This is a huge printing press just going off... Without any sort of physical printing going on.

People still don't realize that tether isn't backed by anything but their word. All the auditing mean nothing if they do not actually pay you at the end. Just because there is money in the bank account doesn't mean that it's specifically assigned to tether, it could be from a loan from someone else.

I hate IOUs like this. I would honestly rather hold other pegged cryptos like BitUSD which is considered to be shady, than Tether.

I wonder how BTC will be affected, though. I don't think it will by much honestly.