So, what is your plan when tether implodes and 80% of the crypto market cap is evaporated in hours?

I never touched BTC or Tether, so I don't know to what extent I'll feel the blow, but I'll either hang my head in shame and never talk about this again or just keep on trucking, depending on the fallout.

This.

Fuck fucking Tether.

Lots of irrational bullshit going on in this market, but nothing worse than the idea some shitcoin no one even buys will crash the entire market.

It's okay man, crypto isn't like a house of cards or anything crazy like that! If Bitcoin crashes or Bitfinex doesn't actually have billions of dollars, I'm sure you'll be fine.

What are the odds of everything going badly at some point in the future? Pretty low, I think. Stuff will probably just go up forever and ever, forever and ever.

>99% of people have zero clue how to cash out.
This meme needs to die. It's really fucking easy.

If tether implodes, all USDT pairs will moon.

Can you explain why Bitfinex actually NEEDS to back Tether with anything? Without a way to cash directly to fiat from Tether I don't see why it does.

Laugh, because I never try to time the market with Tether. I only know how to hold.

Won't lie, I'm so neet I don't even have a bank account or ID. I'm getting shoved out by early regulation, I don't know how I would cash out without losing 15%.

Of course you'll lose some when you cash out (taxes and whatnot), but cashing out itself is easy enough.

I dunno what it's like for burgers but I can just sell off my BTC for AUD and then do a bank deposit.

that's simple. You lose 15%. Better luck next time.

My plan is to lol at butthurt niglets like you and buttfinexed who lost millions shitposting on Twitter when the market barely dips then rebounds huge to ath on a buy the bad news event

Desu I'd just find someone who'd be happy with a beer and send them my BTC for them to wire without losing shit. Would take effort and thats a lot of a cynical neet like me but...

Canadians get it easy compared to burgers I think, I don't think I'd even need to really pay taxes if I claim it was a 'gift'. The social interaction is too taxing even to get someone irl to do it for me.

Bitfinex actually needs to back Tether with US Dollars because they've sold everyone Tether and promised that it will always be worth 1USD.

Bitfinex has never had a real audit performed by an internationally recognized auditor.

Bitfinex has only been audited by an organization called Friedman. Friedman was paid for this, and sent back a letter that pretty much clears Friedman of fraud, but doesn't actually indicate whether or not Bitfinex actually has the money they say they do.

Here's a snippet from the Friedman Tether "Audit":

- "We have not performed any procedures or make any conclusion for activity prior to or subsequent to September 15, 2017."

- "FLLP ... makes no representations about the Client's ability to access funds from the accounts or whether the funds are committed for purposes other than token redemptions."

- "[Friedman was provided] Screenshots from the Client of the balances in each Tether address purportedly controlled by the Client".

Tether has never been audited. It's received a very scary letter from a small auditor, and that's it.

You should be fucking terrified of this market.

Yeah yeah yeah, all that. But if you can't literally withdraw USDT for USD what does it matter? Now maybe you can, in which case I'm wrong. But if you can't, and you have to go through some other crypto first, then it doesn't matter because it has value based on everyone believing it does.

I agree tether is scammy but it's not in their best interest to crash tether.

Do you realise whenever they print tether they can essentially buy crypto with it, there is no doubt they trade this crypto to make money and can easily repay the market cap of tether.

It is in their best interest to keep tether going to be able to get more crypto for free

I think we all realize that cryptocurrencies are pretty insane and can, or should, collapse at some point. I'm not keeping much in this, but I'd rather not lose it all. It's just a fun way to pass the time.

Here, maybe this is hard for anons to understand.

Financial audits are very serious. Auditors will pore over every part of a company's finances for every minute the company has been operating, up to the current date.

Tether has not been audited. They have one letter, from one firm (not a large firm) saying that on one day in September, there were screenshots of bank balances that correspond to some of the Tether on that date in September.

If you've made any profit this year (or even a loss) the smart thing to do would be to exit the market. Don't hold out for a million. Don't search for one more 2x. When this blows up, you will get zero dollars out of the market. The mirage will disappear within seconds.

bad things happen because of leverage. it means a portion of btc/eth and therefore all alt coins are artificially inflated

it means that when people panic and cash out the price will come crashing down in a best case scenario, and 2, they literally can't cash out because fiat exchanges don't have enough USD on hand to do so

USDT is on many exchanges, and if tether is invalid do the exchanges suddenly render it invalid wiping out people who hold USDT.

this just in: jCash token from the jibrel jews will be available shortly. Autidet and guaranteed redeemable. Wow, user. That's heck of a deal. Yeah.