Another 20 million Tethers were minted last night. A couple of hours later BTC was pumped to near $7300...

A good sense of hubris.

Also good notice, my fellow 4chaner

>Because crypto is so new
>Nobody has to prove ANYTHING to you
>plummets to sub 3000

This place really is a cancer.

You got so btfo that's the best you can do.

I'll give you credit for showing your face in here again, though.

>btfo

OK. Thanks for saving crypto as a whole, kind user. We will never forget you (100% in fiat as of now).

Do you realize that the pumps come from the normies in coinbase?

They did a partnership with forocoches.es, so if you want to register in the forum, you need to at least buy 100$ of btc

Get your facts straight bigot

Good, crypto seems to be a bit too complicated for you.

>forocoches.es

Domain is for sale. Url pls?

So what's going to happen when people sell BTC or any other alts to USDT (tether) and let's say USDT will drop to 50 cents?

This.
Not only forocoches.es, but also a lot of yuronormies are buying BTC right now (between 100-1000€).

During periods of very large sell offs over the last year I've seen Tether fluctuate to maybe 1.05 or so due to raw demand. USDT dropping to .50 would likeonly only happen if people lost confidence in it and decided to sell it off at a loss (if they even could, Tether doesn't function like a normal crypto, you can't just set up a Tether wallet, you need Tether's permission).

europoors all bought BTC in the middle of the night, with a combined volume of $19.8M?
doesn't make sense to me

> (You)
>During periods of very large sell offs over the last year I've seen Tether fluctuate to maybe 1.05 or so due to raw demand. USDT dropping to .50 would likeonly only happen if people lost confidence in it and decided to sell it off at a loss (if they even could, Tether doesn't function like a normal crypto, you can't just set up a Tether wallet, you need Tether's permission).
But USDT is cryptocurrency as well so anything is possible. The exchange can manipulate the price because they own USDT... just saying... I wouldn't trust USDT - rather sell btc to cheap alts.

1. hedge fund(s) / institution(s) / whale(s) / whire males want to buy spot

2. for big players, BFX is the only place to buy because it's the only place where liquidity isn't shit

3. can't wire money to BFX directly due to their banking issues. don't want to go the legal route (BFX offers legal services for big enough players to enable getting funds on the exchange)

4. instead, players wire funds directly to tether (tether.to/)

5. wire(s) hit. tether credits USDT to accounts. additional USDT is created ("printed") during this round as demand > current supply.

6. USDT is sent to BFX. BTC is bought.

7. user posts a chart showing BTC being purchased after tether being credited, and mistakes correlation for causation

Took feds 2 years to get silk road guy. All they had to do was a simple Google search to find him.

That's why - they're slow and incompetent.

of course nobody will bother trying to refute this because it's obviously what happened

> Occam's razor is a scam and the bottom will fall out of it any day now
t. Alex Crypto Jones, a frequent poster on Veeky Forums

Flying fuck Occams razor is not a scam fucking tard. I bet he believes in TA but not occams razor

Don't try to reason with the underage fags in this board which are only hoping to buy a dip.

These are the retards that ignored BTC since it was 3 figures.

I dont even actively trade bitcoin but you can clearly see these tethers are not the price pumping machine people believe they are

Riddle me this

If they mint usdt, why don't they just cash the usdt out?

Isn't usdt 1:1 with usd? What exactly are they doing? Giving users usdt?

>See these USDT print threads last night
>FUD spreading like crazy
>Sell at 7319 from fear of dump after sharp increase
>Wake up
>Bitcoin Stabilized at 7483

BIZZED AGAIN

...no shit.

>Isn't usdt 1:1 with usd? What exactly are they doing? Giving users usdt?
Yes, they are giving usdt to users that wired them funds in exchange via their accounts on tether.to

If users wire money to Tether in exchange for USDT, Tether has to create more when the demand exceeds the current supply. In doing so, they keep USDT pegged 1:1 with USD.

You have any proof these Tethers are not backed by assets?

>You have any proof these Tethers are not backed by assets?
tether.to/legal/
>Purchase and Redemption of Tethers: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.
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. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.

>do you have proof that something does not exist

do you have proof that tether IS backed by anything?

do you not see a problem with that? if somebody makes 10x profit (or more) and withdraws his funds, eventually that USD will be gone and there will be nothing left for others to withdraw. solution: the exchange produces more tethers and uses bots to liquidate margin traders and keep their money. also, what do you think happens when tomorrow (9th) bitfinex bans all US users? where is the USD that is "pegged" to USDt (Tether) coming from then? yeah, that's right... BTC is done for, and so is most of the crypto market. it may sustain itself for a while, until people start to panic. hahaha you're all fucked. should've listen

literally the only posts in this thread that aren't retarded

bitfinex'd pls go

That's about redeeming Tethers. Yeah, no doubt it's a scam and any exchange that trades in Tethers should be blacklisted and boycotted.

But it doesn't prove that they're premining Tethers with no dollar backing.

They say they do..

>bitcoin volume and popularity increases
>OMG THESE NEW TETHERS ARE FRAUDELENT REE

Can you faggots fuck off already ?
You remind of the retards saying that bittrex was going to do an exit scam and that they wouldn't add any new coins ever but nowadays they've started adding more coins.

If Tethers are not redeemable for USD, what makes you think they're backed by any asset?
Since Wells Fargo has froze any wire transfers from and to Bitfinex earlier this year, Bitfinex became its own bank and is doing the same thing that other banks do: fractional-reserve banking. There has not been a complete audit of Bitfinex and Tether's reserves.

I started to reply in an effort to explain how it works, assuming you were just crypto/market illiterate, but then I finished reading your post and realized you were a troll.

How's that ROMO?

yes, let's keep community concerns under wraps instead of disspeling it...
i still haven't seen a SINGLE piece of evidence that tether is not a fraudulent piece of shit. we need full transparancy on this, otherwise i'll assume the worst.

Who gives a flying fuck. If that's what's pumping the price then keep going. What are banks going to do? This the internet homey

any dumbass can see, tracking tether isduance, that pumps occurr within hours of. instead of expecting to be spoonfed, check it out. you might learn something if you arent too much of a dumbass to prevent new correlations from forming in that cognitive dissonance you have.

or wait. youre a paid hand waver huh. nothing to see here folks. i hope you take your payments in tether so you go down when fonex pulls the next Mt Gox. take your fake fly by night korean company audit bs with you. "any day ne" for the past. fucking. year. theyll release it right user?

Finex is not based in the US, so they are not subject to answer to, without some high level shit. that said. US Treasury has a history of coming down hard on anything that tries to pass itself off as, or peg itself to, the almighty dollar. that alone should worry you

anyways gl anons. if you can, hold in actual USD (ie like Gemini does) not these IOUs with a limited lifepan

This.

Maybe the amount of tethers is needed to fulfill demand? If they didn't print more the price of tether would go up or down, destroying its usefulness you dingus

wromg. finex leads to pumps just look at the price and volume.

cmon this is level 1 crypto shit you shold already know

you're a retard and one of the only brainlets not smart enough to know you're getting scammed

> hold USD on Gemini
This isn't a bad suggestion, especially for people untrusting of tether.

However the rest of your post is just hand waving and FUD.

I see you didn't bother to address the simple explanation of the "tether pump" behaviour I offered here:
Is that you, Bitfinexed? Sucks to have sold the bottom years ago and have to watch BTC soldier on without you, huh? I'd probably concoct conspiracy issues to deal with my feelings of ROMO, too.

you are wrong, crypto is new in comparison to how many people actually use it. We still have a few billion people to get to...

So it tether a huge Ponzi scheme ?
They claim every tether is backed by 1 usd
Why haven't the sec investigated?

Decentralized meme no one cares

99.99% "people" here are kids. They know jackshit and are not willing to learn. Useless to teach them.

everyone is bitfinexed to you, right? how about you just accept that there are many people who can see the BS for what it is, you fucking cuck?

The problem is the reasonable doubt as to whether Tether has 514,061,667 US$ to back up their peg or not.

This could only be seen if everyone tried to exchange their tethers for cryptocurrencies and the exchange didn't allow it.

It is good to put them in the spotlight, these rumors and doubts need to force them to have transparency. It's not necessarily a scam in the same sense as countries pegging their currency to USD is not a scam, the scam comes when a country tells you 1 of their coins is worth 1$ and you go exchange it and they tell you sorry but no, we don't really have USD.

I still don't get it. How can they "create" usdt? Is bitfinex behind usdt? usdt is erc20 right? so these coins need to exist for them to be used. Like issued anew. How can bitfinex do this?

FFS it's not erc20. It's its own blockchain, and tether has governance over it.

Fucking read the white paper already guys, before you throw clueless accusations around (I don't direct this comment at the specific user im replying to).