Tether has printed almost two billion fake dollars in the past month. Surely a coincidence.
I agree that Tether itself is a risky proposition - in my opinion. I wouldn't buy it.
But prove what you said about 'fake dollars'. And then prove the connection to the Bitcoin price rise that you implied by 'a coincidence'.
I don't believe you can prove this. Because if you could prove it, you would have already done so.
Edit: And I would hope we could correct the title of this post. It's not truly about 'Bitcoin value surges past $30K', it is about 'Bitcoin price passed $30K'
The SEC has been working on Tether’s case for a while, though. Recall what happened to Ripple last month when the SEC reached a conclusion on their activities.
Yes, Tether seems to be in all sorts of legal trouble, especially in the US, but it is COMPLETELY different from XRP. Why would you even mention XRP/Ripple here? XRP has always been trying super hard to comply with the rules and cooperate with banks and etcetera, though I think it is probably really a kind of scam, IMHO.
But Tether and Bitfinex are always lurking in some kind of dark international space where the law is not clear, they are not like XRP. I hope you can see that, yes?
Edit: What you're stating as fact is actually only your own opinion, and that has become even clearer when the only evidence you could offer to prove your case against Tether is not even about Tether, but about a totally different organization: XRP/Ripple. So it might be better if you did not comment at this time, because you seem to have no interesting facts to offer us, only your opinions
[I mean that this has little to do with the XRP/Ripple situation]
>Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.
So it explicitly says that it is not backed by USD, but is "valued by tether at 1 USD"
> Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans
That passage probably means that they print fake dollars, then buy bitcoin with it, which rises the price of bitcoin, and allows them to claim that their reserves are "fully backed"
This passage on tether's website specifically:
>tether is always 100% backed by reserves which include other assets and receivables from loans made by Tether to third parties
makes it sound like if you are an exchange, you can ask for a billion dollars of tether and give back an IOU written on a napkin saying you pinky promise you owe them that billion. So tether gives out free cash to anyone who asks and in exchange can print fake money of their own and sell it on bitfinex.
Edit: Just because I say I have a billion dollars doesn’t mean someone will trade a billion dollars worth of anything with me, so who does with Tether?