Bitcoin crashing

I'm starting to think normies will just never fucking get it, brainlets don't need crypto, they're doing just fine living off welfare and wondering why they'll never 'make it', honestly, how close minded do you have to fucking be? These dense, pathetic little cunts.

Jesus christ can you really be this confused about how markets work?

Thank for this article just sold all my tethers for btc

Go ahead then and enlighten us you brainlet retard.

Or better yet, go back to plebbit.

I see the North Coreans are already here astroturfing this thread

>Coreans
kek

Frank Chung, the writer of these articles is usually at least 2 months behind on solid research and is notorious for his disdain of bitcoin.

This isn't about some gook or Bitcoin. This shit has been hanging over all of crypto since the beginning and we've all known it. Now the reaper is coming to collect those still left at the party.

>Tether dissolves its relationship with its audit agency
>hires the Madoff's, the fucking Madoffs to oversee their finances
>Tether drops to 93 cents on the dollar
Nobody is going to survive this.

Hey newfag, Tether was 90 cents last March. When Wells Fargo severed yies with them. This has hapoened before and it's literally nothing.

>fuggin newfigs ive been here since december xDDDDD
How much Lehman Bros stock do you hold?

>Aus
Of course it's the criminal Anglo scum fudding. Wish moot banned you all when he had the chance.

This would pump Bitcoin on USDT exchanges, temporarily.

After that, there'll be a massive run to the USD exchanges as everyone scrambles to sell at a lower price. Big crash will ensue.

>"BUT MUH INSIGNIFICANT TETHER MARKETCAP"
>"THE MARKET WILL RECOVER IN 2 DAYS"

Can't wait for the decemberfags to get absoluetly destroyed.

Additionally, most large exchanges will become insolvent and shut down. You'll see exchanges halting trading/withdrawals, and straight up exit scamming people.

Coinbase/GDAX will probably halt buying or selling and unconfirmed transactions will go through the roof. It's possible that miners might shut down too as operations immediately lose profitability. This would compound the already massive number of unconfirmed transactions and basically crypto as a whole would be fucked.

Bought Bear Stearns and Citibank after the crash, made thousands of percentage points of gain in a year by using leverage.

That exchange shutdown is my only big fear. I moved everything into fiat from ETH at the top of the pump yesterday, but I'm still fucking scared cause I,havent withdrawn yet.

lets me real here, if this drops to 8k somehow. People are going to buy the shit out of it. One ponzi coin won't stop it.

point out ONE time Australian "news" has moved the market even a little.

I think physical gold might be the only way to sell Bitcoin when it happens. I'm going to call Kitco/APMex tomorrow so I'm setup and ready when it happens.

hurr

a tether scam exposure would crash the market, the only question is what the recovery looks like

the article says that the whole market has been inflated though

I don't see much of a quick recovery when most/all of the exchanges and some of the large mining operations are forced to shut down or declare bankruptcy.

Haha this, and with various Fiat on ramps in the pipeline (omg tokens for sale at Thai 7/11's) if those tokens can be exchanged for btc and alts - I'll fly to fucking Bangkok and load up so I can buy the dip caused by tether failing.

News.com.au is ol rupie Murdoch fud, they're seriously UK tabloid standard.

What makes you say that most exchanges are dependent on Tether?

So basically only places like Coinbase come out surviving.

Go to CoinMarketCap, select "24h Volume" from the drop down, observe the coin holding the #3 spot in total trade volume among all exchanges and the exchanges that participate in its existence.

why do exchanges go bankrupt? why do miners go bankrupt?

kek, good info on this discord, join here if you're not a faggot

VeYzgNq

I don't even know about Coinbase, since a lot of their holdings are in BTC and ETH + nobody knows the state of their finances or debt obligations. If they start losing money when people try to cash out, they could close their doors as well.

Remember that the 2008 financial crash caused even legitimate (Coinbase is questionable at best) businesses to fail.

Bitfinex obviously goes bankrupt because they're behind the tether scam. Their execs all get sentenced to decades in prison after an SEC violation.

Companies like Bittrex/Binance/OKEx/Poloniex/etc ... would be hit next because they are heavily invested in and backed by Tether. A crash would cause them to lose solvency.

Even if Tether chugs on for another year, it's still crazy how interconnected everything is in crypto. A 10% pump or dip in Bitcoin completely disrupts every alt. A legitimate panic, which IMO hasn't happened in 2017 would scare away many newcoiners. I know Mt. Gox definitely scared me off for a year.

Oh and miners go bankrupt, because Bitcoin crashes to shit after all the exchanges close and there's a run on Coinbase. Bitcoin would no longer be profitable to mine and operations would no longer be able to pay back loans or support hardware costs.

what about kraken

Bitconnect had a market cap of 2.5 billion dollars
Yet, when it crashed the effect on the market was marginal

what do you mean they are invested in tether though? why is tether more important to the solvency of somewhere like poloniex vs any other listed coin?

The media is signaling that big financial institutions are going to go after Tether soon.

3 million koreans accounts already registered
3 MILLION ASSHOLES!
bull run in 2 days
FUCK ALL YOUR FUD
Korea will bail bitfinex out

I agree that at the current difficulty bitcoin would no longer be profitable to mine, are you implying miners would not be able to push through to the next difficulty adjust?

Isn't that why miners hedge with short positions?

Bitonnect was a speculative ponzi, it was not an instrument specifically for the purpose of crypto liquidity. Again people like you completely fail to understand Tether's significance. Its trade volume far exceeds every altcoin that exists currently.

Just yesterday when Bitcoin had a tiny pump, people were quoting USDT prices which were 5 to 10% higher than USD prices. The amount of hubris in crypto trading right now is hilarious.

go ahead
all eyes on you.
pontificate for our edification

Nah, it's just FUD. Ignore my post. You seem to know what's going on.

Obviously. Tethering is basically a bet that bitcoin will go down.

Kraken too. The base of crypto is built on sand.

It's important, because exchanges are legally obliged to not sell scams and they'd be sued into the ground otherwise. Additionally, most exchanges are personally invested in Tether. The exchanges hold their own money in it, and they'll be losing money when people cash out of Tether into cryptocurrencies.

So basically, all exchanges lose money while simultaneously losing customers who take their money off of exchanges. The end result is bankruptcy.

look man
if people demand transparency from one exchange then they should be expecting the same level of transparency from all the other exchanges . if USDT is going to create a liquidity crisis then you're looking at it from the wrong angle. it is the fiat exchanges that will lead to a liquidity crisis if they can't cover a run

Tether seriously was 90 cents last March/April though. You can even see the giant fall in its chart on coinmarketcap.com.

bitfinexd is playing with fire

It's possible since I'd anticipate the crash to happen quickly.

Even when the difficulty would adjust though, there's no money to be made. Loans on equipment, office space, and marketing can't be payed back, and even those without loans will still have to pay operating costs which they can't recoup from the now dead crypto market.

>wave of paranoia
>tether Co. says we'll give you an audit relax
>months pass
>audit company ditches them
>"getting an audit is too hard at this time, but the reserves are there" says a bitfinex whale

probably is too hard
how many crypto related arenas do you think the jews at friedman co have audited?

tether company is owned by the same people who own bitfinex

they tried to hide that fact until the paradise papers came out.

the biggest buyers of tethers is bitfinex.

>North Coreans

Honestly decentralized exchanges couldn't come soon enough

>probably too hard
>no one is able to see the reserves

Just sold everything at a slight loss. Feels bad but at least I won't end up losing everything.
Serves the racists on this board right that they'll lose all their money on this ponzy scheme.
I mean just look at h3h3's video about bitcoin connect. This is a SCAM people, and you're all suckers.

I'm too dumb to understand how this would rash anything

Fucking kill yourself mate.
Posting News.com.au as actual news. KEKKEKEKEKEKEKEKEEKEKEKEKEKEKEKEKEKEKEKEK

Why don't more of these people paranoid over Tether speak with their money and short?

You can't audit a company that deals in cryptos, you only have experience with widget accounting practices.

every rally you see in that photo after 2015 was thanks to tether printing. You can look at omni explorer and see and compare yourself.
omniexplorer.info/lookupadd.aspx?address=3MbYQMMmSkC3AgWkj9FMo5LsPTW1zBTwXL

So why do they think it's a scam anyway? I guess I'm just a brainlet who doesn't get it. I mean okay, some exchange allegedly made it, and? What?

This is the kind of post that makes people stop responding.

I think Binance might be the most solvent of those and it's a chink exchange.

The fact was never ever hidden
Ifinex is ifinex
Bitfinex sees more volume than all other exchanges using usdt AND lends millions a day for margin trading, of course they receive the largest amount of issued tokens

Does Bitfinex just simply not have 2.2 billion dollars?

How much money do exchanges make anyway?

i don't understand why an exchange would be floating its revenue on a 1:1 meme currency rather than exchanging it for valuable fiat currency, do you have any source for this?

i don't see why they need 2.2 billion dollars, they need however much USD is in user accounts, not the market cap of a token.

Millions per day

A lot of the coins they make in fees are put back through the order books as well (wash trading). So they make fees on their own trades and create volume at the same time.

This is true isn't it?

The only way tether could fail is if people lose trust in it and dump. If the vast majority of tether is in the pockets of bitfinex, they'd only have to cover a fraction of the market cap... r-right?

Or people kick up so much of a storm pretending to be internet sleuths that governments step in and deem tether illegal for reasons unrelated to the solvency of it.

He's a Fucking retard. Japanese housewives are more crypto literate than him, he's like people who think "the internet" and "Facebook" are equivalent terms

>people kick up so much of a storm pretending to be internet sleuths that governments step
This seems like the real danger desu.

news.com.au/finance/money/investing/fees-fomo-and-fine-print-i-bought-300-worth-of-bitcoin-and-immediately-regretted-it/news-story/1f8c284441db52bf609383b362eaa2be

If you read this, it becomes very clear how clueless he is

You can't short on most non-usdt exchanges AFAIK. They can short, but on Bitfinex lel