Re:Are pixie fairies behind Bitcoin's latest bubble?
by arcticbull on Monday November 23, 2020 @12:04PM
(#25188869)
Since many exchanges use USDT and USD interchangeably, the endgame is for arbitrage bots to bid up the exchange rate between BTC:USD at legitimate exchanges to match BTC:USDT at Bitfinex. This allows Bitfinex to transfer the BTC they bought with Tethers to legitimate exchanges, sell them for USD, and transfer the USD back to themselves. They could care less about anything beyond that.
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Re:Are pixie fairies behind Bitcoin's latest bubble?
by crasl on Wednesday November 25, 2020 @03:16AM
(#25207001)
That's what I believe too, but once thing I don't understand is you would think by doing so they would depress the price on USD exchanges, and eventually cause the price to decouple between USD and USDT, but that doesn't seem to be happening this time.