But, spread across multiple exchanges. I'm tempted to short some things (including Tether on Kraken), but I'm also concerned any exchange that USDT touches will be insolvent after the crash. Kraken seems to have limited exposure, compared to some others, but when the shit really hits the fan, it's unlikely to matter, as it'll take significant chunks of the market with it, maybe including some exchanges that don't touch USDT but that are playing a little loose with their reserves. I would expect a retreat to quality as it starts to unfold, so Coinbase will maybe do OK (though some think GDAX is involved, or at least complicit, in wash trades), but I suspect a lot of folks will just want out of crypto completely. So, USD will increase in value relative to all of the other trading pairs...and some will be left holding the bag, if they're HODL-or-die.