HOW (USDT) could cause the next MT GOX style crash
usdt·@empiracoinllc·
0.000 HBDHOW (USDT) could cause the next MT GOX style crash
 I have been very bullish on the cryptocurrency space since I got involved in 2013 and I have seen some amazing gains! I Think it is always good to stay humble though and check your emotion at the door when you enter these markets. As well as look for real indicators for a bubble. Bitconnect and USDT are both their own form of cryptocurrency but in that sense they are both also their own form of the most creative ponzi schemes that will go down in history for sure! It's like the synthetic CDO's in The Big Short movie https://www.youtube.com/watch?v=vgqG3ITMv1Q Lets talk about USDT (Tether):  ^ This is the Tethers Terms of Service So if it is backed by the same amount of USD as #cryptocurrency then they should be able to pay people out in tethers. But they don't. Many people have tried and have hit a brick wall in the process including me in the early days of 2014- 2015. After that I wanted nothing to do with with Tether dollars. 0 accountability for their actions in their terms of service considering each tether should be backed 1:1 by an equivalent amount of USD. Do you guys remember when Bitfinex lost $72 million of its customers money? You ever wonder how they paid people back? - Well they paid about $50 million from the equity of Bitfinex company - The rest was paid using Tether April 3rd 2017: They announced that they paid all the people back that had lost money and this in turn made people believe that they were reputable so they moved equity into tether and then since tether cannot be withdrawn for cash all that money moved over to..... Yep you guessed it! BTC (BITCOIN) This caused the price to hyperinflate since people only hold tether as a place holder, basically an asset that stays stable while bitcoin and other assets do their 'thing' . As an investor in cryptocurrency it is clear to see that fake money via tether is flowing in since they wont even show us the auditing and Wells Fargo dropped them last year. Also since tether dollars are hyperinflating the price of bitcoin the whole market could be affected as we could potentially see the bubble burst from this situations outcome. Heres the chart that shows Tether 'printing' increases and then price increases of BTC right after:  Read about this chart and more on Tether here: <a href='https://news.bitcoin.com/total-supply-tethers-increases-20-one-week/'>TETHER SUPPLY INCREASED BY 3400% IN 2017</a> Think about how much #bitcoin has carried this market in price and bull runs over the years. The more money in BTC the more I think the whole entire cryptocurrency market is at risk of another 'MT GOX' situation. There are legitimate projects in cryptocurrency that are doing amazing things but I worry that too many people think they will be immune to the affects of the Tether dollar. Check out these sources: <a href='https://www.biznews.com/global-citizen/2017/12/06/bitcoin-bitfinex-tether-risk-crashing/'>TETHER TIMELINE OF SCHEME</a> I worry that when this scheme is fully realized that the last mania phase will be over and it could potentially affect all markets. it's like being built off of a dodgy foundation: If the foundation isn't strong then the structure will see another major Mt Gox flop before rebuilding itself back up again. Crypto wont die but it may take a significant hit as a whole. Invest in what you believe in ! Cheers Dante  I'm open to debate on this topic so let me know what you think in the comments!