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A comment on Bitfinex and Tether required to end all trading activity with New Yorkers. Parent comment

Re:Bitfinex and Tether required to end all trading activity ... by lazide on Tuesday February 23, 2021 @12:25PM (#26240004)
That's fairly easy?!?! That's a textbook yak shaving exercise if I heard of one, and seems like it would have to involve multiple parties during the exercise.

Many exchanges have pretended for a long time that USDT is 'the same' as dollars, and there are going to be a lot of folks pissed that it isn't actually the same thing.

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Re:Bitfinex and Tether required to end all trading activity ... by DebtDeflation on Tuesday February 23, 2021 @01:58PM (#26241290)
>That's fairly easy?!?! That's a textbook yak shaving exercise if I heard of one

This. If Tether truly were just a token backed 1:1 with USD on deposit at a commercial bank, you would not need to make multiple hops across multiple entities to actually convert it to dollars.

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Re:Bitfinex and Tether required to end all trading activity ... by idownvoted on Tuesday February 23, 2021 @02:39PM (#26241836)
Also imagine how "well oiled" this financial transaction's machinery will work during a market contraction.
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