Re:Ethereum Isn't Fun Anymore
by parliament32 on Monday February 22, 2021 @12:37PM
(#26227414)
Personally I doubt it. Look at the market volumes -- everyone who wants to trade shitcoins just does it with BTC pairs, and most of the big boy exchanges support USD-BTC directly.. tether was a good idea when exchanges didn't want to mess with USD but that's not really the case anymore.
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I think for many people it's still hard to temporarily and quickly exit a long BTC or long ETH position, but daytraders want to do this with great frequency.
This is doubly true for people outside the US, not to mention people who are trying to skirt capgain taxes. Of course, an argument could also be made that a tether failure would cause people to flee to BTC or ETH and paradoxically cause prices to rise.