Just 318 Crypto Addresses Control 80% of Tether

[BLXN]

“The concentration of Tether suggests that control of Tether is in the hands of a few central players who can swing Bitcoin prices, and have a vested interest in doing so," said John Griffin, a finance professor at University of Texas at Austin. "It also suggests that many exchange players have a vested interest in keeping the Tether game going."

https://www.bloomberg.com/news/articles/2019-08-07/tether-mafia-318-crypto-addresses-control-most-of-stablecoin

 

gg, rich people. lol

[Enzo]

That's interesting to know. I know 318 is not a lot when you consider how many people use crypto. So I wonder who these people are and if we'd know any of them by name? 😮 

[nattekut]

I think this applies to all currencies. The majority of most coins all are held by a limited number of wallets. Those mostly are very early adapters or members of the team that are behind the project. 

[williamshennie9]

Again, like I've said on your previous posts, simply copy/pasting from other websites is not allowed on the forum. You can't just dump that info here. you need to share your thoughts on it, and give your summary.

[Etude]

This is a pretty interesting fun fact I guess as it is at the same time shocking that how much of the market supply of a cryptocurrency that certain people owns.

[wry]

Tether is centralized so this is not surprising at all.  In a way it's issuer can engage in fractional reserves just like any bank can. 

Interestingly, the creation of Tether is often credited with helping the big run up in Bitcoin price in late 2017.  Clearly this coin is always going to attract controversy.  I tend just to ignore it.

[Enzo]

4 minutes ago, wry said:

Tether is centralized so this is not surprising at all.  In a way it's issuer can engage in fractional reserves just like any bank can. 

Interestingly, the creation of Tether is often credited with helping the big run up in Bitcoin price in late 2017.  Clearly this coin is always going to attract controversy.  I tend just to ignore it.

Why do you ignore it if you don't mind me asking? It's quite profitable and not too volatile if you hodl it. 

[nuuuitsjdragon]

Like many other alts which wealth is not spread even close to evenly around the majority of addresses/wallets, this is not a new phenomenon... 

As they say, the ones that are rich at the top always get richer and the rest of us are left to carry the bags most of the time.