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Lots of people in here who don't understand neither Tether nor Bitcoin. The quickest way to get rid of Tether for most people, is to buy Bitcoin. The alternativ
by kebman 5y ago
Lots of people in here who don't understand neither Tether nor Bitcoin. The quickest way to get rid of Tether for most people, is to buy Bitcoin. The alternative would be to try to withdraw your Tether. Good luck with that during a crisis situation! Your best bet is thus still to buy Bitcoin, which would necessarily lead to a spike in its price. Then Bitcoin can be transferred to any exchange that deals in actual fiat currency, and sold from there, most likely with a nice profit to boot. Or do like the pros and just don't sell it ever, because that's actually safer than keeping your fiat these days, and especially if you're keeping it in mumbo-jumbo like Tether.
- josefrichter 5y agoNobody “keeps” tether. Other than for having liquidity readily available. Your stance on Bitcoin is uncritically over optimistic, but if we stay in the confines of this topic, a tether crash would most likely make a significant dent on BTC. How big and how long would it take to recover, that’s a question. Might be days, might be years.
- kebman 5y agoPlease allow me to illustrate: Tether is used to buy Bitcoin and other cryptos. As you correctly observed. But: Tether ≠ Bitcoin. Tether FUD = get rid of Tether. The only thing that could dent Bitcoin, as in making it dip, would be if potential buyers withdrew Tether instead of doing the logical thing, which is to buy Bitcoin. The most likely outcome is that the “dent” results in a blow off top scenario, meaning that price would surge before a sell-off. As for “over optimistic;” people have been saying that since Bitcoin was a dollar, and possibly before that too.