Worst case scenario: Bitfinex/Tether hypothesis

[gentlemand]

What is OTC? Just person to person trades, like I find someone on the street and trade with him?

It's basically high rolling localbitcoins. There are full time brokers who match buyers with sellers and take a cut. No fucking around with exchanges. It's P2P with a bit of tinsel. That's how you sell or buy large amounts without moving the market. It never reached an order book to affect.

For instance Cumberland mining, an OTC broker operated by an old wall Street hand, offered a buyer for all of the remaining two hundred and something thousand Gox bitcoins. No way could you do that on an exchange.

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[MarquiseMuseum]

Looks like worst scenario is unfolding, wouldn't be surprised to see BTC sub 3000 before reboot. Needs price rediscovery due to Tether issue, probably up after that but on a 1/5 of predicted ratio ie 100k becomes 20k and so forth.

Recommendation: Neither sell nor buy if you haven't sold already. Don't catch the knife.

[Enjel]

Looks like worst scenario is unfolding, wouldn't be surprised to see BTC sub 3000 before reboot. Needs price rediscovery due to Tether issue, probably up after that but on a 1/5 of predicted ratio ie 100k becomes 20k and so forth.

Recommendation: Neither sell nor buy if you haven't sold already. Don't catch the knife.

I agree with the first and last sentence.

However, the price drop is due to China news (again, this time something even stricter) and credit cards.

USDT seems to be holding up OK.