Yep, pretty much

>How the fuck did this even happen? How can the community tolerate such a blatant scheme of differing liquidity risk off to other players?

Greed makes everyone blind. Interpol / FBI have to step in fast.

>Deferring

the murky thing about tether is their lack of transparency, otherwise it would be the perfect crypto

tfw too intelligent to touch USDT and attempt tax evasion

>Oh absolutely
You wish bitch

There's huge demand for a stablecoin, since volatility is one of the major disadvantages to actually using crypto for anything. Tether was just first to market and reaped the rewards. Once the centralised version goxxes the market, there will be a move to decentralised versions.

I hope the guys running that fake bubble get jailed

Greedy fucks

Brainlets still hung up on tether Lmao

>There's huge demand for a stablecoin

Yes, and it's called the US Dollar.

The fact that Poloniex is in on this scam and refuses to list a BTC/USD pair makes them complicit in this.

Mark my words: the second you see Tether in the news pull your fucking money out ASAP because this will depress the entire crypto economy for years.

I suspect the exchanges engage in USDT because it conceals the fact they are most likely insolvent to their customers.

Literally NO ONE cashes usdt into fiat
Its only used as a quick safe space between trades or used as a pair so bots can actually make profit instead of losing trading against crypto/crypto

You get taxed whenever you move to usd you dumb fuck

Exchanges use tether because it lets them stay away from the existing financial system and words like "tax evasion" "money laundering" "KYC". Moving around loads of money is a PITA, this is precisely the system crypto aims to circumvent.

The IRS treats every crypto-crypto trade as a taxable event. People widely believe otherwise because they would rather not believe there is a problem, but the law is clear.

This is a myth
And idgaf about the Irs anyway. But in my country I still get taxed for going into fiat no matter what currency

ok mr good goy, you can tell them they can suck my dick

The law is not clear.
The IRS has not issued any guidance on this, and paying taxes on hypothetical gains that could disappear in a minute is absolutely moronic.

so if I exchange sea shells for nice rocks with my friend does it mean we have to politely bend our asses to mr IRS?
why does everyone have such a fucking slave mentality
>b-but mr government said it needs to be that way
smfh

I'm not under the IRS' jurisdiction either, but it's their opinion that affects the median Veeky Forums user. And they are clear that crypto is property, and every gain is subject to capital gains tax.

Fuck off this is such FUD. It's literally just 1 dude who is super salty trying to bring down tether. No one else but bitfinexed cares about this. Tether is fine.

I'm not saying pay your pound of flesh, I'm saying don't get caught. If you get complacent because you think it's not a problem, you'll end up with a nasty surprise that could have been avoided if you hadn't stuck your head in the sand.

What makes you /Biztards think a company needs a bank to service a $200 million obligation.

/thread

Also it literally doesn't matter how much USDT is actually worth, as long as people believe 1 USDT = 1 USD.

Tether accounts for what, $300–400M total (as of this moment) $161 Billion marketcap? Practices like margin trading made up money is a problem that should be pointed out, but it’s a decentralized marketplace and even more important for people to do their due diligence.
What’s more likely to bring down the entire ecosystem is week after week of this same shit from the same one dude. It feels calculated.
The first few pieces were good (the second causing a 24 hour dip on price of BTC), but now it’s just more of the same. Speculative questions. So, did he get liquidated on a short? Did his TA not work out and he’s trying to figure out why? I hate Bitfinex as much as the next guy, but if I’m asking questions of why he’s asking questions, then you know there are people out there making massive conspiracies out of this series and the reasoning for it (on either side of the coin). These pieces can be used as weapons for FUD.
Is he a BCH shill? Is he a BTC Maximalist? Does he work for another exchange and is he trying to crash Bitfinex? Is he CIA or NSA trying to scare people off from crypto. Is he Goldman Sachs creating FUD to buy up all the Bitcoin? Is he legitimately trying to solve a problem that may cause markets to correct themselves after $300M of Tether moved margin trades on a single exchange?
I think all USDT positions should be removed from exchanges, but for now they serve the purpose of a relatively more stable place to hold ‘value’ in a volatile marketplace. When the entire market is based on speculation and faith, the price of Tether is no more a mystical feat than the price of Bitcoin.
There are supposedly over 15M Bitcoin in circulation and only around 65–70K BTC worth of Tether.

looks like it's gonna work for dips but not for a huge crash

Only if everyone believes that everyone else believes that, and so on down the rabbit hole. It works until it doesn't.

Tether/bitfinex will be the mt gox of 2017/early 2018

The IRS has their own problems they have to worry about. The USD is petro dollars. It will die. (((They))) need to worry about how to keep the control over you and the debt you owe to them.

For me, I don't have a debt to owe to them. Not anymore. My crypto will never need to go back to fiat because by that time fiat is gone.

The ride never ends

Yeah, no. That's a very romantic way of looking at things.

Simply stated, Tether forces all of its Crypto holders to seek other sources of liquidity back to fiat, which is immensely important when there is a crash and a large run on their deposits.

And when the actual Tether shitcoin fails and starts to trade for less than par value with the USD, they can all just shrug and say "hey, it wasn't us, it was totally this Tether Inc. type organization which we totally didn't setup ourselves".

You fool. It's clear as day what the purpose of Tether is.

If the law is clear then fucking cite it. The guidance and FAQ on virtual currencies from the IRS doesn't say that virtual currencies are even always capital assets.

If you file your taxes and pay for every trade you'll just bring the IRS down on you for being suspicious as fuck.

Holy shit, if that logic is sound i must owe about 10,000,000,000 in taxes from all my fucking years of playing world of warcraft and other online games that deal with a token-based digital economy

>Go over to help my friend move
>he pays me in pizza
>Technically this is a taxable event

>buy my gf a new pair of louboutins
>in gratitude she wears them while sucking my dick
>this is now a taxable event

are black women so popular on this board because its the woman you can have when you are rich

look up magical thinking

Other exchanges than bitfinex use tether. Just because using traditional USD is shit doesn't mean USDT is amazing, it's just less shit.

If 1031 like-kind exchanges were okay, they'd have said so ages ago. They've ignored numerous petitions to clarify and totally refused to give any guidance, which they would only do if they're looking to rape everyone.

They're not convertible assets you dimiwitted fuck. Plus you've never accumulated that much USD value in any currency, virtual or otherwise

Taxable as income, not capital gains. The IRS doesn't care about your trivial pizza, but they absolutely care about masses of crypto.

I dont follow

>The IRS doesn't care about your trivial pizza

if the IRS could have its way they would tax you on the compliments you receive. They're the biggest kikes on the planet next to the Federal reserve and IMF

First of all that's a super plebeian clinical term and C, it's mainly about an obsession with numbers or whatever. Not taking something like a video game controller being blue and thus the owner must have a fetish for blue

We're mostly ascended /pol/ men here. One of the final steps is to accept the fertile Black pill.

the thumbnail looks like one of those girl taking the guys hand in First person mode.

Also, this is a better answer. I personally think stealing high value blacks is the answer to cuckolding

Enforcement costs money. Enforcement costs for pizza-denominated transactions >>> revenue from pizza-denominated transactions.

great tip

quick question. if you sell into fiat but leave the fiat on the exchange, never withdrawing to your bank account can you be taxed?

That's why I said "If the IRS could have its way". I hope you can read, user.

Besides, the IRS operates at a loss (along with the rest of the government). They're not too concerned with money.

>Can't tell a breeder silhouette.

No chance in hell of a man developing a waist like that, no matter how much you inject him.

White men have always stolen the best darkies.

>Says law is clear.
>Says IRS have ignored petitions to give clarity.

So which one is it then? The guidance that they do have is murky, and Bitcoin does technically check all the boxes for like-kind exchange.

To me they will obviously go after your trade history if you suddenly cash out 100k on a 2k investment in the span of a year or two. Cash out smaller amounts, shift some normal USD spending to BTC spending, pay the taxes, and I doubt you're gonna get them knocking down your door asking for your trade history.

Practically or legally? Legally yes, it's your money even if it's on an exchange. Practically, the IRS needs to know about it.
This mostly depends on the ongoing coinbase vs IRS lawsuit. IRS is demanding all customer data, coinbase is fighting it. If they win, they'll go after every other exchange they can, and we'll be seeing a hurricane of pink wojacks.

I'd say the IRS' silence is deafening. "Tell me whether you're going to fuck me" "No comment". Technically you learned nothing, but you'd better be buying either lube or running shoes.

I know.

I'm laced up already.

It's literally one guy

Holy shit why hasn't anyone been talking about this

Link to info on the coinbase vs. IRS case?

lmao this fudfag, goddamn this FAGGOT is persistent

...

Don't worry, they will.

coindesk.com/14000-coinbase-bitcoin-could-be-affected-irs-tax-summons/
Or just fucking google it

lol pseudo intellectual using the most base level 'clinical' term. Magical thinking is the kind of thing a kid would say.

people already confirmed my theory about the black chicks So you got btfooo

Dude there's heaps of us here
Black chicks love white dudes unconditionally. They don't give a fuck about money.
But money will give you access to the top tier of black chicks

Veeky Forums is a asian board

No. Get outta here with the shit pol meme

it's plebbit goons and antifa spamming them thinking it will make people less racist. Yeah, that is how retarder astroturfers actually are

Just so that no one is fooled.

They have to make more tether's to keep the price 1 : 1 with the USD.

That's the entire point.

This. Ofc it's good to bring these types of things to everyones attention but the constant FUD is fucking annoying.

Really hope tether gets their audit done asap so bitfinexed gets BTFO

Its a conspiracy Lmao
I take it you were never on /s/ back in 2014. Jungle fever was at ath

You just got REKT!

>Faggot

>Veeky Forums is a asian board

No. Defective Gook Goblins are only popular on /r9k/.

>i'm three and this deep

the amount of money pulled out of cryptos by ICOs in the last 3 months is more than the amount of tethers created in the last 3 years by a factor of 10

tether is barely a blip compared to barely blips on the radar, nevermind even being a blip unto itself

enjoy your short bags though

Ok now a realize there is a den of redditors that have decided to spam niggers in hopes of agitating /pol/ and driving them out. They also share copyposta anytime one of them get triggered. What they don't realize is the single best thing they can do is leave /pol/ alone but the jewish pathology of liberals can never let sleeping dogs lie thus this will lead to war.

This is just another reason why we need decentralized exchanges. Who are they going to ask for trade histories?

YOU you dumb butt.
u r like "derp muh sovereignty derp muh offgrid cabin"

MUH
FUCKEN
DICK
>tfw black women can not get enough of you
>tfw you can not get enough of black women
could life be any greater, lads?

Decentralised exchanges are the future for crypto-crypto, but impossible for fiat-crypto. Someone has to hold and transfer the fiat, either physically or through a bank.

>tfw using my comfy gemini account with real USD and laughing at all you tether scrubs

>Decentralised exchanges are the future for crypto-crypto, but impossible for fiat-crypto
Use an oracle and a paypal link to hook up a smart contract to send eth upon receipt of payment on paypal.

??????

>paypal sees you sending to an exchange
>locks your account
yeah nah

You don't send to an exchange. You send to another paypal account. Then you use a smart contract hooked into the paypal API through an oracle to ensure the payment was made, and the smart contract transfers eth.

And then you reverse the payment, because paypal will let you do that, and the other guy is out crypto. Pretty much one of the first rules when selling crypto; don't accept paypal.

Yeah if only there were a currency that was trustless and transactions were immutable.......

When only half of the exchange is irreversible, trust is required. This is unavoidable.