RE: RED ALERT - Mt. Gox 2.0 Brewing - Bitfinex May Be Issuing Unbacked Tether To Paper Over Banking Service Loss - What We Think We Know (Part 1)
I'll check in with you there. Happy to offer my thoughts. I'm trying to find the post I saw that did the math on it, but that $30m? Tether caused a drop of...like $13 billion. I calculated that if you extrapolated that to 100% of Tether going bad, BTC would see a price drop of -154% with the numbers I had at that time (but, again, I can't find that post). Obviously, that's more than could even happen so really the point is simply...Tether have an out-sized effect on the market, since they are mostly parked at the largest price-setting exchange.
Going to repaste this here, just in case anyone hasn't seen it. This is my real main point, Bitcoin Cash is just a suggested escape hatch for diversification:
"See the link dump at the bottom to do your own due diligence, but leaving your coins at exchanges throughout this holiday weekend may be poor judgement."
You’ve got me thinking I’ll be spending my holiday weekend doing even more research...and I thought it was going to be a relaxing holiday....thanks a lot for ruining that lex ;P lol
@lexiconical as you said
"I'm trying to find the post I saw that did the math on it, but that $30m? Tether caused a drop of...like $13 billion. I calculated that if you extrapolated that to 100% of Tether going bad, BTC would see a price drop of -154% with the numbers I had at that time (but, again, I can't find that post). Obviously, that's more than could even happen so really the point is simply..."
In the interest of due diligence, if the post you made reference to can be found it will help alot