25 MILLION TETHER created yesterday, along with 28 million in new longs

>how does it work
i dont know the technicals
>illegal as fuck
it already is. this is like gox. the US gov is going to end up jailing people over this.

>fractional reserve squared

Thank you, that makes sense. Does this affect people who don't use tether? I just build long positions so I haven't really used it

it does because when it crashes we're all going down

i'm sure growing up at the orphanage prepared you for that.

Why can't these fake tethers pump Link and Request instead of this fucking piece of shit?

Why would Bitfinex pump alts?

They basically reduced everyone's purchase power.

how is this legal

it isnt

Someone explain to me why the tethers created lead to koreans inflating btc? Or is it alts been inflated?

Is there an alternative to USDT ?

>created money out of nothing
>use that new fake money to buy BTC worth 25 million dollars
>cause FOMO, make huge gains with longs
>???
>Profit

Thank you, based tether gods.

You forgot where they also made a shitton of money for all of BTC holders

why arent all exchanges using usdt boycotted then?

thanks

where do you go?
polo uses it
bittrex uses it
binance
bitfinex
hitbtc
the only other option is gdax

> retard normies buying bitcoin at ATH and borrowing money to pile onto bitconnect ponzi
> bitfinex prints fake digital usd to prop up btc and keep the fomo rolling

this will not end well but at this point I'm too pussy to cash out to fiat and will probably get wojacked for years to come before this recovers. but I held before mtgox and held through the bear market years to follow

so its a conspiracy between all exchanges (and maybe miners)?

this
ill make all i can until it crashes in which point i hodl the door closed and keep the bears away

no, the only thing we know for sure is that its a conspiracy with bitfinex and tether
other exchanges might just use it because it's convinient

Guys, massive tether is created to help launder massive amounts of money. This is nothing to worry about. Tether also "has a government behind it", government makes it necessary to launder money, so people will keep doing this and the price will keep going up.
There are literally trillions of dollars in the world that need to be laundered, and this is one of the most cost effective methods to do so.

whats a long? mu dick??

is this a real question

wait and see what happens when ethfinex launches

Yep . Will you tip me bitbean if I tell?

You forgot to add

>Then when FOMO peaks, profit by doing a huge dump them people get all FOMO, then go short and dump even harder so everyone gets into pink wojack mode.

Offer expiring in 15 minutes

i dont get it. so this thing tether is tied to btc, and someone prints them to buy btc? who is enforcing the exchange rate? shouldnt the exchange rate go to zero when they start printing

...

it's bitshares dollars

just google it dude

long position is basically betting that something will go up in price

short position is betting something will go down in price

usually you'll use "leverage" which is basically multiplying your potential profits (and losses). You can make a lot of money if you predict correctly, but you can also lose a shitload if you guess incorrectly and the price goes the opposite direction (even a small dip can wipe you out)

exactly, this is why it should be illegal and they should be boycotted. shits fucked beyond comprehension

Should I go into tether now? Is btc gonna crash? Or should I just cash the fuck out to fiat?

But don't they need to print more USDT to keep the price stable? Because the price would rise when demand skyrockets.

It was a margin pump with 25m fraudulent tether. They will cash out sooner or later. The crash is gonna be huge. Fiat.

What % of the market is tether to bitcoin? is there a single dollar for every bitcoin dollar that exists, or more, or less...?

Is there any other source on the fact they just created 25 million tethers other than this guys tweet?

this is why USDT will never work. it will never be passively tied to the USD

Nope. I'm going to sleep. Bye bye

wallet.tether.to/transparency

USDT is same as USD in the sense that us government claims that USD is backed by gold

>wallet.tether.to/transparency
Thanks, just got done reading this.. seems fucked
medium.com/@bitfinexed/the-mystery-of-the-bitfinex-tether-bank-and-why-this-is-suspicious-a8a6407a1241

the gov doesnt claim that anymore

this will be the gox of these few years

What the fuck.
Are they retarded or something, don't they know how badly this might end?

So will it now go even higher way above 6000$ or should I wait to buy?

The end is near.

no one knows when they will cash out
personally, i'd wait to buy in until november 1st or segwit2x
greed

>I'm sorry, they WHAT? Printed infinite money? They've got another thing coming to them

I'm gna start stock piling cash to buy bitcoin when usdt crashes btc along with it

yes because someone bought 25 mil worth of btc through fenix yesterday you fucking retard

usdt is huge but crypto is bigger than usdt and will survive usdt

Do you understand what you're discussing?
>Tether prints $25,000,000 with no fiat backing right before every single BTC pump
>Hurr durr this is OK no worries LOL!!

Kraken doesnt use thether afaik

>Cashed out all my assets in USDT to ride out the coming bear market
>See this thread
>mfw

Ohh boy, bitcoin going to get pumped with more fake money.

Has there been any kind of official response to this?

Bitfinex is based in Hong Kong, doesn't this mean americans have no jurisdiction?

...

what's a safe harbor for my btc gainz? bch after it's done dumping from this morning's pnd? or just park it in neo dash eth ltc etc.?

> americans have no jurisdiction?
The federal government doesn't know what "jurisdiction" means

Tether is backed by Bitfinex's reserves and volume apparently.

Fiat currency has far less backing.

Now I know why bitcoin just suddenly started going on at a non-time on a non-day.

>bitfinex is based on Xhing Yu's Island Fortress of Greed

Yeah we're fucked

It's the end of the weekend, if you weren't a newfag you would know that pumps tend to happen at that time.

>Fiat currency has far less backing.
fiat has militaries and governments behind it
tether isn't backed by reserves and volume. if finex is manipulating the market with tether, what makes you think they aren't lying about reserves?
news.bitcoin.com/the-controversy-surrounding-tethers-usd-backing-continues/
medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330
steemit.com/news/@mediavoice/controversy-surrounding-tether-usd-backing-continues
hackernoon.com/the-curious-tale-of-tethers-6b0031eead87

Unironically XMR

Old news, nobody cares about old news. GTFO

No they dont. Not midday on sunday. The usual rises and falls but no big pumps unless theres an event, like bitcoin being pumped with fake money.

Sorry but I've been hearing about the whole "tether will destroy crypto" shit for months and nothing has happened, despite hundreds of millions of new tethers being printed.
I'm sick of all this fearmongering.

>TFW ACTUALLY STORE MY FUNDS ON BITFINEX

>despite hundreds of millions of new tethers being printed.
>I'm sick of all this fearmongering.
you are fucking high

Not trying to spam but has anybody had this error before

fuck off bitfenix, we know you're mad that you sold all your btc at 1k$ and missed the biggest cryptoboom of all time, that's your fucking fault

Are you telling me that these btc prices (and millions of $ in value) is propped up by tether injections?
>it's really happening
Get ready for a bear market

>pumping the market with hundreds of millions of fake dollars is perfectly fine and telling people to be careful is fearmongering

$6320 hit on bitfinex

Bitfinex even put up a bounty to doxx that guy, they are criminals
twitter.com/Bitfinexed/status/896569931520671746

>Fiat currency has far less backing.

hes got insider knowledge
tethermarines are going to take over the island of sark and then build a tether military
youtube.com/watch?v=Dnyi5mezp-s&t=0s
only then will tether have actual backing

yeah, they published an audit proving they were backed up by the dollar like last month lmao

An audit where they hid which banks they use. Really activates dem almonds.

why isnt this a bigger deal?

Each tether is backed by bitcoin or whatever alt that's put up as leverage against the margin position

Ok so spoon-feed me: without leaving cryptos forever, what's the best way to defend against this chicanery? I don't currently hold tether or bitcoin, nor do I actually deal with bitfinex. Am I safe?

You can't? Just be in an ALT which would survive a bitcoin crash.

When bitcoin crashes so do alts. When this shit finally goes up in flames only the alts with a future will survive. So ETH is probably fine.

everytime btc shoots up, people starts talking about how tether is a massive scam, coincidence?

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oh no someone converted $25 million USD to $25 million USDT to... watch it? No. To use it to buy bitcoin / other cryptos. umm..duhh