But if they say there is enough dollars to back each coin and then it is proven that there really isn't? Plus when you factor in that those coins were used to purchase BTC, thus propping it up with artificial "dollars", doesn't that possibly crush confidence? As well as possibly make Bitfinex insolvent? Which would cause major forced selling of everything on that exchange? Then if there are other exchanges doing something similar with Tether, possible cascading effect?
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I agree. There would be lots of pressure on Bitcoin since so much is bought with dollar backed Tether. and it wold cause a cascade in all of the currencies. Let's hope it does not happen.