Oh, I totally understand that gains and losses are more than the amount of tether created, however, there are a lot of exchanges that don’t use tether at all. There are more options than just tether.
I do think tether is a little shady, and the link to Bitfinex is concerning as well. I just don’t see tether being the thing to take down bitcoin to where some people are saying. Again I could be wrong, don’t claim to know every inner working of these two companies relationship.
This post brings up a lot of good counter arguments to bitfinexed. Just want people to see both sides before reacting.
Honestly, that link goes to r/bitcoin. Nothing there is trustworthy.
Despite that, I looked, and unsurprisingly, they do not seem to understand that it does not matter if "not too much" of the volume is in Tether.
This is a potential Mt Gox event at the #1 Bitcoin price setting exchange that appears to be both unbanked and trading heavily in a token that is refusing to conform to its own audit structure.
Nothing at that link disputes any of those facts, which I believe are the core argument.
PS - Everyone SHOULD do their own due diligence. I bring the facts that appear most likely to be correct to my readers attention, or when applicable, the facts that if they are wrong will be most damaging for them to be on the wrong side of. If I'm wrong and people move their coins out of the exchange, or sell into something more stable temporarily, the potential damage is far less in my estimation.
It indeed necessary that we all do our Due diligence @lexiconical you did a good job in bringing out almost all the facts to all those with interest and concern in this matter
That last point is very fair. Appreciate the solid dialogue! Like I said previously, I will definitely be keeping an eye on all of this ready to make a move if need be. It’s not quite there yet for me, but things can change instantly.