Hunger games with tether coin

Jul 11, 2022
2 min read
Blockchain

Hunger games with tether coin

Hunger games with tether coin

Not long ago, Bitfinex & Tether CTO Paolo Ardoino stated that some hedge funds will try to cause a panic in the cryptocurrency market after the TERRA/LUNA crash. They will do this through coordinated attacks with asymmetric rates, short selling, and unbalancing DeFi pools. All in the name of hurting Tether’s liquidity and eventually buying back the tokens at a much lower price.

When Paolo Ardoino wrote a whole thread on Twitter about this issue a real panic started. The most important of his arguments in favor of Tether :
— There have never been failed redemptions & all USDt are redeemed at the price of $1.
— In more than a month, Tether has processed 16 billion redemptions, which once again proves that all operations, portfolio, banking infrastructure, and team are reliable & battle-tested.
— Reduction in the commercial paper number from ~ 45 billion to ~ 8.4 billion & the intention to completely abandon them in the coming months.
— Tether’s portfolio is stronger than ever & Tether is the only stablecoin tested by the fire under extreme pressure.

“Can other stablecoins stand the same test? Can losing operations go on forever, burning money simply because they have shareholders with big pockets?” he added.

Total what we have.
Significant funds are pushing people to get rid of stablecoins and buy the same Bitcoin / Altcoins. At the same time, they themselves become long on Bitcoin/Altcoins, take profits, and then reduce their short positions with Tether. Hedge funds then switch to short Bitcoin/Altcoin, expecting the price to go down because the pressure of inflation pushes Bitcoin back to lower levels anyway. So large funds once again make money on currency fluctuations, creating false pretexts — a swing in the market at the expense of other traders, and all for the sake of price movements.

So if your business is in any way connected with this cryptocurrency & if your team doesn’t have competent specialists, or if you don’t fully understand this area, then come to us — we will help you!

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