Consider that 200 million USDT have been pumped into the market in TWO WEEKS...

>Americans thinking they're the world again

Lmao

People should ditch USDT and switch to DAI, it’s a decentralised smart contract version of tether.

DAI isn't on any big exchanges..

Man, if tether fails, bitcoin will go down so fast and so low that it won't even make sense again even as a concept for years to come.

Bitfinex is about to literally destroy BTC, not the other way around.

We pretty much are.

Scary stuff

>tfw all of Crypto relies on everyone turning a blind eye to Tether

Just a matter of time

Okay cool, there's maybe merit here. Let's discuss. Tether is only $1.7b of a ~$500b market cap for the whole crypto market. So would the results REALLY be that dire? These are things I'm really trying to think through.

IDEX supports DAI. More people should use IDEX.

>we dont need regulated markets because decentralized lol
>blockchain technlogy da future revoltion gainst the banks!!!
>anti-koruption currency

What the fuck are you larping about you fucking retard. Neck yourself

You really should read on how the economy/stock market/etc works. Too many oblivious people in Veeky Forums now because of the cryptoboom a few weeks ago. Your post is /v/ tier.

I bought 100k of these

>Tether is only $1.7b of a ~$500b market cap for the whole crypto market.

Tether is the MOST LIQUID 1.7 billion "dollars" of the entire crypto market.

Bittrex does not have tether ?

>IRS is going audit a company that is no longer based in the US and is already locked out of all US banks.

Ya, ok. gl with that.

Ok bagholder you'll be fine bitcoin is going to 100k in two weeks

Ok please enlighten me? What are the fundamentals of what happens if Tether 1. gets audited, 2. Collapses thereafter, 3. Bitfinex gets audited, 4. Bitfinex... collapses? I know this is Veeky Forums, and throwing shade is inevitable, but let's try to have a genuine discussion about this topic.

Tether makes me genuinely nervous, there is nothing other than their promise that Tether is backed up 1:1 by USD. The entire value of the crypto market is has been pumped up by the assumption UDST actually is tied to USD. What is the chance Brock Pierce and his friends have shorted Bitcoin and are set to make a killing? . Is this brainlet level thinking?

The market cap isn't entirely accurate because shitcoins are leverged through btc/eth.

1.7b = 170,000 btc. Which is the equivalent of clearing close to the entire gdax order book.

bitconnect had 10mil of trade volume today

it dropped from 2bil to 200mil marketcap

actually 170,000 btc is more than the daily trading volume of both btc + eth on gdax.

No-one is going to audit tether, there's a reason Ifinex is registered in a shithole country.

Tether will collapse the second there's a run on the scammy tether exchanges, which could be happening now.

Bitfinex and their cohorts (bittrex etc) will cut and run, dumping any coins they've purchased with Tether and everything else they can get their hands on.

> "DDoS attacks"
> "Withdrawal problems"
> 404
> Got rekt

You think those $500B actually exist? You fell for the marketcap meme

That's a good point.

Also a good point. So to what government is Tether/Bitfinex responsible? Japan? They do actually have offices in the US, not sure if that means anything though.

The Chinese don't give a fuck about tether

..... Bitfinex, according to its now widely circulating terms of service, is registered in the British Virgin Islands under the name iFinex Inc, with subsidiaries Bitfinex in Hong Kong and BFXNA in the US.

I see, thanks for that info. To what extent are bittrex and bitfinex in cahoots?

Not the entire space but like 95% of it. That is a good thing to me though because this fraudulent shit has created a greed cycle. Somewhere along the way we forgot the vision of why cryptocurrency was invented in the first place and it just seems like people only care about the pump and dumps and not the revolutionary technological implications.

If bitfinex or binance exit scams bitcoin is going to $5

Any exchange that deals in Tether is highly suspect and possibly insolvent, especially Kraken as they have the only USDT/USD pair I'm aware of.

pls explain as if i was a retarded drooling brainlet

You're not the drooling retard, they're just another bagholding wojack trying to convince themselves everyone is stupid enough to deal in Tether

Just fucking look the other way and quit asking questions. Enjoy the blind-eye while you can and cash out before shit hits the fan

I see now. Exchanges are suspect for listing USDT itself is suspect. I've never considered that idea given that all the major exchanges that I'm aware of list USDT. Thanks for helping me wrap my head around this.

cryptodealer.io/blogs/news/using-tether-to-realize-profits

nah son, if crypto dealer backs them then they're legit

>Hong Kong exchange
>IRS audit

What do Americans mean by this?

Americans are think the whole world is build around their IRS. IRS can look everywhere and IRS is everywhere.

Let them live in their own bubble.

Why does tether even matter? I can deposit from eth or btc directly to a place like gemini then sell that for USD (not USDT). I don't think I've ever held USDT.

I was wrongly under the impression that Tether was, in some sense, based the US given that I know they have offices here. I realize now that this is not the case and that they are in fact, based in Japan like Bitfinex.

BTC is the USD of the digital world. No way the government let's their precious centralized banking system fail. They've come so far and won't let the NWO die.

>The IRS belonging to American's.
1913 motherfucker. America is owned by federal reserve. The IRS is basically the mob for the reserve.

>I see now. Exchanges are suspect for listing USDT itself is suspect. I've never considered that idea given that all the major exchanges that I'm aware of list USDT. Thanks for helping me wrap my head around this.

They use USDT (Tether) because they don't have the actual dollars to back withdrawals. Real banks do not want to work with these exchanges so they have no way to secure real $.

this guy is completely correct.

if tether fails then the price of BTC/tether will skyrocket, followed by a collapse.

>Why does tether even matter? I can deposit from eth or btc directly to a place like gemini then sell that for USD (not USDT). I don't think I've ever held USDT.

because a lot of people moved btc to shitcoin exchanges that only offer tether. Half the marketcap is on these exchanges.

finally, someone here gets it

Oh fuck I fucking get it now. Fuck me.

i thought about this a few weeks ago.

Tether may cause some problems legally in some countries. For example, in my country you are limited on the amount of dollars you can buy and also is not easy to have a USD account . USDT is breaking all the laws here and i can see the government banning all crypto just because of that.

Its probably going to fail before we reach that point anyway, but still.

no, it will first drop tremndously, certainly on bitfinex, as people are fucking retarded, we've seen this the previous tether fud. i'll be buying low though. bitcoin should pump if all money in tether is forced into coins. gdax prices might drop instantly and stay low.

also, i think bitfinex is trying to save it's ass with EURO pairs, i think they're legit

You mean the fed is going to slam all their money into bitcoin? So BTC is going to be the new backup for the us dollar?

The best part of it is you won't know what's going on until it starts dumping because you can bet your ass the public won't know.

thought thatd be a guaranteed response

WESTERN UNION. MONEYGRAM. hahahahahaha that's centralized BTC. BTC you mine blocks to generate coins. Money you tax the people with and charge interest for the service. Just like BTC having transfer fees when you send it.

>a currency backed 1:1 by US currency except less well accepted and less liquid
>give up control of your money to faceless mongs instead of just leaving it in the bank
Anybody who is stupid enough to buy this shit deserves to get all their money taken from them.

>btc you mine blocks to generate coins
With BTC you're ceding control of your currency to GPU and Electricity supply companies.
>Money you tax the people and charge interest for the service
Actually with money the central bank (like fed reserve) controls the supply of the money by lending it to the other banks and making money off the interest and paying their debtors (holders of US bonds) slowly.
BTC is just creating money out of literally nothing except you control it by making it more difficult. It's artificial scarcity and moronic.

Blockchain is a clever and novel idea that banks should take into consideration for their future transaction systems. Bitcoin itself is a worthless hunk of junk designed to scam mongs into maintaining the blockchain.

wait are you telling me the USD pairs in Bitfinex are actually USDT?????
have i been lied to this entire time!?

why is tether even a thing on bittrex, binance etc.?

Avoid cashing out and still be able to find a safe spot.
Hedging tool

So if I transfed my 1 btc to usdt at say $10500 if btc keeps dropping I should still have $10500 to buy back in later

So how can we take something that was created out of nothing and make it get rid of something and make it nothing?

Yawn FUD o nooooo sorry u missed dip son

You can't. A currency's value is based on the fact that it's easily transferable into items of value. A fiat currency like Buttcoin is just massively inflated by speculation. There's literally no reason to own or use bitcoin except that there's some technobabble nobody understands and they think it's free money.

The only people making a killing out of this is exchanges who take a cut of every transaction.

yes

Yeah or have the money in your bank account and buy btc later and skipping a retarded step.

This needs to happen so only the fundamental coins will be left standing.

Just to be clear
This is a way to literally price lock my btc

Because it means that bitcoin's value is being propped up by fake money?
i.e. the USD it's being traded against never existed

Yes. Unless Tether gets pwned.

What if people could accumulate BTC by mining using renewable energy so it's reproducing on its own. People with great mining rigs are gonna profit from the fees when the cap is met. But they're using solar or wind or nuclear power to generate it. Not paying to those electrical companies who are on the grid.

How is USDT created? When you buy USDT with USD do they just issue it to you? If so why wouldnt they have you USD(im guessing simple fraud where you get the usdt IOU and when you go to claim it, its gone).

Here's hoping

Peraonal nuclear reactor to mine btc.
Brilliant

But Mooncoin will go up then.
>fucking die Tether, fucking die and stay fucking buried!!!!!1!!!!

Then the supply of bitcoin would approach infinity and the value would approach zero.

... its a finite, deflationary asset brainlet

Nuclear energy with cyber technology and electricity powering it from renewable tools like solar panels, wind turbines that can be controlled from far distances because of wireless technology we have. Bluetooth into a satellite that controls coding.

>It's a finite, deflationary asset
based on the finite nature of electric power you stupid fuck. If you can produce infinity electricity you can produce infinity bitcoin.

Are you retarded? The hardlimit is 21 million bitcoins you idiot.

Wouldn't tether destroy the value of all crypto?

>Hardlimit is 21 million bitcoins you idiot
If you have enough electric power you will use up the coin limit for a cost approaching zero so you'll basically corner the mining market because nobody can mine as cheaply as you. And then when there's no more bitcoin to be mined it will truly become worthless.

>hardlimit having anything to do with the fact that mining is limited by electric power and time. Time is infinite so if you have infinite electricity you can creat infinite bitcoins. The hard limit just means you get to the point of being useless earlier.

You can't be serious. Bitcoin is hardware limited to 21 million supply. Once the final block is done, there won't be any new bitcoins.

That's when Phase II of Satoshi's grand plan activates.

Yes it's hardware limited, so when someone fucking mines 21 million bitcoin the system collapses because nobody maintains the blockchain anymore and the whole thing is completely unusable you stupid mong.

That doesn't mean that if you have infinite electricity you can't create infinite bitcoins. The hard limit is just the limit of the system.

Also If I had infinite electricity, I wouldn't be mong enough to fucking mine buttcoin but instead get robots to build me a fucking sky mansion to house all of my robot whores and farm all the best food in the universe.

what the fuck is this shit, miners will still take fees after the cap is reached

>miners will still take fees after the cap is reached
At the cap the whole bitcoin machinery will grind to a halt. Mining serves the purpose of maintaining the blockchain. Without any incentive to maintain it the system will collapse. All bitcoin will essentially be worthless then because you can't exchange it since the blockchain is broken.

are you fucking retarded? the fees are the incentive.

This just means smart whales were buying the dip

You're retarded and even if you're right, nobody should give a shit because the last bitcoin will be mined over a century from now. Get the fuck out faggot