Conversation

SBF
@SBF_FTX
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.
Quote Tweet
Dan Held
@danheld
·
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.
Show this thread
Image
10
18
145
SBF
@SBF_FTX
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
2
1
19
Larry Cermak 🫡
@lawmaster
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.
2
15
Larry Cermak 🫡
@lawmaster
Replying to
@jespow
@SBF_Alameda
and 2 others
Agreed that that’s what would likely happen super short term. But likely wouldn’t last for too long and then people start realizing that the vast majority of derivatives is built on Tether, China’s reliance on Tether, the role it plays in lending markets and for Binance etc.
1
2
15
Show replies