A company that specializes in stealing bit coins

What has been the best-performing asset class in the world over the past five years?

Bit coin, of course!

Everyone knows that the central bank of the world today is the Federal Reserve, and all it has to do is print, print, print, and issue dollars out of thin air to get US stock prices up and up and up since 2009.

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But non-currency people may not know, the currency circle also has a Federal Reserve, this is Tea company, like the Federal Reserve, just need to print, print, print, print, issue USDT, can make the price of bit coin all the way up and up and up and up.

Back in 2014, Realcoin, a company registered in the Isle of Man and Hong Kong, got a head start because of restrictions on direct trading of Bit coins in fiat currencies. It renamed its name “Tether” and announced that it had begun issuing a block chain currency called USDT, which is strictly 1:1 with the US dollar.

Combining the executives, directors and business address in Ontario (Canada), it can be concluded that Tether Company had an obvious relationship with Bitfinex, the largest exchange in the coin circle at that time. Therefore, shortly after the emergence of Tea Coin, Bitfinex announced its support for USDT, which made USDT enter the vision of the vast majority of people in the coin circle. In order to gain customers, Poloniex, another emerging exchange, soon after announced its support for USDT, and the trading volume of Taiga quickly increased, establishing its status as the largest token in the coin circle.

According to the promise of Tether’s website, Tether will strictly abide by the reserve guarantee of 1:1 with the US dollar, that is, every USDT token issued, its bank account will have 1 dollar of funds, but when asked how users verify the deposit of their bank account, Tether claims that the US dollar is kept by the company, and there are regular audits, but you can’t check.

The market value of Tea coin was not high at the beginning, but it was not until the beginning of 2016 that the market value of Tea coin exceeded $1 million. In the rapidly developing coin circle, it was possible to find a token with stable value compared with the dollar. Regardless of whether the company itself had problems, more and more people began to adopt USDT, which was almost the only token at that time, and the circulation of Tea Coin was increasing.

It is not clear whether the issue of Tea Coin drove the rise of Bit coin, or the rise of Bit coin led to a surge in the use of Tea coin. Since the beginning of 2016, the circulation of Tea Coin began to surge, from less than 1 million dollars to 2 million or 4 million dollars, and by the end of 2016, its circulation has exceeded 10 million dollars.

Then, the issuance speed of Tea Coin entered the fast lane, almost doubling every month. By the end of May 2017, the issuance of Tea Coin was more than 100 million dollars, which injected the most abundant water into the bull market of Bit coin, and the price of bit coin also began to soar…

In the following half a year, the circulation of Tea Coin rose again by more than 10 times. By the end of 2017, the circulation of Tea Coin had reached a staggering 1.385 billion dollars. The price of bit coin also basically reached its peak at this time, and the price of Bit coin was once close to 20,000 dollars per coin.

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In 2018, with the approach of the Federal Reserve balance sheet reduction, the global dollar liquidity feast began to reverse, and the price of risk assets began to come under pressure. Although USDT still tried its best to issue more, the currency price began to go along. In January 2018, the currency price began to fall sharply, thus starting its three-year bear market…

At this stage, Tea’s issuance was still slowly rising, and as of February 21, 2018, according to on-chain data, there were 2.219 billion USDTs in circulation in the market, which means that Tether needed to have 2.219 billion dollars in reserves in its account — the problem is that behind such a large issuance, Tether has no evidence of how much money was deposited in the account or how it changed accordingly.

Prior to that, on March 23, 2017, Tether conducted an “audit” through a small company in Taiwan in the face of $420 million of USDT in the market. The audit concluded that Tether had $448 million in equivalents and was fully able to pay all the Tea coins.

Soon after, Tether said it would partner with the prestigious accounting firm Friedman LLP, but made clear that Friedman wouldn’t be auditing or even certifying. In January 2018, Fold announced it was discontinuing its relationship with Tether.

Instead of hiring an audit firm, Tether hired a law firm (FSS-Freeh, pork &Sullivan) to guarantee Tether’s books. These people did not admit to being auditors or accountants. What’s more, it was later proved that, the law firm has its own problems and close ties to Bitfinex.

Tether is the Federal Reserve of currency, and the manipulation is so similar!

Imagine that there is such a company, when you buy any crypto currency assets, basically need to use “chips”, and the number of chips is controlled by their own, no matter how much your currency price rises, it can issue more chips to buy your coins, they are committed to pushing the price of the currency skyrocket, and then, when needed, They shrink (though very rarely), causing the price of the coin to plummet, and then they can trade those chips for more coins in your hand…

Then, after they choose to issue more chips, the price of the coin will rise again, they can sell their coins, and the game will start again…

In this world, when all living beings still need to struggle for wealth to sell their blood and sweat, some people, but already thought of the easiest way to get wealth – printing money, to put it plainly, is to steal other people’s wealth.

Around the world, the institution that steals everyone’s wealth is the Federal Reserve;

In the coin world, the company stealing everyone’s real crypto currency is Tether.

It is shameless enough to print fiat money out of thin air, but there is an organization that can “print” USDT out of thin air and then steal and defraud the market of various crypto currencies, including Bit coin.

At the very least, the Fed has a U.S. Congress to oversee it. After all, printing money is supervised by U.S. authorities, whereas Tether, which has no oversight, prints money as it pleases.

After the bit coin crash in March 2020, USDT once again found an opportunity to be bloodthirsty.

On March 31, 2020, Tether Company issued a one-time additional 1.5 billion dollars of USDT, which led to the rapid rebound of bit coin price from the low point.

On May 14, 2020, Tether continued its efforts with a one-time additional $2.4 billion USDT;

On August 31, 2020, Tether scaled new heights with a $3.35 billion secondary offering.

Since then, USDT’s secondary offerings have become normal, and by the end of May 2021, USDT’s issuance reached a staggering $61.8 billion.

Yes, that’s the same company that, in just a few years, has been stealing everyone’s money by printing $61 billion out of thin air on the back of the burgeoning crypto currency industry!

Sometimes think, bit coin where there is what so-called S/F model (stock/flow) and half the market, nothing more than in Tea Company’s thin air under the printing, and then all the way up…

All of this, of course, comes from the real dollar printer, the Federal Reserve. If the Fed hadn’t announced its jaw-dropping “unlimited quantitative easing” in March 2020, how would Tether have been able to print USDT like this?

In May 2021, with the signal of the Fed’s quantitative easing tapering, the currency price could not hold up and began to plunge even though Tether continued to issue USDT frantically. Tether began to slow down USDT after realizing that its massive issuance was no longer driving the price of the currency higher…

Mind you, just slowing down the pace of issuance, not reducing circulation

In fact, as of January 15, 2022, total USDT issuance was $78.45 billion!

This is exactly what the Fed calls “tapering”.

Consider that the best returns in global markets over the past five years have been made by crypto currencies, led by Bit coin;

How bad is it that a company that didn’t make any technological innovations, didn’t even bother to do a real audit, printed $78 billion out of thin air to steal and swindle crypto currencies from everyone it worked with?

So much so that conspiracy theorists think the company is a time bomb planted by the Federal Reserve.

So far, the only bit of good news about USDT is that the market for stable coins is booming. USDC, Dai, Paros, Trues and GUSD are all booming. There are some stable coins anchored to different legal currencies and some problematic ones. There are also decentralized stable coins that are better than USDT in terms of transparency, auditability, or security.

But unfortunately, just as the world has been used to the US dollar fiat currency, the support of several major exchanges, coupled with the inertia of the currency market, the current stable coin market is still the largest USDT. Among other stable coin, only USDC has the market share to challenge USDT a little.

 

 

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