[btilly]

Huh. When Patrick McKenzie aka patio11 decided to try it, he expected to lose his money, but that was not the main risk he listed.

https://twitter.com/patio11/status/1580269516331720706

Still his reason to make that bet was the comedy of being proven right about how broken crypto is when he lost his money. And not for the opportunity to be proven right and make money.

[patio11]

I believe something very similar to the above commenter, with the proviso that it might not be "the exchanges" engaged in market manipulation but rather Tether or a co-conspirator. Tether has printed trades far above a dollar before on various exchanges; the only reason to waste money doing that (as the buyer) is to liquidate shorts. Playing in a rigged casino seems even more -EV than playing in a fair one. But this is not top of mind or hugely relevant to the comedy gold thread.