[equasar]

Not surprised. They're minting Tether USD out of thin air to inflate the price, so it's no shock.

[echelon]

How? And why isn't that being shorted?

Any prediction of when this will come crashing back down?

[lmm]

> How?

People say Bitcoin is worth $100k but what they actually mean is it's worth 100,000 "USDT", because that's the thing you can actually exchange for it.

Are those 100,000 "USDT" worth $100k? Well, maybe. Tether claims every USDT is backed by a US dollar. It just can't tell you where they are or let you audit them. But they're there. Honest.

> And why isn't that being shorted?

How would you short it? Especially given that most crypto trading platforms are going to go bankrupt when it does crash.

[wmf]

Tether appears to be too big to fail in the crypto world and now crypto is too big to fail in the White House so if you short you are the one who will lose.

[thinkingkong]

On the contrary. Your way better hedge was polymarket not hitting 100k prior to the election.

[monero-xmr]

The Tether Truthers never fail to spread their conspiracy. HN should just admit it got crypto 100% wrong.

[wmf]

Tether admitted they loaned USDT against BTC collateral and they allowed the collateral to be delivered later (basically T+2 settlement). When the order book is shallow this is basically free market manipulation. It's not clear how much loaned USDT exists vs. regular USDT and what effect this has had on the price.

[testfrequency]

Bias much?

[aryan14]

Love the username