Yup. Its finally happening. Tether just issued a shitload more Tethers today after the BTC rally... only to have the price of Tether drop to 95 cents after BTC started to tank.
The ponzi scheme is starting to come undone. They have no contingency plan for a large prolonged drop in BTC price.
This is the end of the 2017 rally friends. The whole market is in for a world of hurt from here.
I would say only people hodling tether. Even then, they would try to grab as many coins / tokens as possible if that shit crashes.
I wouldn't. Bitfinex/Tether are going down together and its going to make Mt. Gox look like a tiny speedbump when it all comes down around them. They've built their empire on quicksand and I don't want to be anywhere near that sinkhole.
Imagine 700MM USDT, that are completely worthless, getting dumped against BTC, ETH, and so on.. Chaos. Pure chaos
Can somebody explain Tether to me like I've been living under a rock since Mt.Gox went boom?
wouldn't this mean BTC and ETH would go up and Tether just going -95%?
I don't get ur reasoning.
Charts don't lie. 2018 is the year of the alts.
>Tether worth 95 cents
What the fuck? I don't understand.
HOW is this PHYSICALLY possible. It's literally pinned to USD.
100% this
You know why? Because every alt coin is better than this shitty bitcoin.
>can't exchange one tether for one USD
>Tether hasn't been audited
NO PROOF
...
It’s possible because if I think tether may be worthless I’ll agree to sell it at a 5% discount rather than risk losing everything.
Yeah i dont understand either. How is tether different than a USD and why are people "parking their gains" there? Is there a special relationship between btc/tether?
Its not though. In their terms they say they're not obligated to pay USD for tether and that its not backed by USD. They try to maintain its value relative USD by issuing more and more and more tethers to match the growth in BTC price... but then BTC drops and there's too many tethers.
Its a ponzi scheme. If everything keeps going up and people keep buying in it works... right up until it doesn't anymore.
Couldn't be happier lads. It was inevitable
Crypto is about to become a meritocracy
Brainlet q: If tether is used a proxy USD to trade BTC on exchanges but tether cannot be cashed out for USD, isn't this by definition a ponzi?
Yes. Its a ponzi Bitfinex started to pay back the money they lost from getting hacked in 2015... and just recently Tether got hacked by the same guy for the same amount.
Its soon going to be all over. Those who haven't been paying attention and think the huge gains BTC has had this year are natural gains are going to wanna anhero soon.
Yup. Today's the day of reckoning friend. This isn't even the beginning...
What if I gave you a peice of paper with ‘$1’written on it and said it was just as valid as a $1 bill, would you believe me?
The fuck? So the only reason tether is pinned to $1 is because they print more to match demand? And if demand goes down then what? Too many tethers?
so what's safest on polo if I don't want btc? keep money in dash? transfer to coinbase?
backing a ponzi scheme with a ponzi scheme on websites that keep crashing due to data traffic
Obviously not. But that isnt stopping other traders from pouring their money into tether rather than just bringing it back to actual USD. I guess I'm just too dumb to see the significance.
Fuck off NSA
lolololol
No, there idea it's supposed to be that for every tether in circulation there is 1usd in their treasury. The thing is though that tether has NEVER been audited EVER, so it is entirely based on trust, which is fucking retarded, especially considering they apparently have almost 800m.
y̧̫̣̞̦̞͔̌͢o̫͉͈̣̣͖̼̐̇̉͌͗͘ͅų̪̗̗ͩͤ̏ ̷̛̗̹̣̣͇̠̟̿̏͂͑ͫ͒ͯ̐͡p̵̠͙̣̞͔͙͙͖ͯͣ̾̈̄̔̓͜e̫̤̠̫͉̯̹ͫ̿ͯ̈̽o̴̴̵̫̟̯̍͌̾̈́p͓̹̙̠͉̟ͭ͋ͤ͒̚ͅl̡͕̗̯͔̞̗͇ͨ̆͋ͭę͚͈̫̥ͭ͛ͣ̀ ̶͈̦̯͕̮͑͊ͯ̀ͩ̕͢a̱̤͎̺̝̤̼͒̄̌̇͊̑̊̓̀͟͞r̫̻̟̯̗̝̙̓ͤͯ̄ͬͤͤ̕ḙ̢̗̬̳͖̥̍ ̴͙̜͈̗̹̭̜͚̭̄̓̈́̌̌ͤf͈̺̱̝̩͈̼̉̉͗̌́ű͇̮̮̑̊̆̈̎̕c̷̝͎͌͐k̖̣̥̰͕̮͔̐̍̿̿̈i̢̟͚ͩ̾̍̈͘n̴̨͔̞̹͆͂ͫg̱̩͗̾̀͗͊̓̉͛̆͢ ̛̺͓͎̹̔̈́͂͞R̴͓̬ͨͭͭ͐̆͑ͦE̢̮͇͕̬̰̹͎̩̔ͦ̃̓̈͐̍̿͜T̤͍ͬ́̀͠A̢̫̬̺̯̟ͨ̾ͪR̨̟͖̺̿ͭ̐ͣ̓́D̷͖̈́ͧE̬̖̺̞̳͖̫͛ͧ̓́̄D̯̜̺̞ͫ̎ͫ̓̃ͤ̋̒̽͘!̸̴̭̥̫͕̃̌͆͊̑͞ ̖̙̦̰̟ͩ͑ͤͯ̕͝
...
NSA would not talk shit about BTC you idiot. They would however talk shit about XMR.
Bitcoin rebounded to 10k on coin market cap
More looks like first sell of and a small bear trap
Its a dead cat bounce. if it does't break past $10k it'll be back down to $9k in no time. from there your guess is as good as mine. with USDT taking that hit it'll flip the direction of money out of BTC instead of into it.
IT ALL MAKES SENSE NOW
OMG WE ARE SO DONE
FUCK FUCK FUCK
CAN'T CASH OUT
Thanks. wallet.tether.to
says:
All tethers are backed 100%
by actual assets in our reserve account.
Assets? Should that not be USD?
I laughed way too hard at this.
>It's gonna collapse any day now
>Any day
>Hey guys it's gonna collapse any day I promise
>Guys
>It's gonna collapse I swear
Its not USD backing it, its crypto assets... which themselves have their values tied to BTC. They've also never actually been audited. They're blowing smoke up your ass saying its backed by fuck all because all the assets that should be backing Tether are double dipped against and used to back margin lending on Bitfinex.
...
Yes, it should be USD. Bitfinex employee admitted otherwise a day or two ago.
Top kek, this is gone be a mega gox.
Nothing funny happening here, nope, nosiree
