from Patrick McKenzie | by Patrick McKenzie

Ignoring the social combat here and commenting only on part which discusses trade mechanics, this and related issues (counterparty risk, etc) was *exactly* why sophisticated actors correct about Tether would have had difficulty with a short and/or speculatively attack.

Sometimes there is literally an answer to the question “If you have better-than-market understanding of the nature of reality or had it at many times during the past, why aren’t you rich?”