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by vkou
2950 days ago
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Why is exchanging 1 BTC into 10,000 USD on an exchange more expensive then exchanging 1 BTC into 10,000 USDT - as long as you don't withdraw it? Is it because you don't trust the exchange to honor your USD withdrawal the next morning? What makes you trust that Bitfinex is more likely to honor USDT to USD exchanges the next morning? It's almost certain that USDT isn't actually backed 1:1 by USD. If it were, it would be trivially auditable. You're just moving yourself from one category of potential risk (Your exchange steals your USD), into a category of almost certain risk (The shoe drops and we discover that USDT was a scam all along.) |
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