4 ms·

Is Kraken another exception? They also trade USDT and comply with KYC, and they undergo semiannual third party audits.

• jqpabc123 5y ago
  Possibly. As I tried to explain above, with control of a majority of the Tether trading volume, *you* could pretty much set the price any way you want. Anyone else who wants to participate and trade would have little choice but to follow your lead. In addition, let's assume you have access to unlimited funds (by simply minting more Tethers) and *you* would have everything you need in place to control the "market price" and commit Tether fraud on a massive scale. In other words, *you* would be just like the current crypto marketplace.
  • everfree 5y ago
    > Anyone else who wants to participate and trade would have little choice but to follow your lead. Honest exchanges could let individuals trade it among themselves using an order book at no particular price, which is what they do. I wouldn't call that following a lead.
    • jqpabc123 5y ago
      Honest exchanges wouldn't be minting what they're marketing. The NYSE can't fabricate stocks they are a market maker for. Not legally anyway.