For the first time in history, the Big Bankers are facing a game where they don't have a playbook to beat the enemy.
They have always controlled the money and how the money works, but Tether throws their entire game plan out the window.
Tether does 2 things they don't know how to stop.
1. Tether allows Crypto owners a quick way to hide on the sidelines and buy the dip.
Essentially what that means is when the Big Banks try to crash the market with no survivors, the Tether owners can just hop to the sideline with their gains, and then buy for cheap. And they can only do this because this all takes place at the click of a button. In essence, the Bankers biggest weapon is now a weakness because they're essentially allowing the Crypto Day Trades to make money and accumulate coins very easy.
2. Tether stops crashes.
We've seen multiple times now that when it looks like all hope is lost, Tether immediately prints a bunch of Tether and buys Bitcoin. A market based on pure emotion now will find itself having Tether come out of nowhere to buy BTC very quickly, which pushes up the price, which stops a crash. And the bots don't have any system for how to beat this, because they're designed to ride waives and margin sell so in essence, Tether is causing the bots to also buy by triggering a price spike and thus accelerating the price spike.
The Big Banks have never faced a monster like Tether. A Federal Reserve type machine that moves fast and people can buy fast. Crypo should have crashed a long time ago, but Tether prevents that from happening.
It’s sustainability is my concern. Then again I’ve been saying that since May so fuck if I know.
Angel Price
And when tether inevitably crashes..... we're all fucked
John Edwards
Nice FUD.
Is there a FED Banker version of CTR because I'm starting to wonder if these anti-tether shills aren't completely organic...
Ian Brooks
It wasn't FUD, why don't you actually read it?
Aaron White
Tether is king. It is one of the quickest and best hedging tools. And don't come up with the random FUD attempts about IRS auditing. Or Tether isn't backed by anything. Like any fiat is backed by anything except trust.
Landon Ramirez
I want to believe this, but how different would I be from the bitconnect believers?
Chase Collins
People see Tether threads and think it is FUD. I like your point of view.
Jace Thompson
What, tether is exactly like the money on your bank account, except less insurance. It's some company's promise for fiat.
Isaac Hill
>I wanna be a central banker for buttcoin!
Stop shilling jew.
Sebastian Cox
>Hey do you hate the money in your wallet? >Give it to us so we can control it instead! >It's exactly the same as the money in your wallet except we take a cut every time you want to take it out of your wallet and expose you to exchange scams. Are people actually stupid enough to 'invest' in this?
Mason Hughes
Small difference: Bitconnect gave you like 10000% roi every year and tether gives you in the worst case -1% or in the best case +1%
Anthony Gutierrez
What is the point of tether when you can trade a USD cross? At least then if tether crashes you still have your USD.
Bentley Cook
This really doesn't seem sustainable
Jackson Sanchez
Tether prints itself tether, buys BTC on the market, then when that BTC goes up in value, tether takes the BTC and sells it for actual USD to meet its reserve requirements.
As long as people are willing to exchange their assets for tether, tether can do this forever. Literally /our_central_bank/.
Aaron Young
First one who understands how Tether works
>MUH BUT IT ISN'T BACKED - MOMMY
Jackson Fisher
if u convert to usd. irs will asfuck u.
Jose Hill
But there already is a central bank, called the Federal Reserve. The only thing this is a hedging tool over is on the value of of the US dollar.
Wyatt Gray
Basically it's better to put your money in any savings account than this meme.
Jeremiah Hill
They're assfucking you anyways with these new rules that tax crypto/crypto exchanges. I'd feel safer using USD than USDT but that's just me. Otherwise it's a cool idea if it does indeed maintain full reserves.
Luis Gonzalez
Only if you make a profit. The IRS couldn't give a shit if you lost money trading bitcoin.
Owen Martinez
Tether Ltd USD reserves are loaned. If everyone wants to cash their tether out at once (e.g in a crash), they’re not going to be able to cover.
Colton Thompson
You could same the same about the Fed and Fiat.
Benjamin Garcia
Yes this is what happens when people do a bank run too.
Tether is basically trying to be a bank service except the real reserve bankers are electricity companies and GPU makers.
Henry Nguyen
while at the same time tether is preventing btc from mooning, since its so easy to just short it and rebuy cheaper, with almost no fees, everyone is doing it to get those shitty 5-10% gains, so btc will stay on the 10-16 range for a looong time until a new influx of normie money comes in. Fuck tether and fuck you, we'd be 50k by now
Alexander Robinson
indeed, its almost as if crypto was a conspiracy to create a new economic system backed by electricity and hardware, dethroning the banks.. and no PoS is shit will never replace PoW
Aaron Phillips
What happens when btc goes down?
Samuel King
All these fags crying about the fed an muh teather, look you bitches teather is why the crypto market is so over inflated, nobody wants to cash out just teather up and wait for the "normies" to buy your unusable product that can easily be lost for 50-200k
David Scott
Then they print more Tether like the FED is doing right now or the european central bank with QE
Adrian Johnson
the guy who started tether is ex wall street. dont be retarded
Carson Diaz
You would be at 3500-4k without teathers. Crypto is proving why we have central banks. Just wait for a private bank to make a crypto instrument.
Mason Carter
which then also raises the price by 10%, so they can sell off some BTC to cover the new tethers and don't forget about the few mil/day they get from exchange fees, that certainly adds up
Connor Price
It's more of a utility, isn't it?
Joshua Russell
>utility It's not doing anything a regular bank account isn't already doing. If anything it's worse because it exposes you to exchange fraud.
Nicholas Price
Except during a bank run, the government will eventually cover the expense through the central bank. Such is not the case with tether, there is nothing to save it from a bank run and if one ever does happen, then the whole scheme collapses in on itself.
Alexander Wilson
>when you realize that tether saved our asses by printing more tether
Aaron Ramirez
Yes, it's like a really shitty zimbabwean central bank.
Aaron Perry
>when you realize that wallstreets plans are getting fucked by tether
Christopher Ward
> APOLOGIZE
Wyatt Walker
>wallstreets plans I think wall street is bigger than retards sitting in a basement fiddling with cryptocurrency that nobody uses to actually transact for anything and all trading is basically mindless speculation.
Asher Lopez
And who pays the expense? Perfect scheme
>Bank is bankrupt >bank run >bank cannot pay every customer >state steps in and "helps" everyone >everyone pays their own savings with their taxes.
Eli Perez
Yep took people the second half of the decade to realize crypto is the future
you realize your wow and pubg computers get stronger with more processing power to handle ur pixels every year right?
physics and computer science will push the mining technology beyond anything youve ever seen before
Cameron Johnson
Yes, this is why banks are basically an iron clad profit machine.
Ayden Cooper
FDIC only insures like the first 250k of your deposit If tether is ponzi, US banks are ponzi. Only real difference is government will prop up US banks with taxpayer bailouts.
Anthony Evans
>artifically inflating the value of Bitcoin with imaginary coins There couldn't possibly be anything wrong with this. >b-but muh USD is imaginary Literal retard if this was your first thought.
Luke Foster
> Tether immediately prints a bunch of Tether and buys Bitcoin.
Yeah, that's not how it works. Tether can only be issued if Bitfinex actually has put down the dollar behind it. For them it's literally the same thing if they buy Bitcoin directly for USD, or put the USD behind tether then buy Bitcoin for the tether.
It's been audited multiple times and nobody found anything fraudlent behind it. They have the money behind the tether they release to the public.
Any why wouldn't they? They make a shitton of money on the transaction fees, which is entirely theirs. It is not a decentralized 'coin' and for some retards it's hard to digest, but centralized monetary companies work just fine today. Maybe some day someone solves this issue in a decentralized way, until then we have to put up with something that's about as reliable as paypal or visa.
Adam Davis
>If tether is ponzi You are assuming that tether is honest and does everything it says it does. Which it might not be because it's basically some mong on the internet.
Brayden Young
>if it does indeed maintain full reserves They don't. And they don't need to anyway because you can't sell your Tether back to the creators for USD. It's a one-way street.
Jack Campbell
yup its only use is to buy back into btc or some alt, and crypto holders can say fuck you anytime and your tether is worth nothing. That it didnt happen yet doesnt mean it wont happen
Post the audits. And here is what is in their TOS: >There is no contractual right or other right or legal claim against us to redeem or exchange your tethers for money. We do not guarantee any right of redemption or exchange of tethers by us for money.
Jackson Jackson
Kek, im getting strong fud from tether and its making me want to cash out
Hunter Young
...
Jonathan Hughes
just got a 200m tether infusion in the past 48 hours and everybody is selling.... prepare for the moon mission
