This post got me thinking.. when all these exchanges and market cap sites display a coin’s price in USD, is that price calculated off of Tether?
If that’s true, then one could argue that none of these USD prices are accurate and are subject to some hyperinflationary bubble.
Coinbase is the only exchange I’m aware of that exchanges directly in and out of fiat, and also does not trade any USD Tether.
This is concerning for the whole market. What do you think?
The answer is yes and no. It really depends on who is reporting the price and where they're getting their feed. CoinMarketCap uses an average, I believe. As you can see, there are a lot of different markets, for both USD and USDT. Running through that list you'll find who trades which, and who trades both, that last probably being a fairly reliable "short list" of where funny things are probably going on. 😐