>20 more million tethers printed

So there's no way this is actually sustainable in the long term right.. What the fuck are these guys doing?

Other urls found in this thread:

omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL
coindesk.com/bitfinex-tether-break-silence-go-media-offensive/
twitter.com/SFWRedditGifs

This wont end well either way

>more people buying btc
>more people looking to buy tether
>need a supply for those people and to keep the price pegged at $1
How do conspiracy theorists not understand this?

I'm confused why are newly issued tethers no longer showing up here

omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

They print more when the overall market cap increases.
If they didn't print tethers its price would increase due to demand.
If they didn't store the real world equivalent its price would decrease.
Whether or not they're doing the latter has yet to be revealed.

>the 'conspiracy theorists' cop out
Kill yourself

>more people buying btc
>more people looking to buy tether
Dumbass it has to be backed by a dollar. The entire milky way could have demand for BTC doesnt mean they can print it tether to satisfy that demand.

Just goes to show how dumb recent BTC investors are.

Maybe they backing thether with BTC soo if the price of BTC rising, then thethers are printed

>Maybe they backing thether with BTC soo if the price of BTC rising, then thethers are printed
They have to sell the BTC first. Otherwise its not backed by dollars and they can go on a infinite loop pumping the BTC price.

See where im getting at? Thats what they are fucking doing.

what happens once the market cap drops? are all tethers useless then, because it can't be removed from people?

What's the point of buying tether if it's always gonna be 1 USD?

You buy it for tax avoidance

Their real value is much lower than 1 dollar.

For example, during the last big dip these few days, many people sold their coins for tether because it's stable, and then later bought in the dip. Basically making some money that way.

That's what tether is supposed to be. But now it's become a scam where the owners print fake moeny to buy bitcoins and artificially inflate the price.

Because they didn't release any proof USDT is backed with USD since march 2017, the month when they started printing USDT like crazy. Now there are 500 Mio. USDT, which cannot be proven to be backed by USD. When you have USDT you have no right to get it exchanged into USD. You have to find a buyer who wants to buy your USDT. If there is no buyer, you sit on your fucking piece of worthless not even plastic money. If you do not realise this is a scam, then you are probably one of the most moronic persons hanging around on this board.

>Now there are 500 Mio. USDT
Oh my friend.... its almost double that amount now.

...

post this on pol those dipshits love hating on crypto

AUDIT
THE
TETH

>buy bitcoins and artificially inflate the price.
You're just salty nocoiner because you didn't think of tether first

coindesk.com/bitfinex-tether-break-silence-go-media-offensive/

>Implying anyone on biz isn't secretly relieved when Bitfinex prints more Tethers to save BTC from yet another crash

Yeah, typical Bitfinex. Blaming the critics, promising audits, doing nothing.

Those are the people who sit in their big beach mansions in the Caribbean on their millions of Dollars laughing at all those people who lost their money because of trusting them.

>When you have USDT you have no right to get it exchanged into USD.
I don't understand how usdt can keep its dollar peg if this is the case. Pegging works because people buy usdt at .99 because they know they can sell it at 1. If they can't, why would anyone ever arbitrage usdt towards 1 usd?
Surely there must be at least a fractional reserve and they are giving some real US dollars to people who request them.

You have no right to get your USDT exchanged by the issuer. Look it up. It's like they make plastic money for public washing machines. Those coins are sold for one dollar and to bind the price to the USD they should back those coins by USD. Still you have no right to give them back to the shop once you bought them. If you want a dollar, you have to sell your coin to another customer who wants to wash his cloths. If there's nobody, you are fucked. That's intention.

Hold on, do they seriously expect us to believe they have three quarters of a billion dollars in reserve backing these tethers. I worked for a region-level european bank and we had about 1.5billion to manage. Our treasury department had about 40 people in it keeping that money manged in short-dated bonds and money market funds. Most of those people were on 100k+. How on earth do these guys manage to pay that kind of wage.

This is fun.
We're having fun.
Right guys?

> NO REPRESENTATIONS & WARRANTIES: We make no representations, warranties, or guarantees to you of any kind, including with respect to any right of redemption or exchange of Tethers for any property.

Because they are not printing now and probably intended the market to crash a bit to scoop up more coins but norman's buying like a retarded idiot and somehow we are going up again?

new ATH incoming