Some useless entry.

Guys, I came back here just because I have much to write about. When Steemit project began, my wife and I joined with great enthusiasm and wrote all sorts of articles. I wrote a lot on the cryptoeconomy, philosophy of life, astrology and other freaky things.

And now. The important points.

Now I'm immersed in the topic of finance and cryptocurrencies. Or rather, cryptoeconomy. I follow the events, analyze it, and try to see the future.

One of the highlights in the current market situation is the story of Bitfinex exchange and Tether. As you probably already know, the Tether (USDT) allows you to save your capital while the market is falling down. You just sell your bitcoins, ethereums and other altcoins and remain in USDT until the cryptomarket reaches a certain bottom.

But here's the thing. The guys from Tether claim that each token is backed by the US dollar. And the USDT emission is currently, approximately 2.5 billion tokens. That is, they have somewhere ostensibly kept 2.5 billion U.S. dollars. And that is extremely doubtful. And not only for me, guys! For SEC (Securities And Exchange Commission) also!

So looks like Tether may have inflated the price of Bitcoin and other altcoins.

And how has been made the new USDT on the market? These 'Tether guys' have their own exchange, known as Bitfinex. They push a button and suddenly there is, say, 1 million USDT. Then they start to buy for those you just created USDT, say, bitcoin. The price of bitcoin, of course, goes up.

See how easy that was. Again and again, created with one button click USDT mass exchanged for bitcoins, created with expensive calculations. And so, the price of bitcoin is growing up. Higher and higher. Because they buy it more!

However, at some point, the question arises as to whether bitcoin worth so much? After all, maybe the demand was created due to the uncontrolled USDT emission. Isn't it?

As we know, Tether is under the jurisdiction of Hong Kong. But still U.S. authorities are trying to get it. As I understand, they are trying to force Tether company to conduct an audit in order to prove that reserve of 2.5 billion dollars actually exists. Still, as far as I know, Tether guys still can't or don't want to confirm this.

What if?

However, what if it turns out that the reserve is only $ 250 million, well, that is an order of magnitude smaller, we get that 1 USDT equals to 10 cents, not 1 dollar. The BTC-USDT market will collapse.

And it means the collapse of BTC-USD. And this, in turn, means the collapse of the entire cryptocurrency market.

Last thought. An attempt to chill out.

Bitcoin and some other wonderful blockchain projects obviously have real value. They are not bubbles in fact. As behind them the technology and useful products. But still, it seems that the price of bitcoin, and hence all the other coins, somewhat exaggerated. Thanks to USDT.

This means that somewhere there's a bomb, which at any moment might explode and bring down the market, leaving many investors with nothing.

Personally I'm convinced that cryptocurrencies and blockchain technology is the future. However, it is not necessary to lose vigilance and to forget that at the moment the market of cryptocurrency projects is something akin to the Wild West.

Save your savings and get rich, guys!
And let's discuss this topic in comments ;)