if Tether, and thus everything, is collapsing, why is 1 USDT still worth roughly 1 USD on exchanges? It's all just FUD again, isn't it?
If Tether, and thus everything, is collapsing, why is 1 USDT still worth roughly 1 USD on exchanges...
Easton Allen
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Isaac Morris
regular candles is coinbase price, yellow is bitfinex price
Noah Hall
yea just ignore it
Isaiah Bell
Tether is backed 70% instead of 100%, however, most banks are only required to reserve 10% of deposits and loan the rest out. It's no real catastrophic problem.
Leo Thompson
I guess people trust tether/finex more than the word of the ny ag.
Colton Williams
>Price difference between 2 centralized exchanges
Landon Kelly
youtube.com
she seems pretty low IQ tbhfam. I'm not familiar with her, is she as incompetent as she seems?
Adrian Garcia
Tether is washtraded to have its peg. How else do you think it trades so nicely against the USD?
Angel Scott
>Be Bitfinex
>Sell billions of dollars worth of nothing. Have billions, winning.
>Must keep enough cash to cover redemptions, which are a minuscule portion of your billions.
>Use the rest to get rich.
Anyone who thinks they are fucking this up deserves to lose their money. They are doing the same shit our banks do with a 10% reserve, and people are freaking out because they *think* it's not 100% reserved. Just FUD, and a cop on a power trip.
Isaiah Howard
>why is 1 USDT still worth roughly 1 USD on exchanges?
It's not, only on bitfinex because finex is buying them back to redeem them early before shit gets real.
USDT trades on Bittrex and Kraken at 96-97 cents on the dollar. That would be an instant 3% arbitrage gain. As liquidity exits the market, shit will get real.
Think the flash sale in "margin call", first you exist at 97 penny on the dollar but later on you will be liquidating your shit at 40p
Asher Mitchell
Bitfinex is trading dollars for tether before tether crashes? Plus, you are just lying about prices, pic related. FUD.
Dominic Taylor
because OGs are convincing people everything is fine while they quietly exit. Without teter btc would go below 1k. They keep proping the price up so they can exit when regular people buy at those inflated prices
Caleb Russell
Go on kraken and Bittrex where the real volume is.
0.97 and 0.98 respectively.
Finex/tether is buying back tether on the market to remove them of circulation, emptiying the reserves before others do so
Austin Smith
well they all deserve it for being so stupid, everyone should be buying stINK, its the obvious choice.
Michael Hughes
>Tether is backed 70%
lol
Anthony Hall
BTC is backed 0% so it's an improvement but still
Carter Brooks
Binance is #12, but the real price is on numbers 213 and 325. The $10B volume in my screenshot is all fake, but the $20M on kraken and bittrex is the real market. Like I said, FUD.
Ian Adams
>10B$ Volume
>355M$ on Bitforex
Yeah sure
Bentley Taylor
Also notice that it's is all below 1$ It usually trades at a 1 cent premium
Ian Reed
Not saying the price isn't down, the FUD is working. I just think it is way more likely that this is FUD than it is that they fucked up so colossally that they won't be able to maintain the $1 price. Imagine you are bitfinex and you promised that tether is 100% backed. Turns out you were lying, and it's only 50% backed. You could still easily withstand a bank run that would devastate any fiat bank in the world. New York cops trying to fuck with them is just Wall Street sending in their attack dogs.
Andrew Wright
Its not when they advertise 100% backed and we find out it's closer to zero than ten. Assets and shares are illiquid and unsuitable to back a stablecoin like tether which seeks to provide maximum liquidity.
>its the same shit banks do goys calm down
>implying this assuages a thinking person
Leo Torres
Bittrex has real volume? Did you time travel here from 2016?
Levi Peterson
Nothing is collapsing. The fact that people even use the term collapse is all the evidence that I need to conclude that this is another round of FUD that the braindead drones are eating up.
Dylan Williams
>Bittrex has real volume?
yes
Wyatt Gray
Yeah, if it was literally any authority other than New York USAG I might give a fuck but New York is a fucking corrupt joke.
Maybe Bitfinex have dun goofed but I think it's likelier this is just some political hack trying to get headlines.