>>4788736

just dumped all my tether for a crashing btc
fuck

based

Then explain why they've printed USDT worth millions out of thin air, in a matter of days, and why the almost all BTC volume during the pump to 10 and 11k came from Bittrex.

If you don't think thats suspicious you are a USDT shill.

What we've been posting on Veeky Forums for the past month summarized in a bloomberg article.

- Bitfinex printing allegedly unbacked Tethers
- No one can redeem Tethers
- Bitfinex won't disclose their banking partners and uses a shady Polish one.
- Public information about Bitfinex owners isn't available but was known thanks to Paradise papers leak.
- Fake audit released.
- Hired lawyers to sue their biggest critic Bitfinex'ed.

I honestly don't understand, how can usdt crash?

It's going to Mt Gox all over again and will take an equal amount of time to recover

What should one do then?

Bitcoin will crash.
BTC
T
C

Let's see. Suppose I'm holding Tethers on Bittrex and news blow up about them being totally worthless and bitfinex is now being under investigation what would I do? Quickly buy Bitcoin which will make the price skyrocket in terms of USDT as everyone rushes to get rid of worthless Tethers. What's next? People realize bitcoin's price has been inflated by unlimited Tethers so they now try to cash out to real fiat, meaning they'll try to withdraw from Bittrex, Poloniex, etc. and every exchange that uses Tethers, this will also expose any exchange running on fractional reserve.

If we find out it's not backed by anything, it is instantly worth it
If the USD crashed would BTC still crash?

Of course it would. Like the user above you explained, it will create a domino effect.
>haha guys mt.gox is just one exchange why would it bring down btc when it's not a related issue?
>*proceeds to crash and not recover for shit long time*
You have to understand btc is linked to crypto problems in general. Like china fud, etc. Whenever there is a big problem btc ALWAYS gets affected the most.

Wait I thought you asked USDT. I'm not sure what would happen if USD crashed, most likely whole economy would collapse, including all the other bubble like property, so yeah crypto would do. It creates a recession like it did in 2008.

not gonna happen. takes a lot of effort to buy real fiat and theres no need to cash out if you do, you just hold till btc drops and buy btc again.

this market is full of people who know btc is going to 100k, so most wont even move their coins to anything but an alt.

Sell your btc. Possibly sell all crypto. If this is hitting mainstream business media there isn't much time until BTC goes bungee jumping without the bungee and most of the alts will be along for the ride. It's obvious these tethers aren't backed by fiat.

He's not a usdt shill he's just a dishonest piece of shit.

btc is the only way out if you're trying to move away from USDT (correct me if I'm wrong)... There's going to be a massive btc pump in order to deposit on coinbase / gdax / gemini / kraken since they provide (albeit not guaranteed) fiat.

nope. we're going to hit new ATH with futures markets. the real money is gonna come pouring in.

>Then explain why they've printed USDT worth millions
uh, i don't know. to match incoming fiat deposits?

inb4 another 100 """""""PEGGED TO USD 1:1""""""" trillions tether appearing out of nowhere..

so what? all you brainlets gotta do is hold bitcoin, and you gonna see 1 bitcoin = $20000 soon.

>SHTF
Prepper detected

worthless not worth it but yeah anyway given that USDT and finex are linked as they are a USDT problem means an exit scam tier problem, given it's the highest volume exchange this is a big problem. USDT itself well USD was a bad comparison, I'm just not seeing why any currency making up little volume should have a huge impact.

USDT trades against a lot more than just the BTC, I see where you're coming from with the pump but really tether should drop rather than for example BTC pumping... Best case with all this FUD everyone just stops touching tether and the problem goes away

This gets completely overlooked, there are plausible explanations.. Problem is those memes are not going to cut it at all when buying something that can only go down

You mean people actually deposited $95m to Bitfinex in one week? You guys are fucking delusional.

Of course they could have, I'm still not going anywhere near that exchange or tether though

Apparently 750,000,000 tethers have been minted. If this was actually backed by USD you would need about two dozen people to manage such a horde, buying money market funds and short-dated bonds and a bunch of other shit you need lots of licenses for. There is no way in hell that this project has been able to put all that in place since this pump started in April. Tether might have been around before then but they weren't managing anything like that.

...

Exactly. Anyone holding tethers is fucked. Anyone holding bitcoin is gonna see stratosphere.

>give someone $1, to buy digital collectible
>"here's your digital collectible, I now have $2. $1 for the collectible and $1 actual US dollar"
seems legit.

This is big money we're talking about. We don't know what happened behind closed doors, tether might as have been compromised through blackmail or whatever other mean you can imagine if you use your creativity. (((Terrorists))), (((bankers))), (((governments))), other organizations, any one could be in on it controlling this operation.

You're a delusional monkey who will lose all his money.

>not gonna happen
>this market is full of people who know btc is going to 100k
Kek what a retard, thats your reason? How do you know its going to 100k? Because of Tethers catching every fucking dip hence pumping up the price? Think about it.

Tether is a shitcoin anyway. Who the hell would invest in this? It's LITERALLY ALWAYS $1

i feel no need to try to explain myself to brainlets. have a good life.

#AuditTheTeth

it means shits about to go down

good morning america is warning people about "bots" driving prices up, and michael strahan warned people to stay out of "13,000"$ toys

it means that tether isnt backed by real $USD like they claim and like always, its a fucking scam and you can't cash out quite literally in this case.

>wake up to all time high
>didn't buy dip because dumb nocoiner
>desperately trying to create another dip with muh tether FUD
Not on this timeline.

you can cash out.. i cashed out small amount over the weekend, but when the market dips and people panic cash out they won't be able to sustain the numbers

>whale bought 100+ btc @ATH
not a whale. a bot. a bot owned by the exchange which prints Tether doesn't need to use real money. all it needs is 100 million tethers and it can buy the entire order book, shooting the price all the way up. not sayint this is what's happening, but it's a plausible conspiracy theory (not maximum triple layered tin foil hat level, just the basic one layer of aluminum foil).

Ohh the look on cryptoanarchist faces when their faith is shattered. Bigger crooks than the big banks you hate these guys are. At least the banks have to get audited.

>At least the banks have to get audited.
Who do you think is in power here? If the rothschild says no need for audit there won't be an audit. All the police forces, armies, governments are all bought out and controlled by the same banks.
Decentralized crypto is still for us because we get to play on an even playing field. Fiat, whether it's banks or stock can freeze your assets at any moment. In crypto only problem you can have is if you hold a suspicious shitcoin or hold your money on an exchange that is about to do an exit scam.

>At least the banks have to get audited
>implying the rothchilds et all ever get audited

You don't invest in it. People use USDT as a hedge against falling prices and to move money between different exchanges. This works because people believe that one USDT equals $1. There is however not a single proof that this is true and once a critical mass of people realize that one Tether might actually not equal $1 bad things will happen

Bitfinex barely holds tether. The picture you see is how much each exchange has on behalf of their users + their own. It has been as low as 1.8m.

Yes, bitfinex doesn't even have their own users tether, they sell them on other exchanges and their own users pay each other in the exchange with not just credited tethers, but imaginary credited bitfinex tethers.

Yes, imaginary imaginary USD IOUs. I know, It's hilarious.

Essentially, this means the total circulating supply of tether is what we thought it was, plus the entire amount that people "have" on bitfinex. Look at the picture. 1.8m. Lmao.

Considering there is much more you can use tethers for on bitfinex than, say, bittrex, and the bitfinex non-fake volume is likely not higher or much higher on bittrex, the amount of tethers people "have" on bitfinex should be much higher than what people "have" on bittrex.

For all we know there could be up to a billion or even more "tethers" on bitfinex right now. The scam is on an even higher scale than the tether marketcap suggests.

So many delusional assholes here, listen you shills, the CEO of Finex has ADMITTED to trading on his own platform. In the securities world that would be violation #1, he literally has access to everyone's short, their long, what their balance is, everything; it's a license to steal money. This is already a huge red flag, but no you fuckers won't listen and are responsible for making this shady exchange the number 1 in the world which will lead to the next Mt. Gox crash, I hope you fuckers enjoy watching BTC sink from $11k to less than $1k just like when I watched it go from $1k to sub-$200, and if this happens again, Bitcoin won't survive this time.

I honestly think it would crash to 1k. But why do you think it won't survive?

I mean it may survive and straggle along, but the crypto dream will be ruined in the eyes of normies if they see that twice in a few years it loses 90% of its value, who would want to invest then?

who the fuck accepted and started using tether?
this shit is going to blow up my gains

out of panic they will jump into altcoins

Yeah if the exchanges didn't list USDT pairs the first place it wouldn't have any value.

article has hit HN if anyone cares
news.ycombinator.com/item?id=15851824

CRASH! CRASH! CRASH! CRASH!

so is this a bad time to get into cryptocurrencies?

I dumped them for ripple lmao

>A pyramid scheme is genius
Literally at the level of chain letters et al.

Guys, I never got a legit answer for this:
Who is buying all the Tether on kraken at a 1:1 rate?

it can't crash if Tethers are constantly being produced. that's escatly the point. what do you think will happen when normies try to short BTC with the CME?

>et all

me

Not sure to be honest. This Tether thing has been going on for months so it's hard to guess when it will blow up. But the last weeks have been alarming. Tether volume almost doubled from around $ 450m in October to $ 815m today, last week alone saw a $ 140m increase

Bitfinex'ed (a guy on Twitter investigating the Bitfinex-Tether connection so they now try to sue him) has shown that those trades are made by bots to make it look like there are actually people trading USDT for $ on a 1:1 rate. This is called wash trading and it's illegal

twitter.com/Bitfinexed/status/937491109235908608

Don't worry. Soon CME will allow normal people to short bitcoin (bet against it's price). What do you think will happen when every short gets liquidated and all the normies lose money? They will demand an audit "on this Tether thing". Bloomberg talking about it is just the beginning.

It's fine. There have been predictions for years btc would die out eventually. Not crypto though - that's pretty much the future.

But I haven't made it yet!

My only worry is that when the Tether scam is being exposed this will also harm a lot of legit crypto projects in the short term

>1.8 million
Brainlet here. Why do I see 45 million on Bitfinex?Also what's the source on this? Isnt everything visible on Omnichain?

government regulators would come down on the crypto market soooo hard

cash out before other ppl realize and flood

And let's be honest here. BTC can't process that many transactions. Funds will he held in limbo, and exchanges will shut down. It's going to be a clusterfuck.

>please dip, I need to get in cheaper