What will happen in the new bullrun without the past huge power of Tether?

[David1989]

Hi everyone,

I've read lots of articles explaining that one of the major reasons of the run to $20,000 back in 2017 was the money machine printer known as Tether (USDT). What do you think it will happen this time regarding this?

I ask based on tweets like this:

https://twitter.com/Stami_/status/1115217112262483969

Thanks!

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[dothebeats]

What do you mean by USDT as 'money printing machine?' For all I know, the main catalyst of the 2017 bull run was credit cards being used to purchase bitcoin and the futures market, and USDT being there just to, well, be a stablecoin and nothing more. Right now, Tether is in hot waters for not actually stating or showing a proof that they indeed have that much money to match any issued USDT in the open, yet they are still continuing to do what they always do. Sooner or later, Tether will be involved in some form of 'hack' that could potentially hurt millions of dollars of money converted into them in the meantime.

[David1989]

Check this:

https://news.bitcoin.com/new-report-blames-tether-for-bitcoins-bull-run/

[Beerwizzard]

What do you mean by USDT as 'money printing machine?' For all I know, the main catalyst of the 2017 bull run was credit cards being used to purchase bitcoin and the futures market, and USDT being there just to, well, be a stablecoin and nothing more. Right now, Tether is in hot waters for not actually stating or showing a proof that they indeed have that much money to match any issued USDT in the open, yet they are still continuing to do what they always do. Sooner or later, Tether will be involved in some form of 'hack' that could potentially hurt millions of dollars of money converted into them in the meantime.

There was an investigation about tether during 2017 bull run. They provide an incredibly high emission of USDT just before all major pumps, which was quite suspicious. Also, their market cap was unrealistically high. Anyway Tether had its role in previous bull run.

I've read lots of articles explaining that one of the major reasons of the run to $20,000 back in 2017 was the money machine printer known as Tether (USDT). What do you think it will happen this time regarding this?

Hopefully nothing. Market have to be healthy in order to get some stable growth that won't be lost in one moment.

[alisafidel58]

I don't believe that tether is one of the reasons as to why bitcoin gain that price of $20,000. Tether was just in the right place at the right time when the bull run came out. For all I know, the reason was there were lots of demand for the coin which escalated a world wild phenomenon and hit its ATH.

[okala]

What do you mean by USDT as 'money printing machine?' For all I know, the main catalyst of the 2017 bull run was credit cards being used to purchase bitcoin and the futures market, and USDT being there just to, well, be a stablecoin and nothing more. Right now, Tether is in hot waters for not actually stating or showing a proof that they indeed have that much money to match any issued USDT in the open, yet they are still continuing to do what they always do. Sooner or later, Tether will be involved in some form of 'hack' that could potentially hurt millions of dollars of money converted into them in the meantime.

I partly agree with your point of credit card being the major reason for the 2017 bullrun, because credit card is the world most popular financial institutions and at that it acceptability and access to bitcoin hard I great positive influence on the market. To that point should we now say this recent rise above $5000 is as a result of PayPal involvement in bitcoin?

[veleten]

we can only speculate as to if Tether was behind the huge bull run of 2017 or not
but our mini-bullrun from 4.000 to 5.200 $ happened without any noticeable reason or news preceding it
it just happened as some investor(s) decided to buy copious amounts of coins across several exchanges
the reasons for the new bullrun could be numerous including ETF rumours , cryptocurrency or ICO rules changed in a particular country ( or group of countries) and many other things can happen in a short period of time to have the price spike
I don't think we will be getting 20.000$ range any time soon , but the return to 6500$ ish levels are very possible

[avikz]

Hi everyone,

I've read lots of articles explaining that one of the major reasons of the run to $20,000 back in 2017 was the money machine printer known as Tether (USDT). What do you think it will happen this time regarding this?

I ask based on tweets like this:

https://twitter.com/Stami_/status/1115217112262483969

Thanks!

That could have been possible because Tether is one such currency whose daily trading volume often crosses its market cap. Tether can be literally used to pump any currency and I am sure many people are exploiting this opportunity. However, we are well passed 2017 now and let's focus on the present!

A jump from 4000 USD to 5200 USD is definitely welcoming to a lot of crypto people as it gives us hope. However, I doubt any manjor impact is happening due to Tether. Rather, a more credible reason may be the below one,

https://www.reuters.com/article/us-crypto-currencies-idUSKCN1RE0JY

But for me, it is more important for the price to hold up at this level rather than reaching new high!

[jjjfff]

Bitcoin is gaining momentum for the next bull run which this time will be in real greenbacks.

The next bull run is THE bull run, in U$ cash.

The Fed keeps printing dollars, China keeps printing Yuan, Europe keeps printing euros. They've printed U$ 300 trillion in debt that nobody's gona pay.

The next banker-created crash will make Bitcoin into digital gold.

[Bitinity]

As many other said previously, I dont think the past bull run was a power of Tether. Probably it gave an effect but not that much, so I believe Tether wont give significant effect to the next bull run which is still unpredictable when it will come.

[proTECH77]

Hi everyone,

I've read lots of articles explaining that one of the major reasons of the run to $20,000 back in 2017 was the money machine printer known as Tether (USDT). What do you think it will happen this time regarding this?

I ask based on tweets like this:

https://twitter.com/Stami_/status/1115217112262483969

Thanks!

The bull run back in 2017 was as a result of the credit card company involvement into bitcoin and not the Tether(USDT) that brought the bull run. We all know that; after all the transactions on exchanges it bores down to USDT conversion. The recent rise in bitcoin price could be attributed to traders who buy and sell. The increase in the volume clearly show that there is more demand which if continue the bull run will fully come to play.

[bitcoin-shark]

tether is not the only stablecoin is only one of many if during the next bull market you are looking for a strategy to exit safely from the world of crypto but not in fiat there are many other options...

[Ailmand]

It might be one of the reasons why the bull-run occurred last time. There might be several reasons behind it, most likely the reason why the market was pumped last time was due to hype, since the market grew multiple times on the recent run, everyone was not sure when will it stop, so people kept on stacking their bitcoin which caused the massive demand on it. People kept buying and selling, and once they see a positive movement on the market, they will buy back and wait for another rise.

[tomahawk9]

I don't think Tether contributed that much to the last bull run, I think it was more of a combination of several events occuring at the same time: dumb money pouring tons and tons of capital into the btc ecosystem, financial instituions entering the market, bitcoin going mainstream which triggered a gigantic fomo buying wave from the masses that thought bitcoin was a "get rick quick" sheme, etc, etc.

Let's not give Tether that much importance...The next bull run will come, with or without Tether.

[Haunebu]

Hi everyone,

I've read lots of articles explaining that one of the major reasons of the run to $20,000 back in 2017 was the money machine printer known as Tether (USDT). What do you think it will happen this time regarding this?

I ask based on tweets like this:

https://twitter.com/Stami_/status/1115217112262483969

Thanks!

The bull run back in 2017 was as a result of the credit card company involvement into bitcoin and not the Tether(USDT) that brought the bull run. We all know that; after all the transactions on exchanges it bores down to USDT conversion. The recent rise in bitcoin price could be attributed to traders who buy and sell. The increase in the volume clearly show that there is more demand which if continue the bull run will fully come to play.

That is a plausible explanation, but that in no way means that is the exact reason behind the 2017 bull run. So many factors contributed to this insane rally and the Tether reason provided by op could actually be one of those factors.

I am simply happy with the current mini bull run going on in the cryptocurrency market which I hope will continue for a long period of time.

[o_e_l_e_o]

What do you mean by USDT as 'money printing machine?'

Well, as you rightly point out, Tether have refused to allow an independent audit, and therefore there is no proof that they hold the assets to back up the value of Tether as being 1 USDT = 1 USD as they claim. They recently quietly changed their Terms and Conditions to state that USDT was backed up by a variety of assets and asset classes, and not just USD like they previously claimed. Given this, they could quite easily create $100 million or so USDT out of thin air, use it to buy BTC, and then they can claim that USDT is backed up by BTC.

Tether could well be essentially printing money, and since they continue to refuse an audit, there is no proof to the contrary.

[pooya87]

you should never believe everything you read on the internet, specially on twitter and some of these cryptocurrency focused news sites, they publish any crap they can and 90% of things you read online is pure nonsense including this thing about Tether. basically they said all the bitcoin price rise was because of Tether which doesn't even make sense because their logic is that whenever new Tether was printed price went up but new Tether has been printing all through 2018 too while bitcoin was dropping...

[Kakmakr]

I differ from you in your opinion that Tether were the only driving force behind the 2017 bullrun. The emergence of ICOs had a lot to do with the big bullrun in 2017 and when they started to ban Crypto currency on popular social media, it all went back to normal.

We are now seeing a more regulated form of ICOs with the emergence of Initial Exchange Offerings (IEO) and this might trigger the start of the next bullrun, but this time it might be a bit slower than with ICOs, because the IEO process is more regulated and structured.    <Proper KYC requirements and checking are done for the approval of these IEOs>  

[joniboini]

If Tether was really used to manipulate the market (like what some reports suggest) then the next bull run should be more mature. I think even if Tether dead at that point, there's nothing to be afraid of as people can still use fiat or something similar to buy Bitcoin, which in turn still increase the price. As to what extent the next bull run will be, I can only think that it should at least touch the previous ATH.

[maldini]

I don't think that bitcoin goes to $ 20,000 due to USDT, 2017 bitcoin has gone up that far in my opinion because it supports good news from credit cards.