Jeder darf sich etwas raussuchen:

V. Conclusion
Periods of rapid price appreciation are historically associated with innovation
and growth but also with nefarious activities that lead to misallocation of capital. The semi-transparent nature of the blockchain provides a unique opportunity
to examine the mechanics behind the growth of an asset class during a period
of massive speculation and understand the role of central monetary entities in
a cryptocurrency world. We examine whether the growth of the largest pegged
cryptocurrency, Tether, is primarily driven by investor demand or is supplied to
investors as a scheme to inflate cryptocurrency prices.
By mapping the blockchains of Bitcoin and Tether, we are able to establish
that one large player on Bitfinex uses Tether to purchase large amounts of Bitcoin when prices are falling and following the printing of Tether. Such price
supporting activities are successful, as Bitcoin prices rise following the periods of
intervention. Indeed, even 1% of the times with extreme exchange of Tether for
Bitcoin have substantial aggregate price effects. The buying of Bitcoin with Tether
also occurs more aggressively right below salient round-number price thresholds
where the price support might be most effective. Negative EOM price pressure
on Bitcoin in months with large Tether issuance indicates a month-end need for
dollar reserves for Tether, consistent with partial reserve backing. Our results are
most consistent with the supply-driven hypothesis.
Overall, our findings provide support for the view that price manipulation can
cause substantial distortive effects in cryptocurrencies. Prices in this market reflect much more than standard supply/demand and fundamental news. These distortive effects, when unwound, could have a considerable negative impact on cryptocurrency prices. More broadly, these findings also suggest that innovative technologies designed to bypass traditional banking systems have not eliminated the
need for external surveillance, monitoring, and a regulatory framework as many
in the cryptocurrency space had believed. Our findings support the historical narrative that dubious activities are associated with bubbles and can contribute to
further price distortions.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066

Diese Studie wird gerne herangezogen, um zu "beweisen" dass Bitcoin durch Tether manipuliert wuerde. Allerdings muesste man dafuer unterstellen, dass die Tether aus dem Nichts entstehen. Dazu liefert die Studie allerdings keinerlei Hinweise.

Conclusion
This column answers a series of questions relevant to whether stable coins have an inflationary effect on crypto asset prices. The bottom line: We find no systematic evidence that stable coin issuance affects cryptocurrency prices. Rather, our evidence supports alternative views, namely, that stable-coin issuance endogenously responds to deviations of the secondary market rate from the pegged rate, and stable coins consistently perform a safe-haven role in the digital economy.

https://voxeu.org/article/stable-coins-dont-inflate-crypto-markets

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Ein ueberragender Teil der Oekonomen, Politiker, Banker, Analysten und Journalisten ist einfach unfaehig, Bitcoin richtig zu verstehen, weil es so revolutionaer ist.
Info:
www.tinyurl.com/y97d87xk
www.tinyurl.com/yykr2zv2