Does anyone really not understand how this works? 1) Collect $1B USD and sell $1B USDT 2) Spend $5M of customers USD 3) Create “FUD” about USDT 4) USDT trades for 95 cents on the dollar 5) Buy back $100M of USDT for 95M USD to become solvent again
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Over $1.5 billion tether was printed during the November/December bitcoin runup. There was absolutely NO reason for any customer to hedge to tether during this time, so there should have been no demand for tether.
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Not sure I understand your point here. Leaving aside the money laundering, selling of unregistered securities, market manipulation, and wire fraud, companies redeem their liabilities all the time. Buying back Tethers at a discount might be the most legal thing they've ever done.
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But are they doing it with their own money or with 3rd party funds they keep in custody?
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If they redeem a liability, they need that much less to back it with.
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