Digest: How Tether’s distribution system works
In this LONG POST I expose how one aspect of the Tether distribution system works affecting primarily people holding what they are told are USD in wallets using Lock(TM) features but instead are holding Tether. In this digest I will outline the basic claims made in that article.
- Many accuse Bitfinex of manipulating BTC price by using unbacked Tethers to buy BTC.
- Bitfinex own and control Tether.
- Tethers (USDT) are not 1to1 backed by USD < 10%.
- Bitfinex and Tether do not have reliable Fiat banking partners.
- Tethers are unwittingly / unknowingly held by thousands of people in wallets via Coinapult Lock(TM) feature.
- Bitfinex et el refer to USD instead of Tether.
- The bank at the centre of DASH and Bitfinex is Cryptocapital which isnot a Bank!
- Cryptocapital are unlicensed and uninsured, using entities as banking partners who are known criminals and scammers.
- CryptoCapital offer services to many exchanges and are the same people behind Coinapult.
- Coinapult claim to Lock BTC or DASH to USD, which is actually unbacked Tether USDT.
- Coinapult Lock(TM) is incorporated into the Mycelium wallet as well as DASH, Safello and many others.
- DASH have incorporated the unreliable fiat banking solution provided by the people behind Coinapult / Cryptocapital.
- Roger Ver is very knowledgable about Tether despite claiming not to be since being an investor of Coinapult, Safello and Kraken all connected to Coinapult.
- EXTERNAL TETHER AUDIT is planned for 2 Jan 2018!
- EXTERNAL USD AUDIT is planned for 6 Feb 2018!