$650m tethers and it couldnt break 1300

$650m tethers and it couldnt break 1300

lol?

Usdt is printed based on demand, i.e. WHEN PEOPLE WANT TO CASH OUT INTO A STEADY CURRENCY

>steady currency
>backed by crypto at best

hahahahah

right because that's how dollars work. whenever i want to convert my crypto to dollars, they magically appear!

Holy fuck you people are dumb. The ONLY way tether can remain equivalent to the US dollar is by increasing the marketcap as demand rises (i.e. increasing the supply i.e. "PRINTING" MORE TETHER). It's no different from the Fed printing physical US dollars.

everybody look at this post. this is what's keeping this shit going. this is what most investors are like. they have no idea what's going on, and they're too stupid to demand an audit.

I'm responding to OP's retarded claim that tether is being printed out of thin air to pump bitcoin

lmao the marketcap matches the supply. the people fudding are legitimately dense as shit.

They're just deluding themselves into a false made up fairy tale narrative because they sold the bottom. Laugh at them because will fomo back in in a week. Mark my words and screenshot this.

Can one of you tether experts explain exactly how tether pumps the price of btc?

Let's say 1BTC = $1000 USDT

You put 1BTC into USDT.

BTCs price falls 10%. Your USDT is still $1000.

You convert USDT to BTC.

BTC moves up 10%.

You now have 10% more BTC (1.1BTC) than when you put that 1BTC into USDT.

Are you fucking retarded? Do that sound more profound in your tiny head?

The problem with tether is them not having EVERY tether they print backed by a USD like they claim they do. There's no way they have over a billion dollars sitting there.

They are literally printing money out of thin air which is artificially propping up the price of bitcoin as in your example. The difference between them and the fed who prints actual US dollars is the fed operates under cooperation with the fucking us govt.

...

>The problem with tether is them not having EVERY tether they print backed by a USD like they claim they do.
Never said anything about them not having an equal amount of tether. Them printing tether doesn't make bitcoins price go up.
>There's no way they have over a billion dollars sitting there.
Yes. Billions of tether dollars. Not billions of dollars worth of bitcoin.
>They are literally printing money out of thin air which is artificially propping up the price of bitcoin as in your example. The difference between them and the fed who prints actual US dollars is the fed operates under cooperation with the fucking us govt.
It only artificially props up the price of bitcoin is if someone goes into USDT, bitcoins price falls. Then they convert back to BTC.

Dude they can just print it, buy btc with it then sell the btc on coinbase or to people directly.

Of course they have billions, people sell them real bitcoins for fresh printed tether.
How fucking dumb do you have to be to not understand that.

See USDT is likely backed by crypto and the USD stacks the exchanges have. It's not some big ticking time bomb, unless the entirety of crypto market goes under, at which point all exchanges would run into liquidity problems, regardless of whether they use USDT or USD.

Do you really think bitfinex (the company behind tether) doesn't have hundreds of emails from people wanting to buy a large sum of bitcoin everyday but don't trust an exchange or want to avoid the risks and delays ?

They just sell them tether or bitcoins directly, they are fucking rich. They have millions of people giving them bitcoins for the tether.

Why the fuck does it make it sound so complicated.

>print 20M tether
>buy bitcoins with it on bitfinex
>sell the bitcoins on fucking coinbase or kraken or anywhere
>they now have 20M real dollars
>repeat

And who buys the tether back from people? It's the exchanges. Otherwise its price would plummet when everybody sells it off for BTC.

I thought a tether coin gets burned once it's converted from USDT to BTC

Why would I demand an audit, my tehers would become worthless in a second

the legit explanation seems to be that exchanges are just buying tether for other cryptos

meaning the backing is flimsy, but not exactly printed out of nothing

Will the owner of Tether in long-term only dump BTC?

>prints every day tether with insta button
>buys every day 1000 BTC (high or low, does'nt matter, he has endless tether)
>sells the BTC when there is enough gain randomly
>sells BTC for USD
>BTC in long term is only dumping

Why do exchanges accept this shit?

>backed by crypto
ahahhahahahah jesus christ he doesnt even understand what hes saying

See

yeah, the numbers on your account magically appear. you thought that you have dollars stored in your internet account?