I’m thinking about shorting BTC until this shit tanks the market. Anyone have any idea on the pure USD that’s gonna be pure loss when everyone wakes up to this scam? A lot of people are going to have their money evaporate from their grasp. Anyone “tethered up” in case of a bull trap is severely ignorant of the state of the coin and asking to get totally wiped.
>ITT: Guess the markets full Tether expose
>Shit talk Tether bagholders
>prove me wrong
DGD & DAI
tether but with physical gold holdings
>prove you're right
Just cash out.
Interesting. Will definitely research. There is obviously some demand for this type of asset in the space.
I use DAI but is DGD a stable coin? Seems to follow BTC
The impact tether exit will have lessens daily. Paid FUD is so boring.
Who’s proof of burden is it that Tether has USD? Not mine lol. Have they proven that to You, mr user?
Who is there to absorb the losses? Only other retail investors and huge exchanges which will be wrecked as well. That organization is never taking your USDT back
why is that? was it just intended to be a stopgap until better things emerged?
Every time I see this threat I have a heart attack.
All my crypto(only $6800, but still 3x my original investment) is tied up in Tether because I'm currently too busy IRL to actively trade.
Stop doing this OP. Nobody cares if it is "backed" by anything as long as the exchanges just keep the price at $1
They will pass any audit
As a previous poster mentioned DAI is another alternative roughly pegged to $1, same with BitUSD or OpenUSD. I use USDT as well but don't want 100% of my funds in the one basket.
Asking to get set null bro
BitCNY/BitUSD is decentralized, old and tested by years of use. I'd prefer it over anything else.
Like that last relationship they’ve had with their auditors??
Are we already back to bulls fudding tether to get bears to buy because their stupid run is unsustainable? Come on guys, it's only been a couple weeks.
which is why all big banks severed ties with them as did all auditors
>Trying to explain "Burden of Proof" to Biztards.
are you guys stupid?
burden of proof would be on you if you're the one making the claim that is new / against official sources.
>not on Bittrex
Into the trash it goes
No because Thethers claim that they have USD comes before we claim that they probably don’t. And theirs are unsubstantiated as of yet...
You mean you keep all your funds in one coin on one exchange?
thats like saying kfc has burden of proof of using 11 herbs and spices because somebody claims they secretly don't.
Here we go. If I tell you I have the Hope Diamond in my pocket, it's more reasonable for you to doubt than to believe. Especially considering how easy it would be for me to prove it (refusing to do a simple audit being the analogy).
Heading off typical responses:
> But audit sooo hard!
> But muh Jews tho!
> But its ok if Tether steals BTC and USD by running a counterfeit operation!
user what am I supposed to do? I don't have time to monitor multiple coins each day, but I play to get back into trading soon. And if I cash out to real-world money, I will have to pay that fee plus another fee to buy back in later...
it is more logical to assume the company statement that there is a usd for every tether is true than to believe in a conspiracy where the company is lying.
Do your research. This has been a known scam for months. Why buck their auditors? That organization is never taking that USDT back and we all know it. Just disbelief inertia propping up the USDT market right now
Why don't you at least have all your USDT split over several exchanges?
I don't cash out either but when I think the market is going to dip I go to USDT on Bittrex and Binance, DAI on Bibox and BitUSD on Bitshares.
DAI and BitUSD are pegged to the dollar you don't need to monitor them.
It's a bit of extra work but wont freak out as much over all the Tether FUD.
Yes it's logical to assume everyone tells the truth at all time. Also let's ignore every other piece of evidence in the universe (lack of audit for example).
>it has been a known scam for months
no it hasnt. that is just fud and the majority still use and believe tether is fine.
>non-stop tether FUDing like retards
>going all in on Raiblocks
>constantly posting shitty facebook memes
Why is this board so Reddit? It's almost as bad as /pol/...
you sound a bit like a 911 truther lol.
And what a random coincidence? Golly gee. Don't all Crypto people get hit with court orders?
Just use Nubits you nonce
Scared your shorts about to be liquidated so you're coming up with expired FUD huh?
Yeah I know. Maybe one person on here hasn't seen this stuff yet. I'll have done my good deed for the day.
who the fuck are they and where is their source for the SEC statement?
great, you can wait till theres evidence then to start accusing. as of now there is none and the burden of proof to present some is on you anti tether shills.
Literally from over 2 months ago
that also a good point. better sources please.
By the way, I cashed out 50% of my crypto the day this article came out. Most profitable move I've made yet.
Shit 2 months ago? Aw hell what a fool I am. I concede the debate then.
literally everyone knows anti tether shills are funded by banks.
it doesnt even make sense, if you make tether die bitcoin wont crash, it will pump. reason? fucking obvious, most people in the market dont/cant withdraw to usd, only to usdt. if they sell the tether bitcoin price rises.
That may be possible, but maybe only because of the article
>literally everyone knows anti tether shills are funded by banks.
Literally no one know this.
>it doesnt even make sense, if you make tether die bitcoin wont crash, it will pump. reason? fucking obvious, most people in the market dont/cant withdraw to usd, only to usdt. if they sell the tether bitcoin price rises.
I actually lol'd. You think a run on BTC, caused by insufficient liquidity at the exit ramps (such as Coinbase) would cause BTC price to *increase*!? You've go it backwards. In that scenario, USD becomes scarce, not BTC! Price would plunge like your grandma's saggy tits.
people have to be able to sell to usd for that to work. right now the price is determined by sales to usdt not usd because only a minority of traders are on a platform that offers actual usd.
>literally no one know this
kek, never a more pajeet post have i read on Veeky Forums
Basic Supply and Demand. Too complicated for Veeky Forums.
are you an idiot? you lack an understanding of how btc gets its price. its literally via selling and buying in exchanges. a bunch of people drop tether to buy btc and price of btc goes up, what the fuck is wrong with your brain. are you hitting a wall? an IQ wall? cognitive dissonance wall? lol.
fucking hell you are an idiot and ive spoken to a lot of people on biz lol. you take the cake of idiocy.
Yawn, same old tether fud from you bitmex gamblers afraid to get liquidated on your shorts. Maybe you should stop gambling instead of peddling nonsense about tether. The SEC has reviewed tether via subpoena since December of last year and they have found nothing wrong with it. Tether as a company is not obligated to expose their clients just to appease conspiracy theorists on the internet. There are big real institutional money that use tether.
it doesnt even make sense. if you fud tether people jump into btc. hardly anyone sells to usd as 1.they dont have access to usd , 2. they dont intend to exit the crypto market and 3. the markets with tether on them dont have usd on them.
so this tether fud, if effective at making people get out of tether will just make the price of bitcoin rise as more people are forced to buy bitcoin
I'm cracking up here.
Listen, when something people want (such as food, cars, or USD) becomes more scarce (harder to get), its relative value goes *UP*. In the scenario we are talking about, too many people are trying to cash out and Coinbase (and other exit ramps) can't keep up or don't have sufficient funds. At that point, people will be willing to give up more BTC to get dollars deposited to thier bank accounts. Therefore, BTC price goes down.
This is pretty damn simple and self-evident. Go away and think about for a while.
When you disprove Nazi, he call you cuck. When you disprove Tether shill, he call you Fud. Not surprise.
you are seriously embaressing yourself.
does it go up magically? is that what youre saying?
a rush out of tether is a rush into bitcoin, people will be purchasing bitcoin to get out of tether not purchasing usd to get out of tether. the result is that the price of bitcoin goes up.
how much more simple can i make it? sage motherfucker. everyone knows you cant think with your small pajeet indian brain.
Cool then don't worry about it.
what we worry about is them fudding tether. fucking pajeets funded by the banks trying to kill tether when its literally what keeps the market growing as people have method of hedging without using usd or paying tax to the usa as no ID required.
I refuse to believe people on biz are this fucking stupid. If tether is insolvent then the value btc has in relation to it is pointless, It no longer represents the USD or anything else. BTC's price in relation to USD would tank as a result of uncertainty in the market. These same braindead stupid fucking posts get put in every tether thread and this same reply happens from other anons. You are so fucking stupid I wouldn't be surprised if you fell for the Nigerian prince tier twitter scams that have been going around.
Fact is tether fud drives the market down and pushes people towards the safety of cash. Your logic had a chance to be tested these past few weeks with all the tether fud and yet it didn't stand.
Has anyone tried to even exchange USDT for USD with the Tether organization? Isn’t that what are supposed to do
“A bunch of people drop Tether”
Ok but whos supposed to be picking up all this stinking shit on the other side.?
I think I understand what you're saying now, after thinking about it. You're confusing Tether imploding with BTC pumping. Yes BTC/Tether blows up. That's because Tether goes to 0 though. BTC/USD is a whole other story. Peace.
the irony of your post.. wow. lol
market didnt go down because of tether fud.
I think homeboys brain is locked into the 1 Tether = 1 USD perspective. He's having trouble reasoning about this because of a faulty assumption. I'm softening my stance on his colossal stupidity a bit.
if you think the whole market will drop tether at once because of fud nobody actually believes as of now then you are wrong. bit by bit it happens and drives the price of bitcoin up as it happens.
tether is tied to usd though, you make the mistake of thinking its a non centralized asset. it has a limited space away from the value of a usd that it can move to, a max difference.
its like a casino chip. tether cant go to 0. even if nobody values tether its still listed with a value close to the usd on the exchanges and because the exchanges enforce this, it has value.
Yeah especially when a bunch of people get nilled cuz they “tethered up”/ huge exchanges get wrecked too
Where will you short? If tether goes belly up a lot of things will go insolvent
i think everyone here but other shills knows the anti tether shills like you are idiots and wrong.
look at you getting wrecked in every thread.
literally everyone knows anti tether fud is just bank funded shilling.
> What I'm trying to explain is what I think will happen in the event that Tether finally implodes. It's only tied to USD because enough people believe it is, and they've been able to keep up the scam for now.
Let me just tether up to buy the tether crash DIP.
The only thing I know with absolute certainty is that no bank is paying me to speak my mind on this topic.
Everything else is just my best guess based on the evidence at hand.
this is such a mindfuck for me, I mean why we would need it to be backed or not
Selling a portion of BTC, holding ETH. Watching the price of gold and more traditional investments. Cash is not my hedge rn
Ohhh an article from the future. Exciting. What other news does tomorrow bring?
I hope his money is where his mouth is, this shit is gonna be so funny to watch
When bittrex rolls out usd markets it's over for tetherfags
If it's not backed it's literally a counterfeit operation. Same as if your neighbor had a printing press and went around town buying up everything. That would drive up the price of every product. Now, if that same neighbor opens a store and sells you back the stuff he bought for real dollars...
This is the Tether situation if they're fraudulent. Massive theft from all of us.
Unfortunately, it seems to be very difficult for people to understand for some reason.
Sooner the better.
trips confirm, basically because of the rise of ETH and the coming flippening, tether matters less and less, it'll really only fuck over BTC because of the homosexuality conducted by Bitfinex when they got hacked