Bitshares Insurance Token For USDT Default

This brilliant idea was initially made by @jonnybitcoin now its in hands of BigBetsGroup that brought ETFBTC prediction market before.

On Bitshares decentralized exchange OpenLedger we can trade all types of coins but also assets pegged to FIAT it bitCNY or bitUSD but also other types of things - prediction markets.

Currently USDT stopped being redeemable at 1 USD read more in THIS post.

And on Bitshares theres an insurance token to trade worth 0.5 USD now.

This asset USDTETHERDEFAULT will be worth 1 BitUSD if www.tether.to OMNI asset:USDT is unredeemable at 1:1 (minus fees) for real USD to bank accounts for registered users before the end of 2017. If USDT is unable to be redeemed for a max 28 days but then becomes redeemable again this will not be defined as a default. If unredeemable for more than 28 days it will. This default may happen due to Hacking, theft, incompetance, law, regulation, omni flaws, bitcoin blockchain flaws, unknown reasons. It will pay out for any reasons listed above.

The market is directly here ON THIS LINK
You can check for other markets ie BTS/STEEM/BTC by using menu on the right

N00b friendly explanation

As it has not been possible to redeem USD tether (USDT) for USD to a bank account since 20/4/17 the countdown till settlement has begun. If USD redemptions to bank accounts are not re enabled by 18/5/17 USDTETHERDEFAULT will be settled as a default. This default outcome will mean USDTETHERDEFAULT will be worth 1 bitUSD.
So if you buy now cheaper than 1 USD and nothing will go better, you will make money. Of course decision is on you i just give an example.