Yes, I'd be shocked if the court ends up finding no serious fraud committed by Bitfinex on Tether. However, I'm skeptical of several things. First, although the severity of the penalty may be a large fine, it may not stop Tether; second, Tether's impact might be mostly on retail buyers, and not so much on institutional buyers. It's the institutional buyers who are driving the BTC price this time. Retail buyers, not so much (as also indicated in the flat BTC search levels).
Anyway, not that I think these institutional buyers know what they're doing. They are very experienced professionals in their own trade (especially finance), but when it comes to the real inner workings and economics of Bitcoin and blockchain, they don't know what they're talking about. They just think that they have figured it out finally, when they actually haven't. It shows when they talk trying to make their BTC thesis. Bitcoin is inherently multidisciplinary (computer sciences, economics, law, finance, and business etc.), and very few institutional investors have the requisite depth. They could end up being the last bunch of fools.
Yes, I'd be shocked if the court ends up finding no serious fraud committed by Bitfinex on Tether. However, I'm skeptical of several things. First, although the severity of the penalty may be a large fine, it may not stop Tether; second, Tether's impact might be mostly on retail buyers, and not so much on institutional buyers. It's the institutional buyers who are driving the BTC price this time. Retail buyers, not so much (as also indicated in the flat BTC search levels).
Anyway, not that I think these institutional buyers know what they're doing. They are very experienced professionals in their own trade (especially finance), but when it comes to the real inner workings and economics of Bitcoin and blockchain, they don't know what they're talking about. They just think that they have figured it out finally, when they actually haven't. It shows when they talk trying to make their BTC thesis. Bitcoin is inherently multidisciplinary (computer sciences, economics, law, finance, and business etc.), and very few institutional investors have the requisite depth. They could end up being the last bunch of fools.