HOLY FUCK THIS RALLY IS A FRAUD

also it all comes from bitfinex, homebase of "spoofy", who single-handedly pushes Prices where he wants them (while other exchanges follow suit). Not only BTC but also OMG and IOTA.

once the market crashes.. its going to crash fucking hard.. Im honestly debating right now on liquidating and holding out right now. This really has me spooked..

Why do you guys believe a single thing this bitfinexed faggot says? Stop posting your gay shit here otherwise I will open up cain and Abel and boot you off the internet for good

Dynamite read.

can you faggots explain wtf a tether is and how these things are magically made

tether.to/

basically a cryptodollar invented to avoid BTC/USD trading and Fiat-banking (regulation).
But the company issuing USDT lost it's own fiatbanking supplier (Wells I think) which lead to the whole unredeemable IOU thing.

>he's not using a VPN

I'm still trying to wrap my head around it

A tether is a coin that tracks the us dollar, and says they're back ed in the US dollar, 1 dollar for every tether USDT is in the vault. The writer is saying, I think, that a lot of these dollars are fake money, the fake dollars are trackd somehow and only used for margin trading, then the fake money is burned. So theres all this margin trading going on, and it's all leveraging fake money, and destroying it later when you have more.

I'll have to read it again so much was over my head. ANyone with some rundowns and help making sense of the numbers would be appreciated.

thank you sir. i found the very helpful link at bottom of article about tethets as well. how will this effect other exchanges, i.e. bittrex

follow link at bottom of article. gives a quick rundown

hackernoon.com/the-curious-tale-of-tethers-6b0031eead87

once it all comes crashing down on bitfinex, the entire market will come down with it too.

basically milliins of tethera being floodes onto market with no dollar backing and being used to inflate btc price as soon as a few whale cash out the thing collapses and tether abd bitfinex will get shutdown and run away eith your money

also the volume for bitfinex is just outrageous. Usually bithumb is higher than all the exchanges by a ton. Its obviously being HUGELY manipulated.

just price thougj right? are the actual assets secure?

SO what happens then if you're in USDT say on a different exchange when BTC dumps?

btc $300
bcc $3000 next year

Honestly? USDT is vapor. It literally has NO backing.. its the epitome of IOU's. If this turns out to be whats actually going down.. expect USDT lose all value..

If you have say 1 BTC, you will still have it. It just wont be worth what it is now. Along with Alt coins all dumping due to bitcoin dumping

Usdt should go to zero - but the wash traders have bought up real btc with their unbacked usdt

Hence the rally and the problem

and let me clarify value for USDT.. you wont be able to use it.

the crash would come from USDT. As soon as there is hard evidence that 1 USDT never = 1 USD shit will hit the fan massively.

nice dubledouble but this looks like another long article by the same guy

I need an actual rundown my brain is already wrecked watching omg crash and dont want t get out before it goes up but dont know what Im doing, its my second day trading so if anyone has advise for this it would be even even more appreciated than a rundown.

you came in at a bad time my dude.. shit is happening and not the good kind of shit.

But wouldn't the jews cover for this endlessly and just say it's real, shoa anyone who tells the truth? It sounds like Fort Knox honestly

>is it politically feasible to challenge them when they own the courts and the banks
>cant they just switch the money or do some other jew trick

If all you hold is OMG youre fine, you might want tl take them off bitfinex though, this site looks shady as fuck (did this with my iota)

The scam they talk about is aboit bitcoin being artifically pumped with usdt that apparétly were created from void

but you must also realize that when bitcoin dumps, so does all the Alts..

>The scam they talk about is aboit bitcoin being artifically pumped with usdt that apparétly were created from void
No I didn't mean in relation to the article,I just meant when should I get out, if anyone knows. This thing is killing me. Sorry for the non sequitor.

When you hit your profit targets that you set before you entered the trade is when you exit the trade

It sounds like you didn't have them

was planning to exit on the moon

youtu.be/_xHw_zAJRDk

Morgan freeman = btc baghodlers

this is some nice FUD

>t. in unbacked tethers

i'd be a little less comfy i was in your spot famalam

if this is true, then tether + bitfinix are essentially engaging in the behavior bitcoin was designed to combat.

This is literally QE : bitcoin edition if true. When these margin positions get closed, bitcoin will likely crash below even its previous low; not because of a flaw with bitcoin, but because bitcoin's price was manipulated.

I should have known it was sketchy as fuck when goldman fucking sachs started shilling bitcoin.

this isn't just some random "hurrr growth is unstainable" shit though, if bitcoin is being pumped with funny money that's a legit problem.

margin long positions get closed so those people bought bitcoin for fraudulent tether, they now buy fraudulent tether back and get rid of them how? buying back bitcoin again? I'm sorry, never traded margin so this may sound retarded

Post yfw this is 4D chess and big money WILL get dumped out of BTC but not because of a tether problem...

Big shake out allows lower BTC price for banks to accumulate BTC once everyone runs to BCC... then only banks own all the BTC

Dont ever sell your BTC

>Bitfinex

Every fucking time. Never, NEVER trust a Chink.

someone tell me if this is true or not

Well half the story is true because someone is spoofing the market and mainly using bitfinex. Conclusion, when it crashes, its crashing back down to 3k, just like how Goldman Sachs predicted. I wonder who Spoofy could be!

If bitfinex is in on this, why would they accept that people open margin positions using funny usdt? Who is really getting fucked over in this case?

When Btc crashes is it a better idea to go into actual fiat or can I stay in usdt or will that crash too?

The people who are buying who are not in on the scam are the only losers. Bitfinex gets their cut, the spoofers launders their fake money, not sure how the tether lending works, could be that they get fucked over?

The only winners are the Jews.

Whatever you do, don't hold USDT. Transferring to fiat might make the tax man come after you, so one alternative is to buy a relatively stable coin. I don't want to sound like a shill but litecoin is probably one of the most stable coins for this purpose

As I just said i dont know how you borrow tether but your tether could be worth a cent rather than a dollar when this happens.

Figures seem to check out but interpretation of the data is open to speculation.

Are taxes really that painful for you? Im in the 15% bracket, I dont really care.

let's say I have 1 dollar and I open a 3x margin position, then I buy bitcoin with 3 dollars: my 1 dollars then 2 dollars I borrowed from someone else. The reason to do this is that if bitcoin increases 10%, I actually gain 30%, because I only have to pay back the 3 dollars + interest (which is usually pretty low). If bitcoin goes down, however, I have to cover the difference. I can only lose at most my initial dollar because if bitcoin drops to the point where I might risk the 2 dollars I borrowed, then I will be forced to sell and basically lose everything.

So there are a few things that can happen: 1. the margin positions are forcefully closed because bitcoin dips hard; this will wreck the price because they have to sell all the bitcoins they bought with funny money. Since bitcoin will have already been low from a dip, it'll crash HARD. 2. the people holding the margin long positions will decide to close themselves and take their profits, in which case bitcoin will AT LEAST crash down to where it was before the rally because the amount of supply will become insanely lopsided, as much so as the demand was that started this rally. In this situation, however, it will likely dip much lower as other people start to sell as well.

what needs to be understood here if that's too complicated is that the profit these margins positions are making is coming from somewhere; namely, those who bought bitcoin earnestly. They tricked the market into thinking there was more demand for bitcoin then there was, and when they start to sell there won't be enough money to make up for it because this money is fake in the first place.

What's wrong with BCC?
I'm holding both

Bitfinex doesn’t need to care about what some small fish do on their own exchange or with Tether in general, if the article is right.

What they do is basically paint BTC chart however they want (because they can paint it on Bitfinex, and other exchanges follow suit) and profit off the "insider info" of knowing where it goes beforehand. That way, there is no apparent relation between the angle they’re profiting with, and the weird behaviour on their exchange.

Imagine they just put the 80M Tether that supposedly have been created out of nothing on poloniex to buy bitcoin with. 80M is so much, it would’ve been noticed immediately by polo staff. And on polo you need to give your name etc to withdraw anything much. That’s not a spot you want to be in.

Hence painting the graph is a lot less dangerous.

seems like fud

Does anyone think Bcc will have something to gain if Btc crashes?

>Does anyone think Bcc will have something to gain if Btc crashes?
I think BCC will replace tether for sure.
I don't think it will be dragged down as much as other alts.

Wonder if it has anything to do with them cutting off US users.

LTC was just a few dollars when the manipulation (supposedly) started.
Should this really explode, BTC is probably still the safest coin, because basically all other coins have only really pumped after BTC started its 2017 run.

Could be that they dont want legal action from the cutthroat slimeball US lawyers.

Alright this both makes sense.

I can think of an alternative though, which is obviously that the created tethers are actually backed by real dollars, and this is all caused by someone wanting to legitimately buy btc. In that case tether would need to at least be able to maintain its dollar value until the new money has been converted to btc.

You really haven't understood anything have you

No, litecoin has suffered from this. It was on an even increase in price, since this started its price has been all over the place. ETH was recovering from its correction and going back up and its been chaotic since this started. When BTC crashes, they crash to, for some reason. When BTC goes up slowly, they do to. When BTC pushes an ATH, they go down because people sell theirs to ride the euphoria.

Tether is not backed by anything but faith.

I realize there are no legal protections, but people must have been constantly arbitragint usdt usd with the tether company or else it simply would have collapsed.

>I think BCC will replace tether for sure.
I like rainbows because ships are blue

No, tether is not redeemable for dollars. Tether is literally monopoly money. Its purpose is to allow people to evade taxes. So you take a risk using tether to bend the law. There is no free lunch.

coinmarketcap.com/assets/tether/
Look at the chart, how is it possible that it stays so close to 1:1 with the dollar (especially the period before they had banking troubles) if not some of it is backed by real dollars?
Surely there's a huge bounty to be had for even proving that it's fake money: short 1 million tether, try to redeem like thousand, write an article about it, voila, free million usd.

If the writer is correct, how long would it take for this news to get out, be accepted and crash BTC?

Because its literally designed to equal 1 dollar. It will always equal 1 dollar because thats its purpose. Its a faux dollar. No one invests in tether

it
is
used
to
evade
taxes

Please get that through your head. Everyone that uses it knows it fake money. Everyone but you apparently. I sure hope you have not been stock piling tether because you think its going to 2 dollars one of these days.

Bitcoin had value long before USDT existed

Is there ANYONE here who has been on Veeky Forums for more than a month? Ffs, I'm a newfag who came in April and I remember the bitfinex/tether topics (usdt dropped down to 86 cents at one point). Yes, this is all a scam, and yes, you're a sucker if you hold any tether. When it crashes for real, it'll crash to 0.

Their terms openly states they have no obligation to exchange your Tether for anything, and everyone knows they'll never pay out if there's a bank run because Tether is worthless and USD isn't.

damn, and I loved the idea of parking my $ in tether when I was going to sleep

Basically 5 minutes after someone tries to cash out 60 Million USDT.

Will be constantly waiting for the crash to start to open up my short position

but to cash out usdt you have to buy bitcoins and then sell them for actual usds, no ? So how's it gonna crash the btc price ? more like the opposite

>I will open up cain and Abel and boot you off the internet for good
kek.. haven't heard of that program in 10 years.

>it
>is
>used
>to
>evade
>taxes
I don't know why you'd assume I don't know this.
If I have a 1000 usdt right now, can I exchange them with the tether company or not, today?
If not, why does nobody short usdt and bring it down?
>Because its literally designed to equal 1 dollar. It will always equal 1 dollar because thats its purpose.
How does it achieve that purpose?

>Their terms openly states they have no obligation to exchange your Tether for anything,
I know, I said so in my earlier post.

Thanks user.
Just bought XMR with all my USDT.
waited for a btc dip for buyback but if this is true, which might seem logical considering the weird bitcoin pump the last few days it all might crash to FUCK.

XMR is oversold and a safe bet until this is shit blows over.

You are hopeless.

So basically the rally had nothing to do with August 1st or Goldman Sachs investing in Bitcoin?
I find this article really hard to believe... There's no evidence that this tether is fraudulent in the article. It's all conjectural.

Now what I would like to know. Whos the asshole that lets someone marginal trade with tether? Is it Bitfinex or Polonex? Thats the company I would take out to the countryside and shoot in the head.

Doesn't matter what you believe.
I skimmed through all of the links and this thread.

This FUD, true or false, will spread like wild fire.

Move out if USDT is my tip.

Tons of people are sitting on TRUCKLOADS OF USDT right now to buy back the BTC dip.

This is dangerous as fuck.

Stay away from USDT.
EVEN if bitcoin doesn't go down USDT might collapse because everyone will sell it.

All I'm saying is tether could be partially backed, at least enough so that someone could buy 50 million usd worth of bitcoin with it. I'm not saying they would stay solvent in case of a bank run or that literally every usdt has a real dollar attached, but if you think it's literally impossible to exchange even just a thousand usdt to usd I'd like to see some proof.

Can someone explain the USDT = fake money thing. If someone wants to create $1 million worth of tether for himself then buy BTC with it, how the fuck do they do it?

Please stop replying to me. I am honestly asking you to stop. I do not want to talk to your dumbass anymore.

Fuck me, if this is accurate we are literally in fucking lala land right now!!!

>Move out if USDT is my tip.

What kind of cuck even holds USDT? I only trade Alts-BTC.

Not sure about that part. The story mentioned a tether loan. Was it Bitfinex that loaned or Polonex?

What doesnt make sense to me is the inherent backing in tether, when i sell btc for usdt, the value on my btc goes into tether. If my btc is worth 100$ and i get 100 tethers, its value came from the btc i sold for it? What am i missing?

Alts can give you a heart attack.
You Put your pocket change i Alts.
I will keep my money with the big boys.

Do you define alt as ETH XMR and such or DGB?

USDT is supposed to have a dollar in back up for every coin.
Probably like the case with most banks in the world they don't have that money on banks. Nothing to see here 2bh

The part Im wondering about. Why would anyone loan someone tether. You are literally creating counterfeit money that can do on to the market.

I can understand dumping your bitcoins in to tether, thats a trade, one thing for another thing. Loaning tether is very dumb.

God the correction will be dramatic? Sub 1000$ guaranteed. All of this bitcoin growth is FAKE

HOLY FUCK?? "USDT" ISN'T ACTUALLY USD?? ITS JUSE SOME SHITCOIN "TIED" TO THE DOLLAR??? SELL THIS SHIT IMMEDIATELY.