SELL SELL SELL

160 billion is every coin in existence, btc to usdt equates to 13% of all trades, bitfinex and tether are run by the same people who have a company based in poland with liquidity of 725 million, which is incorporated in panama. so the largest exhange with 13% of the marketcap is backed by shady af shit, be warned biz tether is backed by nothing.

>tfw we're playing musical chairs
But when does the music stop?

Oh so every major BTC exchange is in on this? Coz if it's just bitfinex wash trading the volume of other exchanges is still like 80% of the total

What people need to understand is, even if trading activities facilitated by the printing of tether are responsible for BTC's rise, that doesn't automatically make tether a scam.

Literally all tether needs to not be a scam is for Bitfinex to hold an equivalent amount of USD in their bank account. When you consider the size of Bitfinex, that doesn't seem at all far fetched.

GDAX and bitfinex both backed by tether, so top 17% of market is backed by a coin with no equity supporting it, since tether claims it can match each coin to 1 usdt

when the us government audits tether

>it's one exchange
No, anyone with more than $10k in BTC should have at least 2 exchanges, and I guarantee all the big traders have at least one account on all major exchanges, and routinely arbitrage between the exchange prices.

Notably, Bitfinex leads the market rate almost 80% of the time, especially when BTC is uptrending. Supposing there is such wash trading used to pump the market, simple arbitrage will push the other markets up, but because of the time lag in bitcoin arbitrage (it takes a while to move money on the BTC blockchain, which there always must be at least 1 transaction on), the discrepancy in market prices can last long enough to influence traders to buy in the same direction of the bitfinex price simply because it leads the market (bitfinex goes up first, then the rest of the exchanges follow). I myself have made money on exactly this trend over the last few weeks.

>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.

backed by dubious polish company called CRYPTO CAPITALS that apparently has 725 million liquidity

>No; they need to hold an equivalent amount of BTC

What makes you think they don't? Look at their volume, imagine the sheer BTC they make in fees alone.

Because they're pulling huge amounts of BTC out.
bitinfocharts.com/bitcoin/address/3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r

stfu you stupid morons. you have been fudding this for the last 2 weeks and nothing's happened. so stfu!!!!