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RE: TETHER | Market Cap Jumps US$600,000,000 Over Night - Price At A New All Time Low
Actually...
I have a bad feeling about this one.
This is a very alarming Jump in the face of all the bad press that's been happening. I feel like someone is trying to "GOX" up Bitcoin. It's concerning but also a good time to diversify into Bitcoin Cash if I do say so myself.
Thank you as always! SteemON!
One of the people behind Tether have a very shady past! #PizzaGate, #PedoGate related!
Yep!
https://steemit.com/cryptocurrency/@fortified/brock-pierce-or-is-billionaire-bitcoin-board-member-founder-of-tether-and-alleged-pedophile-a-covert-cia-asset
Me to. If it does go down, I have a feeling it'll be much worse than GOX. We could be heading for a crypto nuclear winter if they are not careful.
Thanks.
I've seen many people state that they feel BTC will tank if (more likely, when) Tether comes crashing down, but I don't feel as though this is correct.
When looking at Tether's market cap compared to the total market cap of all cryptos, it is a rather small percentage. According to CoinMarketCap, the total market cap of all crypto is about $557 Billion. Tether is currently sitting at $2.2 Billion. (1.) When we compare this to Mt.Gox, it was handling about 80% of the total BTC trading volume on a daily basis (based on what I can recall). At this time, BTC was the primary crypto being "traded"/used. Due to this, I think that Tether could make a small impact on the crypto market, but I certainly don't think it would be much worse than Gox.
In saying this, I am completely open to hearing as to why everybody feels this will be worse than Gox.
Note: I have gathered some of this viewpoint by studying videos from individuals such as AltCoinBuzz, LouisThomas, and some others. This is NOT solely my original views on this subject.
Source (1): https://coinmarketcap.com/currencies/tether/
Tether is still a huge percentage of net inflows into crypto. Tether being used by all of the wash trading and spoofing exchanges means that the power of each tether used for such purposes is amplified and leads to much more price action than would be seen on any decently regulated exchanges. It's going to be much worse than Mt. Gox when tether explodes.
I don't follow your logic. If Tether is all the bad things you say, and it may be, then having Tether washed out as a fraud or otherwise is a good thing. Same as when BitConnect got shut down recently. It has to help crypto market to have the shady coins wash out.
Not only will 2+billion get knocked off the market cap, but it will also be extremely bad publicity for the cryptosphere in general.
Being in this space for a few years i can tell you the heartache is real.
There's nothing specific about Bitcoin in what happens if Tether is shown to be a sham. Anyone who was using Tether to trade in and out of another crypto will get screwed of they are out at the time the music stops playing. That will reduce demand for crypto and reduce sell action - unless people pick another crypto as a safe haven. I reckon that mostly speculators have been using USDT etc so perhaps that will be good for crypto long run. Of course any exchange left holding a bunch of Tether may go bust too... I wonder what their out is?
Offshore tax havens