3 ms·
> If bitcoin goes down rapidly or people start exchanging lots of tether for bitcoin (because you can't actually get USD from it) I think it will end up exposed
by thebean11 6y ago
> If bitcoin goes down rapidly or people start exchanging lots of tether for bitcoin (because you can't actually get USD from it) I think it will end up exposed
To be fair, this already happened. Bitcoin crashed from $22k to $4k, and this was at the height of tether worry.
- CyberDildonics 6y agoThat happened over the course of a year and I don't think there was a massive (enough) run on tether while it was low, since it didn't stay at that price for very long. There just isn't as much activity when bitcoin is low which I think also works in tether's favor. I think they do have significant btc backing them, just no USD. I actually wrote a comment about their dynamic two years ago when this happened. https://news.ycombinator.com/item?id=18222578 https://news.ycombinator.com/item?id=18222578
- thebean11 6y agoIt crashed from its peak to $6k in 2 months. The bear market lasted a long time, the initial crash was pretty fast when it first happened..
- kgkyltpgllg 6y agoIt stayed at $3k for 4 months in 2018.