Over the past few years, people have come to realize the strength of Bitcoin and most are sure that this beast cannot be stopped. However, there is a stench in the air that none of the big players want to discuss. The same kind of smell that hits you in the face when the dog took a dump in your house.
Tether...
The coin I have come to hate more every time I draw up these graphs to determine the circulation supply and the average daily print rate. I despise not only the coin but also the bastards sitting behind this coin printing unbacked unaudited digital coins and buying up BTC with it.
From the last post I wrote there has been an increase of 271mil coins which is, on average, a print rate of 24.6mil coins per day. From the previous graph, I had to adjust the y-axis to fit the new circulation supply of 3.5 BILLION COINS. The steep increase in coins can be seen in the below graph.
People fail to see the intensity of this issue because we have been trained to look at a coins price. What would it look like if Tether was a coin such as bitcoin? Let's look at it since the start of the new pump in coins which kicked off 22 March 2019. Circulation supply at this point was 2 billion coins and if it was not adjusted but capped at 2 billion the price would have gone from US$1 to US$1.76 in just less than 3 months at a daily increase of %0.86 per day.
This is not your normal pump and dump scheme and profits are not taken from the hype in an increase of price but rather a printing of money from nothing. It has been shown that Tether is not fully backed and they still refuse to be audited. They smell exactly like the FEDs counterfeiting scheme called Quantitative Easing during which they print money from nothing to devalue the wealth of people that have earned it through sweating blood. This hidden tax will come back and bite every Bitcoin holder in the arse someday but perhaps the world would not even notice because the price might be higher than anyone can imagine.
My only solution is that we stop using this cursed coin and avoid all services of those who allow it!
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BTC - 18atWSWrN2bDxNWeoc3Q68coQBEk69FvUY
ETH - 0x71844057eec156843af64b2b8021daf3615b0e06
LTC - LPji8igXQ1cqjhZDFZUYgEWvVshGVi4AA1
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