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by thebean11 1794 days ago
I think it's a pretty bold stance that one of the largest US exchanges would be wash trading millions a day in Tether. Need evidence for that. Binance and Bitfinex are a whole different animal.

I'm fully aware (and agree with) all your criticisms of Tether, my point is that if I had tens of millions in USDT (as many real people who aren't affiliated with Tether do) I could easily exchange it for USD.
1 comments
arcticbull 1794 days ago
FWIW I didn't mean to say that Kraken was wash trading USDT per se, but that likely other actors are 'holding the peg' at Kraken too by trading back and forth. Maybe aggressive arbitrage would be a better definition?

I agree you could probably clear 10s of millions via USDT:USD pair, but I'm almost 100% confident you could not actually redeem them.

Sorry if I came across harsh btw, I appreciate your thoughts! Tone doesn't always carry well online and I'm actually a pretty positive person haha.

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thebean11 1794 days ago
That would be extremely expensive no? They not only have to buy Tether (using currency they can't print at will) to keep the price up, but also pay significant transaction fees.

Totally agree you wouldn't be able to redeem it, I'm just saying the market seems to think 1 USDT = 1 USD. I honestly can't imagine they could keep that peg through manipulation..it would be astronomically expensive.

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