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by itsagavin
1255 days ago
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The end game here and rug pull will be a mass conversion on exchanges to any and every other asset from usdt. Most likely this will far exceed almost every exchanges actual reserves and they will internalize the buy side and add some numbers to a database. Exchanges will attempt to redeem all the USDT they now hold, the USDT they didn't also fabricate out of thin air that is. This bank run on Tether exposes Tethers own lack of liquid reserves causing both Tether and said exchanges to become insolvent taking everyone down with them. After an event like this the utility of crypto will remain but the money won't return for a long long time. This is how I see this all going. I think places like coinbase, kraken etc Will survive but almost no one will care when the shell game is over. |
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The bank run on Tether exposes Tether's systematic lies and inherently unworkable business model.