Ok, interesting thread, but I cannot let this inaccuracy stand — under most rules “six of clubs high” is not a possible poker hand.https://twitter.com/Bitfinexed/status/1479569011348316163 …
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Like I said — get borrow on tether from a lending desk, move it to an exchange, sell it for USD and withdraw the USD (which you use to collateralise your loan). Your main risk is that they call back the loan, but you can even mitigate that by terming it out.
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If tether goes to 0 and the lending desk blows up, you still have the USD (you might need to go to court to get your collateral back, so it depends on how much you were using as collateral and how exactly the desk blows up)
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Secondary risk is that tether goes to 0 and is delisted from every exchange, or maybe every exchange has also blown up or something, so the tether gets recalled and you can’t close out the short, but the lending desk still charges you borrow (this has actually happened to funds
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