/biz/ - Business & Finance

be careful. some of you are cool, swap to USDC or BTC or FIAT before then.

"Tether's claims that its virtual currency was fully backed by US dollars at all times was a lie." -NYAG

It's over for crypto

https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal

HAHAHAHAHHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAHHAHAHAHAHHAHAHAHHAHAHAH

It's over for coiner-tards.

You knew it all along but greed got to you:
https://iapps.courts.state.ny.us/nyscef/DocumentList?docketId=npvulMdOYzFDYIAomW_PLUS_elw==&display=all&courtType=New%20York%20County%20Supreme%20Court&resultsPageNum=1

When Bitcoin crash and there is less demand for Bitcoin (and Tethers to buy Bitcoin) shouldn't the demand shrink?
What happens with Tethers "reserves" in that case?

DYOR:
>https://www.bloomberg.com/news/articles/2018-11-20/bitcoin-rigging-criminal-probe-is-said-to-focus-on-tie-to-tether
>https://www.realvision.com/shows/the-interview-crypto/videos/coindesk-are-crypto-markets-overheated?source_topic=crypto
Look at 36:00
>https://www.youtube.com/watch?v=uVnImlRnzKE&t=418s [Embed]
>https://www.youtube.com/watch?v=b_Uq5QCHcU0&t=1547s [Embed]
>https://youtu.be/rQ3nQ8-KY28?t=296 [Embed]
>https://iapps.courts.state.ny.us/nyscef/DocumentList?docketId=npvulMdOYzFDYIAomW_PLUS_elw==&display=all&courtType=New%20York%20County%20Supreme%20Court&resultsPageNum=1
-Lied about loaning out $850M of Tethers -reserve
-Lied about Bitfinex/Tether not being owned by same entity
-Lied about that they were going to do audits

"Mueeeh $32B is nothing, it doesn't matter"
>https://cryptocurrencyfacts.com/understanding-spread-slippage-and-liquidity-in-crypto-trading/
"The US don't have the power to shut it down"
>https://en.wikipedia.org/wiki/Liberty_Reserve

Chart highlighting artificial price movements during fall 2018 (red area):
>https://imgur.com/a/EiSzAbQ
>https://twitter.com/RaoulGMI/status/1061641743714664449

To all Tether Denialist; Yes, I have a bias. I have sold half my crypto stack and will not reinvest until Tether is gone.
But DYOR, I love crypto but want this fucking shit gone from the ecosystem.
Not saying anybody should sell precious bitcorn, but just be aware of this highly likely illegal setup and the consequences it could have if/when seized.

Have you prepared yourself?
I don't hold any Tether just USDC and I'm ready to hit sell on most of my crypto if shit hits the fan.

48 hours to go.

(Not saying it's going to crash, just don't hold Tether and be prepared for mayhem if NYAG release any important damaging info)

January 15th

I fucking want to get out of this crypto gay shit.
Can these fuckers print so my bag at least gets to 6 figures.
Then I'm out.

Today there is almost 25 billion Tethers in circulation and nobody cares anymore?

I mean they definitely don't even have a billion worth of cash. So even just 5% of tether holders demanding their money back could make the entire thing crash to near zero. Since the rest is "backed by bitcoin" lol.

Should I sell all my BTC and put it into ADA instead?
Thanks anons.

>01/15/2021
>7:35 PM EST

Where'd all the tether fudders from r/buttcoin go? This was supposed to be their big day

So this was all a big nothing burger?

They missed the deadline. They didnt hand over any documents to the NYAG.

What does this mean? Are they about to rugpull? What power does the NYAG truly have if Tether + Bitfinex just tell them to go fuck themselves.

Where's the tether collapse? I was promised there would be a tether collapse!

Certified idiot here. Can someone explain why, if the tether FUD is true, it wont cause a big pump?
>Tether turns out to be useless
>Everybody holding USDT scrambles to buy bitcoin with it before the order book is wiped
>btc pumps, new bagholders left bagholding
what am I missing?

I sold almost all my crypto at the top.
This is why:
>Bitcoin has done a 10x in less than 12 months.
>The Tether interview in combination with all previous evidence against Tether highly suggest they're operating illegally, most likely market manipulation and/or money laundering.
>Even if they don't operate illegally they wouldn't be able to comply with the Stable Act if it gets passed.
>Also, even if they don't operate illegally they might be considered a security since they manage a portfolio of reserves to keep USDT at $1.

I think that Bitcoin could go to $100 - 250K in the long run, but given that it has gone up in price so fast despite it's very large market cap and that Tether is up to something it seems like it's the best risk/reward to just sell it here and wait.
Bitcoin already is pretty close to it's bullish long term price targets at $100 - 250k and I figure I could put my money in normal growth stonks and still have same chance to get 3 - 5x without dealing with a systemic risk like Tether.

I don't think Jan 15th will result in anything big, it is after all just a deadline to submit documents but the risk will keep on lingering in the months ahead.
The risk/reward doesn't seem worth it desu.
Anything wrong in my reasoning?

I agree 100 % with Tether's lawyer:
https://youtu.be/b_Uq5QCHcU0?t=1755
This Tether FUD is caused by salty nocoiners.
Can you nocoiners just fuck away?
This is a crypto board retards!

The only answer I ever hear about Tether FUD is insults.
Max Keiser recently answered this which is pretty much the NPC bag holder answer:
https://youtu.be/PmEtVoF63IM?t=921

I cashed out 90 % of my bag yesterday at peak, so yes I have a bias but after I heard the interview with Peter McCormack in combination with previous research I knew it was over.
I am open for people to change my mind on Tether being an insanely large systemic risk, but no one seems to actually bring good reasons.

Yesterday's interview with Peter and Tether's CTO and lawyer:
>https://www.youtube.com/watch?v=b_Uq5QCHcU0&feature=emb_title
>http://www.tr0lly.com/tether/tether-unchained-credit-on-the-blockchain/
Tether's bank:
>https://www.deltecbank.com/

>Recent summary:
https://seekingalpha.com/instablog/48665243-kristian-johansson/5540987-bitcoin-tether-where-is-media-coverage
Informative Twitters:
>https://twitter.com/intel_jakal
>https://twitter.com/Bitfinexed
>https://twitter.com/paoloardoino

Read up, DYOR and then keep HODLing if you want.
But if you're still coping that Tether is all FUD, then you're likely just fooling yourself.
This isn't your regular "4chan FUD propaganda", I unironically don't want you people to lose money, at least not before you inform yourself.

Why does Tether dying mean the end of alta? Why does bitcoin survive but not alta?

Are you tethered up before this drop?

APOLOGIZE