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RE: Why Tether’s latest statement about its auditor is complete BS
It's not logical – if the tether will have problems and people start to sell, they will buy other cryptos, not USD. So why blood bath ?
Think humans are predictable not logical.
TPTB want to crush crypto it jeopardizes their elite control.
So TPTB in control of mass mind control media will pump and pump the criminal news of Bitfinex and Tethers fraud for a long time and it's silk road and Mt Gox all over.
Now you think with logic it's you are attracted to STEEMIT.
So you say buy another coin go to cold storage.
The predictable masses have no cold wallets they are in a coin they heard about they hear on media an exchange closed it was run by criminals.
The predictable masses being steered by TPTB say cash out they do and there goes the predictable dominoes collapses of most if not all exchanges.
When you have 100 predictable sellers to every 1 or 2 buyers the buyers cannot buy all the sheeple want to sell the prices crash the exchanges lose liquidity the markets close.
Those in cold storage rebuild next wave of exchanges, chartered in Caymans not tied to Tethers or Bitcoin.
Look at the bigger picture the hands moving the pieces on the board.
They're very predictable hands if you think like a player not the pieces being moved.
Adoni
Who would want to trade their crypto for USDT??
surely buying bitcoin is like a funnel, so if you add another currency to the funnel to soak up the buy pressure the swing up will limit bitcoins rise because they have other options to buy into bitcoin, it would clearly be devaluing the real price of bitcoin, they are buying something questionable at best.
no the point is actually they have to sell crypto to get the cash into USD, so the client takes USDT to the company who runs Tether and then the company if they don't have the money has to start buying into bitcoin or another cryptocurrency and then sell into USD therefore reducing the price of bitcoin or the currency they sold out of, if they don't have the money. so not only did they temporary boost the price of Bitcoin to Tether they reduce the price of real bitcoin to USD therefore reducing the Bitcoin price because in reality the price of bitcoin follows USD, they are making a extra transaction if they don't have the money to give them.it's certainly making a extra transaction that does not need to be made. almost equating to Tether being worthless.
because you can see where the peg ended, the graph is fluctuating therefore they can no longer have the money to sustain the peg.
if you are using Tether as a medium for trading and they don't have the real cash value at all, then it's worthless, because you may as well trade for real dollars.
technically because you don't buy into with real dollars and use Tether you are kind of creating a fake value of bitcoin the real value of bitcoin to the dollar if you'd of just kept using dollars would be higher.
it's technically devaluing Bitcoin, in two ways especially if they don't the cash ready to pay.