Wednesday, May 26, 2021

"Investigating the Charge "Bitcoin Price is Dependent on $60 Billion Accounting Fraud""

 January's "Of Tether, Bitcoin, Fraud and HOLY HELL" was a pretty amazing story.

Today MishTalk looks at some of the issues:

The charge relates to Tether, a stable coin allegedly fully backed by US dollars.

Is the Money Really There?

I took a look at Tether on October 17, 2018 in Tether's Mysterious Crash: Is the Money Really There?

I did not believe the money was there then, and I certainly don't believe it now. 

Tether Liquidity

In 2018 I noted "Tether has represented as much as 80% of bitcoin trading volume, according to research site CryptoCompare. When the year began, it accounted for about 10% of bitcoin trading volume."

Tether still accounts for 80% of Bitcoin volume today....