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People need to actually redeem the tethers for actual US dollars in order to collapse the tether scam. I think all the crypto exchange collapses and bankruptcy
by lizknope 4y ago
People need to actually redeem the tethers for actual US dollars in order to collapse the tether scam. I think all the crypto exchange collapses and bankruptcy declarations will actually help tether. All the money will be locked up for years as the lawyers and accountants go through everything.
The Mt Gox "hack" was in 2014 and people have still not gotten money back yet. That is 8 years and counting.
- IfOnlyYouKnew 4y agoThe redemption of tether (and other) can happen a long time before any payments to creditors happen.
- JeremyNT 4y agoBut the only thing that matters so far is Tether's market cap... which has barely moved through the latest shitshow. Whoever buys tether (and who is it? really? I don't think it's retail investors...) doesn't seem to be in a hurry to convert it to cash. I'm assuming it's mostly or all related to criminal activity, so they can't actually cash out?
- skybrian 4y agoWhy do you think that bankruptcy courts wouldn't order the Tether to be sold long before they figure out how to reimburse the creditors?
- Bootvis 4y agoWhat makes you think they would do so quickly? Also, selling to quickly would at least temporarily depeg Tether and cost the creditors money.
- skybrian 4y agoPresumably they'd try to sell it at some rate wouldn't depeg Tether, and the reason to do so is to preserve cash for the creditors in case Tether depegs for some other reason.
- illiac786 4y ago"if people all try to retrieve their savings from banks, they will see the banks for the scam they are, as they will collapse". Your argument does not make tether a scam.