Bitfinex printed $14m more tether

How much does bitfinex make per trade? What is the volume?

Are they using their own dollars to back this reserve currency?

And wouldn't this be the greatest short of a lifetime if the conspiracy were true? So only biz and plebbit know about this?

Will CBOE traders look at this market as in potential backwardation and short or buy puts?

>collect exchange fees
>marketcap up literally hundreds of billions of dollars from last year
>trade volume is astronomical
>m-muh less than $1 billion, there's no way any organization could have such money!!

My god, the hole goes deeper. The hell is this, so is this gonna be exposed soon or like blow away?

This is Mt Gox 2.0.
You know it.
I know it.
If you had any brains, you wouldn't put a single cent more in crypto.

They will probably short futures as soon as they're listed and attempt to corner the market since so few BTC are traded or mined per day, even 5 traders with any amount of capital at all could crash BTC to $7k just by going short, and that in turn will cascade all the shady shit going on at exchanges into a mega-crash. Normies, Veeky Forums and plebbit have no fucking idea how easy it is to corner a market with futures and I guarantee wall st. is drooling over this easy money, as am I.

Yeah. Funny to watch Veeky Forums today.
Evryone thinks they're safe and that the correction is over. The correction has yet to come, especially when you consider that Tether scam.

I am still waiting for the real dip to jump back in. Thoughts?

I have no fucking idea but anywhere between $2k and $8k sounds plausible. I don't know how bad tether will blow up, but futures alone could push down to 8k literally the day it opens. Veeky Forums also completely ignores that 5/10 people here think the (((banks))) are out to destroy crypto and futures is a super convenient way to do that. The other 5/10 think the banks want to subvert/control crypto, and crashing it with futures is a great way to do that too. In literally zero circumstances is there a reason for wall st. to push BTC up further and let some NEETs get rich off their dime when they can just short it first, liquidate all the NEETs and then pump it up for themselves.

We're on the same page user. But I wish this board realized it as well. Today was a good pump and dump day but we're done. Dip incoming.

I am not sure if banks are willing to take the risk. Ever heard of a short squeeze.

>his first mistake: giving a shit about the state of Veeky Forums
Never care, user. They can't get to you if you never care.

source bitch

if you dont have a source then fuck off

They only need USD backing it if they allow people to redeem tether for dollars, which is at this point basically at their discretion. I mean worse case they say "no", which could cause the value of tether to plummet, leading to a HUGE demand for everyone to buy something they can actually exchange at a fiat gate. That increased demand would drive the price of everything else up as everyone flees to the "safer" assets, and from there it's a matter of whether everyone would rather hold crypto or try and get actual cash.

The ones who should be actually mad is the US government, because someone figured out a way to print not-dollars. I mean it's a dangerous game where they COULD crash tether by printing too much, but there's a lot more money in providing fake bucks for perceived liquidity.

Hehe. Nah I care about my lovely anons. I wish every user could live large. Anyways. Buckle up and keep an eye for opportunities! Tonight is going to be a good trading night

>ITS LITERALLY FAKE MONEY, and it will implode.
That's what they said about the Federal Reserve. Still going strong 100 years later.

>fake money
>100 years later
Nigger we went on the gold standard with Nixon. People really should do the opposite of what Veeky Forums says, half of you are below average IQ and I think those are the ones that tend to post more.

off the gold standard*

Why worry- just WaBi WaBi

...

well he makes a point, the scam could just go on indefinitely
what would cause a run on tether that wouldnt be a general run on all exchanges?

No the gold standard as it was supposed to be had already been lifted under Roosevelt in the thirties.

A Jedi soon you will be Padme.

I am with you waiting to re-enter everyone should be at least 50% out with this tether scam uncertainty

that's because the federal reserve makes real USD, it has a monopoly on USD

whoever makes tether doesn't

Veeky Forums is so fucking stupid with it's monetarists

>as it was supposed to be
As long as it's *somewhat* pegged to gold, it's not entirely fake money, which is what tether is. Tether has NO guaranteed exchange rate to USD.

If the price starts going down.

>oldfagbiztard
You're a fucking fraud go away.

>If the price starts going down
the price of tethers?

>PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency.

>There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.

>exchange fees are denominated in crypto not fiat
>wash trading
>wash trading
>wash trading
>wash trading
>m-muh "m-muh" posting

BTC; because if BTC starts going down people will want to liquidate to fiat, withdraw from exchanges, etc. and that kind of activity quickly makes insolvency obvious, which leads to a bank run on bitfinex and proof of insolvency. That's exactly what happened with gox too.

willyreport.wordpress.com/2014/05/25/the-willy-report-proof-of-massive-fraudulent-trading-activity-at-mt-gox-and-how-it-has-affected-the-price-of-bitcoin/

no, i just wouldn't put a single cent in an exchange that deals in tether nor bet more than i can afford to lose.

like i said, what event would cause a run on tether on not on all exchanges at the same time as well?

It doesn't matter if the run is on all exchanges; it's those using tether, and particularly bitfinex, that are likely insolvent.

This is bitfinex's cold wallet. They are withdrawing BTC, but tether keeps getting printed.
bitinfocharts.com/bitcoin/address/3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r

Pic related is the graph of BTC price vs when tether is printed.

almost all major exchanges use tether

MtGox was the biggest bitcoin exchange as well.

Kraken doesn't use tether, coinbase doesn't use tether. Tether is probably fraudulent.

too bad no one exchanges tether for usd, they just use it to buy back into other cryptos

the whole thing will collapse before tether falls probably
unless somehow tether gets such a bad rap exchanges start delisting it preemptively

Yes, but surely you understand that not everyone likes to sell low, so if the price of bitcoin takes a big dive, many people will buy in.

See

No. Nobody uses tether to buy USD. By the time this scheme fails, the flippening Will have happened

Yes, but surely you understand that not everyone likes to sell low, so if the price of bitcoin takes a big dive, many people will buy in.

>collect fees in bitcoin
>bitcoin rises in price
>cash out with your profit
>convert them to tethers
brainlets leave