“Who is going to take the loss?” Who doesn’t have cash in their hands? Ceteris paribus that is who takes the loss, because there are too many claims chasing not enough cash.
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Some of those claims are denominated in tethers and some it Bitcoin but all are ultimately backed by the circulating USD in the Bitcoin economy, which is crashing as some folks take chips off table and no new hodlers join to take sweet -70% losses.
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“Why doesn’t this happen all the time in business?” Well for one thing some of the dollars in an ecosystem of firms would have been happily transferred in by customers paying for goods and services, a thing which customers only very incidentally require from the Bitcoin economy.
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Holy shit that article was aids. I want my 5 minutes back. Cliff notes: no-coiner explains tether conspiracy theory while calling btc and tether pokemon characters.
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As with any simplified explanation, there are some cut corners- plus the fact that I’m still trying to totally understand it myself. More to come...
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The unique aspect of this particular scam (as opposed to the general combination of speculative tech + credit bubble) is the Dollars vs “Dollars” sleight of hand involved in the fake-USD denominated exchanges. That’s the really unique part
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Plot twist:
@Bitfinexed =@bitfinex and is spreading tether fud so that@bitfinex can buy back tether at a discount.Thanks. Twitter will use this to make your timeline better. UndoUndo
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What I would like to sort out in my mind is the diffs between Central banks inventing dollars legitimately by fiat and these con artists attempting to do same privately.
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