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For the past year or so, whenever the cryptocurrency startup Tether caught some headlines, it was usually because of another controversy surrounding it – mostly about its dubious affirmation that its “stablecoin” USDT is backed by real USD at a 1:1 ratio. for
This time, however, the recent news from Tether are not bad; in fact, they’re not bad at all for a change…
Yesterday, on June 25th, Tether surprisingly infused the crypto market with additional 250 million new tokens (USDT), which of course means additional $250 million if one believes Tether’s 1:1 ratio claim and there are still many reputable figures who don’t). At least for now, it appears that this move – which some might call a gamble – happens to work. Tether has surpassed Tron and IOTA in market cap, and is currently ranked 9th among all cryptocurrencies, by all means no small feat.
Here’s the current cryptocurrency standing according to CoinMarketCap:
But this recent ascent of Tether does not assuage its critics; if anything, it only reinforces their conviction that Tether is an illicit operation which endangers the whole crypto market – and if their accusations prove themselves right over time, it might indeed significantly undermine the trust of investors in all other cryptocurrency as well.
Bitfinex shareholders trying to cover up their admissions that Tether is in fact, illegal, and the risk Tether poses to the entire cryptocurrency market.
If Bitfinex shareholders admit tether is illegal, then alleged institutional investors buying Tethers would know too. pic.twitter.com/ZoW15n0COS
— Bitfinex'ed 🔥💥 (@Bitfinexed) June 26, 2018
As a reminder, in 2017 Tether retained the services of an audit firm to fend off the accusations that its 1:1 ratio claims are false and that it is merely being used as a manipulator of Bitcoin price; however, this move utterly backfired as Tether severed its ties with the audit firm several months later. Tether’s reputation only kept on degrading as researchers from the University of Texas published a caustic report, asserting that indeed Tether had been wielded as a Bitcoin manipulator. Following that extremely detrimental report, Tether hired a new law firm to conduct an inspection – not a full audit, mind you – which has found that the number of USDT is correlated with company’s USD reserves.
For some odd reason, we believe it’s not the last time we’re going to hear about Tether…