Recently, an anonymous Report titled "The Tether Report" appeared on The Internet, directed directly at one of The most popular virtual currencies, USDT/ teda. The report's conclusion is striking: "the price volatility of bitcoin is highly correlated with the USDT overshoot."
A brief introduction of USDT - essentially Tether's decentralized digital currency based on block chain technology. According to Tether's initial commitment, it will strictly adhere to a 1:1 reserve guarantee, which means 1 usd to each of the USDT tokens, so the price of the USDT is relatively stable, so that usdt(usd tether) is coming from this reason.
First in the domestic usdt actually is not hot, but after domestic ban digital assets and virtual currency transactions, many people look to the over-the-counter (OTC), the form of digital assets and fiat currency exchange. At this point, the usdt, which claims to be equivalent to the dollar (1:1), became a hot spot, and the sale of other virtual currencies became the first choice for many. But as a virtual currency issued by a private company, though it claims to be able to convert $1 to a dollar, is it really reliable? The author of "The Tether Report" shows his distrust.
On January 24, 2018, an anonymous report of Tether appeared on the net, triggering the whole blockchain community.
As a fact, the author did not reveal his identity, leaving only a string of characters
"32 e3690d50b3b477df7841212d4bb938dc9cdb50307618328e7f8b53f37cc1e2"
The authors argue that Theder's founders did not rely on organic business development, but on the basis of market conditions.Between March 29, 2017 and January 4, 2018, Tether issued a total of 91 USDT, while 48.7 percent of the BTC price surge occurred within 2 hours after Tether coin release.Bitfinex's recharge/withdrawal data is suspect and should be more audited.If the above suspicious behavior is true, then 30-80% of the BTC price collapse can be predicted.
Tether mentioned this on its website:
1.Tether does not make any representations, guarantees or warranties.
2.The limitation of liability and release: except in the case where the provisions of this terms of service, Tether does not assume any liability or obligation, also does not undertake any claim, application, loss, damage, delays, accidents, cost, business interruption costs or any other expenses (including but not limited to attorney's fees and any claim or litigation costs), or any accidental, direct, indirect, in general, special, punitive, demonstration or corresponding losses, goodwill or commercial profits, downtime, data loss, computer failure or malfunction, or directly or indirectly caused by or associated with any and all other business losses.
It's fair to say that at the very beginning, it was not surprising that someone said, "I was prepared to run the road in the first place."