Good evening dear steemians!
I follow a channel on facebook from a man named Fernando Urich, he is recognized as one of the biggest Bitcoin and crypto currency experts here in Brasil. His channel "Moeda na era digital" (Currency in digital age) he use to share extreme useful and updated news about bitcoin and the crypto world in general on his channel.
The very last Video he have released as about the USD Theter, where he rais up som quite interesting questioning about it.
First of all he tell that the CEO of the Theter limited is the same CEO of the Exchange Binance
After that he raise the point that we can't be sure that the Theter limited are really "printing" the their token in a 1/1 rate with dollars that they have.
He shows that the only source of information about it is the Theter transparece page where they show they have about 2.2 Billion of theter tokens produced and that they hold the same amount in USD.
He points out that the company have massively grew over the 2017. Last year on march they had only 46 M $ in tokens baked in dollar
220 M in july
And now as we already see it is over 2.2 Billions of theter tokens that are mean to be baked in UDS.
After that he say one thing that makes him feel unconfortable about is the fact that even that they now have more than 2.2 Billions of tokens, therefore meaning they hold the same value in USD to payback people who have bought their tokens. They only have a net worth of nothing more than 570,000 USD
he point out that this 570,000 to the 2.2 billions they are suppose to hold due to the produced tokens means a 3,900 times leverage. which sounds absurd over any optic.
Than he brings up what kind of impact this could have on the market.
The biggest theter wallet, are from exchanges (no surprises here).
amidst the top 5 holders we have Bittrex, Binance and Poloniex
Considering that he analysis as a matter of possibility what would happen if in fact the Theter limited is not working properly, or for any other reason they declare bankruptcy. well that means they could simple never pay back over 400 Millions to Bittrex, and Binance and about 270 million to Poloniex, he don't know what kind of impact this could have at those exchanges.
It is not really possibly to say if this could broke then or at least cause a big damage, but one thing we can know for sure, Everyone who is holding money in one of those Exchanges shall indirectly be affected with any big and bad happening in the Theter Limited. That's one of the reason that every crypto expert I know use to highly advise people not holding their crypto in exchanges, If something serious happening with that exchange you'll be totally exposed to it.
Here is the Complete Video I talked about, it is only in portuguese but I believe Youtube might provide a english subtitle. If not I'll consider do it for my self and Upload on Dtube.
I believe this subject is very important to all steemians couse it affects the biggest exchange that works with Steem and SBD, which means if something seriously bad happen we all could be affected someway.
Please let me know what you thing about this subject, one of the greatest power of this amazing Steemit community is the capacity we have to exchange and debate about information in a easy, fast, and even profitable way!
See you soon!
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