Tether’s crime spree has continued unchecked. It has been fined $41 million by the Commodity Futures Trading Commission (CFTC) for falsely representing that its holdings were completely insured by US dollars at all times. As part of the same order, Bitfinex was fined $1.5 million for “illegal, off-exchange retail commodities trades” and for violating the conditions of a 2016 settlement with the Commodity Futures Trading Commission.
Tether may be a bad apple, but the rest of the crypto sector isn’t exactly a beacon of stability, creativity, or morality. A gigantic pump-and-dump scheme, developed by crypto insiders — including our friends at Tether, which required wash trading and greater fool theory to achieve an ever-increasing price, was replaced by Bitcoin.
Ethereum’s biggest rival lost its shine as its CEO intervened to rewind the blockchain, reversing the hack as if it had never happened. Techno snake oil’s official currency is NFTs, the money of the so-called metaverse that has existed for decades.
A vast multi-level marketing plan that leverages social media bots and sock puppets, as well as the screens in Times Square, to pump engagement has made Shiba Inu token the most popular out of several other worthless Japanese dog-themed coins, resulting to massive price rises. After a 7 million percent rise, one of its “early adopters” cashed out this week. Largest compensation package in history.
With no use. He and the billions of cash he had amassed are gone.
According to popular cryptocurrencies, the primary goal of dethroning the financial system has long since faded away. Coins with no intrinsic worth or social utility are still in circulation.
The enthusiasm connected with the introduction of low-cost money may have convinced you to become involved in the crypto bubble while it’s still hot.
Consider getting in on the crypto boom while it’s hot if you bought bitcoin because of the enthusiasm that accompanied the introduction of cheap, low-cost currency. Swindles and Ponzi schemes can pay off big-time for individuals who are willing to put their money where their mouth is when things get tough. The combination of deflationary forces and the volatility of cryptocurrencies makes it nearly impossible to exit the market.
It is possible that Tether’s demise will come, but how can you fight the first global wildcat bank in history?
It’s not clear what Tether’s stablecoin is to the CFTC and the SEC, though.
Tether’s long-term survival is likely to be a financial boon for the predatory strata of the Predator State, which are heavily invested in the crypto market.