Roubini on Tether : "It's the Mother of all crypto scams'

13 Oct, 2018
by Manon Bridou-Koenig
News
Roubini on Tether : It's the Mother of all crypto scams'

According to economics professor Nouriel Roubini, popularly referred to as ‘Dr Doom’, there is something fishy about Tether.

In a recent tweet Roubini is commenting on Tether. Tether tokens are issued by Tether Limited, which claims that each token issued is backed by one United States dollar. Dr. Doom states 'Tether is the Mother of all crypto scams and propping up Bitcoin and all the other shitcoins by up to 80%.' He added that regulators checking Tether/Bitfinex are 'still asleep at the wheel'. 

With his tweet, Roubini is reacting on a Bloomberg article about an Bitcoin and Tether connection, seeking to expose 'the fruitless deeds of darkness.'

Bloomberg is stating that:

"Griffin and Shams noticed that when Bitcoin fell to certain levels, purchases using Tether would flood in to stabilize prices. After crunching the data, they concluded this fit a pattern consistent with someone, or a group of people, trying to manipulate Bitcoin prices. The two researchers made the startling claim that half the gains in Bitcoin last year can be attributed to Tether."

Roubini got involved in a Twitter scrimmage with supporters of crypto the last few days, doubling down on his stated opinion of crypto as a “scam” and “fake wealth”.

Roubini recently posted on Twitter that decentralization of cryptocurrencies is a ‘myth, and that even ‘North Korea’ is more decentralized than crypto. Dr. Doom, who predicted the 2008 financial crisis, testified in front of Congress on Thursday on the future of blockchain and cryptocurrency. The hearing can be watched here

Read more: Dr. Doom aftermath: crypto space comes out in full force, Roubini keeps bashing

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Read more about: Tether (USDT)

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