEWvVshGVi4AA1
It's such a blatant scam it is ridiculous.
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I wonder to myself whether the FED is in on it. They want BTC to fail, they need it to fail! It cannot be done with a hash war anymore but will they use Tether for the largest dump we have seen before?
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I think simple greed is enough to explain this one. The guys running the show over there have noticed the exact same thing that bankers have noticed throughout history. Most people don't seem to notice or care that their money is fraudulent.
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@nealmcspadden we can agree that what they are doing is counterfeiting in digital form. The FED would kill for this because they hate competition and they have the force to stop whoever is not operating under their rules. If you and I can see how blatant this is, then they would be able to see even better because they most likely see the books. Why haven't they stopped it!? That to me is the million dollar question.
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There's no reason to stop it. If and when it all comes tumbling down it will help to de-legitimize crypto. That's a win for the establishment.
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Exactly my thought
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