> This is Bitfinex itself printing and using Tethers to buy BTC.
Who is on the other side of that transaction? ie, who is accepting $450M in tether for their BTC?
Who is on the other side of that transaction? ie, who is accepting $450M in tether for their BTC?
clients on exchanges sell BTC and buy USDT thinking they are buying USD not realizing they are buying tethers
think of it this way, you can easily put money into the system but you can't get it out, instead you get funny money
don't believe me? find me one person who has sold tether and has documentation to prove it
when money comes in but can't leave... there's a name for that...
There are people buying $450M of USDT thinking that it's actually dollars? And just in the last round?
Let's think about how many people, and what average transaction $$:
1M people @ $450
100K people @ $4500
10K people @ $450K
It sounds implausible really.