They're getting cocky now

kys immediately.

It's not remotely stupid. If you think about it for more than .5 seconds it should make perfect sense, even to a brainlet such as yourself.

How the fuck would it bring down the whole market, it's blatantly used to prop up only BTC, and it alone will take the brunt of the hit once the jig is up.

You don't see NEO, OMG or god forbid BCH get pumped every time this shit is issued, it's too fucking obvious

must be buyin a pair of gucci flip flops

Only retards believe that 10 million in tether is manipulating the BTC price. This is like Alex Jones level of conspiracy. If you faggots can offer a better fiat gateway than Finex, fucking do it!

LOL did you think that threw?

tether.to/announcement-transparency-update/
>These consulting services do not constitute anaudit or attestation engagement
"not an audit"
t. tether/bitfinex themselves

why are people suprised tether is issuing tether? the more tether is being used, the more tether has to be created in order for it to be pegged with the dollar.

Its has to be backed by dollars you absolute fucking brainlet. Its not the demand that is in question, its whether Bitfinex has enough dollars to keep printing this bullshit.

you're an idiot. if btc dies the whole market dies.

I doesn't have to be "backed" by dollars because they say they won't give you USD in exchange for USDT. It doesn't matter how much USD they have.

i know. even if they didn't have the dollars to back up the tether issuance, than why make a big deal out of the tether issuance? tether generating tokens isn't gonna make tether less fucked if tether isn't backed by dollars at all.

isn't gonna make tether less or more fucked if tether isn't backed by dollars at all*

It never was backed by dollars because you never had the option of demanding they give you USD for USDT.

>once the jig is up

They do though, at least in BTC.

As long as BTC keeps going up, they'll keep making more money than they can print tethers.

>Its has to be backed by dollars you absolute fucking brainlet.

This is why the tether scam works. People like this assume "it has to be backed by dollars", even though two minutes research would prove that is not the case.

This; the only way you'll ever prove they're insolvent is to start withdrawing BTC from the exchange; if the amount of tether doesn't go down then it is 100% fraud

>it's blatantly used to prop up only BTC, and it alone will take the brunt of the hit once the jig is up

Wew lad, you haven't been in crypto very long have you?

bitinfocharts.com/bitcoin/wallet/Bitfinex-coldwallet
Between 11/20 and 11/24 roughly 40000 BTC was withdrawn, with no change in the supply of Tethers.

>user actually delivers
Thanks, now I'm also convinced it is 100% Mt. Gox 2.0. This is gonna be good

You realise there will be no money left for you if that happens

>over 4 days
not a long time, they wouldnt withdraw tethers just to issue them 3 days later
this is a scam but its a good one, itll keep happening and Veeky Forums will reee but btc will keep going up and new tethers will keep gettong printed.
have a nice day

Why Veeky Forums not memeing this?

>he thinks the bitcoins will get put back on the exchange
ahahaha don't you understand they are withdrawing the good asset (BTC) and leaving the shitcoin (tether) so when the suits come all that's left is worthless IOUs and their BTC are safely stored away on a hidden cold wallet, exactly what mark karpolos did at Gox.

they're using some fraudulent scheme one way or another, it's so fucking easy to get away with this, why wouldn't they do it?

>print tethers out of thin air
>strategically inject them into ETH or BTC to pump the price
>due to pumped price you can now sell the acquired coins for real USD to technically fully back the tethers you printed a while ago, with money to spare
>repeat the process
>become filthy rich

It's one of these things that's so dumb, it's brilliant. Anyone who actually understands how derivative instruments work takes one look at the fine print and understands it's all made up and he probably avoids buying any for that reason, but the guys in charge there understand that the crypto-investing public includes an army of drooling retards who are too dumb to understand and, voila, you just made a gazillion dollars off of admittedly made up shit.

any xchange can do that

But that requires the price to keep going up even without your pump, otherwise you're just selling your own pump and wind up with nothing (because nobody else is willing to buy at the new price). At that point, you have to exit, which is when you start selling BTC/ETH, withdrawing it away from the exchange, and leaving tether as the asset backing the "value" in trader's accounts. Then you say "oh shit, we were hacked, all the BTC is le gone!"

Yeah; this is the one actually doing it, or at least doing it the most obviously

market hysteria and fomo
its what pnd schemes rely on

Took few grands worth of cash out of a BTC-ATM. Some normie saw it, approached and asked 'what is this?' Told him 'it's tethered bitcoin', tipped my virtual fedora and left.

>because nobody else is willing to buy at the new price

that's the thing, we're in a mania phase, people keep buying because they think they're missing out on $100k bitcoin. it's almost impossible to lose this pump game if you're using an infinite supply of fake money, like i said, just inject at the times when you see signs of bullish exhaustion and voila, cycle repeats.
i said that they're selling the acquired BTC for real USD, but it could be that they're hoarding it, would be smarter actually.

I believe they sold some immediately after the tether scare a little while ago due to demand, thus the withdrawals on their cold wallet. But once people saw that it's working fine on their end, it's back to business as usual.

nobody wants bitcoin to fail, its >50% of the marketcap.

its not about the money!

Are there really more than 10k tethers per BTC now?

But it will fail, market always, always corrects. Maybe not today, not tomorrow, but it will.

That and a lot of people do want to see it fall, both as believers of BTC who wants to accumulate more of it, and alt coins like BCH who wants their coin to be adopted instead.

Doesn't really matter if their tether is backed by real USD or BTC, if people want to exchange their tether for USD they can just liquidate some of their BTC stack.

like i said btc is more than 1/2 the cap.
majority wins. when btc falls below majority then its time to jump ship

Yeah, I can't help but admire them.

SHUT
IT
DOWN
O
W
N

who is also getting absolutetly TETHER'd here?
youtube.com/watch?v=hyrjE4sbaCg

Why is coinmarketcap inconsistent with bitfinexed's announcements of how much tether is printed?

coinmarketcap.com/currencies/tether/#charts

The amount of tether in circulation/max allowed doesn't increase by the amount bitfinexed says was printed at the same times

I use tether all the time, am i fucked? I understand and accept the "tether isnt backed by real USD" theory but is it still safe to use if you arent in it for a day or more?

The problem is that unlike the stock market there is no real option to hedge against a market downturn or bear period apart from going in on tether. You can cash out but to do that and reinvest costs too much in fees.

How safe is it to use temporarily? I guess you just have to hope you arent caught out when the needle pricks the balloon.

theres a 99% chance tether is safe

>Why is coinmarketcap inconsistent with bitfinexed's announcements of how much tether is printed?
Their site is down. Coinmarketcap uses their site's data so its not displaying the correct up-to-date data

>their site is down
Holy shit I fell out of my chair laughing

Get a real exchange, brah. Kraken is laggy but they will do 5x short and you can wire USD directly with no tether nonsense; GDAX is coinbase and allows you to hold cash vs BTC but no leverage.

BTC was below 30% a few months ago so this doesn't make much sense

>muh tether

Fuck off NSA

reported

Fuck boys look at how new this guy is. Lurk moar faggot.

You probably said MtGox was a legit exchange too.
>magic
>the
>gathering
>online
>exchange

Reported.

>If APL dies the whole market dies
>This is what brainlets actually believe

Coins and blockchain are here to stay with or without BTC.

low quality bait

Holy shit

that sure doesn't sound good.
No clue what it means but i get nervous hearing it

Well shit.

brainlet here.
In the chart we assume that the 40k BTC should be more or less sold for tether and the tether in turn exchanged for USD, thus decreasing the supply...but that does not happen. Did I get it right? Why would BTC withdrawal = decrease in tether supply?

>audit
Nobody will ever audit them; they're a panamian exchange in Poland for a reason.

>hold an equivalent amount of USD
No; they need to hold an equivalent amount of BTC. Nobody ever said you could redeem your tethers for USD, they said it would mimic the value of a dollar so that when you withdrew your BTC from the exchange, you could cash those out at the going exchange rate between BTCUSD.

>what does that mean
That means everybody on bitfinex who went leveraged long BTC against their 2k tethers now gets something like 10x times the amount of BTC when they withdraw. Bitfinex has to be able to cover that, which means they need all that BTC, which means they will finally start having to sell tethers for BTC, and that's when the music will stop because the market doesn't want tethers for $1.

Classic bank run scenario; and there is no FDIC in bitcoin.