100 million tether printed 5 minutes ago

>tfw they open up a 100 million dollar short position

yeah sure, over 1b in fiat, sure thing

>crytpocurrency

>market up
>Tether printed

>market down
>Tether unprinted?

when will this disgusting ponzi scheme crash? seriously tether is 100% a scam and several devs spilled the beans on reddit a few times already

...

based

PUMP IT!!!

Thank you for the Press Your Luck Wojak nostalga, user.

>According to Tether Limited, each unit of Tether is backed by one United States dollar held in reserve by Tether Limited,[3] and may be redeemed through the Tether Platform

>The company is incorporated in Hong Kong with offices in the United States

How is this not a ponzi?

not even tether can save us anymore

>backed by USD
>implying

UP u are the most retarded dumb fuck ive ever read here on biz the last days. THE EXCHANGES CAN NOT CASH OUT THAT MUCH TETHER U STUPID PEACE OF FUCKING FUCK. ITS ALL A MATTER OF TIME WHEN THE TETHER GET CONVERTED INTO BTC. RESISTANCE LINE ALREADY BROKEN. FROM NOW THE RECOVERY BEGINS. HOPE U ALL BOUGHT IN BUT OP

Am I the only one who doesn't see the problem with Tether?

If BTC goes up, you need more tether to match BTC's price as people convert BTC to tether.

If BTC goes down, you also need more tether sometimes because people mass panic transfer to tether, requiring more coins.

????

damnit why couldnt Veeky Forums be faster on this. The tether print is the ultimate buy signal

>Tether fighting off the apocalypse

Unsure on how to feel.

link? (I know it's reddit but that would be interesting to read)

i've never understood what you're even supposed to do with tether.

how does it work?

>100 million tether printed 5 minutes ago
> 5 minutes ago

I think that's fast enough.

Veeky Forums cannot comprehend the basic supply demand 101 rules.

More demand = Print more tether

Not backed by anything? How the fuck shouldn't the be able to back tether when the sell the traded crypto into USD immediately.

In top of that millions of fee earning. Biggest Ponzi scheme with zero percentage profit per year, sick.

It's a way to convert to a fiat equivalent without actually converting to fiat.

Im with this user. Theres no way Tether has the reserves.

Its litteraly just a haven for when BTC crashes like this

how is tether legal exactly?
and why don't they have their supposed audits?
also why are they in panama out of all countries?why not just sell to real fiat if you are gonna be emotional about it?

The fact they printed more token doesn't mean those were released to the market yet.
They have enough reserves to cover the amount of tokens in circulation, which isn't even all that much.

You actually believe they have the fiat to back it up and they refuse to do an audit, jesus fucking christ LMAO, next bitconnect in fucking coming.

manipulation by you'res truly

Not every exchange offers fiat or dosn't offer it in burgerbucks

Do you really believe that 200 million USD has been deposited to their bank account within the last 24 hours? I don't.

>without actually converting to fiat.

so you can't actually cash out to fiat with tether?

you just.... pretend to cash out?

WOW I CANNOT BELIEVE THEY ARE ACTUALLY DOING THIS.

IF YOU FAGGOTS HAVE YOUR MONEY ON BITFINEX YOU ARE LITERALLY ASKING FOR IT.

Tetherscam to the rescue!

Tether hit $1.06 during the dump. When it's high is the perfect time to send money to tether inc (somehow?) and mint more at $1+fees. That is all. Perfectly reasonable, assuming everything is above board.
Unless of course, there is no incoming money, because they're cut off from the banking system. After years of promises, we've still never seen an audit, just one page that says on it that it's explicitly not an audit and not to be trusted as proof of solvency.

In essence it's designed to keep your earnings stable if you convert to Tether vs keeping it in bitcoin which can go up or down.

Isn't Tether acting like a central bank would?

at this rate tether is going to make the bitconnect fuckery seem like foreplay.

Tether have literally said outright you have no right or guarantee to redeem Tether.

Fuck sake, when Tether finally pops people will act surprised

so you give them your BTC and they pretend to give you USD for it?

can you do like a step by step of when you're using it? like 1. BTC is at 10,000 but going down 2. tether up (??) 3. get back to BTC ??

Listen guys. I was skeptical initially but further pondering of USDT has convinced me that is both legal and legitimate.
If Tether was illegal - not backed by fiat - it would be illegal. Yet, it remains legal as always which indubitably shows that it can not be a scheme of some sort, as some have speculated.

And here we got another user who doesn't understand the concept. Do you even understand the blockchain when you are not even able to get your head around that shit...

Ok. 200m tether printed. No influence at all except the get into the circulation. How do they get into the circulation? Ah someone trades BTC ETH or any other avaible crypto for it.

>Now you earn some sick fee gains

In the same moment you sell the traded crypto for the USD amount

Oh fuck now you have 1:1 USD backing. This is even better than the banks with literally 1/10 own capital backing their shit

could you give me a source for this?

because they don't sell it
according to their website its in a reserve
its the new bitconnect for people that want to evade risk while also evading taxes

>evading risk
>evading taxes

pick one anons

Let's say you have 1 BTC and the current price is $10,000.

>you think the market is going down so you buy 10,000 tether
>bitcoin price dips to $8000 and you decide to buy back at that price

OR

>keep your tether until bitcoin comes back to its original price

Of course Tether's price could come crashing down if news comes out that they don't actually hold one dollar for every one tether.

It literally is a central bank in crypto that can just exit scam everyone, they refuse to do audits.

This too, they said that they did not guarantee the redeeming of tether or the price would stay at a certain value.

People need to actually read what they are buying, lmao.

They will crash under 1$

>registrations disabled for 2+ months now
>business booming

They also updated their legal page so you must be registered with them to redeem fiat - so, when it pops you're fucked because that 1 USDT to 1 USD directly from Tether will be impossible.

>Tether must and does at all times reserve the right to refuse to issue or redeem Tether Tokens

>2+ months now
liar, it's been down for a week only

so it's a coin that, no matter how many you buy or sell, remains at the same price? i dunno, dude. this is from the wikipedia:

"Tether is not a legal tender currency or a financial instrument.[26] The ownership of Tether has no contractual rights, other legal claims, or guarantees against losses.[5] Tether Limited is not a bank and is not required to, and does not, hold its reserves at the Federal Reserve. Tether tokens are not legal tender currency and are not covered by deposit insurance. Tether does not operate in countries and locales which do not regulate cryptocurrencies.[26] Tether is not a legal tender currency, and thereby attempts to circumvent traditional government and regulatory controls.[6] Tether transactions allegedly violate regulatory compliance banking standards such as Know Your Customer and anti-money laundering standards required of financial institutions."

i feel like this crash is showing that some of y'all are doing some stupid shit. maybe i'm missing something tho.

I like the way Snrub thinks

If tether is a scam for not having a 100% reserve then so is the entire fiat banking system

This shit it why I don't let my greed and TA get the better of me.

>We dont trust banks
>We have moved to decentralized finances (crypto)

The banking system is "regulated" by the government though so it's a approved ponzi scheme.

>backed by fiat

Couldn't agree more, the banks wouldn't give everyone their money back if they wanted to cash out, they are fucking jews that would ponzi scheme you.

>women

this is from their website:

"Purchase and Redemption of Tethers: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency. 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. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers."

they are both scams
except for most other cryptos that are actually decentralized
people are so greedy they don't realize how retarded this entire scheme is
Its right in front of them and yet they still ignore it like its nothing

Who cares nothing ever went wrong.

Everyone knows this subconsciously but is too afraid to admit it because it's society disrupting.
It's like before the fall of Rome people would rather go with the charade than admit there'll be hellfire in a few months.

Sounds like they have a good lawyer protecting them from potential law suits.

those terms all apply to every cryptocurrency

>fuck you this shit is nothing
Could have summed that up easier.

How much are you getting paid to shill? what you posted is NOT on their legal terms. Their website explicitly says your tokens are fully backed.

tether.to/legal/

You sir are a fucking cretin, such a shame this site tolerates blatant lying/shitposting like this. Users like you belong on /b/.

the difference is that the governments actually tell you that their money is backed by nothing. Bitfinex is saying that Tether is backed by USD. If they admitted that Tether was monopoly money they were printing themselves, the markets would look VERY different.

The fact that they said Tether will always be around 1 USD
>not stored value/currency
And don't have to accept Tether back while printing a fuckload are huge red flags, the ponzi scheme is so real bro.

>then so is the entire fiat banking system
>baby accidently swallows a red pill

tl;dr you can't cash out

>Fully backed
>Refuses to do a single audit
>Keeps printing Tether
Ok bud.

Forgot to add: they only reserve the right to not redeem your tokens if you're doing something illegal, which is pretty much a requirement for anything that trades in the US. Like if you open a bakery anywhere in the US there's anti-terror laws that say you can't sell to or buy from anyone who may be funding terror groups.

pic related

>imagine being this much of a brainlet
The fact they're printing doesn't mean those printed tokens have been sold. If they aren't sold there's no need to back them because who the fuck would redeem an unsold token you complete moron?

well... I agree, but with the trading volume exchanges are getting these days and bitfinex only accepting big fish at this point, I believe that they could at least in theory front sufficient USD reserves to have the same degree of security that most federal banks do.

BACK IN THE KITCHEN, BITCH

This is literally them saying : oh hey guys, we're also a scam, this is your last chance user.

Lol. Tether isn't any different to what the reserve bank or any other bank is doing. All your money is just numbers on a screen, they don't even have that much fiat and even if they did, ots not backed up by gold or anything else.

If you think tether is a scam then you shouldn't even have any money in a bank at all

The funds are trackable. Once they are printed they immediately enter Bitfinex and pump the shit out of the market.

More like shouldn't have any fiat in the first palce

The quoted text was still on their legal terms page in December:

web.archive.org/web/20171224172135/https://tether.to/legal/

This. I don’t think anyone actually understands how fractional reserve banking works. If tether is ACTUALLY backed 1:1 by dollars, they have more in reserves than 99% of banks on the planet.

>Printing before they have backing
Don't worry, these will just get 'hacked' again so a 'random' person will just buy BTC/ETH and cash out

>Complete moron joins crypto just to go back into a centralized bank that will ponzi scheme everyone.

i would just sell btc and tell tether to fuck off

Bitfinex doesnt even list tether you liar
support.bitfinex.com/hc/en-us/sections/115001039645-Currencies-Tokens?page=1#articles

but the risk profile is much different than my local credit union.... but you know that

clearly posters dont believe they have the dollars

>they
>lawsuits

No one even knows who they are. The company is in Hong Kong and the money moves through 5+ proxies in different tax havens. The market will take the loss, not them.

tether provides liquidity in a market where most exchanges prefer not to deal with USD since it requires compliance to regulatory authorities to redeem fiat.

Bitfinex does not have a distinction between USD and USDT. All their USD trading pairs can be funded with USDT.

...

Liquidity going in, good luck trying to get the 1bil+ back buddy.

thats why they print more retard
its the most useful crypto