1/ Recently we decided to look at $USDT / #Tether - an entity that consistently outdoes itself with the level of rampant fraud that perpetrated by them in the blockchain space.
2/ Specifically, we want to look at the troubling number of Tether tokens that have been 'minted' over the past two months.
Specifically, from mid-April to mid-May (just one month) - over *3 billion tokens were minted*.
Specifically, from mid-April to mid-May (just one month) - over *3 billion tokens were minted*.
2a/ Perhaps even more troubling is the fact that over one 24-48 hours span, we saw the supply for USDT increase by 2.5 billion.
Yes, billion - you read that correctly.
Yes, billion - you read that correctly.
3/ Without providing rhyme or reason (nor being pressured to by the "mainstream" blockchain 'elites' to do so ), skepticism of USDT has waned substantially in the blockchain space.
But is this to everyone's detriment?
But is this to everyone's detriment?
4/ As it stands, Tether accounts for more traded volume than Bitcoin and any other cryptocurrency (on a fairly consistent basis). So its hard to reconcile the absurd levels of Tether printing with an increased demand in the blockchain space.
5/ Additionally, if one were to take a look at the disparity between USD-based exchange traded volume and USDT-based exchange traded volume, it should become immediately clear that Tether's actions **cannot** be rooted in any genuine demand ... from anyone.
5a/ The photo above shows that, at one point in April (the same month where Tether issued +3b more USDT for their supply), Tether's traded volume accounted for nearly **20 times** that of USD.
This metric makes absolutely zero sense if Tether is to be seen as legitimate.
This metric makes absolutely zero sense if Tether is to be seen as legitimate.
6/ Here we take a look at the blockchain space's overall traded volume through that month.
Perhaps if there was a meteoric rise in trading activity in the blockchain space - that would give USDT some plausible deniability...but...that didn't happen.
Perhaps if there was a meteoric rise in trading activity in the blockchain space - that would give USDT some plausible deniability...but...that didn't happen.
7/ Perhaps the craziest fact of this whole thread - *even Tether's traded volume DECREASED as they were minting 3 billion tokens that month*.
8/ What's even more bothersome is that major publications such as @CoinDesk are choosing to sweep the entire Tether debacle under the rug by normalizing the extreme, absurdly risky behavior o those in charge of the project
(newsletter link = coindesk.com/as-tether-supp…)
(newsletter link = coindesk.com/as-tether-supp…)
8a/ As we can see the in the tweet above - rather than show any semblance of objective, critical journalism - CoinDesk instead opts to give Tether their very own quasi press release (which is what their articles for the token do amount to).
And perhaps this is not coincidental.
And perhaps this is not coincidental.
