After the tether hack news earlier today, I believe that people will start shorting tether, causing an increase in bitcoins price that might go to 9k sooner than later. What are your thoughts?
Since Tether is the only issuer of tether coin, they can easily boost supply of the coin accordingly to the stolen/hacked amount. It does not represent a risk for tether. If there is some unusual price action on tether, it is just just a bumpy road.
Sure, and that is the scary part in my opinion, boosting the supply, creating money out of thin air. I think this event will raise many questions about tether and we'll not like the answers.
And that right there is the problem many have with tether, Theymos (the highest ranked guy on this forum who's basically in charge) wrote some interesting posts about it just the last couple of days. With regard to the OP, tether collapsing will almost certainly lead to a fall in bitcoin price and definitely not an increase. Unless you are talking about BTC to USDT, but that will not be a good measure because if tether collapses then it will be worth nothing in terms of USD.
That's right any time the USD fails or a big cryptocurrency fails the BTC price goes higher. This is because they are all speculative and have no real long term value. Bitcoin is sound money and it's the universal ledger right now. You haven't heard it in the news, and you won't get a letter in the mail, but BTC is the universal ledger because it is immutable. No other money type can be that
I do not see that this is true, if a large crypto collapsed, say ethereum for example, this would lead to large panic in the community and many would cash out of bitcoin, this would cause the price to fall not increase.
