Financial exchanges need to prove to you that trades really do happen with real money at the prices they say it happens, and that the order book isn't cooked. I

Financial exchanges need to prove to you that trades really do happen with real money at the prices they say it happens, and that the order book isn't cooked. If I were to open an exchange for shitcoin, and show you pretty graphs and fake orders to buy shitcoin, would you believe me when I tell you that's what shitcoin is worth? no. Trades with tether are exactly that: trades with make belief dollars. Bitfinex prints tethers and shows you orders for trades in tether, while most of these trades are probably bitfinex trading it's make belief currency with itself. You should be the one requiring evidence that the trades are real.