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A comment on Nassim Taleb: Bitcoin failed as a currency and became a speculative ponzi scheme. Parent comment

Re:Nassim Taleb: Bitcoin failed as a currency and became a s... by acjohnson55 on Saturday April 17, 2021 @05:17PM (#26847537)
Yeah, I totally get the concerns about Tether's solvency. I guess what I don't get is why Tether remains popular, as a product that isn't unique. Is it just that it's too dangerous for everyone to admit that the emperor has no clothes, because it would crash the whole system? Is it not a liquid market?

If I were sitting on a bunch of USDT, but I wanted to be holding USD stablecoins, just generally speaking, why not swap them into a different stablecoin?

Maybe another question I should be asking is what proportion of Tether is being used to collateralize leveraged long positions in other crypto assets? Maybe that's why this is a tinder box?

Sorry for all of the questions, but legitimately trying to understand what people are talking about.

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Re:Nassim Taleb: Bitcoin failed as a currency and became a s... by smnplk on Sunday April 18, 2021 @01:47AM (#26850102)
Tether is also backed by other stable coins and crypto assets. And that is not even a rumor, it's a fact that they are not denying. I have a strong suspission that Tether is used to pump the price of crypto.
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