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What's interesting to me about this dip/pop is that the money isn't rushing into Tether (USDT). Normally in a dip people sell for USDT, which drives up the pric
by jatsign 9y ago
What's interesting to me about this dip/pop is that the money isn't rushing into Tether (USDT). Normally in a dip people sell for USDT, which drives up the price of USDT over $1.
But right now Tether is at $0.97. It seems that the money is flowing back into fiat (as there's no other obvious place for it to be going).
Perhaps people have finally figured out what a scam Tether is.
- Mtinie 9y agoI hope so. The sooner the general narrative shifts from “USDT is a valuable hedge in a down market” to “USDT’s structure doesn’t make a lot of sense, and it’s risky to use” the better. If it’s going to implode, I’d prefer it happened now, rather than to have the crypto asset markets reach a point of consolidation and rebound, only to be clobbered again when USDT issues inevitably arise.
- addicted 9y agoThe guardian has an article on people not believing that Tether actually has the $2bn or so that they claim they have backing their currency.
- snowwolf 9y agoI suspect this may have a lot to do with it: https://www.nytimes.com/2018/01/31/technology/bitfinex-bitcoin-price.html https://www.nytimes.com/2018/01/31/technology/bitfinex-bitco...