TETHER PRINTS 100 MIL

Tether has saved us again

I don't agree with that statement, but it is always used by crypto enthusiasts.
>Muh capped number of coins
>Muh deflation

thank you based tether

Tether, the next scam after Bitconnect, I am calling it folks.

>fiat is fake moneys bcs the evil guverment illuminati make dem
>new paradigm coin is reals bcs it gib free monie everyone

Wait, how the fuck does this work, and why didnt they do it sooner?

these niglets need to print at least a bil

look the other way user just look away.

It's almost like people are putting fiat into bitfinex to buy the dip, so they have to create tether. Crazy huh?

me brainlet
literally how is tether any different than USD wallet on GDAX?

Because they want you to panic so they can buy your coins cheap, you dumdum.

I wish these chinks would print more and more and more, and fuck up the kikes' short futures contract ending tomorrow

THE RAT VS THE DRAGON

About god damn time. What took so long?

yeah the real show starts tomorrow

Yeah, $100 mil worth, while the price is crashing. Amazing!

push buttin
mak money
by dip
is ez

usdebtclock.org/

far worse

Tether is a crypto created by Bitfinex, long story short supposedly they print out more tether to inflate the price of bitcoin so they don't go out of business. It's a pretty cool conspiracy that is probably true.

Can somebody explain what the mechanism is behind printing Tether meaning that money will head back into BTC and the market?

Yeah some chink whales are getting rich. In real money, I mean.

Economic crash?

they don't print money dumbass, people deposit money and they convert them to tokens

What happens when everyone cashes out at once?

Is it really though? If you have 100k new accounts a day on coinbase where everyone puts in 1000. Then this crash happens and everyone moves to tether, what's the issue? Shouldn't it mean there's 100MM new money in crypto?

How do I find link to image in oP?

I never said Bitfinex could print money, I said they print Tether, but why does doing that restore confidence in the value of BTC or cause BTC's price to rise, and "safe us from this crash"?

the system crashes. but that would happen to literally any exchange and bank if everyone tried to cash out the same time

They literally print free money, they operste on fractional reserve banking, it’s just a time till it blows up and people who hold tether eat shit.

Just wait until all those USDT holders try to cash out because they're too pussy to stay in the market. Oh man, the amount of red wojaks will block out the catalogue.

Can be a really long time until that happens though. Stock market should have crashed three years ago and its still kicking.

people convert to tether because they lost confidence in btc not the opposite

If they're printing hundreds of millions to buy and it isn't creating a reversal, that would be a bad sign that the real money just isn't coming. But who knows what is going to happen in the short-medium term, we've just been crashing for a day.

What is the guarenteed minimum?

Banks are typically ensured as well.

It should, but it doesn't, because USDT is unauditable and is backed by nothing. :)

I fucking love this timeline all is just so subreal, I don't even know what is going on anymore.

Or hopefully Jibrel and jCash can replace it.

when that happens to banks they usually shut down the bank to prevent everyone cashing out. If you are in EU anything under 100k is insured

If that's actually how it works then tether is backed with usd as it claims and there's no problem.

every tether was supposedly backed by one dollar but they gave up and now just print them. for some reason the market accepts this because they need a dollar token

Fuck me. So people believe that all this money that was pump into bitcoin last year was real money but in fact it's all fake. There is now real money behind this grow? It's all fairy dust?

>it isn't creating a reversal
It actually is, btc is around 11k. And that even though the new tethers have only only 2 out of 6 confirmations and can't be used yet.

>they operste on fractional reserve
why does everyone say this? is there any proof they print more than they hold USD?

Banks would just get bailed out, but I seriously can't imagine a "run on the banks" these days. Nobody transacts in cash, everyone just uses their cards/bank accounts. We experienced a kind of run on the banks during 2008 in the sense that there wasn't enough reserves in the banking system to cover their debts between each other, so in a way banks were "running" on each other's reserves when the entire reserve system was standing at a loss. Banks can also be out of money over day to day transactions from one customers account to the account of a different customer at a different bank, but they effectively just overdraft at the fed on their reserve requirements and the fed gives them the money at a penalty. So banks get "bailed out" as a regular part of their business.

but what is the dollar backed by?

No, they first create tether, go from that first.
I agree, it can take a long time especially if the market stays stable. Except if regulators actually start investigating this, then it will pop much earlier.

Nuclear Motherfucking Bombs

how is this different from shit the federal reserve pulls during crashes

rofl

There isnt proof that they are holding tho? Or is there? I’d gladly be proven wrong. it makes sense for them to do this because they will never cash out 100% shit they hold just like banks. And being unregulated why wouldn’t they use it? Tbh i havent researched this in the last two months, so i don’t know if an audit happened

Assuming they are legit, it's money that actual people put in their vault on their own.
Assuming they are legit, that is.

what about people switching to usdt to avoid the crash?

If people can't buy tether they will cash out of the market

>Someday
Exactly, someday... maybe next year, who knows

Well would it be silly to assume the 200MM that left in the last day, 100MM went to tether?

it's true though
I 100% guarantee you the us economy will -NEVER- suffer unrecoverable losses any time before the literal end of the world

Dude you know how fucking high demand is for tether
They gotta keep printing the shit so it stays pegged at $1
Plus everyone on bitfinex is closing their shorts and opening longs. They need usdt.

Try understand how this market works kthnx

Thanks, that wasn't so hard but apparently this mongoloid couldn't manage it in two attempts.

thiiis
you retards think tether can only come from fiat poured into the market

Looking at that makes me want to short america. Is it possible...?

Here's how it works. Tether is pinned to a dollar in value and allows traders to escape crypto into something "stable." Every time someone sells BTC/ETH/etc to Tether, one Tether is created. So if you sell $10k worth of BTC to Tether, $10k of Tether is created out of thin air to hold your position.

UNFORTUNATELY... whenever a trader sells their Tether to re-enter a crypto position, that Tether isn't burned. It just goes on existing like a zombie token of sorts.

So there's our Ponzi problem. Theoretically Bitfinex holds one dollar for every Tether issued. In reality, they only HELD a dollar per Tether issued until it got converted back to crypto. Yes, when an audit is finally ordered it will be the crash that brings this all down.

yes.. lol through options and ETFs... most of you coiners are completely clueless to the world of economics outside of your space.

except when everyone gets them

Digits confirm.

What do you mean? Genuinely asking, I don't know how tether works still.

First of all, as I understand it, when bitfinex prints a bunch of new tether wouldn't it always have to go to people transferring fiat directly to tether unless we are basically admitting that their tether > bitcoin > fiat business model is correct? As in, if you go fiat > bitcoin > tether then you're going to be buying tether from another person in the market that got their tether from selling crypto and on and on backwards. At some point, someone entered that market by exchanging fiat with tether to begin this cycle. So you're always dealing with a fixed amount of tether that is going back to an original entry into the market with fiat. If it is the case that bitfinex themselves are creating tether because there is demand for it, and they are on the market buying bitcoin from somebody for tether, then that tether isn't backed by anything on bitfinex's books except the acquisition of some bitcoin. If they actually want to keep parity, then they have to go flip that bitcoin for USD quickly on some other market. If they do it out of the cash people have already deposited with them, then they're going to be at a deficit in their reserves in the case that everybody calls on them for their money.

Keep telling this to yourself.

They just issue tether from nothing. It is the quantitative easing of crypto

Lmao this market is so fucked

Thats exactly what fractional reserve banking is though principally.

For a bank to lend money it just prints it, or creates a string of 1s and 0s, thus increasing the overall supply of currency and leading to inflation and devaluing the previously existing currency(think all coins other than Tether).

We should start a petition to get this shit removed to prevent another future crash...

Tether printing is in response to demand for people buying tether, so it is a result of demand for crypto, not the cause.

Tether is just their way of implementing a similar type of fractional reserve banking system that is applied to fiat.

the difference is that government forces us to use their made up money at gunpoint

bitfinex cannot do this, so as soon as faith in the system is gone, the value goes down to zero

Isn't that bullshit

Yeah, but it's only cool when banks do it. According to the government, they don't like anyone else playing (((bankster))).

This we all fucked for real. At some point it will all be unravel and it will be the end.

Yeah but it devalues the market and makes the other coins appear to be worth more than they really are, which is what leads to bubbles like this...

but if/when tether goes down it will hurt blockchains public image and make crytpo take longer for mainstream adoption, plus itll cause another crash like this that well have to endure which could be even worse...

Tether is digital money. Its always worth 1=1 a share.

Do you think any crypto will last after shit hit the fans?

read this

It's not that simply though, tether could actually be a problem because it is supposed to be backed by something. That means Tether doesn't have enough dollars in its reserves to meet liquidity requirements, it is bankrupt and people have lost money. The dollar isn't backed by anything, which gives it more flexibility. The government's ability to bring forth more dollars is never in anymore question than Tether's ability to make up tethers, or Bank of America's ability to create new bank accounts.

Banks can fuck up the economy if they are making a bunch of bunk loans, but as long as their loans are backed by real demand and real supply of goods, real GROWTH that is, then they can increase the money supply without creating a runaway inflation problem.

>Thats exactly what fractional reserve banking is though principally.
No it isnt. The purpose of fractional reserve banking is to lend money to generate more services, resources, and overall labor, which leads to a stronger economy and more money. So long as half the population doesnt try to withdraw at the same time, its a good system that allows for growth. If your currency cant inflate, you can't possibly lend, and if you cant lend, you dont get new businesses, homes, etc.

>Quantative easing is the solution to the crypto-crash

This just gets better and better. Pink wojacks at the ready, goyim.

I dont see a problem. Tether is better than Ripple or Stellar because the money you put in always remains stable.

Thanks Spoofy, hallowed be they name...if it wasnt for spoofy, wallstreet would of shat us all out!

Doubt it. If tether crashes people will jump back tot using BTC as a reserve currency. Which is prob so many people are spreading FUD about tether since they want people to start using BTC again as reserve currency instead of Tether. This shit is what cause the BTC goes up => alts bleed effect. It was actually reversed. Alts bleed => BTC goes up.

until it doesn't

Yes, but fractional reserve banking sucks without stable asset values and deposit insurance. 1930s had a series of bank runs due to a lack of confidence in the banking system, and I think I trust tether a lot less than I would my local bank, especially if the underlying assets(crypto) collapsed under it.

>UNFORTUNATELY... whenever a trader sells their Tether to re-enter a crypto position, that Tether isn't burned. It just goes on existing like a zombie token of sorts.

That actually wouldn't seem to be the problem, as long as the tether was originally bought by cash. If Tether still has the cash for that tether on their books, then the Tether is still backed by a dollar somewhere. The problem is only if they are either dipping into their reserves to profit, which I don't think is the thing people are concerned about, or if they are making tether without any dollars flowing into their reserves, which I think is the thing people are worried about.

The constitution states we should have just weights and measures, which means that paper money should be backed by silver and gold PERIOD. ie a limited supply of currency, just like all the other coins, except tether.

I think they won’t. At least not en masse.

That's dumb. Again, inflation is good. Its how you grow.