Re:Bitfinex, the Italian network behind the boss that makes ...
by nullc on Thursday February 18, 2021 @01:03AM
(#26176498)
> But the reality is that the significant part of BTCs trading volume is in tether.
I believe that is not even remotely true.
Most Bitcoin users I know have never touched tether in any form.
Rather, what you're seeing is that there are a multitude of casinos operating under the guise of "exchanges" which have absolutely no access to fiat -- usually because they're fly by night shady operations if not outright scams. All these things use tether due to having no fiat access. All of these also pump out enormous amounts of fake "volume" that is ignored by most people with a clue.
I believe that is not even remotely true.
Most Bitcoin users I know have never touched tether in any form.
Rather, what you're seeing is that there are a multitude of casinos operating under the guise of "exchanges" which have absolutely no access to fiat -- usually because they're fly by night shady operations if not outright scams. All these things use tether due to having no fiat access. All of these also pump out enormous amounts of fake "volume" that is ignored by most people with a clue.
Checkout the bitwise presentation to the SEC: https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca2...
And their paper on it: https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca2...