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Tether will keep pretending to be fine until every last real dollar behind it has been drained. This is what is happening right now, with Binance (and previousl
by polygamous_bat 4y ago
Tether will keep pretending to be fine until every last real dollar behind it has been drained. This is what is happening right now, with Binance (and previously FTX) propping up the crypto market with their purported bailouts and pretending nothing is out of place. Then one morning, all of a sudden, it will all come down with some really spectacular fireworks to watch.
- Animats 4y ago> Tether will keep pretending to be fine until every last real dollar behind it has been drained. That's how stablecoins work. There are two stable points: 1 and 0. When they break, they go all the way. As soon as the price breaks, there's a rush to exit. We've seen this happen a few times now. Watch the Tether market cap decline here.[1] A billion here, a billion there, and sooner or later you're talking about real money. [1] https://coinmarketcap.com/currencies/tether/ https://coinmarketcap.com/currencies/tether/