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Originally Posted by Nich
We gonna be ok.
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Until the game of musical chairs stops, at which point you'll be a fraud victim.
We're seeing exponentially increasing rates of USDT printing now: in the last week, billion-dollar blocks have minted out of thin air. Because USDT is mostly 'backed' by Bitcoin and not real dollars, the fraudsters have to print USDT in ever greater quantities to keep the price going up. If there's any downward price movement whatsoever, the 'peg' is lost. We will probably see 2, 5 and 10 billion dollar blocks minted soon.
Let's take a look at how a billion-dollar block is distributed:
From the Tether treasury, to scrambler addresses, to crooked exchanges, where the USDT is used to massively inflate the prices of Eth, BTC, and various others. Some is used to purchase Bitcoin directly, which is used to 'back' their Tether. It makes your fucking head spin.
This scam will eventually implode under its own gravity, and any exchange with exposure to Tether will collapse - that's why Coinbase refuses to touch it. However, the prices of all cryptos will still crater. The only question is what the catalyst will be: most likely a multinational prosecution, similar to what happened with
Liberty Reserve.