>30mill tether brought btc
>tethers equity are now negative due to 30mill
>tether staff in part with owners of Bitfinex
>nobody can withdraw USD from Tether since april
>Bitfinex has investments in Blockstream
I'm the guy that invested into BCH, several days before BCH bull run. I'm out of BTC best of luck to you user. This is going to rival Mt Gox
Yes please be real
Please ELI5 this for me
> will this bring BTC drop to $0 or correct to 4-5k and stand still
> will I lose my alts from Bittrex
> should I go into BCC
not to mention of no audit so its anyones guess as to how much is negative....money goes to some mystery wallet....
btc rn at this very moment = 8k$
suck a veiny dick faggot poor op
I would get the fuck out from every exchange and just keep your coins on their respective wallets. Bittrex is one of major holders of USDT. I'm currently withdrawing every single coin from bittrex/bitfinex. When this whole tether bullshit comes out as a truth exchanges will be on fire. It's a good idea to invest into decentralized exchanges too.
>nobody can withdraw USD from Tether since april
citation?
no body cashes tether into usd anyway. its a tether for btc and alts...
demand for tether is created by increased number of margin positions. every single tether that goes noto bitfinex is backed by someones eth or btc they putting up for leverage.
Real USD is the safest bet you right now. BCH if you're brave. Or stick with BTC if you want to become a phoenix.
How much of BTC's market cap comes from Bitfinex's tether?
You can't back up tether with BTC or ETH.
That is fraud. The claim is that tether is 1 to 1 w/ usd, not "we have a bag of other currencies that are really volatile but we can crash the market worst case scenario to make sure you get paid"
You were right before so I trust you know. I already came to the same conclusion myself actually, but thanks for confirming
>citation?
It's FUD, they were forced to suspend individual accounts because of the banking issue but corporate accounts were never affected. So "nobody" should be "no individuals", and even that is not entirely true.
Yes, The value is pegged to $1. If people are constantly exchanging their crypto for tether, buying 350 tether for one eth.. The value of tether is???
try it :)
I'm not speaking opinion, or emotions straight facts. Look on coinmarket cap for whos number 1?
This entire bull run has been Bitfinex printing tether so they could buy BTC and sell it for USD to cover withdraws..
It's about to hit 8100.
It's all over boys.
Try what? Withdraw Tether for USD? Like I said, no problem for corporate accounts.
it's scummy but they already made more than 10x to pay back the usdt during this bull run.
Does it matter if you don't use USD? Will we still be able to withdraw BTC?
do what you want, I don't want to argue. Hopefully your right, and its perfectly fine for someone to print tokens. This would be like bitcoin having its own federal reserve.
You also believe that vaccines are bad and our government is controlled by lizards, right?
You should try to be bit more coherent, just because you are not able to transact with them does not mean nobody can. I wire money at least once a month and I am nowhere near the volume of some of them. I fully realise that there is no definite proof that every Tether is backed by one USD, but to say that they are only "printing" and that there is no absolutely USD behind it is simply wrong.
That is the trade value at 1 specific moment in time. That doesn't matter.
Let me give you an example. Suppose you have have $100,000 worth of a coin but the order book only goes to $10,000
Sure, you have $100k on paper but you can't liquidate, you're worth 6 figures on paper.
Now if Bitfinex exhausts their USD reserves you can see how it would be unacceptable to include btc and eth value in it.
Suppose they have 100k usd reserves made up of 90k usd and 10k in btc and eth. (I'm using easy numbers for percentages)
Now let's say btc and eth both drop by 50%. Now you have 90k+5k reserves. But they're claiming they have 100k, this is dishonest (look, you know they aren't including btc and eth otherwise their total authorized cap would be displaying dynamic values... not to mention they'd actually fucking tell you that. Instead they tell you tether is 1 to 1 with usd because that's the point of the token)
Are you really BCH shiller that was solely shilling it before the pump?
Mate I owe you a pint, you doubled my fucking money.
Im sure that they have money, but $675,189,569?
Tether also stated that they have no legal obligation to honor your USDT for USD
So just to be clear, you can send money to tether and pull USD out? I cant
Ah, no response. Great job convincing me skeptics
I tried father..im not shilling a single coin
>Bitfinex CFO Giancarlo Devasini
...
do you have a discord or something
Thanls for telling us what we already know
I cannot tell you that. But I do know that their minimum deposit is normally 100k USD but the average is way higher. So I would not be surprised if at least a large amount of it is backed.
You can also send Tether to Bitfinex and withdraw it directly as USD to a bank account, no need to trade it on a pair.
What the fuck does market cap even mean
That question doesn't make sense. A more appropriate question is "how has Bitfinex's issuance of tether influenced the price?"
You'd need to get the data and run some kinda regression test to see if there's a causal relationship between the two. I will not do this right now because I lack time.
Bitfinex's money isn't a segment of the marketcap, if all of sudden you bought up the first $30 million usd worth of btc in an instance that isn't an x + $30 million relationship where x is btc's market cap. The sell orders are pyramid tiered and not necessarily linear so whatever the highest price you hit after you place your market buy order for 30m it'll be circulating supply * the highest price you bought at that instance.
Now this is a dynamic market and being able to inject large amounts of cash at pivotal moments can influence trends or trend reversals.
What does FUD stand for?
It's comfy having a ZRX bag with this centralized exchange drama.
YOU!
ray of Veeky Forums zysunshine!
Serious, think! Does al this shit feel well? Does it jive?
Get out while you can.
I wish you all the best.
Fuck ur digibyte
When bitfinex got hacked they almost went bankrupt. So they started printing tethers to pay back their customers. We all know tethers are not backed by the central bank. You can't liquidate tethers to dollars.
Since bitfinex has no banking ties they can't borrow real dollars. They rely heavily on their Dollar reserves. It's no secret that bitfinex isn't a billion dollar company. If customers, shareholders demand real dollars they would go bankrupt.
Bitfinex is articially pumping the price of bitcoin to persuade their users hodl bitcoin.
Exchanges are in a sense like banks. They generally don't have any reserves and use customer deposits to cover the withdrawals.
Thus it's a pyramid scheme.
>It's comfy having a ZRX bag with this centralized exchange drama.
If bitcoin plummets it will drag down the entire alt-market.
mtgox closed - bitcoin plummeted dragged down the entire alt-market.
So what you're saying is I'll never be able to buy a lambo?
just withdrew all my bch from exchanges
Again, corporate partners can liquidate Tethers to USD without problem. Just because you can't doesn't mean nobody can. Bitfinex also has banking in multiple countries. The Wells Fargo issue only had to do with individual accounts, nothing more.
Me too. (but I put it in ETH)
Got any link or proof to support this theory Bitfinex is pumping BTC price?
>Oh look its another FUD thread by Dead Crash Marines
>Again, corporate partners can liquidate Tethers to USD without problem. Just because you can't doesn't mean nobody can. Bitfinex also has banking in multiple countries. The Wells Fargo issue only had to do with individual accounts, nothing more.
I hope you are right and I am wrong.
My lifesavings are at stake.
>My lifesavings are at stake.
What? What are you doing? This is just a hobby. Your life savings should be in a retirement fund.
Can someone redpill me on the lizard thing? I've heard of this but I don't get it... people seriously believe the gov't is run by alien iguanas or what?
I'm not going to claim that I know for sure that all Tethers are actually backed like I mentioned earlier in this thread. Deposits and withdrawals are definitely possible though.
These discussions have been going on since july. Faggots like you defended them and they never have released an audit because of it.
It's impossible to say, but essentially they can pump the price forever, as long as they are allowed to wash trade BTC on their own exchange with their own car wash tokens. As long as people believe in the fraud it will continue with no end in sight
>Can't withdraw USDT to USD since April
This is just wrong.
And even if it were true (it's not) why would you want to?
Yes
Is my ether safe on coinbase?
Realistically this could powerslam to about 2000, so good news for many of us.
>investing life savings after mtgox
You deserve to lose everything
I don't understand the seriousness of this
I thought that tether was an uncapped token that is tied to the dollar's value.
Why is this such a big deal
The fair price of BTC is about $100.
Daily reminder that 673666168 USD represents the 0.501970381% of bitcoin market cap which is 134204365988.
0.501970381% is the amount tether can push bitcoin price up or down.
Retard. Volume does not equal liquidity.
pic. look at it
If it is tied to the dollar's value (meaning that for every 1 Tether there is 1 USD in an accessible bank account somewhere) then you're fine. There's absolutely no way to prove this, so if there isn't 1 USD for every 1 Tether then if people find out then their Tether will suddenly become worthless.
Because these faggots are printing their own money to artificially inflate an asset.
It's sketchy but printing 200M in a bill run isn't enough to change the price that mucg
Retard. I'm talking about liquidity not about volume you faggot.
Retards.
This isn't fucking anything. You're paranoid.
wouldn't this mean they are covered, if they are getting the money back?
Bitfinex is gonna fuck up bitcoin so fucking hard.
>tfw all in on blocknet
I have a very good feeling about the future
Well James May bought one for under £10,000
James May is a homo
I'LL CUT YOU
Which episode?
So would putting everything in ethereum or litecoin be a smart idea for now?
Budget supercars way early series
Which series?
The one where they learn to use Google and stop relying on other people
1-2 percent at most
this.
fat ugly dyke