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So lets imagine bank run on the tether toilet paper happens. You are quite correct that it will be exchanged for BTC at first because zero exchanges allow to tr

by Yizahi 5y ago

So lets imagine bank run on the tether toilet paper happens. You are quite correct that it will be exchanged for BTC at first because zero exchanges allow to trade USDT for USD (and Kraken will "suddenly" start maintenance in such event). But do you think it will stop like that? :) World realizes that there are 80 billions of cut paper and BTC will just stay in green? No way, on select exchanges people will immediately start exchanging all crypto, including BTC into money until they can. BTC will tank like brick on exchanges with fiat and market will crash altogether. I can't even start predicting what will happen, but I'm sure "it will be good for bitcoin" (c) :)

keymone 5y ago
USDT crash will hurt USDT holders. If BTC was propped up like it’s hypothesized, it would have dropped long ago because this theory is alive for at least 5 years and has lived through two big crashes already. There is plenty other on ramps for crypto, the times when it was mostly USDT are long past.