Bitcoin-Rigging Criminal Probe Focused on Tie to Tether

Re:Bitcoin-Rigging Criminal Probe Focused on Tie to Tether by wmf on Tuesday November 20, 2018 @01:13PM (#18496097)

USD isn't decentralized or permissionless so regulation should be possible on that side. And the fact that you can't redeem USDT shows that it's kind of working.

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Re:Bitcoin-Rigging Criminal Probe Focused on Tie to Tether by cdiddy2 on Tuesday November 20, 2018 @02:22PM (#18496821)

not sure if this counts, but there is a direct USDT/USD trading pair on Kraken https://trade.kraken.com/markets/kraken/usdt/usd

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Re:Bitcoin-Rigging Criminal Probe Focused on Tie to Tether by wmf on Tuesday November 20, 2018 @02:26PM (#18496849)

The problem with that market is that you're just handing off USDT to another sucker. There's no official way to take USDT out of circulation when demand goes down.

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Re:Bitcoin-Rigging Criminal Probe Focused on Tie to Tether by cdiddy2 on Tuesday November 20, 2018 @02:50PM (#18497044)

Unless that customer is Kraken itself who may be able to redeem the USDT for USD.

The market cap for tether went down 750 million recently so there appears to be some way to take it out of circulation.

https://coinmarketcap.com/currencies/tether/

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Re:Bitcoin-Rigging Criminal Probe Focused on Tie to Tether by pstrateman on Tuesday November 20, 2018 @06:03PM (#18498674)

Well yeah that's the obvious way to make money running tether.

Demand drops and the value of 1.00 USDT drops below $1.00, redeem the USDT yourself and profit on the spread.

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Re:Bitcoin-Rigging Criminal Probe Focused on Tie to Tether by arcticbull on Tuesday November 20, 2018 @01:18PM (#18496173)

Very good point, I hadn’t looked at it that way.

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