Premium can still remain simply b/c of people buying crypto to leave Tether exchanges. BFX having banking back up I'm assuming just lets them start to defend the peg again by marketmaking USDT/USD pair on Kraken.
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Wash trading isn't market making
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I'm more than convinced that BFX are shithead conartists in a lot of ways, but on this one you're just throwing words around. Of course they're going to buy back their own liabilities @ discount on Kraken, and sell additional liabilities @ premium. None of that is inherent fraud.
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It's a nice theory but it's a huge damage to their reputation to allow Tether to be trading 5% discount.
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Assuming they're market making on Kraken, they have no choice if they can't wire USD to Kraken.
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If they can't wire money to Kraken, then they can't wire money to anybody.
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Which makes me wonder how the scheme is supposed to work: after they’ve pumped btc with worthless scam tether, how are they converting the hundreds of millions in BTC to fiat?
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Print Tethers -> Buy Bitcoin, inflating prices -> people see prices rising and then FOMO in with real money -> Sell Bitcoins bought with $10m of fake money for $15 million of real money. It breaks down when retail stops fomo'ing in.
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If tether is going to fail imminently, wouldn’t a massive incentive to cover tether-denominated btc shorts and otherwise sell tether for btc in the absence of a fiat exit ramp be insanely bullish for btc?
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It can go both ways, but I think it's more likely to see Bitcoin skyrocket to say, 20,000 Tethers or more per Bitcoin, while real USD exchanges are flat, or crash.
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Why do you speculate that a collapse in usdt is happening now vs last year or a year from now? It would imply that there is a demand to sell usdt for usd and no more btc left to sell for usd, to cover redemptions, right? Or is it strictly a lack of fiat banking?
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It takes time for it to fall apart, a good catalyst was noble bank failing.
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Do you know who owns Deltec Bank?
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The real one or the fake one?
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Didn't know there were two. Do you know who owns both?
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Anyone who’s not accepted that
@Bitfinexed was right all along, re:@bitfinex &@Tether_to, wanna be feeling worse than silly.Thanks. Twitter will use this to make your timeline better. UndoUndo
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"silly" The market is speaking. Ancaps lol.
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Greshams law
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Btc looking good at the moment, keep the higher prices coming....need that
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