Tether circulation

They do. I've found this on their website:

I for one pulled half of my crypto into tether just as it hit 8k again.
Because I think we're actually looking at a fall to 6k or 5k in the next 2~3 days.

>traditional currency

Worthless Taiwanese dollars

ahahahahahahhahahahahahahahahahahahhaahahhahahahahahhahahahaahhaahhahaahahah

wtf is up with this shit

lol, it even stands T for Tumor

I swear to fucking God, this Tether bullshit is going to bring us back to the dark ages of 2014.

BIG if tru

how do they make money?

Tether is fucking irrelevant though.
People pay more attention to BTC than to Tether.

fees

you guys are so fucking retarded lol.

They buying btc with fake, printed money and then selling pumped etc for eth/ltc/bch/etc...

Tether is owned by Bitfinex, which makes money on trading fees.

What exactly IS tether and why would it increase BTC's price? All I hear is "muh tether" but no explanations

Bitfinex "creates" their currency USDT and buys BTC with it. They apparently have every USDT backed by USD (probably gained with trading fees) and instead of keeping the gains from fees in USD, they simply buy BTC with it.

What's there not to understand...?
It's basically online-Dollar.

Learn to google things yourself you massive wanker

>Bitfinex "creates" their currency USDT and buys BTC with it.

Whats this have to do with that Tether line going up? What is tether, you didn't answer me.

man u stop trolling cunt

A token everyone agrees is worth a dollar

>What exactly IS tether and why would it increase BTC's price? All I hear is "muh tether" but no explanations
Tether is fake USD used to margin trading
When people try to short btc andnit stops going to new ath tether is used to buy all this shorts and trigger their stop losses making them buy btc back at higher prices

So it's just another word for the "online currency" used to buy BTC on Bitfinex? Then, the tether is being used to buy BTC. I don't see why this is an issue or would cause potential for it to flop. People use tether to buy BTC. Thus, as tether increases, BTC's price goes up because BTC is the #1 thing bought with tether.

What am I missing here?

> I don't see why this is an issue or would cause potential for it to flop.
>BTC is full of smart money
>No way we are past the early adopter stage
Kek

yea but they are printing it creating inflation, which someone will eventually have to pay.

When you buy BTC with tether, do you HAVE to sell it back into tether? Or can you sell it into your country's currency of choice? If anything, this sounds like something that would fuck up a country's dollar, not fuck up Bitcoin. But it wouldn't fuck up any country's dollar unless the amount of tether used to buy BTC was ridiculously high.

Is anything I'm saying wrong? "Muh tether" sounds like "its fucking nothing" just like I thought before I knew what it was. It's just some form of FUD.

>And the worst case scenario? Hundreds of millions of “1 USD” blockchain tokens floating around and continuing to trade, that in reality have no USD backing them at all.

Simple question

How does one get tether?

As in how do you get new tethers that have been created?

Can I just buy tether from somewhere without buying btc first?

I can't see it either. It's the same as writing the $ amount into a database. Are all the other exchanges backed up by fiat? Prove please. They too can sell your BTC and create a bubble. It's the same for every exchange except they prove the backup.

Also if an exchange doesn't offer usd/usdt it would be impossible to sit out crypto-market independently like it is the case with for example etherdelta. There you have to sit in one of the tokens all the time.

Btw. if apple goes bankruptcy your $100 itunes gift cards are worthless too.

New tethers are created when fiat is deposited to Tether of Bitfinex, so you transfer fiat there and get Tether in return. To buy existing Tethers you trade against Tether pairs on exchanges.

when tether crash - Bitcoin mooooooon!

They aren't pump and dumping if this conspiracy is true. They are running a ponzi scheme. They were hacked for 36% of their customer's accounts not too long ago. This is how most ponzi schemes start. Owner is behind on payments, lies and thinks he can cover it with profits from exchange. Loses his banking partners because they see from his audits there is potential evidence of fraud. Having no bank, the fraud is about to be exposed so he turns to e-money to save his ass. If the Tether conspiracy is true, it isn't a pump and dump. It's a last ditch effort to save Bitfinex from financial bankruptcy. That being said, if they do it right, they couold make the money back and no one would know. Its been quite some time since the hack.

lmao get a load of this fucking moron

even if this was true USDT is successful as it has a use case

therefore as long as it doesnt crash and burn theyre okay

They have banking in a bunch of countries, just not publicly available. The banking issues arose because many individuals were wiring money. Corporate partners never had problems depositing and withdrawing.

Tether are IOUs, basically a fractional reserve. They are borrowing from their own credit to fuel the bubble. $50-$100 million/month is printed out of thin air. Tether is basically the Cryptocurrency Federal Reserve

People sell Bitcoin for tether and want buy back it cheep
Who realy sell Bitcoin for something dont hold tether

faggot never heard of log scale

so you're implying tether supply increases exponentially? what kind of bullshit point or you even trying to make?

Tetherfags ITT please respond to my post.

I STILL DONT UNDERSTAND TETHER

SOMEONE PLEASE EXPLAIN IT TO ME

WHO SAYS ITS WORTH 1 USD PER 1TUSD? WHY DONT YOU JUST USE USD?

You must deposit one USD to get one USDT

anyone can claim this, it has zero substance

if the company fails there's no insurance for their business plans

I missed the boat and got in at $5800, I'd be fine with a Mt Gox 2.0 crash to buy cheap as dirt.

Because there are a lot of USDT pairs. More than USD.

How the fuck could one be so god damn retarded?

YUGE I F true

Why would using Tether instead of USD even be beneficial?

IOk, for those who don't get this. 1 Tether is 1 USD yes but that doesn't mean Bitfinex has to keep 1 Tether for every 1 USD. They can create as many tethers as they want . Their bet is not everyone will withdraw tether at the same time and BTC will go up enough with real fiat to cover the outstanding tether. It's not any different than what banks do. You don't really think a bank has billions just sitting around ready to pay everyone? The difference is banking laws don't allow banks to leverage too much. Bitfinex may have enough cover but you can't know.

easy they have the money in btc so it goes up when btc goes up

That's a very convoluted explanation of fractional reserve banking, and that's exactly what tethers and bitfinex are supposed not to be doing, because they would be acting like a bank and they have no right to do so.

Yeah I get how it's good for the issuer. But there is no difference for me the user if I use USD or Tether since they're supposed to be the same thing.

And they do claim that every tether is backed by USD but that's what people are having a hard time believing.

If it concerns you get your money out of bitfinex (see mt. gox) and prepare for a BTC crash. If you're not concerned then BTC will go to 10K EOY

I submitted a tip to the fbi ans irs about tether and bitfinex

Now we wait :^)

I'm on kraken (ayy lmao), and crypto money is money I'm ready to lose, so I'm all set for that 10k. I'll stay put about the tethers though and try to exit asap if it turns out to be fraudulent.

Given the fact that they effectively claim to have over 600 million USD in the bank backing their currency, there's a good chance that it's fraudulent.

The question you should be asking is when the run will occur. It may survive a while longer, since their pumping does generate some cash for them.

what effect does 600 million in (((tethers))) have on 124 billion market cap?

Quick, grant more tokens, we don’t have any money and need to inflate this fast

Not that much. The bigger concern is a whole exchange going offline because of this and the resultant bad publicity for crypto

There's some sort of multiplier based on people moving coins in and out of tether. Trust is probably the biggest issue, as well as the possibility that tethers were used to pump the market. Of course the market will recover, but people in it right now might lose something.

You goy, put in usd I give you bitcoin. You want sell bitcoin? Here you take tether not usd. Don’t worry, 1 tether is usd, we swear to god. Look how much tether you’ve earned, good job.

>tfw stuck with 350 usdt on bitfinex

I can (and will) obviously withdraw my coins pretty soon but I'm looking for a good entry with my USDT first. Greed will be the end of me.

normiebase doesnt seem to have this jewish conspiracy

I try never to hold tether I always hold actual crypto, using something stable like LTC as a medium

shut the fuck up already. There is no conspiracy.
whale wants to buy btc so he deposits usd with bitfinex and gets credited tether
now he can trade on bitfinex which is the best exchange. What is so hard to understand?

omfg I hope you’re wrong

>whale wants to buy btc so he deposits usd with bitfinex and gets credited tether
oh yeah
every time btc struggles to hit new ath a magic whale with $30mil comes to the rescue
how convenient

>buy eth
>send to coinbase
>sell for USD but dont withdraw
???
>buy ltc
>send to personal wallet until you are ready to invest
>transfer to exchange and buy
???

That sounds like bullshit. Like when someone who owes you money says "yeah i got the money" but you know they don't.

I'm not sure it's fraudulent but I'll keep an eye out for sure.

We will at least see a massive correction (30%+), because trust will have been breached (again elmao) by an exchange, and because volume and liquidity will be in the gutter for some time.

...

what reason would bitfinex even have to pump btc at this price point according to you?

What will save me the most in fees?

Hey soldier boy. You want bitcoin? Give dollar! You want sell bitcoin. I give you tether. Same as dollar. Soldier boy earn many dollars.

Too many goddamn Tether threads

Yup
They hodl more than marketcap of facebook
Legit

Almost like it's a coordinated FUD campaign...

Most think the same, i imagine. Making me wonder if a large Gox 2.0 dip would ever happen again. Is BTC too big to fail? The dream of high returns too tempting? Does it require complete network failures to happen?

Dips are getting smaller % wise and shorter in time frame.

>the largest BTC exchange is worth more than shit
>this is a surprise

If fractional reserve methods are being used they are still fucked. Maybe more so in a legal sense.

Goys it ok right now, let the next generation have to worry about it!
T. boomer

It's a financial instrument. It's designed to stay steady at $1.

You don't invest in it, you just use it as a parking place for money when you don't currently see any good trades.

FB has a 1000x larger market cap than tether. The levels of retardation on Veeky Forums these days really triggers me.

>$675M > $520M

kys

No my friend, a much deeper rooted problem

Exchanges are fractional reserving the fiat they owe people

Sure banks do this too but they had runs in 1909 and now FDIC, 100k USD per account of fiat is covered in case of a bank run or insolvency

But for crypto, there's no regulation

Imagine everyone at an exchange wanted their tether hanged to fiat at the same time.

Could the exchange handle it? No way, it would collapse

Ponzi 101

Tether is fractional reserve banking, if 0/1 is a fraction.

There is NO WAY to officially withdraw USD from Bitfinex. You CANNOT exchange Tethers for USD officially.
You also CAN'T deposit USD for tether.

And if this all goes tits up, your tethers will be worthless, and Bitfinex won't pay out the USD they owe. Not in a million years.

The fact that you could even believe for a second that Facebook's market cap is less than a billion tells me exactly how retarded you are. That you wouldn't check your facts with a 2 second search before embarrassing yourself just shows a lack of respect for yourself and everyone on this board.

You should actually kys.

So withdraw your BTC?

>Being a soyboy arguing facts on the internet