Tethering

First of all it would be the easiest thing to them to hold 2B.
Second. Why would tether be the first "bank" who has to store 100% with own Capital?
People are cherry picking whatever the want

USD isn't backed by gold anymore, but it's not going to see real issues for a very long time. The amount of faith placed it in by billions of people is still, relatively speaking, rock solid.

USDT is a token with absolutely no value, that is not redeemable and not backed by USD. It is arguably illegal and without question a stupid investment. now fuck off

Change X BTC and recieve Y value of Tether.

Now all tether has to do is change the X BTC to USD to recieve Y value. Oh wait how are the going to change? They have their own fucking exchange.

Tether's inevitable implosion will be one of the greatest sales in crypto history, I cannot fucking wait. Hopefully a lot of whales get toasted.

Its currently can be withdrawed in Bitfinex to a credit card so it's theoretically backed by USD but they could make an exit scam any time

its called fractional reserve banking you fucking moron. banks do the same fucking thing. your bank doesn't have everyones funds on hand. the banking system would collapse the second there would be a bank run. its the same concept with tether.

>He thinks Tether is backed by actual FIAT, when they refuse to do an audit.

Are you by any chance an investor in bitconnect?

it's not backed by shit because they don't have 2 billion in fiat and the exchange could collapse at any time. Sure, you can use it for the time being but it is a literal ticking time bomb.

You do realize that 1 tether is backed by 1 usd?

So if you buy tether, you technically have a crypto form of 1 usd

They have coffers, full of usd, 1 usd per 1 tether they have

If you buy 1 tether, there's 1 usd sitting in their stash that they can give you

Tether is the best way to store your money in crypto without having to pull back out to fiat and eating fees

I know what fractional reserve banking is you stupid fuck, I work in forensic services. If you think this is the same thing you are a kid or an uneducated adult. Your bank has FAR more backing than motherfucking Tether, although of course shit can happen ie Northern Rock. But to compare fractional reserve banking on a national level to Tether is retarded and/or arrogant

Tether literally says they aren't backed by anything on their website.

dont worry the federal govt is gonna buttfuck tether and that will destroy crypto

Being sarcastic btw
But yes, tether is literally a timebomb waiting to explode, there is no way they have 2 bil of USD in reserves and they refusing to do audits.
The fact they even said they don't even have to redeem your tether for USD is a huge red flag.

FUCK you guys are so stupid I give up

Not a single bank in this world has 1:1 fiat backing. Not a single one.

>What is fraction reserve Banking?

Could it be possible that tether has 1,5B backings? Yeah easily.

Is it likely? No and again there is no need, except the fucking crypto implodes and then tether is the last problem

Degenerated forum full of pajeets and brainlets. enough biz for today Peace out

It is backed

>Transparent

>Our reserve holdings are published daily and subject to frequent professional audits. All tethers in circulation always match our reserves.

I hope you realize they could easily be lying about having the USD in reserves. Its literally a ponzi in crypto because there is no way they have 2 bil in USD sitting there and them refusing to do an audit.
They are literally just printing tether to exit scam down the track.

someone post the pic of the bitcoin turtle pepe blasting past the altcoin hare wojack with a tether shit rocket.

wallet.tether.to/transparency

Nice just bought 100k.

Really though tether is back by bitcoin and bitcoin is backed by tether. It's the crypto Ouroboros and anyone who tethers up is playing with fire.

Total lie. Give a source or get the fuck out. You just follow the FUD train like a retard

You are seriously stupid. Just fuck off.

Lmao you actually believe what they say, ok bro, show me proof of 1 audit they have done.

>OP posts a tether meme
>Veeky Forums virgins start arguing
classic

Yeah ok dude, just trying to sell you my tether bags :^)

fuck off dumb pajeets

I am waiting for proof of an audit retard.

>Imagine going back to a centralized scamcoin to avoid crashes.

Dey iz printun more of duh Tehter...buy buy buy

The ride never ends. NEVER.

>someone posts a meme
>people argue about it
yeah welcome to Veeky Forums kid, keep projecting

lol dude shut the fuck up you fucking brainlet.

no thanks, try making a point instead of insulting me with your waste of a post. Tether refuses audits and pumps bitcoin with fake money, get over it

dude i dont give a fuck what tether does i never use it and i know its a threat to the stability of the market, im not advocating it you dense fuck. im explaining that what they do is similar to what banks do. i dont think anyone actually believes that each tether is backed by a dollar. as long as a bank run doesn't happen, it doesn't matter how much USDT they print as long as there's demand for it.

Have fun whoever ends up with the USDT and wants fiat back in the end. They will just exit scam.

It DOES MATTER because they are committing fraud you retard. What they are doing is not the same, although it is similar. but the differences are very relevant and will cause a crash one day that will be Mt Gox tier

jesus christ look at that fucking ape

...

>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.
>Tether was founded in November 2015.[11] The company is incorporated in Hong Kong with offices in the United States.

>Prints 200 million Tether in 1 day

and? they just sold off their btc/whatever other coins and got 200m in fiat

bolstered their coffers to keep up their service

actually its not an exit scam if u tell everybody beforehand that the company is not obliged to convert any of the monopoly money into fiat

the only way to turn it into fiat is thru exchanges
thread carefully anons

They pretend 1 Tether = 1 USD
And now you have 2 billion tether you can buy Bitcoin with.
That's literally a Ponzi. Idiots think Tether is worth anything.
They can't be audited because the money isn't there. As soon as the gig is up that's 2 billion gone.
They also admit it in their website
>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.

WHY PEOPLE KEEP REPEATING THAT?

WHAT THE ACTUAL FUCK?

Monthly volume:
$72,784,419,997

OK, gonna check their fees now. A bit complex table, but gonna exaggerate for the less: 0,14% per trade.

That means 100 million monthly revenue ONLY FROM TRADE FEES. (And it is actually much more than that)

Do you really think that company can't back a significant part of those 2B Tethers, if not them all?

Remember: if every client wanted to cash out from a bank, that bank wouldn't be able to pay. But of course only part of the clients want to cash out at a time, so there is no problem with that.

1) implys printing = in circulation
2) 200m is literally nothing for bitfinex
3) Fee earnings
4) sell off the traded btc for Fiat
5) what is fractional reserve banking

The same can be said about an investment you fucking faggot.
It's literally a Ponzi.

Was about to post something relating to this, the fact they are not obligated to redeem tethers is a huge red flag, but they keep printing and taking your fiat.

Oh no, what happened to Tether being backed by 1 USD?
You're now talking about fees in a fucking Ponzi scheme.

Fees can be used for backing tether? Tether is traded on exchanges and create Fee earnings? Are you a fucking nigger with 60 IQ? Better join your BCC biy

Says the nigger defending a Ponzi. Bitfinex uses it to buy Bitcoin for free through exchanges because they print it.
It only exists to bail them out.
Not you.

You can disprove me by showing me their audit records and show that they have 1.6 billion dollars stored.

>>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.

How can people still use this shit after reading that?

You can't even demand from Tether to convert USDT back into USD, only way is exchange.

I would maybe trust them if they accepted third party audit.

Do u really want an unregulated version of the same concept that your fiat bank uses
This is beyond retarded, I mean yes u can evade some taxes with some creative trading
But its a dangerous game u are playing
Its bascially a fractional reserve in crypto and we all know that bankruns are way more likely to happen in crypto than in real life
Even in real life if they happen, the banks are helped out by the government to make up for the shortages

lol, again i understand that. explain to me in detail how they're committing fraud. they're not entitled to reimburse you for USD, it even says so on their website as a disclaimer. they can print USDT to their hearts content. what exact law are they breaking at this point?

>Claims to do professional audits
>Reality: Refuses to do a single audit

bitfinex is the next bitconnect
I wonder how close to the end we are

You write like a nigger. Is this Tre?

>print 100M tether
>buy btc with it
>sell the btc on coinbase or kraken or to institutions
>they now have 100M usd $

WAAAH IT'S IMPOSSIBLE THEY HAVE THIS MONEY WAAAAH

The only losers are us in the markets, since they just cash out billions while koreans are pumping.
We'd be at 25k+ a btc without them.

Why not on bitfinex? Their own fucking exchange

tf are you talking about, composing grammatically sound sentences with logic means i write like a nigger?

>Why doesnt a crack dealer sell from his home?

>ooga booga buy tether
indeed.

Crack dealer is doing illegal things. So you imply bitfinex is doing illegal things? How so?

fuck off autism boy

Ponzis are legal?

besides inflating the bitcoin price this is a good thing how?
it sounds like a scam waiting to blow up in everyones face, including all the good anons who aint dindu nuffin

Only if they are called fractional reserve banking.

Ignoring everything...still thinking it is a ponzi. Guess only an audit can bring up clarification

i'm not telling anyone to buy tether you fucking moron, i know english is a hard language and that it obviously isn't your strong suite. i'm asking him what laws are they breaking. tether is a fucking nightmare and will collapse sooner or later, i wouldn't touch it. i'm playing devil's advocate, but that might be a little bit over your head.

let me explain, it's when you take a contrary position for the sake of argument and understanding. that still might be a little over your head, let me try again. me bad guy cuz want see how good guy reacts so me understand better. still might be a little over your head, unfortunately i can't break it down further than that :( sorry user.

thanks bought 100k

Read the tos

see

Why is it so hard to believe that they don't have most, if not all, in cash reserves? They make a fucking killing in fees every day.

>Why is it so hard to believe that they don't have most, if not all, in cash reserves?

Because what you are describing is a charity

For the same reason your have your money into fun internet money

tether is backed by the USD value of Bitfinex's bitcoin

bitinfocharts.com/bitcoin/wallet/Bitfinex-coldwallet

>they just sold off their btc/whatever other coins and got 200m in fiat
But if BTC price rises twice they will still have 200m in fiat but 400m in claims.

OC

Same digits my dude

this is way cooler than dubs and trips combined

some more OC memes
interpret the way you want
u have permission to save

Why would anyone ever trade their BTC for USDT when they could just trade them for actual USD instead?
Serious question

Tether will go hyperbolic
>$100 EOY screencap this

I love tetherposting because the threads always get super intense and always derail

Tether will crash someday and you know that.

Just tethered up we havnt hit the real dip, get ready

Good luck cashing in your tethers USfags, Tether just quietly updated their terms, you're not legally allowed to even have any tether tokens

You have to cash out to trade in USD.
The problem is liquidity, people would panic sell their bitcoins for low amounts of FIAT.

...

I've been talking to Bigdogg because he has been 100% correct so far. FYI guys Tether collapse will bring on the $1K BTC that he predicted. Be careful until the collapse, it's not too far away

tradingview.com/chart/BTCUSD/6GuxadAx-Manipulated-Dump

To add there is always unlimited demand with Tether.
Tether will always buy your coins for the right price.

Tether will crash crypto, we all know it.
Once BTC falls, everyone can see that ETH will take over.

LOL is this real?
So what does the US in USDT stand for
this is the most ironic thing ever, not surprising tho I think the CEO is a dutchguy
reminds me of something that rhymes with Onfido

>If you cash out, then you cash out. Forced to pay your tax.
>Tether short term hedging tool. If your funds are for whatever reason in binance you can easily trade to USDT and don't have to wait hours to transfer them
>Last but not least, the imminent moon mission with tether. This is the next x100 mission