Re:Bitcoin breaks above $20k
by ttul on Wednesday December 16, 2020 @11:55AM
(#25444836)
One day, when Tether finally breaks, books will be written, trying to explain how something so plainly fraudulent was able to persist for so long. The game theory behind its persistence is fascinating: only the last guy in stands to lose anything, so each transaction moved through Tether is basically pricing in a tiny chance of collapse.
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I suspect that in retrospect it will seem obvious that a USD-equivalent that is effectively out of US jurisdiction (for the time being) will be seen as providing obvious value to money launderers and criminals, and that the counterparty risk they take is a small price to pay.