/biz/ - Business & Finance

Daily reminder that a literal bitfinex employee admitted that USDT is minted with the intention of being traded for crypto, not USD, which essentially doubles the amount of "money" in the system every time they do these exchanges.
Thats why they are printing ever bigger batches as the market is growing in market cap. First it was 100 million USDT batches, then 400 million and now its already are at 1 billion USDT. THe real reason the batches are becoming bigger is not because more USD is moving into the market, its because crypto is worth more. This is a vicious cycle and there is no actual significant amount of USD coming into the system compared to what its created in USDT. the only reason this insanely fraudulent market hasnt been exposed yet is because youre all delusional retards that refuse to actually cashout and never will until its too late

Will be the next scam collapsing

>>16131008
Based and High IQ
>>16131125
Finex ordained the scam, will be shut down soon, and BTC will be sub $1000. Imaginr thinking BTC would moon if tether got rekt. Tether is the only thing propping up this entire market

>>15257137
lmao at your IQ if you typed that out without realising how flawed that system is. by printing tether to sell your btc into it, YOU ARE PRINTING MONEY. HOW CAN YOU NOT SEE THIS. YOU NEED A USD RESERVE OTHERWISE IT IS A PONZI WAITTING TO COLLAPSE.

not to mention that they were literally printing batches of 100M USDT on the way UP. so people are dumping BILLIONS in BTC and its going up? the absolute state of shills your IQ is literally below 60

>>15111892
enjoy your crypto backed USDT. enjoy watching the numbers go up to 100k and beyond. just dont come here and cry when they exit scam on you

>>15111555
it wont because the only reason it isnt at 1k right now is because of stable coins scams like tether. once the scams get exposed it wont even be at 1k for 1 second. it will go straight to sub 100

>>15107778
finex admitting it's not printed when money is entering but in "preparation"

anyone know if they're still printing tethers?

>>15061558

To raise usdt and slow the btc crash so exchanges dont go under immediately. THIS IS NOT A DRILL.

>>15032361
ABORT
ABORT
ABORT
SELL
SELL
SELL

>>14928551
>In 2017, a Bitfinex employee accidentally told the truth about Tether.
>In 2018, the "Deltec" letter does not say "cash deposits". It says "portfolio cash value".
The portfolio is cryptocurrencies, not dollars. >That's why they have to engage in constant market manipulation.
>bitfinex bitcoin premium vanishes after binance shuts down withdrawals
>“As of the date I am signing this affidavit, Tether has cash and cash equivalents (short term securities) on hand totaling approximately $2.1 billion, representing approximately 74 percent of the current outstanding tethers.”
>74%
>cash equivalents
>shadow banking crypto exchanges money laundering
https://www.justice.gov/usao-sdny/pr/arizona-man-and-israeli-woman-charged-connection-providing-shadow-banking-services
>tether missing $850 million
https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege
>At the very minimum at least 188,000 Bitcoins on Binance that won’t be able to be sold for real money for the next week. I sure hope there’s not a big unexplained crash in prices before Binance allows withdrawals. You know who will be able to withdraw from Binance? Insiders. They get to sell their coins, while you're stuck on Binance. They get to capture the liquidity that does exist. Good luck out there. We can't have outsiders dumping their bags, now can we? Binance has two cold wallets, that add up to 188,311 BTC, or a full 46% less than nearly 350,000 they should have, if we are to believe that they only lost 2% of their Bitcoins.
>tether using bots to damage control
>Tether 2017: We promise all Tethers are 100% backed by fiat
>Tether 2018: We promise all Tethers are 100% backed by assets
>Tether 2019: We promise all Tethers are 74% backed by ______.
>Tether 2020: Tethers exist, WE PROMISE NOTHING

Anons, this is not a joke. Due to several variables, the perfect storm is brewing for crypto.
The biggest variable being the ponzi scheme known as Tether being found out. Pic related and more info to come.

Tether prints 9 million Tethers an hour, and buy more BTC with their own Tether they just made. Many large exchanges use and hold Tether. Which is very dangerous right now because Bitfinex admits Tether is only .74 backed. So when you or the exchanges trade in their 1 Bitcoin for its worth in Tether, they're really only getting .74 of that Bitcoin when accounting for it's backing. This leaves me wondering what Bitfinex is doing with the other .26 of your Bitcoin if they're not using 100% of your coin to back their currency.

Tether shills in bound? How can printing your own money to admittedly buy more of the currency that supposedly "backs" your printed currency be justified by anyone who has an IQ above 95?

>>14168234
Binance exit scam imminent, their the biggest tether bagholders on the planet

>>13749896
Not yet they arent, but the eventual exit scam is guaranteed at this point

Do you guys believe their is any merit at all to the idea that Binance and Bitfinex are colluding to artificially keep the price of BTC and the whole crypto-market at large in a bullrun so they can try to claim 1:1 holdings on the whole 850 million being seized by federal investigators earlier this month?
Speculation into how exactly tether is backed has some merit of truth to the question, and the problem is the conspiracy surrounding Binance not being open for over a week now I believe because of the "hack".
Are there not similar parallels with the Mt. Gox hack in the sense that this would be a big blow to confidence in the crypto environment that could lead to a major sell-off?
Am I just a deluded bear that is trying to cope with missing a genuine bullrun?

>>13656597
If you’re not all in fiat/USDC right now you’re going to fucking implode
>In 2017, a Bitfinex employee accidentally told the truth about Tether.
>In 2018, the "Deltec" letter does not say "cash deposits". It says "portfolio cash value".
The portfolio is cryptocurrencies, not dollars.
>That's why they have to engage in constant market manipulation.
>bitfinex bitcoin premium vanishes after binance shuts down withdrawals
>“As of the date I am signing this affidavit, Tether has cash and cash equivalents (short term securities) on hand totaling approximately $2.1 billion, representing approximately 74 percent of the current outstanding tethers.”
>74%
>cash equivalents
Cash equivalents =btc
>shadow banking crypto exchanges money laundering
https://www.justice.gov/usao-sdny/pr/arizona-man-and-israeli-woman-charged-connection-providing-shadow-banking-services
>tether missing $850 million
https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege
>At the very minimum at least 188,000 Bitcoins on Binance won’t be able to be sold for real money for the next week. I sure hope there’s not a big unexplained crash in prices before Binance allows withdrawals. You know who will be able to withdraw from Binance? Insiders. They get to sell their coins, while you're stuck on Binance. They get to capture the liquidity that does exist. Good luck out there. We can't have outsiders dumping their bags, now can we? Binance has two cold wallets, that add up to 188,311 BTC, or a full 46% less than nearly 350,000 they should have, if we are to believe that they only lost 2% of their Bitcoins.
>tether using bots to damage control
>Tether 2017: We promise all Tethers are 100% backed by fiat
>Tether 2018: We promise all Tethers are 100% backed by assets
>Tether 2019: We promise all Tethers are 74% backed by ______.
>Tether 2020: Tethers exist, WE PROMISE NOTHING
Its clear as day a Binance+Tether manipulation collusion

>>13630141
Its an obvious bear
>funds locked on binance cant xfer to a fiat paring exchange
>binance “hacked”
>bitfinex loses 850m in illegal banking scheme
>bitfinex fundraises “1bil”
>start buying up btc to recoup loses
>bitfinex lawyer admits tether is only 74% backed
Just think of it, what if finex said they only had 74% of bitcoins? Everyone would go insane. But tether admits it?
>n-nah thats bullish for btc
74% and cash equivalents
Cash equivalents = crypto
Bitfinex is desperately trying to pump btc to recoup their losses on their illegal banking scheme so they can say they’re 1:1 backed again before they get rekt by investigators.
Binance and Bitfinex have colluded to make this happen, for obvious reasons as Binance is the biggest tether holder.
Its not coincidence that the bitfinex bitcoin premium is dropping right after binance locks up. Once we see coinbase 1000+ you should know to exit. They’re all just trying to make this happen again just like in 17’ with the coinbase 1000+ so they can max out profits in fiat. Freezing binance prevents everydays holders from selling their bitcoins and tether against real markets. Binance will unfreeze their big guys before they unfreeze the plebs. Binance desperately wants to unload their tether but would that would give them a mega loss, so instead they collude with bitfinex to keep the ponzi alive. Pic-related, Bitfinex employee admits tethers are backed by crypto and not USD, if crypto drops they’ll be unable to stay solvent. Screencap this, get out of tether before its too late.

ABORT ABORT ABORT
>In 2017, a Bitfinex employee accidentally told the truth about Tether.
>In 2018, the "Deltec" letter does not say "cash deposits". It says "portfolio cash value".
The portfolio is cryptocurrencies, not dollars. >That's why they have to engage in constant market manipulation.
>bitfinex bitcoin premium vanishes after binance shuts down withdrawals
>“As of the date I am signing this affidavit, Tether has cash and cash equivalents (short term securities) on hand totaling approximately $2.1 billion, representing approximately 74 percent of the current outstanding tethers.”
>74%
>cash equivalents
>shadow banking crypto exchanges money laundering
https://www.justice.gov/usao-sdny/pr/arizona-man-and-israeli-woman-charged-connection-providing-shadow-banking-services
>tether missing $850 million
https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege
>At the very minimum at least 188,000 Bitcoins on Binance that won’t be able to be sold for real money for the next week. I sure hope there’s not a big unexplained crash in prices before Binance allows withdrawals. You know who will be able to withdraw from Binance? Insiders. They get to sell their coins, while you're stuck on Binance. They get to capture the liquidity that does exist. Good luck out there. We can't have outsiders dumping their bags, now can we? Binance has two cold wallets, that add up to 188,311 BTC, or a full 46% less than nearly 350,000 they should have, if we are to believe that they only lost 2% of their Bitcoins.
>tether using bots to damage control
>Tether 2017: We promise all Tethers are 100% backed by fiat
>Tether 2018: We promise all Tethers are 100% backed by assets
>Tether 2019: We promise all Tethers are 74% backed by ______.
>Tether 2020: Tethers exist, WE PROMISE NOTHING
BE SAFE OUT HERE FRENS