Where's your next batch of suckers going to come from? We know you're already balls deep, so is my barista and massage therapist. Somebody has to hold the bag while you cash out, whose it going to be?
Honest question coinfags
Christopher Jackson
Other urls found in this thread:
seekingalpha.com
coindesk.com
bloomberg.com
en.wikipedia.org
biznews.com
hackernoon.com
twitter.com
Noah Walker
Even more baristas and shoe shine boys. Once they run out of greater idiots it'll crash the pillar of salt it's standing on.
Anthony Mitchell
I'm pretty sure you're the greater idiots.
Bitcoin crashes when you realize the largest bitcoin exchange by volume (Bifinex) spun up another company called Tether that can essentially buy bitcoins for FREE until someone peeks behind the curtain and sees that they don't really don't have 1 USD for 1 Tether they issue..
seekingalpha.com
> Tether Limited management also runs Bitfinex, one of the largest cryptocurrency exchanges.
> Tether Limited has not been audited, and the management actively dodges any request for an audit, with the CFO of Bitfinex stating that “Writing that some non specified "third party" audited our numbers and found nothing wrong with them is something what will re-assure you about our honesty?” Note that no one is asking for a “non specified third party.”
> It is unclear where Tether Limited banks (given reason is protection privacy), but we do know that Wells Fargo has severed its relationship.
> Tether Limited recently engaged Friedman LLP to perform an “audit,” but all the legalese from the filing signals that Friedman absolutely does not want its efforts to be viewed as an audit, stating “this engagement does not contemplate tests of accounting records or the performance of other procedures performed in an audit or attest engagement.”
> Tethers have been issued in large lots of tens of millions.
> If one believes that this is all a legitimate operation, one would have to believe that there are some astute traders/investors willing to write checks each worth tens of millions dollars multiple times in several days to an offshore corporation that is unaudited, in exchange for digital tokens for which they legally have no recourse should conversion to USD be denied; the management is allergic to an audit because it has nothing to hide, thus doesn’t need an audit; and that high correlation between Tether’s supply and the price of Bitcoin is purely coincidental.
Enjoy the ride
Nathan Miller
I am getting the whole Tether story, but when and how should it crash?
Ayden Reed
Impressive FUD
William White
Were you wondering how could such a large fraud be perpetrated by Tether? Surely when it all falls down people will go to jail? Well, no it just takes a nice hack and theft of coins and there's nothing you can do.
MtGox 2.0 has been inevitable, it's only a matter of time, if it's going to happen anyway... why not engineer it and profit from it?
All the tether gets stolen, now they don't need USD to back it, which they never had in the first place, and they hold billions of fraudulently obtained bitcoin.
It's already starting...
> coindesk.com
30m dollars of tether 'stolen' today out of ~840m. It's already happening
Hunter Torres
wall street. 50k here we come
Blake Edwards
>today
thats nov 21st you jelly faggot
Michael Collins
Coinfags not realizing MtGox was an inside job.
Coinfags not realizing Tether (aka MtGox 2.0) will also be an inside job
You know it's true. Nobody is writing checks for 10-20 million dollars of tether per day to an unaudited offshore company with no legal recourse if they decline to convert it back to USD.
Kayden Phillips
>Where's your next batch of suckers going to come from?
Anthony Foster
what if, and im just spitballin here, tether is not backed 1:1 with usd, but is actually a representation of btc, but pegged to the usd? i.e. lets say the have 1000 btc. they want to represent those 1k btc with tether pegged to usd 1:1. if the current price of btc is 500 usd, it would take 500,000 tethers to do that. if the price of btc rises to 700 usd, it would take 700,000 tethers to represent the 1000 btc. if the price falls to 300 usd/btc, it would only take 300,000 tethers.
fudsters constantly throw around a graph showing how more tethers are printed as soon as btc starts dipping. wouldnt that actually make sense if the above is true? it wouldnt make sense to constantly update the amount of tethers, because you would need to create/ burn them every few minutes, but it would make sense to print them after a big upswing/ downswing, when the trend starts reversing (basically like checkpoints).
anyways, fuck bitfinex and bitfinexed, i hope they all get fucked by niggers.
Juan Butler
That's rich. Wall Street has been robbing the little guy for hundreds of years.
> tfw you realize bifinex is trying to rob the little guys before wall st can
Grayson Perry
why?
Oliver Fisher
> Tether’s website makes a claim that’s unusual among cryptocurrencies: “every tether is always backed 1-to-1 by traditional currency held in our reserves.” The site also says each tether can be redeemed for $1. But its terms of service say: “There is no contractual right or other right or legal claim against us to redeem or exchange your tethers for money. We do not guarantee any right of redemption or exchange of tethers by us for money.”
> Oguz Serdar said he tried tether, but came away disappointed. When Turkey banned PayPal last year, he began using bitcoin to pay contractors working with his advertising technology company, then started investing in it on his own. When he feared bitcoin was poised to drop, he said he shifted funds into tether. “It’s a way to park your gains,” he explained in a telephone interview. “It’s what you do temporarily.”
> He said that in early November he tried to cash out $1 million of tether, a request Tether refused.
How you coinfags are still not catching on that Tether is MtGox 2.0 is beyond me, the only question is how to profit from it when they inevitably "lose" all the Tethers from a giant "hack." And oh lookie we don't need USD to back them because the Tethers are gone. When bifinex is done selling their fraudulently obtained bitcoins, the whole thing comes tumbling down. Are they cashing out right now? 30m was already 'stolen' just the other day...
Xavier Peterson
> You are here
Christopher Clark
the disclaimer for not guaranteeing redeeming tethers for usd might be inlcluded, because they dont want to get raped by uncle sams huge dick, like what happened to liberty dollar goys:
>en.wikipedia.org
profiting from this is very simple: just short btc (or any other coin) if youre so certain of its demise.easy money, right?
Jackson Flores
>profiting from this is very simple: just short btc (or any other coin) if youre so certain of its demise.easy money, right?
I've lived through the dotcom bubble, the housing bubble and now this. Almost anyone with a solid head on their shoulders can predict the eventuality, almost nobody can time it.
Dominic Brown
biznews.com
I suggest reading all of this. The last third is especially damning.
Lincoln Ramirez
indians
Henry Gonzalez
So if you want to cash out of BTC should you NOT use USDT on any of other exchanges that use it such as binance? Is it safer to use an actual BTC/USD exchange such as GDAX?
Jordan Ross
How do you short something user, srs
Nathaniel Ross
Send the btc from binance to coinbase and cash out there
Asher Robinson
yeah wallstreet is going to be the sucker to a bunch of internet dweebs who don't even understand what futures are. did you forget to bring oxygen to your le moonbase
Nolan Rodriguez
>people buy BTC
>price is defined by the ammount of circulating BTC
>"hurrr, it will crash ones people who don't plan to cash out can't cash out on one exchange, hurrr!"
ok.
Justin Allen
> hackernoon.com
Bitfinex is collapsing. If you want to make real money then read up & inform yourself and prepare for the inevitable crash of the world's largest btc exchange (45% market share.) 7 months without a viable banking solution since Wells Fargo cut them off, see the link, all sorts of Tether fraud to keep the plates spinning. It's really you own fault at this point if you ignore the warning.
Goodnight and good luck anons. I genuinely hope you all get rich, but you need to be ahead of the pack to stay there.