[kgkyltpgllg]

> Tether isn't a small component of the Bitcoin ecosystem. It's at the heart of Bitcoin with it being the primary currency used to buy Bitcoin with at most exchanges

So if you were a big company, let's say Tesla, which wanted to buy a lot of bitcoin, let's say 1.5 bil, would that mean that you first need to convert that 1.5 bil to Tether, since that's the most liquid denomination of BTC?

Could it be that some of those "fake" $500 mil daily Tethers were actually really backed by Tesla dollars?

[lalaland1125]

Legitimate actors like Tesla have no need for Tether. They could directly wire in their cash or use an actually legit stablecoin like USDC.

[kgkyltpgllg]

But according to you there is no real liquidity in BTC/USDC, it's all in BTC/USDT.

When you do that kind of buying, you need to go to the most liquid exchange (Binance), and that uses Tether.

[lalaland1125]

The volume at coinbase is more than enough to support a $1.5 billion buy.

Keep in mind that in relationship to tether, $1.5 billion is tiny. It's only 3 days of tether printing.

[FireBeyond]

And yet we're lead to believe that Tether is at or very close to 1:1.

So Tether is depositing, USD, $6.5B A WEEK. Over the last year this would make them one of the richest entities in the world.

Oh wait, they haven't actually been audited, they won't tell anyone which institution/s actually hold this trove of funds, they've already lost more than a billion to people to who effectively said "yeah, we're not giving you back the money you gave us", and they're fighting and delaying multiple investigations and prosecutions of financial crimes.

Perhaps when Tether's USD holding exceed even Apple's (which, according to you, is less than a year away, at the absolute max), you'll realize that this is all a house of cards.

[kgkyltpgllg]

There is a big difference between two-way speculative volume and one way long term directional volume.

If AAPL trades $15 bil per day, that doesn't mean that you can easily buy $1 bil without huge market impact.