My (very limited) knowledge of the situation is... people buy some tether, which "should" be backed 1 for 1, then with that tether they just bought they swap it for a bitcoin (or other crypto)
But people think the people who run tether instead of keeping that $1 as a reserve, use it and instead are buying more crypto with it.
Is that right? Or am I totally off? And if that is correct who is on the other side of this trade accepting tether if people think it's basically a scam currency?
And what will cause this all to unravel? Surely the longer it goes on the worse it will get?
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