09-12-2021, 04:39 AM
Tether is responsible for the MAJORITY of crypto trading volume. This means you will
<!-- SC_OFF --><div class="md"><p>Tether is responsible for the majority of crypto trading volume.</p> <p>​</p> <p>Over the past 24 hours Tether had a trading volume of U$ 79,942,874,644 dollars. Bitcoin had U$ 34,764,002,915 dollars traded, and ETH had U$ 19,402,373,410 dollars.</p> <p>​</p> <p><strong>That means Tether trading volume corresponds to 1.5 times that of Bitcoin and Ethereum. Added together.</strong> There are also days (like yesterday) where it's closer to 2 times.</p> <p>​</p> <p>If you think you'll dodge a Tether crash by "nOt HoLDinG UsdT" you're so very mistaken, because a Tether collapse would mean much less market action, and that would make prices less stable (probably on the downside, since a big fraud would be uncovered).</p> <p>​</p> <p>Tether also claimed they hold cryptoassets on their reserves that back USDT. This means that:</p> <ul> <li>Client gives Tether 10 USD, gets 10 USDT</li> <li>Client uses 10 USDT to buy $10 of Bitcoin</li> <li>Tether uses the USD to buy $10 of Bitcoin to <em>back</em> the USDT they gave the client.</li> <li>Essentially every USD is used to buy Bitcoin twice, meaning there's leverage and the Bitcoin float price is probably, at least, twice what it should be.</li> </ul> <p><sup>PS: For the bullet point analogy right above I'm considering Tether holds</sup> <em><sup>only Bitcoin</sup></em> <sup>as their reserve asset of choice to back USDT. In the past they claimed to have a portion of USD, a portion in Crypto and a few other assets, but from what I remember on their pizza chart Cryptoassets were over half of their reserves.</sup></p> <p>​</p> <p>In case of a collapse/fraud uncovering the market will dry up and prices will correct on the downside as people realize they were artificially inflated by a fraudulent company.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Harucifer"> /u/Harucifer </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/pmgf9j/tether_is_responsible_for_the_majority_of_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/pmgf9j/tether_is_responsible_for_the_majority_of_crypto/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Tether is responsible for the majority of crypto trading volume.</p> <p>​</p> <p>Over the past 24 hours Tether had a trading volume of U$ 79,942,874,644 dollars. Bitcoin had U$ 34,764,002,915 dollars traded, and ETH had U$ 19,402,373,410 dollars.</p> <p>​</p> <p><strong>That means Tether trading volume corresponds to 1.5 times that of Bitcoin and Ethereum. Added together.</strong> There are also days (like yesterday) where it's closer to 2 times.</p> <p>​</p> <p>If you think you'll dodge a Tether crash by "nOt HoLDinG UsdT" you're so very mistaken, because a Tether collapse would mean much less market action, and that would make prices less stable (probably on the downside, since a big fraud would be uncovered).</p> <p>​</p> <p>Tether also claimed they hold cryptoassets on their reserves that back USDT. This means that:</p> <ul> <li>Client gives Tether 10 USD, gets 10 USDT</li> <li>Client uses 10 USDT to buy $10 of Bitcoin</li> <li>Tether uses the USD to buy $10 of Bitcoin to <em>back</em> the USDT they gave the client.</li> <li>Essentially every USD is used to buy Bitcoin twice, meaning there's leverage and the Bitcoin float price is probably, at least, twice what it should be.</li> </ul> <p><sup>PS: For the bullet point analogy right above I'm considering Tether holds</sup> <em><sup>only Bitcoin</sup></em> <sup>as their reserve asset of choice to back USDT. In the past they claimed to have a portion of USD, a portion in Crypto and a few other assets, but from what I remember on their pizza chart Cryptoassets were over half of their reserves.</sup></p> <p>​</p> <p>In case of a collapse/fraud uncovering the market will dry up and prices will correct on the downside as people realize they were artificially inflated by a fraudulent company.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Harucifer"> /u/Harucifer </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/pmgf9j/tether_is_responsible_for_the_majority_of_crypto/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/pmgf9j/tether_is_responsible_for_the_majority_of_crypto/">[comments]</a></span>Kind Regards R