|
|
|
|
|
|
by Ologn
1481 days ago
|
|
|
> HN posters have successfully predicted 9 out of the last 0 Tether blow ups. People predicting stock market declines have thus far been predicting something which declines and then eventually bounces back. This will not happen to Tether - when it blows up, like Mt. Gox, or a host of other crypto scams have - it will not be coming back. As someone else here said, markets can remain irrational longer than you or I can remain solvent. Bernie Madoff's Ponzi scheme collapsed in 2008 not due to Harry Markopolos talking to the SEC in 2000 (or after) - it collapsed because everyone started withdrawing their money at once, and then the whole house of cards collapsed. |
|
|
That may be happening to Tether now. Take a look at Tether's market cap chart.[1] Click on Overview->Market cap-> 1 month. You can see the cashouts. Between 5:09 AM and 5:14 AM on May 27, 2022, the market cap of USDT suddenly dropped by $750 million dollars. There have been five huge cashouts like that since May 13th. About 12% of Tether has been cashed out in the last 3 weeks.
This never happened to Tether before. Until now, market cap was "line goes up". Biggest previous drop in market cap was about 1% in mid-2021.
So, how long can Tether pay out 4% of its market cap per week? Looks like we're going to find out.
[1] https://coinmarketcap.com/currencies/tether/