Bitcoin dips

Tether is the real mvp saving Veeky Forums

If Bitfinex is finally audited it's over. Bitcoin will start growing on its own, revealing its true value for the first time in a long period, which is certainly NOT 20k.

so over or under 20k?

leverage means you're fucked too if you don't get out before the fools

also isnt bitfinex only responsible for something like 15% of the daily BTC volume?

Printing tether during a downturn isn't particularly surprising. People want to hold the safe asset, so they buy up tethers, increasing demand for them. They print more to keep the price at $1. The real question is whether they're going to start burning them once the price of tether starts dipping significantly below $1. I suppose they could just hold them. It's not like they do anything if they aren't in circulation. I mean it's a fucking fantastic engine for what is basically shorting the dollar while printing money. I mean semi-worst case the price of bitcoin shoots up and they have to sell bitcoins they payed 10k for for 20k tether. Absolute worst case is the tether-men disappear and bitfinex collapses. But I mean the tether-men would have had to have blown all their assets, which would be a silly move when there is even more money in keeping the party going.

210k unconfirmed txs. btc too busy
its over gg

>basically shorting the dollar while printing money
they're going to make this illegal, aren't they? And then we're properly fucked, right.

What happens when Bitfinex's Tether liabilities+margin laibilities exceed its BTC value in storage?

Tether is not printed "on demand to keep the price at $1", you absolute moron. Supposedly they only issue them if someone puts the equivalent amount of USD in their bank. At least that is what they say officially.

The same that happened with MtGox: the first sign is that they will suddenly stop withdraws, then some bullshit claim ("muh FBI", "muh hackers", "muh bitcoin bug"), then finally fill for bankruptcy and close the exchange.

just seems like the amouont of tether printed is so large that thye cant possibly be living up to their promises. Its hundreds of millions of dollars

whos behind tether?

Yeah, but who the fuck is sending Tether hundreds of millions of $$$?

Plus, signups have been disabled almost a full month now since they got hacked:

wallet.tether.to/app/#!/signup

Yet, mysteriously since then they've had a huge boom in USD pouring into Tether? Sure thing...

You BTC faggots turning a blind eye because you know it benefits you are almost as bad - you're gunna be holding that bag

They issue them on deposit AND withdraw. The only way to peg tether to $1 is to control the supply...

Bitfinex using funny companies.

This will crash so bad it will be kinda hilarious.

it's almost as if tether printing follows the total crypto market cap because reasons

>Supposedly they only issue
Guys, reading comprehension. I'm not commenting on tether being or not a scam. They might not actually have the usd backing they claim, and maybe they print whenever they want just because they can, but they certainly don't "print tether depending on supply and demmand to keep the price pegged to $1".

I wonder...

Which is real easy to do if another exchange says "hey, we need more Tether" or a bunch of people dump a few million in to Bitfinex because their scam is you deposit dollars for tether, or people start buying millions of dollars of tethers from bitfinex because bitfinex is selling tethers for $1 and kracken is selling them for $1.02.

Sure, tether is fishy as fuck, but it's also doing exactly what people want it to do and it isn't flying off the rails. Yet. The house only collapses when everyone collectively decides tethers are shit, in which case crypto basically goes belly up as the millions being held in tether by people thinking they own dollars are suddenly worthless and lawsuits start getting thrown out left and right because lawyers start smelling that class action money.

If you are late to the game of course you like Tether, but most people have been here for a long time and they can smell when shit doesn't add up. 20k looks like an excellent exit point, especially when we were only able to reach that point because of fucking Tether in the first place.

20k Bitcoin, c'mon guys lmao.

Honestly they probably don't because this shit is basically fractional reserve banking. Or hell, they do. It's only what, a billion dollars now? I know that's "blow your mind" money for Veeky Forums, but it's not that much in the grand scheme of things.