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My single favorite part of this thread: Its central point is that USDT FUD is massively overstated. In making this point,

@danheld

doesn't massively overstate the opposite side. He admits the nuances, and focuses on correctly balancing the arguments.

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Dan Held

@danheld

Jan 22, 2021

1/ Don’t Fear Tether Whenever Bitcoin has a bull run, naysayers try to cope with missing the boat by rationalizing why it will fail through FUD. Most of these are completely unsubstantiated, but annoyingly persist as negative narratives Bitcoin must fight against.

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and

USDT-- --very liquid on exchanges, moderately liquid for creations/redemptions --Messy and imperfect but works --claims that it's < 95% backed are totally unfounded (not to say it's only 95%!) --If there were issues with USDT/USDC it would be bad but crypto would survive

3:06 AM · Jan 23, 2021Twitter Web App

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It would absolutely survive but short term would be quite messy imo and not good. Also Dan’s point that Bitcoin would go up if Tether was worthless is quite misguided I think. Sure BTC/USDT price would go up but there would just be a massive disparity between that and BTC/USD.

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