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A comment on The Bit Short: Inside Crypto’s Doomsday Machine.

Re:The Bit Short: Inside Crypto’s Doomsday Machine by shibleyb on Monday January 18, 2021 @03:14PM (#25826060)
Ok, so let's say Tether is a scam, unbacked, and everyone dumps it. How does this affect Bitcoin? In my opinion it would send it to the moon. When Tether is exited, where will it be exited to? Not the USD, maybe some into alt coins or USDC, but mostly into Bitcoin. Tether is scammy indeed, but it doesn't change the scarcity of Bitcoin, and the fact that there is still a huge demand and a constant supply for BTC.
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Re:The Bit Short: Inside Crypto’s Doomsday Machine by fscaramanga on Tuesday January 19, 2021 @12:03PM (#25835571)
Assuming the Tether exchanges remain functional, yes, everyone will try to get out of Tethers and coins are the only option. People would then try to get their coins off the exchange. It will be a terrible scramble. The question is, what happens to BTC/USD on USD exchanges. My best guess is that panic and additional supply withdrawn from tether exchanges (for those who manage to get out) will crash the price.
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Re:The Bit Short: Inside Crypto’s Doomsday Machine by ehhuang on Monday January 18, 2021 @07:39PM (#25828574)
When everyone is dumping tether, who’s trading BTC for tether?
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