Ethereum co-founder and ConsenSys founder, Joseph Lubin, speaking at the Fluidity Summit Conference in Brooklyn, had much to say on the subjects of Tether, Bitfinex, and price manipulation on the market. Bloomberg first reported the story.
Lubin said,
All prices on the planet are being manipulated. Any time that well-resourced actors can get in there and do something, you have to expect them to do that. So we need to build better systems.
Price manipulation is not uncommon in the crypto market, and is a concern for investors and regulators, as those with large amounts of crypto and other resources can have considerable sway in influencing a token’s price.
Lubin also offered his opinion on the recent Tether and Bitfinex scandal. Both are being taken to court, and the New York Attorney General’s office has accused Bitfinex of covering up $850 million in losses through illicit funds. Lubin remarked,
It seems like a really big mess that probably won’t get better. Tether is somewhat important to our ecosystem because it’s used by different institutions to effect more fluid trading…There are other price-stable tokens out there — many others — and I think they’re going to gain traction because of this. I think that will be a really good thing.
