The Tethering



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Still don't understand how this affects crypto in any way.

yeah we know this because 20x posted the same shit right after it had been done
fuck off tether hater

You’re literally retarded if you don’t understand how tether is the only thing keeping the ship afloat.

they are printing more because the supply is low dumbass. People are literally moving all their money into tether and there isn't enough tether.

It's inflationary, prices will go up.

Until bitfinex exits then everything will crash it's mt gox all over again

The tether shilling during bull runs is pathetic.
Sorry you didn't bought the dip

Just like how im a retard for not investing in LINK right? Linkies need to get off this board

400 million in the last few days

They don't give a fuck anymore

If this piece of shit implodes it will have Mt Gox like implications, BTC back to 1k and a prolonged bear market

People will realize how weak the gains will be without constant injections and the bear roaring will be terrifying.

i really don't get how it's going to mt gox us

they're printing a shitload because a shitload of people are going into tether during low prices.

once it stabilizes people go back into other real cryptos and starts the bull run again

how dumb am i guys?

>use tether to push up the price of BTC
>turns out that tether is LITERALLY imaginary money (as in, it's not even backed up by USD)
>price of BTC crashes
>whole market crashes because it was being help up by a lie
>Bitfinex founders leave with billions

can't they exchange it for usd ? no idea how bitfinex woks

What will happen to tether? will it be destroyed?

Nothing personnel kid but tether will be a fucking disaster.

Bitfinex offers to buy your crypto at higher price than market value with USDT. This drives up market prices.

do they burn tether during bull runs?

then you don't understand crypto

because BTC is traded thinly. if bitflinex is buying up all the BTC creating FALSE volume and proping up the price, thats all thats keeping it from tanking along with the market.

You're expecting honor from thieves

If Tether turns out to be monopoly money, people will want to exchange it for BTC or fiat, I still don't get how that would make Bitcoin crash.

So if the market recovers and people begin to untether and buy btc and alts, whats going to happen to all this tether? Is bitfinex going to buy it all back for USD? Wtf is the exit plan.

Then why are we complaining?

The money never existed in the first place. They are wash trading it into the market to boost BTC. They literally reversed the China dump with a single huge green candle.

Didn't know about bitflinex.
I'll have to read up on that.
Looks like typical Wall Street type fuckery.


Monopoly money upon monopoly money

What could go wrong

They are complaining RIGHT NOW because they wanted another leg down and they are getting anxious about not happening. Same story during the china FUD.

The moment tether bursts the entire market will crash as fast as bitconnect did during the exit scam

this fud worked a year ago, but now? crypto has over $500b marketcap, bitfinex can easily put down 1.6b behind tether.

they make 80m in fees DAILY just from their trading site, also get 10 basis points (but minimum $20) PER withdrawal from tether

and tether is putting in more money, because there's need for more and more in crypto, it's obviously pretty profitable being the only company that does this

Do you think that banks hold all their deposits in cash user? Obviously if everybody dumps their tether its gonna crash, exactly like a bank run

It's salty nocoiners or people who fled into fiat and missed the dip or wanted an even bigger dip to buy. You don't honestly believe anyone holding crypto complains about tether saving their ass? Nah, it's just THEM trying to spread massive FUD.

tether is not a bank and they claim on their website that they always put down the USD behind each tether they don't own (has not been claimed for USD through their website).

they have been audited in 2017 march

yea, and the whole point of crypto is to avoid this banker bullshit. if we dont want banks doing it why the fuck do you want this dipshit company to do it?

Mt Gox also made a ton of money with their trading fees. They were practically the only exchange at the time, yet they indulged in fraudulent activities all the same, and the "hack" was a fucking exit scam.

Have a look at this

because it's making us rich you fucking dumb ass

They better be good at hiding in non extradition countries and hiding those billions, because the guy behind Mt Gox is in jail for fraud and they are having the pants sued off of them across the world. They'd have to be almost retarded to throw the legal wealth they could have for more that they could only use in a limited way. I guess if they have some fantasy of living some weird ass John McAfee type life in the jungle and trying to create some new drugs that make sex even more fun... then, uh, cool... but they are wealthy enough to not have to do that.

until you are poor as fuck and sucking my cock for a mcdonalds meal while i get a cheeky laugh

>implying i wouldnt just collect quarters to get 1.69 nuggets at burger king
Someone with this little knowledge about money management couldnt afford me

because the idea is that tether isn't actually backed 1-1 so people won't be able to access it. then no one can buy back into crypto. and people start selling at stupid low prices because everyone that once had tether can't re enter the market.


too late brainlet im already laughing

I just hope you guys didn't put more than 10k in crypto, because it's going to take decades to recover once either Bittfinex exit scams or Tether collapses

>because the guy behind Mt Gox is in jail for fraud

He isn't, actually. And he kept all the bitcoins
>On July 10, 2017, he pled "not guilty" to embezzlement and data manipulation charges
>Mt. Gox's bankruptcy proceedings will repay creditors in Japanese Yen at a price around USD400 per bitcoin (the price set by the court) and it has been reported will leave Karpelès with the bulk of the wealth left over from the difference after the creditors are repaid and the market price today, leaving Karpelès with nearly 2 billion US dollars (based upon Bitcoin prices around $15000).ès

your brain must be like a little peanut huh?

just like it took decades after gox

The only reason BTC went over 1,000 was because of Tether dumbass

the only reason tether went to a dollar was because of btc

i agree its shady as shit, but they arent located in the US right? and bitfinex has refused to do an audit. how long realistically until they are forced to comply with some legal order (from whoever)? I am going to make sure to exit crypto before then, but i feel like we have at least 6 months before they could be "forced" to do an audit

i'm going to lose everything but I don't really care, Worth it for the memes

You're a fucking moron and shouldn't be in crypto.
I pray you're just a teenager with a superior complex and not someone in their 20s blowing through a loan.

Even if I partially understand the worry now, I'm not alarmed.
It's a lot of money, but crypto is already bigger than that.
This shit went to 20k on a wish and a promise. You could see 5 more crashes and people would still buy back like it's hot bread.

>you're a fucking moron for not agreeing with me
>but you're also the teenager with the superiority complex, not me

USDT not banned in USa exchanges.. you fool, if US govt cared they would have already shut it down. Makes the dollar relevant idiots. They love it.

Maybe that is the reason usdt went from 1.00$ to 1.03$

Wowie, get a load of this guy

>tfw that 0.03 is going to be what crashes crypto

>Mt Gox also made a ton of money with their trading fees

1. and they most likely did just get hacked. it's speculation that they didn't. according to authoroties who investigated the case, the transaction malleability glitch is how mt. gox got seperated from its funds.

2. let's say they are scammers and only care about money. they currently make $80m daily from trading fees, and lord fucking knows how much from tether. but they literally could just increase transaction fees (of tether) to whatever amount they want to for months before someone else could enter the market, IF they weren't in this for the long run. there's no other company that does what they do, not least because it's an insane amount of legal work to do this and not get raided by the FBI.
anyho, let's say they're scammers and want to run away with all money ever. definitely nothing below $10b would be worth it for them you get that right?

where the fuck do they spend 10 billion dollars that's source can't be accounted for? how to they even launder 10 billion dollars? what do they do about the investigation? you think the FBI won't be on the case when 10 billion dollars disappear?
why wouldn't they be just fine with a billion a year perfectly legally? it makes no economical sense to go illegal for a business like that, plain and simple

>The only reason BTC went over 1,000 was because of Tether dumbass

so you think that $1.6 billion with of tethers is the sole thing that made crypto go from $500b?

I disagree. Tether scares me because I think if it does implode we have years of darkness ahead while I would rather have had less growth in the last couple years without the chance of a catastrophic MtGox like event around the corner than being constantly scared I will wake up to a worthless portfolio.

Am I pissed off I've made (and am still making) so much gains recently? No obviously not, but I am worried tether will bring it down and if I don't get out before that happens then it will all have been for nothing anyway.


The central bank of crypto vs the central bank of fiat

tether is absolutely necessary. without it you couldn't trade w/ 'usd' on 99% of exchanges. if they didn't do it, someone else would have since then.

it's just not decentralized unlike most other things in crypto. maybe someday somone will invent a way to make something like tether work entirely trustless. until then, settle with a comapny that's about as secure as banks are.

>Just like how im a retard for not investing in LINK right?
Yes, you are. Retard.

>market cap meme

The market cap money literally does not exist - neither theoretically nor practically.

But what if tether was in short supply? Would you offer more and more of your crypto for it just to get out?

Gee, luckily it's not in short supply. Get it?

Everyone who thinks tether is keeping the market afloat is a fucking retard with zero understanding of basic economics
Demand for tether is literally at ath, if they don't print more than the circulating tether will keep rising in price due to DEMAND

Burn? Oy Vey! It's backed 1:1 by dollars, goy. Believe your rabbi

o i got it. you guys sold @ $9500 and can't beleive this was the whole january dump.

I was wondering about that too, really. I think the overall panic would be the destructive part, although I admit I'm a little foggy there too.

This. Tether FUD doesn't make sense unless it's coming from nocoiners in which case who fucking cares.

You should leave and never return
I assume you cashed everything out at 1k just like that bitfinexd faggot? Did you also beg bitfinex for a refund when btc blew right past your target?

>and they most likely did just get hacked
stopped reading here, you are absolutely braindead and should be used for slave labor

When they print a trillion USDT it's time to get worried but until then it's just some healthy new money for the cryptonomy

>they have been audited in 2017 march
Yeahf, by some joint. But wasn't the result just some non-comittal 'memo'?

I'm surprised also I haven't seen any Brainlets try claim that bitfinex is using tether to buy btc on their own site with 25x leverage
Usually there's a couple of dumb cunts in tether threads saying this bullshit
Should give you a general idea how smart these fudders actually are...


if you offer more than $1 for tether, they take your money, put $1 of it (per tether) down to back tether, pocket the rest (plus fees), and 'print' the tether 4 u.

this is what exchanges do when they need USDT liquidity

hence it's very hard for tether to go short supply.

That's the whole point

sounds exactely what the reserve bank does...for that dollar...

Binance made 200M last quarter. How would Bitfinex make more in 4 days with less volume?

Where does the '80 mil / day' figure come from? any links?

Because one exchange and one specific usdt/btc pairing controls the ENTIRE market

Bitfinex has margin trading
So many punks getting liquated and recently lending fees have been anywhere from 1% to 4%

Why are you all so retarded? Don't you understand there is a high demand for tether right now so they have to create more of them? Otherwise the price would deviate to far from $1. THAT'S THE FUCKING POINT OF USDT.

>turns out USD is LITERALLY imaginary money (as in, not even backed up by ANYTHING )

it's not their earnings just their influx of money
binance also had no volume comparable to the december one in october. it started increasing volume only after bitfinex started actuallt hunting down american accounts from their site in november.

fuck me satan

Except the us military and entire global economy

>everyone acts like btc is worth $12k when it's backed up by nothing
>everyone acts like usdt is $1 when it's back up by nothing

Wow it's almost like everything works when people agree on the worth...

I think there are some similar projects already, just heard about DAI these days and need to investigate, but alternatives are coming.

>Demand for tether is literally at ath, if they don't print more than the circulating tether will keep rising in price due to DEMAND

Doesn't matter if they're legitimately issuing them for keeping its value close to $1 if, as said time and time before, each one of those tethers isn't backed by one actual USD.

look at their volume then multiply it by their trading (0.2-0.3% per trade) and lending (15-18% ineterest) fees

And most coins out there arent backed by any product and still have a value so what is your point you fucking pajeets

this is all a big ponzi

and they had almost twice this volume before they made americans leave for good

and stocks have absolutely 0 use-case beside accustaion. if you don't hold at least 50% of a company's stock but someone else does, the non-speculative worth of your stocks is $0.
it's all a big ponzi.

Thinking 400M keeps 400B afloat.

>btc and usdt are comparable in any way

Yep, too big to fail

400M buys a lot of thin volume coin and confidence yo

Fuck right off I've been in crypto long enough to have used MTGOX you fucking newfaggot. Just because you got in 2 months ago and are still so dense you can't tell the difference between crypto and a ponzi doesn't mean you should shit it up for all the people with half a brain. Crypto isn't going fucking anywhere. that's EXACTLY why we should deal with USDT before it can cause catostrophic damage. I don't want to see another MTGOX, user, I know how it fucking feels.