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<blockquote data-quote="35years" data-source="post: 3343419" data-attributes="member: 60822"><a href="https://www.cnbc.com/2018/02/02/tether-what-you-need-to-know-about-the-cryptocurrency-worrying-markets.html" target="_blank">All you need to know about tether, the cryptocurrency that could have a &#039;devastating&#039; effect on bitcoin</a>&quot;All you need to know about tether, the cryptocurrency that could have &#039;devastating&#039; effects on the market<ul>
<li data-xf-list-type="ul">Some cryptocurrency insiders are claiming that a digital coin called tether is being used to prop up the price of bitcoin.</li>
<li data-xf-list-type="ul">Experts fear that if tether collapses, it could have a &quot;devastating&quot; effect on the broader cryptocurrency market.</li>
<li data-xf-list-type="ul">Given that the anonymous report claims tether was responsible for 48.8 percent of bitcoin&#039;s price rise in 2017, the author said there could be a 30 percent to 80 percent correction. Perhaps this is already taking place as bitcoin <a href="https://www.cnbc.com/2018/02/02/bitcoin-price-drops-below-8000-for-first-time-since-nov-24.html" target="_blank">fell below $8,000</a> Friday for the first time since November 24. 
 
&quot;If a tether debacle unfolds, it will likely cause quite a devastating ripple effect across many of the exchanges that see most of their volumes traded against the supposedly USD-backed cryptocurrency. In such a scenario, we may see cryptocurrency prices retreat quite dramatically in the next month or so,&quot; Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC by email Friday. 
 
The other reaction could be something equivalent to a bank run. This would happen if the value of tether goes to zero and then people suddenly request their fiat money back. Tether can no longer prop any other cryptocurrency up.&quot; 
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[QUOTE="35years, post: 3343419, member: 60822"] [URL="https://www.cnbc.com/2018/02/02/tether-what-you-need-to-know-about-the-cryptocurrency-worrying-markets.html"]All you need to know about tether, the cryptocurrency that could have a 'devastating' effect on bitcoin[/URL] [SIZE=6][B]"All you need to know about tether, the cryptocurrency that could have 'devastating' effects on the market[/B][/SIZE] [LIST] [*]Some cryptocurrency insiders are claiming that a digital coin called tether is being used to prop up the price of bitcoin. [*]Experts fear that if tether collapses, it could have a "devastating" effect on the broader cryptocurrency market. [*]Given that the anonymous report claims tether was responsible for 48.8 percent of bitcoin's price rise in 2017, the author said there could be a 30 percent to 80 percent correction. Perhaps this is already taking place as bitcoin [URL='https://www.cnbc.com/2018/02/02/bitcoin-price-drops-below-8000-for-first-time-since-nov-24.html']fell below $8,000[/URL] Friday for the first time since November 24. "If a tether debacle unfolds, it will likely cause quite a devastating ripple effect across many of the exchanges that see most of their volumes traded against the supposedly USD-backed cryptocurrency. In such a scenario, we may see cryptocurrency prices retreat quite dramatically in the next month or so," Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC by email Friday. The other reaction could be something equivalent to a bank run. This would happen if the value of tether goes to zero and then people suddenly request their fiat money back. Tether can no longer prop any other cryptocurrency up." [/LIST] [/QUOTE]

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