Feels very plausible to me; also a great exercise for “Spot who is paying for what risk in this scenario.” https://twitter.com/bitfinexed/status/931003306473910272 …
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One of the reasons the interest rates on exchanges are so high is they primarily measure counterparty risk.
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With the Tether two-step, Bitfinex can undercut other debt providers b/c no counterparty risk to themselves.
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A bank should theoretically be Oh Hell No about this arrangement but a sufficiently flexible bank might be attracted by sheer seediness.
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This would be an *extraordinarily* risky use of a loan if tethers were enforceable but if they’re not it’s safe-ish.
8:44 PM - 15 Nov 2017
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