Tether

So that makes this situation alright?

Bitcoin can't survive another 90% drop in price. The mining difficulty is too high.

>1 post by this ID

this

If the alleged tether fraud bubble pops and we see that every pump from June to now was due to printing imaginary money, I can't begin to list the consequences. We're talking about billions of dollars going down the drain, people will lose their houses, people will go to jail, the feds will crush crypto, almost every exchange is going to close its doors and crypto will go back to 2008 state, literally 2008 because it will take ages for it to go back up if this fraud gets exposed

I only have 1k in crypto and I'm a student, so I'm fine. But I'm definitely not putting any more money before BTC corrects hard

Actually by the time you shared this, I posted a second time.

BTFO

Also it's hilarious you spent time making this pic. No life.

Are you even getting paid for this or do you do it for free?

paid by david b. @ shareblue

...

I hadn't even considered that, but yes, you're most definitely right about that too.

Bitcoin definitely got the ball rolling on a beautiful concept, but the coin is simply outdated by design.

Slow transaction processing (blocksize being too small) not enough miners, yaddayaddayadda. Bitcoin cash to me just isn't the solution to this dilemma either. And I don't expect LTC to take over.

But something is going to give. That is for sure. When the bubble pops,and it's definitely going to happen soon, the entire crypto market will fail. It's such a shame too, because 90% of these Alts won't survive. Chain link for example, is a great concept, same as TRST coin, but nobody talks about that one here.

Hopefully ETH can keep crypto alive and well when the crash comes.

go watch the movie margin call

I don't know for sure, but I got every single coin out from exchanges today. Better safe than sorry... if the tether accusations are true, then this time around bitfinex won't just end up stealing BTC, but other coins/tokens as well.

You do know they just demonstrated the lightning network handling cross-chain swaps between Bitcoin and Litecoin, right?

>muh decentralization it's a conspiracy
No; moneychangers need to make money or they won't handle transactions and you're not going to stop centralization no matter what; it's called specialization of labor.

You do realize if bitcoin drops in price they would adjust the mining difficulty

...

My prediction is something like:

>once the music stops, everyone will jump into alt coins or USDT to shift away from it
>immediate gains on alts thanks to that pump
>bitcoin name gets smeared to shit shortly
>soon after the whole crypto market will tank because bitcoin was such an influence everywhere, crypto == bitcoin amirite
>people will scramble to get their money out of their alts
>anyone on a shitty exchange using only USDT will be shit out of luck
>exchanges crash one after another as they don't have the actual cash backing them
>major alts like litecoin and eth manage to survive
>bitcoin cash falls hard for same reason it's thriving right now; association with name bitcoin
>crypto won't die completely but takes time to recover
>anyone with USDT loses all their money, it wasn't theirs to begin with

Don't they just put cash in escrow for every tether minted

I'm doubtful that Bitcoin/Bitcoin cash will ever die, due to the very strong mining power behind them (mining power = blockchain security). However they could indeed fall very hard.

The music will start when Bitfinex is forced to reveal their accounting methods. These fuckers have to be more creative than Picasso. Brainlets do not understand why the supply of USDT rising so sharply is an issue. These guys are in over their heads and once one card falls, the whole pyramid will collapse. I fucking wish there was a legitimate alternative to USDT, but I haven't found one.

Legitimately not long, look at these psycho cunts

cointelegraph.com/news/bitfinex-struggles-with-money-withdrawal-community-observers-predict-mtgox-scenario
60 million dollars printed out of nowhere. After seeing their abysmal response to the auditing requests, I suspect that their policy is print first, ask questions later. Also, look at the fucking CEO twitter.com/TrustMeImTether/status/932012870841389056

This whole thing seems built around the idea that its so complicated that no one will call them out on their shit. I understand the need for a base token, but can it please not be this one anymore?

>I'm certain that BTC will fall drastically, and most likely collapse entirely

Are you Jamie Dimon?

Undoubtedly, what a panicked CEO in Bitfinex/Tether's position would do is print Tethers BEFORE the money came in, because "for sure, the money is going to come in eventually".

>twitter.com/TrustMeImTether/status/932012870841389056

>Tethers are inflationary
>When supply exceeds demand Tethers are bought (and moved to trash bin)
>When the demand exceeds supply Tethers are created (issued) on the OMNI blockchain

I'm enjoying every minute of the confusion anons and redditors are having... the cointelegraph story is just gasoline on a fire. Just some more drama amounting to jack shit. If Tether goes down, BTC will soar.

>expect a us economic disaster
The entire crypto market is microscopic compared to the US economy, and the US isn't even the majority of the market.

Thats fine, but its a matter of confidence in the market, as well as accessibility. We need a safe space besides this fucking arbitrary " its worth a dollar because it is lol". The only other hedge I can think of is fucking unbreakable coin

If I have around 60k to play with should I wait on getting into bitcoin before this tether issue works itself out?

The only alternative is actual fiat, held by a real bank.

works itself out kek

Someone spoonfeed me why Tether is a thing. I get it's always equal to a USD but why is there a need for something like that?

To temporarily lock in gains

>I get it's always equal to a USD
But it isn't, and that's the problem.

fucking cash, son

Gemini exchange for example, you can sell ETH or BTC into USD. theyre what I use. Other alt for myself is cuckbase, but fuck them and their fees (gemini is MUCH more reasonable on fees)

Im a burger though - depending on where you at, ymmv

uhhh.....in two weeks.

you think they're going to do an emergency hardfork?

Yeah I've seen it as high as $1.07. Is that a result of people doing too much of what said?

No, the problem is that it's promise rather than truth. Imagine if everyone converted their BTC to USDT and tried to cash out. Would they ever get their USD? No.

This statement lets even the biggest brainlet realize that USDT is a scam. I mean who realistically expects to be able to cash out USDT? No one. It's a scam, once trust in it starts faltering this shit is gonna collapse and bury anyone in it.

twitter.com/ToneVays/status/931971972879323136

>you're essentially printing USD
No they are not lmao. Why do you think their legal terms specify that they are no way representative nor can be redeemed for US dollars.

>tether issue
It's just a meme that's getting shilled by shitcoin holders. Bitcoin is going to be worth at least 9k by the end of the year, probably more. China is investing heavily in BTC right now. Nobody has lost money by investing in bitcoin besides people who sold due to this exact kind of FUD,

Because you use USDT temporarily on exchanges that can't use fiat brainlet. When you want to "cash out" you do this USDT->BTC->Fiat

There won't be exchange that has enough USD to convert supply of tether (or btc) into fiat.

I mean if bitconnect is still going then this shit has an unfortunatly long shelf life

It's a trading instrument, designed to always rebalance itself to equal $1.

You don't invest in it. Instead it is a parking place for money when you don't see any good trades at that moment (example: when everything you want to buy is overpriced already).

The exchanges where you cash out to USD don't deal in tether

Yeah, but even if you bought BTC with tether and send it to exchange and then cashed all out (assuming the all cash out scenario which is highly unlikely unless some major drama happens), there won't be enough USD to trade BTC to. This would basically be scenario, where BTC value is still high but nobody can convert it back to USD without selling it directly, or the value would drop fast because people try to cash out no matter what. Some people probably would be left with lots of USDT they could change into coins, but would anybody buy those coins anymore? USDT's aren't really backed by dollars.

WELL what the fuck should I sell my tether to until I figure out a good buy in to this bull market

Buy some BTC, buy some BCH, maybe ETH, and just hold it for years.

YEARS?!

Everybody had better be prepared for a market-wide crash when (a) a major publication gets light of this and (b) CME futures begin trading and open the door for U.S. regulators to bring the hammer down on Tether

IM NOT PREPARED

yes, you aren't going to get those early BTC gains ever again

at best you'll make 2-3x your money per year by holding (which is still insane) but that will slowly go down over time. We'll eventually reach a point where BTC is still the top dog but where a 15-20% annual gain will be seen as impressive. No more overnight millionaires with crypto unfortunately.

In 2016 blocks, which take ON AVERAGE two weeks to mine.
If BTC price drops 90%, biggest miners bail, there wont even be enough hashpower to reach those 2016 blocks (could take months or even years). If that's the case, no more confirmed transactions, dead for good.

I've been out of BTC for a long time because of this shit.

USDT is sketchy as fuck.

What sucks is that alts are going to go down with it

They would totally do an emergency hardfork in a situation like that.

don't fuck with the treasury.

medium.com/@SirLamboMoon/first-your-title-is-misleading-cf1afab0269f

too late, btc would already have lost confidence

This fucking thread is filled with so many fucking idiots. I hate crypto now. It used to be fun but all you retards seriously ruined it.

Nice try, Tether shill.

ask yourself: why is there strong mining power behind them?

If tether doesn't destroy us, bitcoin futures will.
this is what "decentralization" gives you, massive fraud opportunity and other shenanigans.

I know man, people are hyped for CME futures for BTC, but it's actually reaaaaaaaally bad for BTC in the long run. BCH will be more profitable in the end, it will remain decentralized as a spendable currency, and free from futures bounds.

yeah...in the best case scenario CME futures will cause bitcoin price to stabilize. i believe such a stabilization is not sustainable, as most BTC investors are in it for making money, thus it will slowly bleed. luckily there are other options, bitcoin cash, monero, etc.

tether will collapse soon

this, the corecuck trolls are ruining the board

It will soar in BTC/USDT pairs because nobody wants to buy your literally worthless USDT bags with his BTC.
BTC/USD price is a different story, probably it will dip because of lost trust in the market, but could recover after a while

This guy has a PhD in economics

these guys are idiots or more likely fudding tether to get btc to crash to make bch go up.

idiots.

HAHAHAH you got "you do realized" by some btc cultists.

adorable

buy monero, ignore outdated legacy shitcoins like btc and its spinoffs