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Tether will collapse the same way that Squid Game Coin collapsed - extremely quickly. Assuming a power distribution of coins across accounts, it's likely that

Tether will collapse the same way that Squid Game Coin collapsed - extremely quickly. Assuming a power distribution of coins across accounts, it's likely that 99% of tether accounts don't meet the 100,000 $USDT threshold to cash out. If you have a coin, where 99% of people/accounts aren't allowed to cash out that reeks of scam. You can come up with tons of smoke to disguise it, and the whole "well you have to sell on another exchange, but prices there will be propped up due to 'arbitrage'" disguises and delays things nicely. But fundamentally it is propped up because people can't get out directly. There is no fair price discovery right now on Tether w.r.t. USD.

Tenoke 5y ago
I've cashed out way less USDT, just not through Tether themselves. Comparing it to Squid Game which you can't even sell to others is ridiculous.
- BoiledCabbage 5y ago
  While I assume I know what you did, rather than go with that, describe how you cashed out and I'll explain how I believe that supports why it's ultimately a scam.
  - Tenoke 5y ago
    By selling it for fiat on an exchange and then sending that to my bank account. Same way I'd cash out shares. Whatever your beliefs about it's support, it's not comparable to Squid Game which you literally couldn't sell from the start. And to be frank, if you are exaggerating that much I'm less inclined to believe you are evaluating it honestly .
    - deleted 5y ago
      [deleted]
lamontcg 5y ago
I think its very clear by now that if it were that simple it would have already happened. And yes, the fact you can't cash out directly shows that it is a scam, yet counterparties are willing to continue to do business with them. That again suggests that the mechanism isn't that simplistic. And I don't doubt that Tether will collapse very quickly, but I don't think Tether is the det cord that sets off the collapse. Tether is the ricketty-ass foundation that causes the entire building to slide over and take out multiple downtown city blocks of collateral damage. The det cord is going to simply be a bubble followed by a panic collapse in the price. The blasting charges that then go off will be a bunch of major exchanges and counterparties to Tether going under. Then Tether implodes as a mechanism for the contagion to spread and wipe out pretty much everyone else.

Tenoke 5y ago

I've cashed out way less USDT, just not through Tether themselves. Comparing it to Squid Game which you can't even sell to others is ridiculous.

BoiledCabbage 5y ago
While I assume I know what you did, rather than go with that, describe how you cashed out and I'll explain how I believe that supports why it's ultimately a scam.
- Tenoke 5y ago
  By selling it for fiat on an exchange and then sending that to my bank account. Same way I'd cash out shares. Whatever your beliefs about it's support, it's not comparable to Squid Game which you literally couldn't sell from the start. And to be frank, if you are exaggerating that much I'm less inclined to believe you are evaluating it honestly .
  - deleted 5y ago
    [deleted]

lamontcg 5y ago

I think its very clear by now that if it were that simple it would have already happened. And yes, the fact you can't cash out directly shows that it is a scam, yet counterparties are willing to continue to do business with them. That again suggests that the mechanism isn't that simplistic. And I don't doubt that Tether will collapse very quickly, but I don't think Tether is the det cord that sets off the collapse. Tether is the ricketty-ass foundation that causes the entire building to slide over and take out multiple downtown city blocks of collateral damage. The det cord is going to simply be a bubble followed by a panic collapse in the price. The blasting charges that then go off will be a bunch of major exchanges and counterparties to Tether going under. Then Tether implodes as a mechanism for the contagion to spread and wipe out pretty much everyone else.