Investors got a reminder this weekend that the market infrastructure for trading cryptocurrency is still under construction.
On Saturday, the company behind Tether mistakenly created more than $5 billion worth of the digital coins in an instant—more than doubling the amount in circulation. The sudden flood spooked the market and drove down the price of bitcoin, the most actively traded cryptocurrency, by about 12%.
But but but ... there’s a wall of money coming to bitcoin... Raul promised me
Gold and silver are the only real money.
Tulip bulb bubble
They did and burned those coins 5 minutes later what don’t say that is the head lines!!! US gov and all the gov around the world create paper money every day from regular paper with no value just inflated by the govs!Bitcoin have disinflation and going to be just 21 million ever!
This event by Tether should be proof enough that crypto is based on thin air. People issue an ICO to defraud investors. The ones making the most money in crypto are the ones who not only create and control them, but trade them based on how they control them.
Sounds like our Fed Govt every day. They call it quantitative easing! Where’s the headlines on this . Tax on all $ based assets and earnings and they are not legislated taxes. Just deficit spending gone wild.
Oooops.....
Oops
I thought it was”hard” to create these things.
Fragility, no, a terribly implemented system not actually backed 1:1 by USD yes. A terribly coded system that relies on humans to ensure the backed currency instead of enabling software to do it automatically.