2022/01/31
2022/01/28
2022/01/25
Cryptocurrency Is a Giant Ponzi Scheme
Cryptocurrency Is a Giant Ponzi Scheme
"Tether has become integral to the functioning of global crypto markets. The majority of Bitcoin trades are now conducted in Tether, 70 percent by volume. By comparison, only 8 percent of trade volume is conducted in real dollars, with the remainder being other crypto-to-crypto pairs"
"There is no reason to have any faith in Tether. Tether’s peg to the
dollar was initially predicated on the claim that the digital currency
was fully backed by actual cash reserves — a dollar held in reserve for
every tether issued — though this was later shown to be a lie. The company has since continuously revised down claims about how much cash they keep in reserve. Their latest public attestation
on the matter, from March of last year, claimed to be holding only 3
percent of their reserves in cash. The rest was held in “cash
equivalents,” mostly commercial paper — essentially IOUs from
corporations that may or may not exist, given that reputable actors
trading in commercial paper don’t appear to be doing any business with Tether. "
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