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RE: Tether is crashing, being dumped into bitcoin and friends
I always thought that in a bind bitfinex would have it work like STEEM & the STEEM Backed Dollar. As long as bitfinex has bitcoin they could just pay 1 usd worth of bitcoin rather than 1 actual USD
Indeed! But if they do that at a loss and never get that money back they'll be insolvent. The second Tether knows they'll be insolvent with no point of return they will simply steal everyone's money and go dark. I've read that it wouldn't even be illegal for them to do this because of a lack of regulation.
Ehhh thats the thing. It technically is legal, and thats more than likely what they'll try to do, but they're dealing with the kind of money that would still have the everybody coming after them, just like Karples.