Re:Are pixie fairies behind Bitcoin's latest bubble?
by smabie on Sunday November 22, 2020 @09:09PM
(#25182923)
What, no? Tether is used as collateral for crypto futures positions. No day trader is buying spot, they are buying swaps (perp futures) or regular futures. And it's better to hold the collateral in tether or some other stable coin than in btc so you don't have to hedge as much exposure by writing futures.
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Re:Are pixie fairies behind Bitcoin's latest bubble?
by seppel on Monday November 23, 2020 @02:51AM
(#25184454)
I see. And these traders are responsible for the increased demand of tether?
Re:Are pixie fairies behind Bitcoin's latest bubble?
by smabie on Monday November 23, 2020 @09:20AM
(#25186980)
pretty much. the firm I work at has many millions of tether for this reason (to support the market making bots)
Re:Are pixie fairies behind Bitcoin's latest bubble?
by seppel on Monday November 23, 2020 @09:42AM
(#25187180)
So there is no tether printing scam in the first place? (If there was a scam, I'd love to understand how it works)