6 ms·

I know there are a lot of crypto skeptics here, but if you believe in Bitcoin more than Tether at least then you should buy Bitcoin...if Tether does indeed fail

I know there are a lot of crypto skeptics here, but if you believe in Bitcoin more than Tether at least then you should buy Bitcoin...if Tether does indeed fail Bitcoin will almost certainly spike past 2017 highs.

human20190310 7y ago
Why would bitcoin spike?
- ForHackernews 7y ago
  Since it's very difficult to convert USDT into real USD, if people were desperately trying to exit their Tether positions, they'd likely do it by changing for other cryptocurrencies like bitcoin.
  - arisAlexis 7y ago
    but they don't and they never had so this argument is flawed
  - Havoc 7y ago
    >Since it's very difficult to convert USDT into real USD, The irony in this sentence should given even the most hardened USDT fan something to think about
    - jki275 7y ago
      Also it's not "very difficult", it's nearly (if not exactly) impossible.
  - human20190310 7y ago
    I think that would be a spike in Bitcoin relative to Tether, not relative to the dollar. In the extreme, people might want to exchange any amount of Tether for the tiniest piece of a Bitcoin, but that doesn't necessarily mean that the Bitcoin/dollar rate changes.
  - h1d 7y ago
    Why ignore any other negative impacts like, lack of confidence in crypto from USDT collapsing because crypto is still a Wild West having a random corp printing money at will and there will certainly be a group of people who will face huge loss when billions just evaporate and the impact all the exchanges take who are dealing with USDT? SEC is not going to like it and can probably lock ETF for a good while.
grey-area 7y ago
This assumes the price of bitcoin is not manipulated, specifically by bitfinex and tether. Both may go down together when more news of manipulation comes out. At this point, I wouldn't recommend going near any of the current cryptocurrencies, for any use.
- andirk 7y ago
  What about other coins tied directly to fiat?
ifdefdebug 7y ago
yes BTC:USDT will spike like hell but it will unpeg from BTC:USD.

human20190310 7y ago

Why would bitcoin spike?

ForHackernews 7y ago
Since it's very difficult to convert USDT into real USD, if people were desperately trying to exit their Tether positions, they'd likely do it by changing for other cryptocurrencies like bitcoin.
- arisAlexis 7y ago
  but they don't and they never had so this argument is flawed
- Havoc 7y ago
  >Since it's very difficult to convert USDT into real USD, The irony in this sentence should given even the most hardened USDT fan something to think about
  - jki275 7y ago
    Also it's not "very difficult", it's nearly (if not exactly) impossible.
- human20190310 7y ago
  I think that would be a spike in Bitcoin relative to Tether, not relative to the dollar. In the extreme, people might want to exchange any amount of Tether for the tiniest piece of a Bitcoin, but that doesn't necessarily mean that the Bitcoin/dollar rate changes.
- h1d 7y ago
  Why ignore any other negative impacts like, lack of confidence in crypto from USDT collapsing because crypto is still a Wild West having a random corp printing money at will and there will certainly be a group of people who will face huge loss when billions just evaporate and the impact all the exchanges take who are dealing with USDT? SEC is not going to like it and can probably lock ETF for a good while.

grey-area 7y ago

This assumes the price of bitcoin is not manipulated, specifically by bitfinex and tether. Both may go down together when more news of manipulation comes out. At this point, I wouldn't recommend going near any of the current cryptocurrencies, for any use.

andirk 7y ago
What about other coins tied directly to fiat?

ifdefdebug 7y ago

yes BTC:USDT will spike like hell but it will unpeg from BTC:USD.