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This seemed inevitable for a long time. Tether is very important for maintaining the price of bitcoin, and yet the stablecoin’s financial condition has been an
by blake1 7y ago
This seemed inevitable for a long time. Tether is very important for maintaining the price of bitcoin, and yet the stablecoin’s financial condition has been an unanswered question. The company has raised every red flag and in a rational market, tether would have been priced at pennies in the dollar, with a corresponding markdown for bitcoin with the loss of “convertibility” to dollars.
And I honestly am surprised how pedestrian the fraud was. It sounds like they had the cash to back tether and just flat out stole it to cover for a trading loss. This has happened countless times before.
- darawk 7y ago> And I honestly am surprised how pedestrian the fraud was. It sounds like they had the cash to back tether and just flat out stole it to cover for a trading loss. This has happened countless times before. Where do you see anything like that? The report says that their funds were frozen by Crypto Capital as the result of (claimed) seizure by governments. The funds were borrowed from the Tether reserves to cover that shortfall. AFAIK, nowhere does it state that there was any trading loss.
- arisAlexis 7y ago> Tether is very important for maintaining the price of bitcoin not convinced about that. there are some reports for and some against the argument but nothing proven