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
Consider donating should this post have been of value:
BTC - 18atWSWrN2bDxNWeoc3Q68coQBEk69FvUY
ETH - 0x71844057eec156843af64b2b8021daf3615b0e06
LTC - LPji8igXQ1cqjhZDFZUYgEWvVshGVi4AA1
