FUCK.
Once the normies realize what a huge scam USDT is and that it is backed by one of the biggest exchanges we will be fucked. Why isn't there a fucking legit version of USDT?
I can see the headlines already, about "fake crypto-dollars", "artificial inflation", and "pyramid schemes". We need the fucking normies to believe in this. No fucking way bitfinex has enough money to back this market cap, and it is growing at an alarming rate.
What now, bros?
Other urls found in this thread:
medium.com
tether.to
aasb.gov.au
en.wikipedia.org
youtube.com
twitter.com
>intentionally trying to cause a bank run on an exchange
It's almost like you have a vested interest in making this happen, as if you shorted BTC or something...
Ive been spreading fud everywhere i can and also contacting the irs about people who use tether
> BITFINEX'D
> everything goes on sale
> accumulate for a year
> we go on a bull run
> become multi-gazillionaire
Christ, shows how normie infested this board has become
I'm interested in keeping my money, where do I put my cash
Whatever let the shorts get squeezed when the FOMO gets into overdrive during christmas season
accumulate what? if crypto imploded 99% of coins would likely not survive. BTC (Maybe) ETH, XRP, XMR and maybe a few others..I suppose you could accumulate the mineable coins, but you would probably have a hard time selling them.
Gotta make money, brah. Hate the game not the playa.
Maybe you should join us.
You should short bitcoin duh then when the tether news breaks you'll make tons of monies!
What do you mean legit version of usdt?
Coins that don't change it's usd value?
KNC/Bancor are similar in that sense kek.
I don't margin trade and I hold some BTC right now.
Also, are you implying that biz could start an actual bank run?
Anyway, this is a legitimate concern. I have a degree in accounting and I'm really looking forward to seeing the accounting methods they used when this gets out. Must be creative as fuck.
And if you're wrong? You miss the last 2k upshot and hold your cash bags?
>degree in accounting
Ok, so exactly what the fuck evidence do you have that they're doing anything shady at all other than the fact that they're the biggest exchange?
And here is the closest I've gotten to evidence that this shit is being shilled for no other reason than because people are short BTC or long BCH.
So do I. Their last audit had no proof of cash flows or checking for short-term borrowings that would potentially cover for the differences in their bank accounts. It was a simple balance check on both digital and physical side, nothing a REAL fucking audit would be by a company like PwC or EY for example.
The shitshow on normiebook continues.
Link? Image? Evidence?
The fudsters really ramping it up huh
Tether is perfectly fine. No one even tries to exchange it for usd in the first place because thats not the purpose of it.
I mean, I could be wrong, of course.
But the picture's on the wall, and whether or not you believe it, other people are looking at it and making decisions as such. I mean, this whole thread is about exactly that that normies are looking into it too now. You'd be a fool to not take publicity seriously.
>not to take publicity seriously
I make money by being able to discern the wheat from the chaff and thought Veeky Forums was likeminded. My mistake; I now understand this is somewhere between reddit and the huffington post in terms of quality
fuck these tether conspirafaggots, sick of their bullshit nonsensical fear mong tactics-nearly as bad as Jihan and Ver!!!
Scum like this need to be purged
Tethers represent less than half a fucking percent of the market cap, they're completely irrelevent.
The only unknown is how the market will react.
Let's hope it irrationally becomes fearful, and gox it for a year or two like user said, but i think it'll just result in a dip a little bigger than normal and then back to a new ATH.
The mere fact that half the fucking FUD is about the SEC and that Bitfinex is based in Taiwan makes me think it's just straight pajeet shilling; and I'm a fucking pajeet
>Tethers represent less than half a fucking percent of the market cap, they're completely irrelevent.
You have no clue what you're talking about.
If you were actually looking for real hard proof, there isn't any definitives until an audit goes through, and even then it's not completely certain. The fact that you were asking for the impossible as if it's something achievable is laughable. Yep, you sure are discerning.
>gox it
Why the fuck do you think a major bank run is a good thing? What the fuck do you think the first fucking reason for BTC not to get mass adopted or attract wall st. money is? Oh ya, the fact that it isnt regulated and shady shits (like you) are fucking everybody. I guess Roger & Jihan had a contract with you shills and decided since bcash wasn't going anywhere they decided to take the whole idea down with them.
LMAO, it's funny how desperate you are.
Bitfinex is shady as fuck and has a history of doing shady shit. You are literally the only one defending it here while facing ovewrwhelming evidence against your point.
>memearrowing my accounting degree
Yeah, what the fuck kinda qualifications do you have besides a neckbeard then?
>there hasn't been an audit
>therefore my conspiracy is valid
Top tier accounting practices; at least you bother replying unlike the blatant shills.
>even with an audit it's uncertain
TopFUD.
>there is nothing even suggesting this shit besides memes
That's what I thought. See For a list of valid reasons why there not only is no problem with tether, but why the people pushing it have an agenda. Zerohedge had an article about how Zimbabwean and Venezuelan economic unrest is the real cause of BTC's price rise.
Binance exchange also uses Tether. They are an asian owned exchanged with servers located in HK, S. Korea.
Asians killing their own exchanges? Sounds fishy
Lol, literally saying they don't have the Tether to back it up.
>medium.com
>BTCtalk posts
Are you fucking kidding me?
>they are shady as fuck
So what, everybody is. It's crypto; if you don't think they're trustworthy, you would simply withdraw your BTC quietly like huge amounts of discerning people did before Mt.Gox. The fact that you're telling EVERYONE to do it means you have an agenda, because that makes it less likely you'll get anything (or you've already pulled it all out and are now 100% fiat, in which case you have a huge incentive to make BTC crash because you want a cheap buy-in)
>what qualifications do you have
I'm a lawyer with a bachelor's in theoretical economics & quantitative finance and worked on Wall St. for 4 years
>12 posts by this ID
you really are a pajeet
Exchanges are operating like nation states. If these exchanges do not form militaries to protect their way of life... they will be invaded. Every god damn nation on the planet is a ponzi scheme.
Also for anyone lurking the shill threads saying roll for BTC are phishing your wallet addresses to see the movement of coins and/or steal your shit.
Don't make fun of my autism you bitch basterd
>announcement
when?
>Lawyer and two bachelor's degrees
>Worked at Wallt St. for 4 years
>Keeps spamming this thread
>"g-guys, it's fine, you are all retardsm, listen to me
AHAHAHAHAHAHAHAHAH
AHAHAHAHAHAHAHAHAHAHAH
AHAHAHAHAHAHA
You're fucking killing me.
Not an argument.
you think those people have a genius plan?
they are larping, it's so easy to generate new address
>linking some ass hurt faggot who sold all his btc at 1k and has been doing whatever he can to spread fud since then
Phishing has nothing to do with how easy it is to avoid; it has everything to do with how gullible those being phished are. Frankly Veeky Forums eats bait like a faggot takes dicks.
>sees link to medium post
>"lol, medium"
>disregards all evidence and arguments in medium post
>feels smug when someone makes fun of him
Yup, sounds like you. How about you refute everything listed in the medium post before demanding more arguments? My point stands Bitfinex is fucking shady and USDT is their latest scam.
tether.to
First, the disclaimer. Management accounting services are tuned to match the clients needs and DO NOT need to comply with public businesses IFRS standards of reporting. Red flag number one.
Before you go on making a fuss whether they're obliged to report to the public, yes, they are, because of their large amounts of AUM. I'm from Aussiestan, but same rules apply to Europe, US and Canada. aasb.gov.au
Existence of many dependent external users, warrant a public report.
Further scroll down to see the procedures performed. Mere matching of bank balances to cumulative tether balances. What about cash flows? Or balance sheets showing the amount of borrowings, thus the solvency of the firm? Or their owner's equity, showing actually how much tethers have been printed by owners or how much money owners have contributed to cover the differences for the sake of this audit.
Go ahead, disprove me.
Does bitfinix getting fucled slowing down fuck up ethfinex, my zrx will be fine right?
we are a 16, he's really going into full pajeet retardness
Bitfinexd is a fucking idiot who hasnt shut up about market manipulation since he sold at $1000 and got burned hardcore. Everything he says is trash. Every single price movement he has called has been flat out wrong.
Hes a pathetic little man crying on twitter every time btc goes up because its more money he lost out on.
*at
>1. Bitfinex gets ‘hacked’ and loses $72 million dollars of their customers funds, then seizes 36% of all user balances.
Citation needed.
>“The fastest way to get paid back, is to convert debt to shares and then sell your shares to another shareholder”.
Shitty exchange; but not illegal.
>Prior to publishing this post I was informed that Tethers are on the rise. Today, at the time of this post there has been another 25,000,000 USDT printed.
Ok; where's the evidence of there being less than $25 million deposited? That's chump change in China.
So, what we've got from this article is that the founder is a pretty shady guy, they've been caught in a scandal before, and that there is a lot of USDT being created.
>scandal + shady guy
As if the cashies aren't the ones pushing the tether meme the hardest, and you faggots backed Roger Ver and Jihan Wu.
>lots of USDT being created
Hurr durr, a lot of new money is entering BTC. They have to keep the tether roughly worth $1 or they lose money, so they create bulk issuances of tether to rectify the balance sheet. Tether is basically a form of equity in Bitfinex, since you can't redeem it for dollars directly. Nothing is stopping you from withdrawing BTC directly, so why the calls of insolvency? Do you think they are operating with a fractional reserve?
>a. that's not illegal
>b. it's not even a bad thing unless there is a bank run forcing a liquidity crunch
>c. YOU ARE FUCKING FORCING THE LIQUIDITY CRUNCH FOR YOUR OWN PERSONAL GAIN
this one though
SHEEEEEEET
Further correction, fractional reserves are only legal if performed by a licensed financial intermediary that is allowed access to the overnight market commissioned by the central bank of a sovereign nation.
So the most that the audit proves is that the owners had 400 mil at the end of September? That's not the worst-case scenario.
The thing that an audit actually needs to prove is that tether holders will be first in line for that USD when something happens.
Doesn't matter how much they have in their account when you have no legal recourse to get at it.
In Taiwan? They're under Taiwanese jurisdiction; I don't know shit about those laws except they are much more favorable to market manipulation shenaningans.
Something like that; but it wasn't a full audit.
>must prove tether holders are first in line
That's not true at all; there are multiple disclaimers that tether makes no guarantee against USD. It's dirty, but tether is entirely meant to help you dodge taxes by never incurring a taxable sale to fiat in the first place.
Ok, I give up, gotta get to bed (eurocuck).
I suppose you are right though, after all I am the only guy arguing this and there are tons of people defending tether in multiple threads all over biz.
Last thing: of course they are operating with fractional reserves, however they are claiming they have full reserves. That is a lie and if that lie gets uncovered USDT will be fucked, Bitfinex will be fucked and likely all exchanges using USDT will be as well. Not even starting with the public PR backlash.
And for the last time, not holding fiat, holding some BCH and some BTC, but I sure as fuck got my trigger finger ready to dump it all, not gonna deny that. And if I'm one of the first to do so, well, I'm gonna make a fuckton of profit if the market ever recovers again (and it will). If it doesn't, welp, had a good time, made nice money, that's it.
Good luck out there, maybe the thread will still be going tomorrow.
Your position is perfectly valid but is exactly the same as distrusting bitfinex as an exchange, and is entirely different from the FUD which is 100% sure there is an imminent crash because bitfinex is 100% certainly absolutely insolvent.
Well, the only thing that it proves is that bank balances and tether balances matched. Any qualified accountant would dare ask "what are the sources and flows of the cash account?"
If it's short-term borrowing, Tether is at the brink of dissolution. If it's owner's equity put in and taken out, it's just a little further away from the brink of dissolution. Speculating on their intents and conspiracies is not my business, but in my opinion, their operations don't appear safe by any means.
There was obviously something shady going on behind the scenes when they declared out of nowhere that US accounts were no longer going to be available without giving any reason why.
Buying bitcoins at a huge discount sounds like a good thing to me.
The only thing i fear is not putting my orders low enough to maximise gains.
en.wikipedia.org
"starting Jan 2013". Taiwan has become a lot more civilised and competitive in international finance than your current understanding. The only issue with Tether is that it's crypto-related, and as you know, pretty much every single country in the world doesn't have an elegant solution with crypto regulation.
Not trusting (((americans))) sounds like good business sense to me.
Because US laws regarding forex trading are completely different from the rest of the world
>lets irrationally FUD and crash it to buy it cheap
Nobody will want it after you FUD this hard, after 2 years BTC really won't have the brand value or technological relevance to ever be valuable again
>no elegant solutions
Sure. Doesn't really change that at this point you've admitted no irregularity exists in the cash balance vs the tether balance as of September, and that any reason you have to be suspicious is based on speculation that the founder(s) were shady, therefore they must be cheating.
Veeky Forums has been good to me so it is time for me to give back
The first post to get dubs after this post will get 1 btc!
What will happen to the alts, if Tether has proven to be a fraud, while we're at it?
For example everytime BTC has pumped this season, the alts bled.
Take into account of
>alts with BTC markets only
>alts with ETH or LTC markets
>alts with non-tether fiat markets
>alts with USDT markets
Congratulations! You win 1 BTC! Unfortunately you did not post an address, so your gains are forfeit. Better luck next time! You might find me in another thread...
The lack of discrepancy doesn't mean shit, jackass. This is why legitimate auditors check cashflow statements and general journals. All I'm saying is that the audit doesn't prove shit and we're left to trust a centralised authority (the company behind Tether) with minimal transparency policies for its operations.
>past history of being shady
>shady things are happening aka. banning U.S citizens, printing money to make up for withdrawla
> Articles saying they are being shady
then you go hurr durr they say its fine so its fine. Honestly, your posts reek of confirmation bias, you just dont want it to be true
>an audit doesn't prove anything at all
>they're shady
Wow.
Enron were also audited a couple of times before the house of cards fell. So yes, a poorly-performed audit can't be deemed credible. After all, this is why we have regulated standards and accounting practices.
>regulated standards and accounting practices
>crypto
You know what gave away that you're a moron?
all you're doing is repeating what he said, whats the argument? Do you really believe regulation isnt coming to crypto you oxygen thief?
Ad hominem is not an argument, you said so yourself above ITT.
The thing is, Tether isn't even true "crypto" (i.e. a coin, like BTC, LTC, etc.) but an on-chain solution utilising blockchain technology in order to make exchange more frictionless. Not a bad idea, pretty good one in fact. They're also incorporated. Thus, dealing with crypto or not, they are responsible for transparent policies behind their off-chain operations.
I started on coinbase on Nov 1st and bought 1 ETH @$298. Bought NEO friday and sold at 45 and parlayed it all into POWR for the time being. I've got about $360 in Binance now and don't know what to do next, pls help a hopeless newfag learn how to not lose his monies and become a stylish Veeky Forums thousandaire
linking to one salty faggot who literally has become so obsessed with bitfinex that he does nothing else with his life than try to spread FUD about them... Yeah really makes you think, what could his motivation be?
Either he is a faggot that wants to be twitter famous or he is extremely butthurt and wants to buy back his bitcoin. Think about it, why would you listen to some guy who was fucking stupid enough to sell all his coins at the beginning of this mega bullrun
Fuck bitfinexed
Nothing says good argument like ad hominem
>regulation of crypto
No; it won't come. Crypto has nothing to do with the state and those states which impose fees will ultimately just lose.
Tether isn't an on-chain solution or blockchain technology; it's literally the equivalent of equity in the form of "share-coins" that are issued against deposits of fiat and crypto.
>responsible for transparent policies
Wrong. They're responsible for meeting the necessary regulations of Taiwan, which they did in September as per your own admission, and responsible to their customers/clients and investors, inasmuch as those individuals can leave. Crypto is not stocks.
Same with you, what about arguing against the points the "salty faggot" made
Also to you retards going on about the audit. You do realize that the burden of proof is on you AND that tether has absolutely no obligation to provide a public audit. Still they have promised to do it and it is in process. Stop whining
Holy shit people on Veeky Forums actually believe there are regulations behind the asset that allows you to order ecstasy and assassinations online.
So you're implying that AML won't be pushed onto unregulated securities making money. That's a pretty hefty bet since it's already happened twice before, this year and 2013
Future tense pajeet
Here ya go pal!
Can we get a name on that faggot? I run 4 news sites that put Donald Trump into the White House. I really want to fucking hang this nameless coward.
We will dump a hundred articles about this faggot and have our A.I. automated rewriter spam the fucking internet with 10,000 new articles dumped every month into every shithole on the web.
YOU WANT TO FUCKING GO KIKE? LET'S GO
>unregulated securities
Well let's see the tax-man find my bitcoin wallet in the cayman islands and prove I and that wallet are associated and that I have been using it to evade US taxes. I would use the good luck, i'm behind 50 proxies but that wouldn't even be close.
>implying tense matters with regards to regulation on crypto
The moment you "crack down" on Bitcoin, I move to Monero. You rely on me to voluntarily disclose my transactions to you. Fuck off; taxation is theft.
It is not some random persons job to do that but a representative from tether. And so far he has no proof at all, only a fucking conspiracy theory.
But the biggest argument is this:
Why the hell would the top bitcoin exchange risk everything in order to make some short-term money, and do this by issuing fully transparent Tether that every single person can track in real time, instead of just doing this so called manipulation on their platform so that nobody could see it.
Nice try shill
TETHER IS THE GREATEST PONZI SCHEME OF THE MODERN ERA
Dude; these people know they are shills and will stop at nothing to keep BTC down until their contract expires which coincides with the last of the big whales getting in sub-8k. We're just posting for the lurkers benefit.
>Fuck off; taxation is theft.
Works really well for Sovereign Citizens kek.
youtube.com
They're scared. The Goyim know. Shut it down.
Too bad he didn't have a lawyer.
Don't know who he is, just know that he sold all his coin at 1k this year and goes by @bitfinexed on twitter and that he spams a new medium article about bitfinex every single week and it is becoming so annoying that I'm actually replying to these threads now.
Find a coin that has a solid enough platform that it will be able to hold most of it's value if the worst happens to BTC.
Yeah, this seems just as coordinated as "the flippening" attempt. Is 1 week without FUD too much to ask for these days in crypto
Alright monkeys; let's play dare
Crash BTC with no survivors.
>mfw I was in on wolong in the dogecoin pump of 2013
No.
This thread is filled with Kike Journalist. My 'extreme' post was specifically tailored for them. They can't resist my specifically tailored bait. Glowing neon colored bait. Gobble gobble you fucking simps.
Got yourself a little website do ya? How cute. Created a journalist out of thin air, did ya?
its called ethereum