Tether: Bitcoin price manipulation study is shameful in the “error”
Tether has published a word strong response to a study at the beginning of this week, which claimed that a eiinziger Bitcoin whale has manipulated the market during the bull run in 2017. The eternal discussion on the actual influence on the Bitcoin price in the year 2017, when Bitcoin reached its historical all-time high of over 20,000 USD, seems to be not to tear down.
A Couple of academics made last week with a paper that accused a single player in crypto-currency, causing a stir.
And the Stablecoin-Issuer Tether, which shares its Management with Bitfinex will not tolerate these accusations and yesterday afternoon, a sharply worded response, the referred to the paper as “flawed” and “embarrassing”.
The paper is an Update to a research piece from the year 2018, written by the same authors – John Griffin of the University of Texas and Amin Shams from the Ohio State University. Apart from the allegations of Bitcoin
Price manipulation again, the study repeated an earlier assertion that the Tether Stabilcoin (USDT), for transactions on the Bitfinex exchange is necessary, is not supported by adequate US dollars. It is an assertion, with the Tether for years, fights, and continue to publicly argue:
All of Tether tokens are fully covered by reserves and issued in accordance with the market demand, and not for the purpose of control of the pricing of crypto-currencies.
the company said in its statement. The Declaration also refers to all aspects of the paper, including its authors.
Despite Griffin’s false bravery in the last aggressive statements to the media, the authors show a fundamental lack of understanding of the crypto currency market and the demand that drives the purchase of Tether tokens
it is stated in the answer. They called the updated paper “a watered-down and embarrassing way of his predecessor,” and the claim of a lone whale that manipulates the Bitcoin prices in 2017, “clumsy” and “easy”. According to Tether, the authors of the study, selected the data is “cherry red” to match their conclusions. In a Bloomberg Interview, in which the results of the study were discussed, presented Meltem Demirors, Chief Investment Officer of Coinshares, a similar case, and noted that cryptographic data, both off-chain on-chain were stored. While Onchain data is publicly available, it is difficult, Offchain data to retrieve.
Before the response of the Tether, the charges of the paper had arranged for the crypto industry to Act. A never-ending Shitstorm of Tweets from members of the crypto industry has mocked the paper or known as error. The trading platform SFOX has published a report with an Interview with the founder of Whale Alert, a service that tracks the movement of large amounts of Capital on crypto-Wallets. While they responded to the study in the Bloomberg article, and discussed, the management team of the Tether until yesterday, no public statement put to you.
However, the authors of the study, allegations of the US-Dollar reserves of the Tether are not new. Rumors about the reserves of Tether or their lack of coverage to deal for years with the Community. The assertion that Tether are not fully covered by USD, is at the centre of one of the New York attorney General led fraud investigation against iFinex, the parent company of Bitfinex and Tether.
Despite the negative headlines, Tether will remain diligent and continue to be the füntgrößte crypto-currency, measured as the market capitalization.
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