Not so fast. It's true that tether had something of an effect on bitcoin in mid 2017. But in late 2017 we saw retail buyers, plus some institutional buyers entering teh cryptocurrency space.
I think the institutional buyers are here to stay because it looks like bitcoin is uncorrelated to the rest of the stock market and may therefore function as a hedge. See the following article:
https://www.forbes.com/sites/chuckjones/2018/02/10/bitcoin-became-a-safety-trade-last-week/#133db00523a9
Topic: What would bitcoin be worth without Tether? The answer: around $4,500 (Read 178 times)
February 11, 2018, 10:19:29 AM
February 11, 2018, 10:13:39 AM
What would bitcoin be worth without Tether? the same place it is right now.
the rise would have happened anyways in the same exact way because it has never been tether that increased the price. and even if it did, the effects of it has been too small to be worth paying any attention to.
in fact without tether we might have had a bigger rise or at the very least a smaller drop because a big source of FUD would have been eliminated and without FUD the panic would have been less and the panic dump would have been also smaller.
the rise would have happened anyways in the same exact way because it has never been tether that increased the price. and even if it did, the effects of it has been too small to be worth paying any attention to.
in fact without tether we might have had a bigger rise or at the very least a smaller drop because a big source of FUD would have been eliminated and without FUD the panic would have been less and the panic dump would have been also smaller.
February 11, 2018, 09:43:39 AM
I read this somewhere: Scary
...
...
Where exactly have you read that? Post source, so we can see how that estimate was derived and comment on that. Is this based on assumption that USDT have been printed out of the air just to bump btc price?
February 11, 2018, 09:06:02 AM
What would Bitcoin be worth without emty headed baboons selling their coins like there is no tomorrow? The answer: +$100,000.
It's impossible for anyone to know what the actual impact of Tether is on the entire crypto market, so for that reason you shouldn't take everything said on internet for face value. If Tether is being 'printed' without being backed up by an equal number of USD in reserve, which quite some people here assume, then it may actually play an important role in getting this market to increase in a non organic manner. The main problem here is how Tether isn't open and clear about their actual USD reserves, and their direct ties with Bitfinex make things even worse. I am amongst those who aren't trusting Tether, and would even like to get it exterminated entirely, but without actual proof, there isn't anything we can do other than speculating. When the authorities lose their patience, which is just a matter of time, they'll raid Tether and we will find out what's going on there.
It's impossible for anyone to know what the actual impact of Tether is on the entire crypto market, so for that reason you shouldn't take everything said on internet for face value. If Tether is being 'printed' without being backed up by an equal number of USD in reserve, which quite some people here assume, then it may actually play an important role in getting this market to increase in a non organic manner. The main problem here is how Tether isn't open and clear about their actual USD reserves, and their direct ties with Bitfinex make things even worse. I am amongst those who aren't trusting Tether, and would even like to get it exterminated entirely, but without actual proof, there isn't anything we can do other than speculating. When the authorities lose their patience, which is just a matter of time, they'll raid Tether and we will find out what's going on there.
February 11, 2018, 08:44:34 AM
I read this somewhere: Scary
Are there any opinions.
In a lot of way I wish it wasn't true but the more a look at the stats it appears to be the case.
I hope someone can convince me otherwise
Are there any opinions.
In a lot of way I wish it wasn't true but the more a look at the stats it appears to be the case.
I hope someone can convince me otherwise
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