EnsilZah
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- 8/9/17
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An interesting article shared by a friend who's into crypto coins, I'm staying away from that whole scene, so my interest is mainly recreational.
The TLDR of it is that the whole cryptocurrency market, and Bitcoin especially, are currently being propped up by Tether, which the article claims is being backed by nothing (though claiming it's backed by USD) and is being used at 100x leverage on some exchanges.
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
The TLDR of it is that the whole cryptocurrency market, and Bitcoin especially, are currently being propped up by Tether, which the article claims is being backed by nothing (though claiming it's backed by USD) and is being used at 100x leverage on some exchanges.
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3