The Tether Apocalypse

Tether is ultra-problematic. I don't feel safe holding USDT for more than just a couple of minutes. Frankly, I prefer holding any random tokens in my wallet instead of USDT.

This was always like that, I never felt comfortable with it, even when it didn't have such a decisive market cap position.

Since 2018 I was expecting it to reach the third place in marketcap, and perhaps even pass Ethereum. It kept minting new USDT and kept asking us to believe! It is an amazing delusion listening to these guys trying to justify each minting with excuses.

Eventually, one of the three or four guys behind Tether pulled out a pie and tried to pass this as "transparency"!

I've written about Tether way too many times already. I don't feel I have a lot more news to offer, but I will explain why I make this post today below.

My previous publications on Tether-USDT are on these links at Medium:

Frankly, I've had enough with Tether after reading the latest excuses of its execs. I don't understand how these guys managed to run a once top Bitcoin and crypto exchange. Some are saying the Bitfinex hack might have been an inside job and the way these guys were managing it, it looked like that, however lately I am leaning towards complete incompetence on their part.

The reason I post this today is that Tether hasn't minted new USDT for a while. The supply has been stable at 62 Billion for months.

In fact, I've noticed that it declined by a billion, something that is not very alarming but worth considering.

There is a huge investigation lately on these execs, and while Tether downplays it as usual as FUD, I don't think that at this size it can get away easily if there are too many irregularities. And judging from what we've seen, there could be dramatic events soon.

Image Source: Twitter

This image is the reason I wrote this article today. I was thinking that Tether was soon going to pass in size the Bernie Maddoff's $64,5 Billion of funds "lost" under management. Maybe this was the ceiling and once USDT reached close alarms started ringing.

I've been writing a lot about Tether and there is a reason. In the not so rare case, Tether asks to shut down operations, Bitcoin and the rest cryptocurrencies will crash. Not by another 50% but we will see a total panic in the market.

And to tell you the truth, this will be an opportunity that we shouldn't miss. We are here for these kinds of events. If and when something similar to a Tether collapse happens, be ready to buy the blood on the street. There is no fear in the markets today, this is just a wait-and-see situation.

With or without Tether cryptocurrencies will survive. There was no need for Tether in 2017, although it was considered to have contributed to the mass rally. But it wasn't even $1B back then.

Events may soon start unfolding, being prepared to grab opportunities will be detrimental for a redistribution of the crypto wealth to better hands.

Originally posted at Hive

Images: Lead Image from: WallpaperUP (free download - modified)

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