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> Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional inves
by darawk 6y ago
> Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors.
Madoff's scheme persisted because nobody knew about it. People have been writing articles claiming Tether is a fraud for many years now. The price even dipped a few times as a result. But then it went right back up. There's a reason for that, of course. And that reason is that arbitrageurs are arbitraging, because they can simply withdraw to USD.
> I'm going to screenshot this comment by the way for r/agedlikemilk :)
I'll be waiting :)
- arcticbull 6y agoThat’s surprisingly not true! People did know about it but didn’t really want to challenge the chairman of the NASDAQ (that was Madoff, to be clear). Just ask the persistently ignored whistleblower Harry Markopolos.
- darawk 6y agoYa, I know about that guy. But there's a big difference between a regulator ignoring one guy, and the general public ignoring all of the bad press about Tether. But time will tell. We should know in just a few days now. For what it's worth, I opened a short on Tether, just in case. It's trading above $1, so it's a free option right now.
- darawk 6y agoNow that Jan 15 has come and passed are you going to admit maybe Tether isn't a scam, or are we kicking the can down the road to a later date?