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RE: BTC Shorts Increase 50% As $100m Tether Moves To Bitfinex
I still can't understand the lack of transparency with Tether. I like crypto because it isn't like the banking system, where governments can just print as much as they like, reducing the value of the currency. The problem is, isn't that what's happening with Tether? We all presume it isn't fully backed with USD, as they would want to make sure that was verifiable. It looks like they can just make as much Tether as they want. How is this different to governments devaluing their fiat currency through quantitative easing?
The problem with Tether stems from their attempt to bridge the fiat world and the crypto world. I often refer to this as 'the most dangerous position in the crypto business'. So far Binance have been full crypto and have done really well. But TenX tried to play that bridge between fiat and crypto and have been struggling mightily.