If you enjoy my occasional posts on Bitcoin but want more blow-by-blow updates on Tethers, see @Bitfinexed
So liquidity for people which hold tethers has to come from liquidity from secondary sources who can transact with the tether-backing banks.
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Regulatory action or an actor getting cold feet anywhere along this chain causes ~immediate crisis, in classic bank run style.
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e.g. "First $60 million redeemed at par next $400 million redeemed at, well, look at Mt. Gox"
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