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Asking Tether’s Founder About Tether’s Fraud

Tether founder tried to sell ...

Tether founder tried to sell the stablecoin idea to a large bank in 2015
CONTENT

  • Tether’s creator wanted to sell the idea to American Goldman Sachs back in 2015.

  • Then at the bank, no one understood the prospects of the digital dollar.

  • Later, Goldman Sachs still invested in stablecoin, but from a different company.

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Then the potential of the technology in the bank was laughed at, but as a result they decided to invest, but in another stablecoin. Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More.

Tether founder tried to sell ...

Craig Sellars, the founder of the largest stablecoin by capitalization, Tether (USDT), wrote on Twitter that in 2015 he tried to sell the idea of ​​a stablecoin to a large American financial conglomerate Goldman Sachs..

Then Seller positioned, in his own words, stablecoin as a “ready-made central bank.” However, the financial institution could not understand why someone might need a dollar on the blockchain..

“They [Goldman Sachs] made fun of me,” Seller added..

Sellars’ statement comes amid recent criticism from Goldman Sachs employees who, during a recent video conference with clients, said that bitcoin is “not an asset class” and “not suitable for investment.”.

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Twitter user @AndaPandaVentur recalled that in September 2018, another stablecoin-focused startup USD Coin (USDC) from Cirlce was still able to receive funding from Goldman Sachs.

Tether founder tried to sell ...

“Hmm, dollar. On the blockchain. Kind of … with different rules and features. Maybe they [Goldman Sachs] will start using it [USDT] if we pay them interest? ”Seller said.

USDT stablecoins gained particular popularity after Tether added compatibility with the Ethereum blockchain and introduced USDT stablecoin based on the ERC-20 protocol.

Recently, a serious stir around USDT began on the stablecoin market, which became one of the factors of the bitcoin price pumping up to $ 9,900..

Bubble 2.0

Even though bitcoin is potentially in bear territory, cryptocurrency exchanges are experiencing a short-term pump in the price of the largest cryptocurrency by capitalization.

At the time of this writing, the bitcoin rate is $ 9466.

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However, not everyone is happy with the excessive activity of Tether on the issue of new assets. In just a couple of weeks, the capitalization of USDT was able to soar from the $ 6 billion mark, in mid-April – to $ 7 billion, and at the end of May it was even $ 8.8 billion..

In addition, many question the provision of printed stablecoins with real dollars, since according to the latest statistics on the activity of the Tether network, most of all stablecoins are controlled by only 119 addresses..

Tether founder tried to sell ...

What do you think? Does the uncontrolled issuance of stablecoins really affect the price of bitcoin? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

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