Tether USDT the Bank Run has Begun

The market cap of Tether peak at over 80 billion now its heading towards 75 billion… as redemption has begun.. I not too sure why people are able to redeem.. the terms are condition details in this article… basically US individuals and corporations are not allowed to redeem… lol (you dumb Americans can deposit real USD cash to get USDT but you cannot exchange it back for USD! wahahahaha)

On twitter I seen folks claiming to be redeeming millions of USDT into USD… as they are starting to get worried… most of the more savvy crypto folks are redeeming or they just selling USDT to get into USDC and DAI which they feel is safer… basically USDT is like a bank… now everyone is withdrawing with the bank because they feel the bank could go bankrupt and their money with the bank is not safe… the crypto noobs are still looking and speculating on LUNA… lol

I had wrote many articles on why Tether doesn’t have all the asset it claims it has… the bank run is finally here which is great… the show has finally begun! Lets take that the early redemptions are successful… then this momentum should continue for a few days to even a couple of weeks.. eventually Tether should see its supply/market cap come down sharply.. now the supply just drop 5% to 10%…. I think at the 30% mark or so the redemption will be delayed/suspended or what ever…

Tether claims to be backed by a mix of cash, bonds, crypto… which is heavy on BTC… so to meet redemptions they will need to sell their BTC holdings sending BTC even lower… if they don’t have the BTC then its out right suspension of the redemption….

I don’t claim to be a crypto expert… I am very noob for sure so don’t listen to me… I am a non-crypto that deserves to be poor after all lol… just that I can sense the end of crypto is near… I stated that crypto would crash at least 75% from the peak from 3 tril market cap to 500 bil at least… its now rolling down hill…the moment the crypto folks realize Tether is nothing but air.. they cannot redeem their Tether for USD anymore then it will fall sharply from 1 dollar to 10 or 20 cents like what happened to UST Terra… because getting 20 cents is better than nothing!

On Crypto reddit… in the past its 100% bull.. anyone that says something bearish gets downvoted to hell and they will spit in your face to have fun staying poor… now its kinda like a mix… some are starting to shout bear and give out the warnings on why its dangerous.. the pros and cons… what the risks are… its getting more balanced… my view is that soon it will become out of balance and become very bearish… fear will peak and values will plummet …

Like Chinese tech… before the crack down it was to the moon… then now its 100% fear… all that wanted to sell has sold out… only the die hard believers are left… the purge has been completed… next will be Crypto… only the ones will the highest conviction will hold on to BTC and ETH… the rest will sell out and everything will melt down…

The example I give time after time… I have a rare dog called David and got an offer of $800,000 from a random dude who wants it… I rejected the offer because I think my dog is worth $1,000,000… my friend Bob just bought 2 rare cats for $1,000,000… but today he feels that he likes my David more… he wants to trade his 2 cats for my dog.. so I took the deal…

Now I have 2 rare cats worth 1 million dollars, I am a millionaire! wooohooo!

Welcome to the Crypto World you donkeys!

GL TK

ML